question

Marketing

answer

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and a society at large

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Marketing Concept

answer

is based on three elements: 1) a customer orientation, 2) a service orientation, and 3) a profit orientation

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A key element of customer relationship management is to:

answer

learn as much as possible about customers

question

Customer Relationship Management (CRM)

answer

the process of learning as much as possible about present customers and doing everything you can over time to satisfy them -or even exceed their expectations- with goods and services

question

A firm's marketing mix refers to the combination of:

answer

strategies regarding product, price, place, and promotion

question

Promotion

answer

consists of all the techniques sellers use to persuade consumers to buy their goods and services

question

Which of the following would be considered part of a firm's marketing mix?

answer

determining the best pricing strategy for a service

question

Marketing research

answer

analysis of markets to determine opportunities and challenges

question

The first step in the marketing research process is to

answer

define the problem and determine the present situation

question

Secondary data

answer

consists of information that has already been researched by others and is published in journals or books, or has been made available online

question

Environmental scanning

answer

is the process of identifying factors that can affect marketing success

question

Market

answer

consists of people with unsatisfied wants and needs who have both the resources and the willingness to buy

question

Two major types of markets

answer

consumer market and business-to-business market

question

The factor that determines whether a product is classified as a consumer product or an industrial product is

answer

the end use of the product

question

Market segmentation

answer

the process of dividing the total market into several groups with similar characteristics

question

Target marketing

answer

the marketing of products to groups of customers a firm decides it can serve profitably

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Demographic segmentation

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divides a market into groups based on age, income, or level of education

question

Niche marketing

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identifying small but profitable market segments and designing or finding products for them

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The number of buyers in the B2B markets is

answer

relatively small compared to the consumer market

question

In terms of the number and dollar volume of transactions, the B2B market is:

answer

larger than the consumer market

question

B2B markets tend to be:

answer

geographically concentrated

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Production Era

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"produce as much as you can, because there is a limitless market for it" until 1900s

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The Selling Era

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companies emphasized selling and advertising in an effort to persuade consumers to buy existing products 1920s

question

The Marketing Concept Era

answer

Businesses needed to be responsive to consumers 1945.

question

Customer orientation

answer

find out what customers want and provide it for them

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Service orientation

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make sure everyone in the organization has the same objective: customer satisfaction

question

Profit orientation

answer

focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs 1945-1980

question

Customer Relationship Era

answer

customer satisfaction and customer loyalty

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The Emerging Mobile/On-Demand Marketing Era

answer

1. Now 2. Can I? 3. For Me - personalize what they experience 4. Simple

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Whether a consumer thinks a product provides the best value depends upon:

answer

the consumer's perception

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Total product offer

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the combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service

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Product line

answer

a group of products that are physically similar or intended for a similar market

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Product diffentiation

answer

the creation of real or perceived product differences

question

Important factors of convenience goods and services

answer

location, brand awareness, and image

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Today, packaging is:

answer

assuming an increasingly important role in the promotion of products

question

In marketing today, packaging carries the added responsibility of

answer

promotion and sales

question

Textbook publishers use a package strategy known as _____. Often the publisher will combine highly complementary products such as a new textbook and access code for online software that students can use to test themselves on new concepts and principles.

answer

bundling

question

A name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors

answer

brand

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A brand that has exclusive legal protection for both its brand name and its design

answer

trademark

question

Generic goods

answer

nonbranded products that sell below the price of national brands, have very basic packaging, and are backed with little or no advertising are called

question

The degree to which customers are satisfied, like the brand, and are committed to further purchases

answer

brand loyalty

question

Concept testing

answer

presents an idea for a new product to potential customers to test their reactions

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Product screening

answer

reduces the number of new-product ideas is a firm is working on at any one time so it can focus on the most promising

question

Product life cycle

answer

a theoretical model of what happens to sales and profits for a product class over time

question

The product life cycle consists of how many stages?

answer

four

question

The four stages of product life cycle are

answer

introduction, growth, maturity, and decilne

question

Pricing is:

answer

one of the 4 P's of the marketing mix

question

Break-even analysis

answer

the process used to determine the profitability of a product at various levels of sales

question

Break-even point

answer

Total fixed costs (FC)/Price of one unit (P)-Variable costs (VC) of one unit

question

Variable costs

answer

the costs that increase as the level of production increases

question

Convenience goods

answer

products the customer wants to purchase frequently and with a minimum effort

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Shopping goods and services

answer

products the consumer buys only after comparing value, quality, price, and style from a variety of sellers

question

Specialty goods and services

answer

consumer products with unique characteristics and brand identity

question

Unsought goods and services

answer

products consumers are unaware of, haven't necessarily thought of buying, or suddenly find they need to solve an unexpected problem

question

Marketing intermediaries

answer

organizations that assist in the movement of goods and services from producer to industrial and consumer users

question

Channel of distribution

answer

consists of the marketing intermediaries that transport and store goods as they move through their path from producer to consumers

question

Retailer

answer

a marketing intermediary that sells to ultimate consumers

question

The types of utility commonly provided by marketing intermediaries include

answer

time, place, possession, information, and service

question

When marketing intermediaries perform the steps necessary to transfer ownership from one party to another, they are providing:

answer

possession utility

question

Time utility

answer

adding value to products by making them available when they're needed

question

The two basic types of merchant wholesalers are

answer

full-service wholesalers and limited-function wholesalers

question

Rack jobbers

answer

limited-function wholesalers who furnish shelves full of merchandise to retailers who sell these items on consignment

question

Unlike merchant wholesalers, _____ never actually own the goods they help to distribute

answer

agents and brokers

question

Brokers differ from agents how:

answer

they do not develop long-term relationships with the buyers or sellers they assist

question

Discount stores, supermarkets, and department stores are all common types of

answer

retail stores

question

category killer store

answer

offers a huge selection of one type of product (such as books, toys, or sporting goods) to dominate that category of goods

question

Outlet store

answer

sells general merchandise directly from the manufacturer at a discount; items may be discontinued or have certain product flaws

question

Exclusive distribution strategy

answer

uses only one retail outlet in a given geographic area

question

Vending machines are most often used to sell

answer

convenience goods

question

Any marketing method that directly links manufacturers or intermediaries with the ultimate consumer could be classified as

answer

direct marketing

question

Taken together, all of the organizations that move goods from the sources of raw materials to ultimate consumers are known as

answer

supply chain

question

McDonald's, KFC, Baskin-Robbins, and AAMCO all make use of the _______ form of contractual distribution system

answer

franchise

question

Logistics

answer

involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements as a profit

question

Outband logistics

answer

deals with moving finished products and information to business buyers and ultimate consumers

question

Third-party logistics

answer

is the term used to describe the use of outside firms to help move their goods through the supply chain

question

Geographic segmentation

answer

dividing a market by cities, counties, states, or regions

question

Psychographic segmentation

answer

dividing the market using groups' values, attitudes, and interests

question

Benefit segmentation

answer

dividing the market by determining which benefits of the product to talk about

question

Volume (or usage) segmentation

answer

dividing the market by usage (volume of use)

question

The goal of promotion is:

answer

to inform and remind people in a target market about specific products, eventually persuading them to participate in an exchange

question

A promotional campaign begins by

answer

identifying a target market

question

The traditional promotional mix for a firm consists of:

answer

advertising, personal selling, public relations, and sales promotions used to reach a target market

question

Advertising

answer

paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the message

question

Advertisers like online advertising because

answer

they are able to see how many people have read or watched some part of a commercial

question

Advantage of magazine advertising

answer

the ad can target specific audiences

question

Which of the following refers to the practice of paying to have a product appear favorably in a TV show or movie?

answer

product placement

question

Personal selling

answer

face-to-face presentation and promotion of goods and services. this also includes searching for prospects and providing follow-up services

question

Prospect

answer

a person with an unmet need, the authority to buy, and the willingness to listen to a sales message

question

The approach step of the selling process attempts to :

answer

build credibility and establish rapport

question

The final step of the selling process involves:

answer

follow-up

question

The function that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance

answer

Public relations

question

Publicity

answer

refers to any information about a product or an organization that is communicated to the public through the media and is not paid for or controlled by the sponsor

question

Compared to advertising, publicity offers the advantage of greater

answer

believability

question

A major responsibility of the public relations department is to

answer

maintain close ties with the media, community leaders, government officials and other stakeholders

question

Sales promotion

answer

the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities, such as trade shows, event sponsorships, and contests

question

Which of the following is a consumer sales promotion activity? contests, advertising, vending sales, direct mail

answer

contests

question

To generate enthusiasm about a good or service, sales promotion

answer

targets groups internally and externally

question

Testimonial

answer

an endorsement from a customer praising a firm's product

question

The strategy of directing advertising and sales promotion toward consumers to stimulate them to request the products from their local retailers is called

answer

pull strategy

question

The use of promotional tools to persuade wholesalers and retailers to stock and sell merchandise represents

answer

push strategy

Intro to Business Chapter 13-16 Exam – Flashcards

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