Marketing Exam 1 (chapters 11-13) – Flashcards

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When a business provides ____ they satisfy customer's wants and needs by providing goods and services at a convenient moment for customers
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utility
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an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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marketing
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___ satisfies wants by converting inputs into a finished product
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form utility
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the successful marketing campaign "what happens in vegas stays in vegas" is an example of
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place marketing
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in the ____ era, many companies adopted the philosophy that consumer satisfaction should be the central focus of the entire organization
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marketing era
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____ is the customer's perception that a product has a strong, positive relationship between its costs and benefits
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value
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___ is the process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value
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CRM (customer relationship management)
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a key to successful customer relationship management is to
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combining marketing communication with 1 on 1 personalization
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a common error marketers commit when trying to generate customer satisfaction is to
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overpromise and underpromise
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many firms develop a formal ____ to answer the question: who is your target market and how do you plan to reach them?
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marketing plan
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a well-chosen target market embodies the following characteristics
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size, profitability, accessibility, limited competition
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demographic segmentation divides the market by
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similar groups based on measurable characteristics about people such as age, income, ethnicity, gender
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when firms in B2C markets divide up the potential market according to values, attitudes, and lifestyles, they are making use of _____ segmentation
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psychographic
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which of the following sets of terms describe approaches used by B2C marketers to segment their markets?
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demographic, geographic, psychographic, behavioral segmentation
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when B2B marketers divide the market based on the characteristics of customers, they are using:
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customer based segmentation
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Decisions about advertising, publicity, and product placement are all part of the firm's ____ strategy in its marketing ____
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promotion, mix
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Jesse is a marketing manager for a large midwest-based producer of food products. He is in the process of developing the _____, which is the creating of the following elements: product, price, promotion, place
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marketing mix
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_____ is the process of continually collecting information from the external marketing environment
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environmental scanning
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marketers can actively influence the ______ marketing mix, but they usually are unable to control the ______
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marketing mix, external environment
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analysis of market share is a key to understanding the firm's _____
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competitive environment
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___ refers specifically to how people act when buying goods and service for personal consumption
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consumer behavior
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market research involves
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gathering, interpreting, and applying to uncover opportunities and challenges
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creating products tailored for individuals on a mass basis is referred to as
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mass customization
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by definition, a(n) ____ satisfies consumer wants and needs
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product
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a product has three product layers. they are:
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core benefit, actual product, product augmentation
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products purchased for personal use or consumption
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consumer products
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purchasing to use directly or indirectly in the production of other products
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business products
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expensive products that consumers purchase infrequently and are unwilling to accept substitutes for are _____. On the other hand, ____ are widely distributed and widely promoted by the product producers.
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specialty products, convenience products
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when marketers characterize quality, they are concerned with two dimensions. the dimension that refers to how well the product performs its core function is ____, while the dimension that refers to how well the product repeatedly performs is _____
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quality level, product consistency
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a product ____ is a group of products offered by a firm that are closely related to each other, either in terms of how they work, or the customers they serve
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line
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____ occurs when established brands from different companies join forces in an effort to market the same product
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cobranding
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____ involves purchasing the right to use another company's brand name or symbol
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licensing
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the global recession decreased the sale of _____ brands and increased the sale of ____ brands
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national, store
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involves making slight modifications to existing products in an effort to distinguish a product from the competition
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continuous innovation
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stages of the new product development process are:
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idea generation, idea screening, analysis, development, testing, commercialization
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the ____ is a theoretical model that includes the stages of introduction, growth, maturity, and decline
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product life cycle
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in the introduction stage of the product life cycle, marketing efforts are focused on:
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raising awareness about the product
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a product in the ___ stage is experiencing periods of rising sales and profits
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growth
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____ is the non personal, paid communication a company places to influence consumer purchases
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advertising
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_____ reduce the risk of purchasing something new by allowing consumers to try the product before making a purchase
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samples
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____ offer consumers immediate price reductions
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coupons
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you are a salesperson for a local company. you've just finished presenting your sales message to a consumer. the next step in the selling process is to:
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handle objections
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_____ are marketing intermediaries that sell directly to final consumers
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direct channels
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independent wholesalers fall into two categories:
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merchant wholesalers and agent brokers
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the creamy cow is a maker of gourmet ice cream. the company uses ____ to sell its products by using a variety of venues, including grocery stores, online, and mail order
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retailing
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_____ dominate the market by offering a huge variety of one type of product
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category killers
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_____ sell a complete selection of food and general merchandise at a steep discount in a single enormous location
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supercenters
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companies like mcdonald's, who place their stores in as many locations as possible, are using a strategy called:
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intensive distribution
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the _____ is a theory that describes the upscale evolution of many retail firms; however, it does not account for stores that launch at the higher end of the market or for firms that retain their reputation as discount retailers.
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wheel of retailing
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fashion trend setters such as gucci who establish one retail outlet in a given area are utilizing a(n) _____ distribution strategy
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exclusive
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______ is to make it convenient for sumers to find and purchase products at many locations and in many ways
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goal of intensive distribution
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online selling, direct response retailing, and vending machines are all examples of:
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nonstore retailers
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____ involves determining how a product will flow through the distribution channel from producer to consumer
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supply chain
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the career field called _______ involves planning and coordinating the flow of food----from the raw materials to the final consumers
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supply chain management
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____ is a subset of supply chain management that focuses on tactics rather than on strategy
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logistics
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the supply chain begins with ______ and ends with ______
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raw materials, distributors
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sending products by _____ is the most expensive option available to producers
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plane
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______ is the positive difference between revenue and costs
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profitability
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a firm's _____ is the percent of total market for a product that is controlled by that company
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market share
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____ aims to achieve long-term profitability by sustaining a high sales volume
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everyday low pricing (EDLP)
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_____ aims to increase traffic in retail stores using special sales on a limited number of products and higher everyday prices on others
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high/low pricing
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____ is the method used to determine the number of units a firm must sell at a specific price to cover all costs
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breakeven analysis
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_____ pricing is the most popular method of fixed margin pricing
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cost-based
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in _____, marketers determine price based on what consumers are willing to pay and then subtract desired margins to yield target costs
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demand-based pricing
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