question

List the stages of the product life cycle in sequence

answer

Introduction Growth Maturity Decline

question

The process of managing the movement of goods from raw materials to the ultimate consumer and any necessary returns or recycling is:

answer

supply-chain management

question

A____ ____ is a trial mini-launch of a product in a limited area that represents the potential market.

answer

test market

question

Odd/even pricing

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Consumers will buy more of a product for $9.99 than $10 because it seems like a bargain at the odd price.

question

Symbolic prestige pricing

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Consumers associate high prices with high quality and are willing to pay the higher price.

question

Products that do not carry the manufacturers name, but carry the distributor or retailer name are called

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private label brands private distributor brands

question

List the steps in new product development in order. List the first step at the top.

answer

Idea development New idea screening Business analysis Product development Test marketing Commercialization

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Penetration price strategy is the practice of pricing a product ____ to attract ____ customers and discourage competition.

answer

low / new

question

What is the most flexible variable in the marketing mix?

answer

Price

question

____ buy products from manufacturers or other intermediaries and sell them to consumers for home and household use.

answer

Retailers

question

Identify the sales promotions

answer

Coupons, samples and demonstrations, store displays.

question

Quantity

answer

Discounts to encourage large volume purchases

question

Seasonal

answer

Discounts to encourage purchases out of season

question

Promotional

answer

Discounts on selected products designed to increase customer interest.

question

During ______ a complete marketing strategy is introduced and the product is launched for commercial success.

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Commercialization

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Brands that are initiated and owned by the manufacturer, such as Xerox or Sony, are called

answer

Manufacturers brands

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Private distributor brands are products that do not carry the name of the _____, but carry a distributor or retailer name.

answer

Manufacturer

question

Identify the information typically presented on product labels.

answer

Nutrition Information, Contact Information, Ingredients, Care Instructions, Suggestions for use.

question

The promotion mix consists of:

answer

Sales promotions, personal selling, advertising, publicity

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The _____ is the external container that holds and describes the product, and influences customers attitudes and buying decisions.

answer

packaging

question

The combination of product lines offered by a manufacturer are called:

answer

product mix

question

What is the design and operation of facilities to receive, store, and ship products?

answer

Warehousing

question

What is defined as the value placed on an object exchanged between buyer and seller?

answer

Price

question

What is the common new product pricing strategies?

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Price skimming, Penetration pricing

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A _____ _____ is the sequence of linked activities that must be performed to move goods from the producers to the ultimate consumer

answer

supply chain

question

The promotional tool that stimulates consumer purchasing by adding value or other incentives for buyers is known as sales ______

answer

promotion

question

Which questions will be answered during the business analysis stage of new product development?

answer

Is the product compatible with the marketplace? Will the product be profitable?

question

What are the characteristics of advertising?

answer

Uses various media, Nonpersonal communication

question

What products require research and extensive shopping effort as consumers know what they want and are not willing to accept a substitute?

answer

Specialty

question

Using promotion to create and maintain an image of a product in buyers minds is called

answer

promotional positioning

question

Paid, nonpersonal through various media by organizations and individuals who are in some way indentified in the message is known as

answer

advertising

question

A new computer may be purchased directly from the manufacturer or from a retailer that sells electronic products. The group of organizations that move products from the producer to cosumers is a:

answer

marketing channel

question

The pricing strategy that calls for a new product being priced high to make optimum profit while there is little competition is called

answer

price skimming

question

What is the following that may be a measure of product quality?

answer

Durable, Reliable, Easily maintained

question

What are the two key elements of marketing ?

answer

The target market, The marketing mix.

question

A group of products that are physically similar or are intended for a similar market are referred to as a :

answer

product line

question

Private distributor brands are products that do not carry the name of the ____ , but carry a distributor or retailer name.

answer

manufacturer

question

A major wireless carrier designed a variety of advertisements to promote its new phone. Magazine, online, television, and billboard advertisements were created to attract the companys target market. This is an example of:

answer

Advertising campaign

question

Publicity differs from advertising in that it is

answer

unpaid

question

In the ____ phase, the salesperson is researching potential customers and choosing those most likely to buy.

answer

prospecting

question

A ____ is a name, symbol, or design that identifies the goods or services of one seller or group of sellers.

answer

brand

question

What are common pricing objectives?

answer

Survival, maintaining the status quo, maximizing profits and sales, boosting market share.

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What stage of the product life cycle is a product likely in if consumer awareness is limited and profits are negative?

answer

Introduction

question

Products created for household or family use intended for daily living are

answer

consumers

question

Keys to developing effective marketing strategy

answer

1. Maintain right marketing mix 2. Satisfy target market 3. Long-term customer relationships

question

Stages in Developing New Products

answer

1. Idea development 2. New idea screening 3. Business analysis 4. Product development 5. Test marketing 6. Commercialization

question

Consumer Products - Convenience products

answer

- purchased without doing research into price - widely available - often for immediate consumption

question

Consumer Products - Shopping products

answer

- consumer has compared competitors prices and has shopped around - price, features, quality, style, service and image all influence the decision to buy

question

Consumer Products - Specialty products

answer

- require the greatest level of research and shopping effort - not willing to accept substitutes - consumers know exactly what they want and go out of their way to find it - price not the strongest consideration

question

Business products

answer

Used directly or indirectly in the operation or manufacturing processes of a business - raw materials - major equipment - accessory equipment - component parts - processed materials - industrial services

question

Product line

answer

Group of closely related products that are treated as a unit because of a similar marketing strategy, production, or end-use

question

Product Mix

answer

All the products offered by the company

question

Product Life Cycle

answer

1. Introduction 2. Growth 3. Maturity 4. Decline

question

Branding

answer

The process of naming and identifying products 1. Name 2. Term 3. Symbol 4. Design

question

Trademark

answer

A registered brand with the Canadian Intellectual Property Office - protected from use by any other firm

question

Manufacturer brands

answer

Initiated and owned by the manufacturer to identify products from production to point of purchase

question

Private distributor brands

answer

Cost less than manufacturer brands - owned and controlled by wholesaler or retailer

question

Generic Brands

answer

No brand name often come in simple packages and carry their own generic name

question

Packaging

answer

External container that holds and describes the product - Protection - Economy - Convenience - Promotion

question

Product Quality

answer

The degree to which a good, service, or idea meets the demands and requirements of customers

question

Pricing Strategy

answer

1. Maximize profits and sales 2. Boost market share 3. Maintain the status quo 4. Survival

question

New Product Pricing

answer

1. Price skimming 2. Penetration pricing

question

Price skimming

answer

Charging the highest possible price that buyers that want the product will pay

question

Penetration pricing

answer

A low price designed to help the product enter the market and gain market share rapidly

question

Psychological Pricing

answer

- Odd/even - Prestige pricing

question

Symbolic/Prestige Pricing

answer

- the image that high prices equals high quality

question

Price Discounting

answer

1. Quantity discounts 2. Seasonal discounts 3. Promotional discounts

question

Quantity discounts

answer

- the economy of purchasing in larges quantites

question

Promotional Discounts

answer

- Improve sales by advertising price reduction of selected products to increase customer interest

question

Marketing Channel

answer

- a group of organizations that moves products from their producer to consumers

question

Retailers

answer

- buy products from manufacturers and sell them to customers for uses other than resale

question

Wholesaler

answer

Intermediaries that buy from producers or other wholesalers and sell to retailers

question

Intensity of Market Coverage

answer

Depends on buyer behaviour, the nature of the target market and competition 1. Intensive 2. Selective 3. Exclusive

question

Intensive Market

answer

Makes a product available in as many outlets as possible

question

Selective Market

answer

Uses only a small proportion of all available outlets to expose products

question

Exclusive Market

answer

Exists when a manufacturer gives a middleman the sole right to sell a product in a defined geographic territory

question

Physical Distribution

answer

Includes all the activities necessary to move products from producers to customers - creates time, and place utility by making products available when they are wanted, with adequate service and at minimum cost 1. Inventory 2. Transportation 3. Warehousing 4. Materials handling

question

Promotion Strategy

answer

- Goal is to communicate with individuals, groups, and organizations - Encourages marketing exchanges - Used to influence opinions, and attitudes toward organizations, people, and causes 1. Advertising 2. Personal selling 3. Publicity 4. Sales Promotion

question

Integrated Marketing Communication

answer

The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort

question

Advertising

answer

A paid form of nonpersonal communication transmitted through a mass medium (tv commercials, magazine advertisements, or online ads) - And advertising campaign involves designing a series of advertisements and placing them in various media to reach a particular target audience

question

Internet Marketing and Social Media

answer

- the use of online advertising is increasing as companies are attracted to its wide reach and ability to interact with customers - the internet has become a vital part of most companies integrated marketing communication plan

question

Mobile Marketing

answer

- the use of a mobile device to communicate marketing messages - Global growth Most common mobile methods used 1. Apps or Applications 2. Text/SMS messages 3. QR codes 4. Proximity/ Location based marketing

question

Personal Selling

answer

A direct two-way communication with buyers and potential buyers

question

Guerrilla Marketing

answer

Pursuing traditional marketing through unconventional means - consists of attracting consumer attention to their company using unique and/or creative methods

question

Publicity

answer

A non-paid, non-personal communication through mass media channels - mainly informative or descriptive - Can be extremely important for a company - Buzz marketing

question

Buzz marketing

answer

Marketers attempt to create a trend through publicity

question

Sales Promotion

answer

Uses such items as coupons, contests, and free samples to persuade buyers to purchase products - stimulate customer purchasing - enhances other promotional efforts - generally less expensive than advertising

Intro to Buisines Chapter 12 – Flashcards

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