MARK 1012 – Flashcard

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Marketing is an activity, set of institutions and processes for creating, communication, delivering and exchanging offerings that have ________ for customers, clients, partners and society at large.
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value
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Human ______ are states of felt deprivation
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needs
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Human needs take the form of ______ as they are shaped by culture and individual personality
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wants
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________ are human wants backed by buying power
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Demands
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A market offering is a __________ that is some combination of goods, services and experiences that can be offered to a market to satisfy a need or a want
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product
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Customer-perceived ______ is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product
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value
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If a product’s performance falls short of the customer’s expectations, the buy will be _____
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dissatisfied
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If exchange is the core concept of marketing, then a _____ is a marketing’s unit of measurement
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transaction
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A ______ is the set of all actual and potential buys of a product
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market
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The aim of _______ is not to completely destroy demand, but only to reduce or shift it to another time, or even another product
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demarketing
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The key to creating excitement in a market offering, such as sport, is _______ and interactivity
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involvement
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A marketing organisation’s _________ proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs
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value
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The _______ concept holds that consumers will favor products that are available and highly affordable
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production
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The ______ concept holds that consumers will favor products that offer the most quality, performance and innovative features
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product
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The _____ concept holds that achieving organisational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effective and efficiently than competitors
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marketing
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The _____ concept holds that consumers won’t buy enough of the organisation’s products unless it undertakes a large-scale selling effort as part of its promotional program
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selling
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The _____ marketing concept questions whether the pure marketing concept is adequate in the age of environmental problems, resource shortages, rapid population growth, worldwide economic problems and neglected social services
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societal
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Customer _____ depends on the product’s perceived performance relative to a buyer’s expectations
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satisfaction
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One of the challenges facing marketers as we move into the future is market is changing customer ______ and orientations
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values
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The ________ program presents the special marketing programs designed to achieve the business objectives
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action
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______ indicate how the marketing plan will be monitored
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Controls
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Marketing _____ is the process that turns marketing strategies into marketing actions in order to accomplish strategic marketing objectives
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implementation
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When an organisation has specialists heading different activities, such as a sales manager, an advertising manager, etc, is is said to be a ______ organization
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functional
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_______ organisation allows salespeople to settle into a territory, get to know their customers and work with a minimum of travel time and cost
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Geographic
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Marketing _____ is the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that marketing objectives are attained
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control
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A ______ can be a company division, a product line within a division or a single product or brand
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SBU
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A _______ plan has its focus on customer acquisition and retention and on the resources required to do this effectively
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marketing
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______ records can usually be obtained more quickly and cheaply than other information sources
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Internal
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Marketing _______ is the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment
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intelligence
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Marketing ____ is the function that links consumers, customer and public to the marketer through information that is used to identify and define marketing opportunities and problems
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research
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Studies involving a small number of individuals, such as focus groups or in-depth one-on-one interviews, are known as _______ research
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qualitative
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Studies involving a lot of people and utilising statistical tools and techniques are known as _____ research
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quantitative
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_______ research is used to gather preliminary informations that will help to define problems better and suggest hypotheses
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Exploratory
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______ research is used to test hypotheses about cause-and-effect relationships
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Causal
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Data that consists of information that already exists somewhere and was collected for an alternate purpose is known as ________ data
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secondary
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Data that consists of information collected for the specific purpose at hand is known as ______ data
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primary
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Observational research involves the gathering of ______ data by observing relevant people, actions, and situations
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primary
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______ research involves the gathering of primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior
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Survey
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______ research involves the gathering of primary data by selecting matched groups of subjects, giving them different treatments, controlling unrelated factors and checking for differences in group response
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Experimental
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_______ interviewing is the best contact method for gathering information quickly and provides greater flexibility than mail questionnaires
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Telephone
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When considering interview contact methods, ______ interviewing has the lowest level of control of interviewer effects
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personal
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A ______ is a segment of the population selected for marketing research to represent the population as a whole
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sample
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A ______ sample is one where every member of the population has a known and equal chance of selection
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probability
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A _____ sample is one where the researcher selects the research participants from a population without giving them equal chance of selections
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non-probability
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An individual’s consumer behavior is influence by ______, personal, cultural and social influences
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psychological
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Roles people may play in the consumer buying process include initiator, influencer, ______, buyer, and user
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decider
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_______ buying behavior occurs in situations characterized by high consumer involvement and where there are significant perceived differences among brands
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Complex
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Need recognition by itself is not enough to trigger an action by a consumer – ______ is needed to drive the consumer into action
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motivation
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The greater the perceived relative advantage of a new product, the sooner it will be _______
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adopted
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Consumers undertake routine buyer behavior in situations characterized by _____ consumer involvement but significant perceived brand differences
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low
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When considering the roles player by individuals in the consumer buying process, an ______ is a person whose views or advice carry some weight in making the final buying decision
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influencer
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Information search is the _____ step in the buyer decision process
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second
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The process by which people select, organize, and interpret information to form a meaningful picture of the world is known as _____
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perception
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The tri-component attitude model suggest that three main components are involved – cognitive, affective and ______
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conative
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An individual’s _____ is their pattern of living as expressed in their activities, interest and opinions
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lifestyle
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The first stage of the adoption process for new products is _____, where the consumer becomes aware of the new product, but lacks information about it
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awareness
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The ________ market comprises of all the organizations that buy goods and services to use in the production of other products and services for the purpose of reselling or renting them to others at a profit
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business
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The business marketer normally deals with far _____ buyers than consumer market
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fewer
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The demand for business goods is ultimately _____ from the demand for consumer goods
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derived
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An industrial buying situation in which the buyer wants to modify product specifications, prices, terms or situations is known as a _____ rebuy
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modified
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Many business buyers prefer to buy a packaged solution to a problem from a single seller, which is called ______ buying
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systems
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A buying _____ includes all the individuals and units that participate in the organisational buying decision process
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centre
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The person in the organization’s buying centre who controls the flow of information is known as the ______
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gatekeeper
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Proposal ______ is the stage of the industrial buying process in which the buyer invites qualifies suppliers to submit proposals
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solicitation
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Schools, TAFE colleges, universities, hospitals and prisons are all examples of _____ markets
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institutional
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When demand is _____, this indicates that demand is not affected greatly by price changes
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inelastic
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When discussing business markets, included are the industrial market, _______ market as well as the institutional and government markets
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reseller
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Market _____ is the process of classifying customers into groups with different needs, characteristics or behavior
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segmentation
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Market ______ is the process of evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter
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targeting
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Market ______ is the process of arranging for a product to occupy a clear, distinctive and desirable place relative to the competing products in the minds of target consumers
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positioning
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_______ segmentation divides a market into units such as nations, regions, states, municipalities, cities or neighborhood
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Geographic
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______ segmentation divides a market into groups based on variables such as education, religion and nationality
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Demographic
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_______ segmentation divides a market into groups based on social class, lifestyle or personality characteristics
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Psychographic
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________ segmentation divides a market into groups according to occasions when buyers get the idea to buy, make a purchase or use a product
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behavioral
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To be useful, market segments must be measurable, accessible, ______ and actionable
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substantial
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A _____ market is a set of buyers with common needs or characteristics that a company decides to serve
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target
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In ______ marketing, an organisation ignores market segment differences and creates a single offer for the whole market
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undifferentiated
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In _____ marketing, an organisation designs separate offers for each of the identified target markets
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differentiated
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In _____ marketing, an organisation goes after a large share of one or a few submarkets
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concentrated
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Product position is the way a product is defined by ______ on important attributes
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consumers
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A marketing organisation or market offer can be differentiated along lines of product, services, _______, and image
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personnel
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______ differentiation can be created through features, performance, consistency, durability and reliability
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Product
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______ differentiation can be created through delivery, installation, repair and customer training
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Service
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A brand’s value proposition is the full mix of benefits upon which the brand is _____ and positioned
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differentiated
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“More for more” positioning involves charging a higher ______ for higher costs or more benefits
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price
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A combination of a product’s parts, styling, features, brand name, packaging, and other attributes is known as the ______ product
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actual
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______ items are industrial goods and services that enter the finished product partly, including installations and accessory equipment
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Capital
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Factors distinguishing “almost pure” services from ‘almost pure” goods include intangibility, the high involvement and personal nature of services, the variability of service encounters, _______ conversion, delivery and consumption, perishability, and the fact that specific service quality measures are employed
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synchronous
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The factor of _____ indicates that services lack a physical element
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intangibility
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The factor of ______ delivery and consumption indicates that those involved in the service encounter need to interact in real time as the service is consumed
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synchronous
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The factor of _______ indicates that when considering services, there is no stored inventory
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perishability
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Product _____ reflects the ability of a product to perform its functions
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quality
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A brand is a name, term, sign, ______ or design, or combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitiors
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symbol
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A ______ brand is a brand created and owned by a reseller of a product or service
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private
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A company can obtain new products in two ways: One is through ______ and the other is through the company’s own R&D process
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acquisiont
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New-product development starts with idea ______
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generation
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Idea ______ is used to spot good ideas and drop poor ones
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screening
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A product _____ is a detailed version of an idea stated in meaningful consumer terms
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concept
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Business _______ involves the review of sales, costs, and profit projects to find out whether they satisfy the company’s objectives
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analysis
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If the product concept passes the business test, it moves into the product ______-
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development
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______ marketing is the stage at which the product and marketing program are introduced into more realistic market settings
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Test
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_______ occurs when a company introduces a new-product into the market
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Commercialisation
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The course of a product’s sales and profits during its lifetime is known as the ______ ______-______
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product life-cycle
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During the product ______ stage of the product life-cycle, sales are zero and a company’s investment costs add up
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development
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During the ______ stage of the product life-cycle, profits are non-existent because of the heavy expenses incurred
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introduction
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The _____ stage of the product life-cycle, is a period of rapid market acceptance and increasing profits
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growth
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The _____ stage of the product life-cycle is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers
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maturity
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A _____ is a basic and distinctive mode of expression which has a product life-cycle showing several periods of renewed interest
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style
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A _____ is currently accepted or popular style in a given field and is characterized by product life-cycle showing slow growth, a period of popularity and then slow decline
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fashion
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A _____ is a fashion that enters quickly and is adopted with great zeal and is characterized by a product life-cycle showing an early peak and quick decline
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fad
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The introduction stage of the product life-cycle concept is characterized by low sales, high cost per customer, negative profits, innovators as customers and _____ competitors
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few
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The growth stage of the product life-cycle concept is characterized by rapidly rising sales, average cost per customer, ____ profits, early adopters as customers and a growing number of competitors
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rising
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The decline stage of the product life-cycle concept is characterized by declining sales, low cost per customer, declining profits, _______ as customers and a declining number of competitors
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laggards
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Integrated marketing communication is the concept under which a company carefully integrates and coordinates its many communications channels to deliver a clear, _____ and compelling message about the organisation and its products
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consistent
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Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor is known as _____
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advertising
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_______ appeals relate to the audience’s self interest as they show the product will produce the desired benefits
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Rational
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______ appeals attempt to stir up either negative or positive emotions that can motivate purchase
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Emotional
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______ appeals are directed to the audience’s sense of what is right and proper
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moral
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A promotion strategy where the producer promotes the product to wholesalers, the wholesalers promote to retailers, and the retailers promote to consumers is known as ______ strategy
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push
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A promotion strategy that calls for spending a lot on advertising and consumer promotion to build up consumer demand is known as a ______ strategy
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pull
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Sales promotion is a _____-term incentive to encourage purchase of a product or service
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short
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_______ offers are goods offered free of charge or at a reduced price as an incentive to buy a product
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Premium
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A ______ promotion is an incentive applied to the retail trade to stock more of a product or to provide increase merchandising space, usually during a consumer promotion
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trade
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_____ selling is the interpersonal arm of the promotion mix, used particularly in complex selling situations such as business-to-business marketing
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personal
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Salesforce management involves the analysis, planning, implementation and _______ of salesforce activities
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control
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Salesforce management includes setting salesforce objectives, designing salesforce strategy, and recruiting, _______, training, compensating, supervising, and evaluation the firm’s salespeople
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selecting
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The steps that a salesperson follows in the selling process include prospecting and _______, pre-approach, approach, presentation and demonstration, handling objections, closing and follow-up
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qualifying
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________ is the step in the selling process when the salesperson identifies qualified potential customers
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Prospecting
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_______ is the step in the selling process when the salesperson meets and greets the buyer to get the relationship off to a good start
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Approach
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_______ is the step in the selling process when the salesperson tells the product “story” to the buyer, showing how the product will make or save them money
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Presentation
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_______ is the step in the selling process when the salesperson asks the customer for an order
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Closing
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When considering personal selling, ________ are involved in two-way personal communication with customers with whom they build long-term relationships
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salespeople
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At which level in the company should market-oriented strategic planning begin?
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corporate level
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Keith Jones has been assigned to a team charged with the development of a clear company mission, supporting objectives, a sound business portfolio, and coordinated functional strategies. Keith is involved in:
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strategic planning
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The type of planning that deals with a determination of the firm’s future objectives, the major marketing strategies used to attain them, and the resources required is called:
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long-range planning
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While each of the divisions which comprise General Motors‐Holden is an integral part of the firm, each has a separate mission and develops plans independently of other corporate divisions. Each division would qualify as a(n):
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SBU
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Setting the goals for performance in terms of market share, return on investment, and pretax profits all fell under which section of the marketing plan?
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objectives and issues
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The ________ section of the marketing plan is typically used to monitor the plan’s progress and performance.
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controls
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The most common form of marketing organisation in which different marketing activities are directed by such people as sales managers, advertising managers, marketing research managers and the like is the:
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functional organisation
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The current marketing situation consists of an analysis of the:
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market, competitor, product, distribution, and macroenvironment situation
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The microenvironment consist of the forces close to the organisation that affect its ability to serve its customers – the organisation, marketing channel firms, customer markets, __________ and publics.
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competitors
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The macroenvironment consist of larger societal forces that affect the whole microenvironment – demographic, economic, __________, technological, political and cultural forces.
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natural
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_________ are firms and individuals who provide the resources needed by the company and its competitors to produce goods and service.
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suppliers
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Marketing service agencies are the __________ agencies that help the organisation to target and promote its products to the right markets.
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facilitating
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__________ beliefs and values are passed on from parents to children and are reinforced by schools churches, business and government; __________ beliefs and values are more open to change than core beliefs.
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core, secondary
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Which of the following is an example of a behavioural segmentation variable?
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user status
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The iconic Australian spread Vegemite has used the slogan “Puts a rose in every cheek” for many years. Which of the following strategies does this slogan most likely support?
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undifferentiated marketing
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Emma and Sarah operate an old‐time coffee shop straight out of the 1950s with thick chocolate shakes, poodle‐skirted waitresses, and a jukebox that contains 45 RPM records by such artists as the Drifters and the Platters. Emma and Sarah are using ________ to create image differentiation.
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atmosphere
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Mentos is a brand of sweets that has marketed itself to appeal especially to a younger crowd that likes to take some risks. This is an example of ________ positioning.
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user
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The final step in the development of a positioning strategy is to:
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communicate the position effectively to consumers
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The Simms Corporation utilises lifestyle variables to segment its consumer markets. The firm is employing:
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psychographic variables
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The Tasty Snacks Company has determined that consumers’ taste preferences differ according to the region of the country in which they live. The firm has segmented its market on the basis of:
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geographics
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Bells Bicycle Shop offers an extended warranty on the bicycles it sells; a free checkup after one month of use; and will assemble and deliver bicycles. In terms of the customer value hierarchy, the bicycle shop is offering a(n) ________ product.
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augmented
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Products that are bought frequently, immediately, and with little deliberation like soda and chewing gum are called ________ goods; hard to find items (e.g., a collector’s item such as an Elvis Presley memorabilia) is an example of a ________ good.
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convenience, specialty
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The number of different product lines offered by a company is termed the product mix’s:
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breadth
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Product-line length
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is shaped by company objectives
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If Wexner adds lower and higher quality desks to its product line, it will have engaged in a(n) ________ strategy.
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line modernization
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If the product manager for one of the world’s largest lingerie manufacturers found its Playtex bras were selling well and its Bali bras were selling slowly, the product manager might try line ________ to increase sales for the slower end of the product line.
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featuring
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The most enduring meanings of a brand are its:
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values, benefits, attributes and personality
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Brand equity:
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is closely related to the number of customers who are devoted to the brand
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Branding a product results in a number of advantages, including:
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A) helping to segment the market. B) helping in the development of a corporate image. C) providing legal protection of unique product features. D) attracting a loyal and profitable set of customers.
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Which of the following is the most expensive part of the new-product development process?
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commercialisation
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Assessing new-product concepts with a group of target customers is known as:
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concept testing
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A sales manager is currently involved in reviewing sales projections and cost estimates associated with several potential new products. The analysis would most accurately be described as:
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business analysis
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A product that is a basic and distinctive mode of expression that has a product life-cycle showing several periods of renewed interest is known as a(n):
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style
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A product that, according to the product life-cycle concept, grows slowly, remains popular for a while and then declines slowly is known as a(n):
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fashion
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A product that, according to the product life-cycle concept, enters quickly, is adopted with great zeal, peaks early and declines very quickly is known as a(n):
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fad
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A product that has been re-targeted for a new application or to a new user can be categorised as:
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repositioned
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A common mistake in pricing is:
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setting prices independently of the rest of the marketing mix
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You can buy attractive air room fresheners in many different shapes for a relatively low price, but when you go to buy the refills, the price is often much higher than you expected, but the container is worthless without the refill. This example describes ________ pricing.
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captive-product
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Breakeven volume is equal to fixed cost divided by:
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price-VC
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Trade-offs between cost areas such as transport versus production lot quantity costs
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logistics
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Effective marketing logistics network management can
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A) provide cost advantages. B) provide delivery time advantages. C) lower prices to the final customer. D) improve profits for suppliers and manufacturers.
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As the members of the marketing channel move merchandise from one level to the next, they typically perform _________
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risk taking
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The set of firms and individuals that take title, or assist in transferring title, to a good or service as it moves from the producer to the final consumer or industrial user constitutes a:
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marketing channel
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A channel of distribution with no intermediaries is called a(n):
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direct marketing channel
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Dymock’s online book store is likely to represent the consumer marketing channel
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Manufacturer to retailer to consumer
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Disagreements among channel members regarding roles and goals generate
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channel conflict
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Conflict between channel members at the same level of the channel is called
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horizontal conflict
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In _________________, two or more unrelated companies at one channel level join together to pursue a new marketing opportunity.
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horizontal marketing
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Channel members often seek control of a channel network to ________.
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A) ensure cooperation B) limit the negative effect of conflict C) achieve objectives D) ensure consistency of service throughout the channel
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Use of mail, telephone, and other non-personal contact tools to communicate with, or solicit a response from, specific customers and prospects is called:
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direct marketing
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An article in a local newspaper on the retreat and how helpful it has been to a variety of people who have stayed there is an example of:
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public relations and publicity
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The three distinct benefits of ________ are its ability to communicate, its ability to act as an incentive, and its invitation to consumers to buy now.
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sales promotion
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A common criticism of sales promotion is that it may
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lower consumer price expectation of the brand. B) force companies in sales promotion wars. C) only produces short term results.
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Which of the following would not be considered a Sales Promotion tool?
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specialty store selling
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Which term is used to describe the approach which enables marketers to communicate with customers in real time and to obtain a measured response for a measured input of expenditure?
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one-to-one marketing, direct or direct-order marketing, e-marketing, interactive marketing
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The Expecto Corporation is preparing to introduce a new, unique product. The first goal of its marketing program will be to develop:
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awareness
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Most consumers believe that one brand of a convenience product is essentially the same as all others. To overcome this perception, each seller’s communication program is likely to be aimed at developing
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preference
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The ultimate goal of the firm’s communication effort is typically to move the consumer to:
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purchase
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Sales promotion
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includes a wide assortment of tools – coupons, contests, cents-off deals, premiums, and others; act of influencing customer/consumer perception and behavior to build market share and sales to reinforce brand image
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push strategy
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the company pushes the product through intermediaries
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pull strategy
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the company promotes directly to final consumers creating a demand which it fulfills through intermediaries
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affordable method
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set at the level the company can afford
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percentage-of-sales method
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set at a certain percentage of current or forecast sales
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competitive-parity method
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set to match competitors’ outlays
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objective-and-task method
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set by defining specific objectives and determining the promotional tasks required to achieve these objects
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AIDA model
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message should get Attention hold Interest arouse Desires and obtain Action
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reach
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a measure of the % of people in the target market who are exposed to the ad campaign during a given period of time
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3 major methods of advertising pre-testing
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direct rating, portfolio tests, laboratory tests
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2 methods of post-testing advertisements
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recall test, recognition tests
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bait-and-switch advertising
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attracts buyers under false pretences
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Relationship marketing (RM)
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the process of creating, maintaining and enhancing strong, value-laden relationships with customers and other stakeholders by creating superior customer value and satisfaction
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direct marketing
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an interactive system of marketing which uses one or more advertising media to effect a measurable response and/or transaction at any location; connecting directly with carefully targeted individual
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sustainable marketing
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socially and environmentally responsible actions that meet the present needs of consumers and business; preserve or enhance the ability of future generations to meet their needs
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consumer-oriented marketing
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view and organize its marketing activities from the consumer’s point of view
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customer-value marketing
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put most of company resources into customer value-building marketing investments; create value FOR consumers to capture value FROM them in return
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innovative marketing
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the company should continuously seek real product and marketing improvements
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sense-of-mission marketing
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the company should define its mission in broad SOCIAL terms rather than narrow PRODUCT terms
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salutary products
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have low appeals but may benefit consumers in the long run
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Trade Practices Act 1974 (TPA)
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comes into play in IP marketing cases; especially so under trademarks

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