Introduction to Business Final – Flashcards
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What was the greatest marketing need firms sought during the production era?
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More production and less expensive distribution and storage
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What is the marketing concept based on?
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Customer orientation, service orientation, and profit orientation.
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Review the information on today's views on effective marketing.
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You learn as much as you can about the customers and then make sure that you are providing what they need and allowing them to set their own prices
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Review the concept of customer-managed relationship.
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learning as much as you can about the customer and doing everything you can to satisfy them
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Review how businesses use the concept of marketing perspective to handle changes in the needs of the population.
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What is concept testing?
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testing the idea you have for business with the general public
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Review the steps in the marketing process. What should take place in each step?
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Find opportunities Conduct research ID a target market Design a product to meet the need based on research Do product testing Determine a brand name design a package and set a price Select a distribution system Design a promotional program Build a relationship with the customers
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What are the components of a firm's marketing mix?
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product, price, place, promotion
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Review the steps in the marketing research process.
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Define the problem or question then collect and research date and then analyze that date and then choosing the best solution and implementing it
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Review what is considered secondary and primary data.
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secondary data is information that had already been collected by other research and primary data is date you gather yourself
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If you fine that a product idea you helped develop is not popular with potential customers, what should you do?
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you should go back to the drawing board and try again or find out why through research
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What is the most important technological change likely to affect the marketing success of many firms?
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the internet
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What are the two major types of markets?
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Consumer Market and bUsiness to business
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Review the concept of environmental scanning and technological environment.
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IDing factors that can affect marketing success.
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What is niche marketing?
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finding a small but profitable market and designing products for them
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Review the information on identifying the motivation of firms using a market segmentation strategy.
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Firms use market segmentation to ID a particular group
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What is benefit segmentation?
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dividing the market by deciding which benefits to talk about
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How do firms adopting a relationship marketing strategy view technology.
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it enables them to work with their customers on their individual wants and needs
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Review examples of cognitive dissonance.
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whenever a person buys a product and then doubt they got the best deal or price, like buying a car
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Ch. 14. What is the best product development strategy for most firms?
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Review the concept of total product offer.
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this is everything that consumers evaluate when deciding whether to buy something
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Review the concept of product line.
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group of products that are physically similar and intended for a similar market
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How can a firm differentiate its product?
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pricing, advertising, and packaging
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What products are classified as a shopping good or service? Review examples.
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products that the consumer buys only after comparing the value, quality, price, and style from a variety of sellers. Examples include clothes shoes appliances and auto repair services.
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What products are classified as specialty goods and review examples?
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speciality goods have unique characteristics and brand identity like fine watches furs and imported jewelry
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What products are classified as unsought good or service and review examples?
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emergency things like car towing and burial services
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What products are classified as a convenience good and review examples?
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goods that people need to purchase frequently with minimum effort like gum candy milk and snacks
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What is the role of packaging in today's market?
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it attracts buyers, protects the goods inside, it has to be easy to use, it has to describe the contents, it has to explain the benefits, provide info like warnings and give some info on price value and uses
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What is the Universal Product Codes?
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bar that helps keep inventory and helps stores keep track of inventory.
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Review the concept of bundling and review examples.
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combines goods and services for a single price like airlines combing flights with in flight massages and limo services.
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What is the purpose of a trademark and review examples of trademarks?
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trademarks gives legal protection to brands
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Review the concept of quality assurance.
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quality assurance
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Review the information on the benefit of a brand name for a seller.
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gives the product distinction and makes it attractive to customers.
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When does a brand become a generic name?
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when a name becomes identifiable with a product not a company
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Review the information related to illegal knockoff brands.
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they are rip offs of expensive labels
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Review what allows a product to be considered a dealer brand.
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they are products that don't carry the manufacturers name but carry the name of the distributor or retailer instead.
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Review why companies create the position of brand manager.
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they create the position to have more control over new product development and product promotion
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Why do businesses sponsor events?
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Review the causes of new-product failure.
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not delivering what is promised, getting ready for marketing too late, poor positioning and packaging, and few differences from competitors.
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What is the greatest source of ideas for new products?
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employee suggestions
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What does the product life cycle model help marketers realize?
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it helps them predict trends and develop marketing strategies.
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Review what happens at each stage of the product life cycle.
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Introduction, Growth, Maturity, decline
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Review the information related to popular pricing objective.
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Review the concept of break-even point.
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It is the total fixed costs over the price of one unit minus the variable costs of one unit
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What is a skimming pricing strategy?
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new product is priced high while there is little competition
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Review the concept of nonprice competition.
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competition that involves things other than competitive pricing like services
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What role does the Internet play when businesses are pricing their products/services?
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it makes them more competitive
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Review the concept of marketing intermediaries.
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What is the primary difference between retailers and wholesalers?
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retailers sells to consumers and whole sellers sell to organizations
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How do marketing intermediaries provide possession utility?
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by doing whatever is necessary to transfer ownership from one party to another
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What is form utility?
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the value producers add to materials in the creation of finished goods and services
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What are the two basic types of merchant wholesalers?
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full service and limited function
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What activities do drop shippers perform?
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solicit orders from retailers and other wholesalers and have the merchandise shipped directly from the producer to the buyer.
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What is the difference between an agent and a broker?
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unlike agents brokers have no continuous relationship with the seller
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Review the concept of intensive distribution strategy for products. What type of products fit this strategy?
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Review the concept of multilevel marketing.
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there are up sellers and down sellers
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Review examples of direct marketing.
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any activity that directly links manufactures or intermediaries with the ultimate consumer
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Review the concept of franchise form of contractual distribution system.
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franchises agree to all rules and regulations established by the franchisor
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Review the concept of supply chain management.
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process of managing the movement of raw materials, parts, work in progress, and finished goods and related infer through all the organizations involved in supply chain managing the return of such goods and recycling materials when necessary
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What does logistics involve?
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planning, implementing, and controlling the physical flow of final goods and related information from points of origin to points of consumption to meet customer requirements at profit
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How is the largest volume of goods and services shipped?
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Rail
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What are the two basic types of warehouses?
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storage warehouses and distribution warehouses
