marketing exam 2 – Flashcards with Answers

Unlock all answers in this set

Unlock answers
question
idea generation
answer
systematic search for new product ideas
question
crowdsourcing
answer
inviting broad communities of people into the new product innovation process
question
idea screening q
answer
screening new product ideas to spot good ideas and drop poor soons
question
product concept
answer
detailed version of the new product idea stated in meaningful consumer terms
question
market strategy developement
answer
designing an initial marketing strategy for a new product based on the product concept
question
business analysis
answer
review of the sales, costs, and profit projections for a new product
question
product development
answer
Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.
question
test marketing
answer
The stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings
question
commericialization
answer
Introducing a new product into the market
question
Customer-centered new-product development
answer
New-product development that focuses on finding new ways to solve customer problems and create more customersatisfying experiences.
question
product life cyle
answer
the course that a products sales and profits take over its life time
question
what is the product life cycle
answer
`product development, introduction, growth, maturity, decline
question
experience curve
answer
The drop in the average per-unit production cost that comes with accumulated production experience.
question
demand curve
answer
A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
question
price elasicity
answer
A measure of the sensitivity of demand to changes in price.
question
market penetration pricing
answer
setting a low price for a new product to attract a large number of buys and a large market share
question
product line pricing
answer
setting prices across an entire product line
question
captive pricing
answer
setting a price for products that must be used along with a main product, blades for razor
question
psychological pricing
answer
the pricing says something about the product
question
reference pricing
answer
prices that buyers carry in their minds and refer to when looking at a given product
question
FOB orgiin
answer
customer pays for shipping
question
uniform delievered pricing
answer
geographical pricing strategy in which the company charges the same price plus freight to all customers, regardless of their location.
question
zone pricing
answer
A geographical pricing strategy in which the company sets up two or more zones. All customers within a zone pay the same total price; the more distant the zone, the higher the price.
question
Basing-point pricing
answer
A geographical pricing strategy in which the seller designates some city as a basing point and charges all customers the freight cost from that city to the customer
question
freight absorbtion pricing
answer
A geographical pricing strategy in which the seller absorbs all or part of the freight charges to get the desired business
question
dynamic pricing
answer
Adjusting prices continually to meet the characteristics and needs of individual customers and situations.
question
product qualitiy
answer
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer need
question
product mix depth
answer
number of verisions offered for each product in the line
question
product mix length
answer
total number of items a company carries within its product line
question
product mix width
answer
number of different product lines the company carries
question
service intangiability
answer
services cannot be seen, tasted, smell or heard before being bought
question
service inseparablitiy
answer
Services are produced and consumed at the same time and cannot be separated from their providers.
question
market segmentation
answer
Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
question
market targeting
answer
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
question
differientation
answer
Differentiating the market offering to create superior customer value
question
positioning
answer
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
question
marketing concept
answer
idea that profits are driven by customer satisfaction, must focus on consumers wants and needs
question
product concept
answer
idea that consumers want products that are innovative and high quality so businesses should focus on constantly improving product
question
production concept
answer
idea that consumer want products that are highly affordable and available so businesses should focus on production efficiency
question
difference between marketing concept and selling concept
answer
marketing you are getting profit from satisfaction, selling you are getting profit from sales volume
question
sustainable marketing focuses on the
answer
future
question
what is the marketing function responsible for
answer
being the voice of the consumer and understanding the consumer
question
mission statements describe what
answer
they describe how they will meet the needs of the customer, emphasize company strengths NOT what they do
question
draw the product/market expansion graph (new/old products/markets)
answer
grpj
question
name the four factors that affect consumer behavior
answer
cultural, social, personal, psychological
question
cultural behavior
answer
culture, subclass, social class
question
social behavhior
answer
family, reference groups, roles and status
question
personal
answer
age, occupation, lifestyle, personality
question
psychological
answer
beliefs and attitudes
question
steps in strategic planning
answer
define mission, goals and objectives, designing business portfolio
question
Boston consulting group matrix (market growth/market share; dog, star, cash cow, question mark)
answer
graph
question
cash cows
answer
low growth, high share
question
question mark
answer
high growth, low share
question
value delivery network
answer
made up of suppliers, distributors, and customers that team up to improve the performance of the entire system
question
Generation Y
answer
children of the baby boomers from 1977-2000
question
secondary data
answer
information that already exists somewhere
question
primary data
answer
information collected for a specific purpose
question
four ways to segment the market
answer
geogrpahical, demographic, psycholgrahpic, behavior
question
four p in marketing
answer
product, place, price, promotion
question
what is a product
answer
a product, service, event, person, organization
question
what are the 8 stages in new-product development
answer
idea generation, idea screening, concept development, marketing development, business analysis, product development, test marketing, commercialization
question
what are the three major pricing strategies
answer
value based, cost based, competition based
question
value based
answer
pricing based on perception of value
question
cost based
answer
setting based on product, distributing, selling plus marginal
question
competition based
answer
basing price on competitors strategies, costs and prices
question
market skimming pricing
answer
high initial then low
question
market penetration
answer
offer low price initially then higher price once est. customer loyalty
question
a set of product, price, promotion and place that the firm blends to produce the response it wants in a market
answer
marketing mix
question
the final step of the marketing process is
answer
capturing value
question
When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing. ✖
answer
customer driving
question
According to the five-step model of the marketing process, which of the following is the final step in creating value for customers? ✖
answer
building profitable relationships
question
The art and science of choosing target markets and building profitable relationships with them is called ________. ✔ A) marketing management B) positioning C) marketing mix D) market offering E) differentiation
answer
marketing management
question
Selecting which segments of a population to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) differentiation
answer
target marketing
question
Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty? A) customer divestment B) customer-managed relationships C) the societal marketing concept D) partner relationship management E) customer relationship management
answer
customer relationship management
question
________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers. A) Customer-perceived value B) Customer lifetime value C) Share of customer D) Customer-managed relationship E) Brand value proposition
answer
customer perceived value
question
According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value to customers B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants E) construct an integrated marketing program
answer
understand the market place
question
Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? ✖ A) the product concept B) the production concept C) the selling concept D) the marketing concept E) the societal marketing concept
answer
marketing concept
question
Which of the following statements is true of the selling concept? ✖ A) It requires minimum promotion efforts. B) It creates long-term, profitable customer relationships. C) It takes an outside-in perspective. D) It is typically practiced with unsought goods. E) It follows the customer-centered sense-and-respond philosophy.
answer
unsought goods
question
Which of the following is a characteristic of customer-driven marketing? ✖ A) Companies understand customer needs even better than customers themselves do. - Given B) Customers are unaware of their needs. C) Products are created that meet both existing and latent needs, now and in the future. D) Customers know what they want. E) Customers don't know what is possible.
answer
customers know what they want
question
Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? A) production concept B) product concept C) selling concept D) marketing concept E) societal marketing concept
answer
production concept
question
what type of marketing is the fastest growing promotion tool
answer
direct marketing
question
types of direct marketing
answer
mail, catalogs, interactive TV and online marketing
question
what is the objective of advertising?
answer
to persuade, remind and inform
question
marketing information includes
answer
marketing intelligence, internal data and marketing research
question
do successful businesses use target or shotgun marketing
answer
target
question
a positioning statement
answer
describes why the consumer would by the brand
question
what are the three aspects to a product
answer
actual product, augmented product, core customer value
question
augmented product
answer
warranties, service after sale
question
what is the strongest link between a company and a customer
answer
personal selling
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New