question

A good, service, or idea

answer

What are the three different types of products?

question

The price charged for the product

answer

The primary value value that a marketer expects to receive from a customer in an exchange relationship is...

question

The customer is always right

answer

The H&R Block company wants to adopt the marketing concept as a business philosophy. To be consistent with this decision, which of the following philosophies is must appropriate?

question

A management philosophy

answer

The marketing concept is...

question

Customer relationship management

answer

Long-term relationships with profitable customers is the key objective of...

question

Increase customer value

answer

Taco Bell introducing some of its products into supermarkets, vending machines, college campuses, an other locations to increase its product availability and convenience. One reason Taco Bell is doing so is to...

question

The Marketing Plan

answer

A written document detailing activities to be performed to implement and control marketing actions

question

A competitive advantage

answer

Exists when a firm matches a core competency to opportunities it has discovered in the marketplace

question

A Market

answer

A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

question

The Boston Consulting Group's matrix

answer

Based on the philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.

question

Marketing

answer

The most specific and detailed type of business strategy

question

Business decisions made in creating a marketing mix

answer

What are only as good as the organization's understanding of the needs of the target market?

question

Centralized at the top levels of the organization

answer

Where marketing decisions are likely to be in a traditional organization

question

Performance standard

answer

Morris Business Products Co. distributes its business supply products through direct sales personnel. Recently, the company has established a monthly sales quota of $150,000 for each sales representative. This is a...

question

Environmental Analysis

answer

After Home Depot gathers information related to its marketing environment, it attempts to define current environmental changes and predict future changes. This determines possible opportunities and threats facing the company. It illustrates the process that is called...

question

Proactive

answer

Marketers who attempt to influence and change the various environmental forces have a ___________ response to these forces.

question

Brand Competitors

answer

Companies that market products with similar features, benefits, and prices to the same customer group are known as...

question

A Monopoly

answer

The type of competitive structure that exists in the case where there are almost no substitutes for a product.

question

Pure Competition

answer

Changes Salon is part of the hair and personal care service industry. In what type of competitive environment is Changes Salon most likely operating?

question

Recovery

answer

Consumer confidence and willingness to spend begins to increase during periods of ______, and marketers must remain very flexible to make the necessary adjustments.

question

Willingness to Spend

answer

Refers to consumers' propensity to buy

question

Credit

answer

Shelby's new job with the federal government provides a comfortable income and a fairly stable income. She would like to buy a new car now that she has a job; however, Shelby hesitates to purchase a new car because she is concerned about how poor economic conditions may affect her position in the future. Shelby lacks...

question

Self-regulation

answer

The Pharmaceutical Research and Manufacturers of America sets guidelines for its member firms to follow regarding the use of unethical practices. Thus, it is engaging in...

question

Economic, Ethical, Legal, and Technological

answer

Dimensions of social responsibility and marketing citizenship

question

Philanthropic focus

answer

As a firm fulfills its basic economic responsibilities, it must simultaneously have a...

question

Eco-label

answer

in Europe, companies can voluntarily apply for a designation to indicate that their product is less harmful to the environment that competing products. This label is known as the...

question

An Objective for Profitability

answer

Environmentalism should be made profitable, and companies attempting to protect the environment should not have to compete with those harming it in the marketplace.

question

Marketing Research

answer

The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities.

question

Collecting data, interpreting research findings, designing the research project, and reporting research findings

answer

The Marketing Research Process

question

Research Design

answer

An overall plan or obtaining the information needed to address a research problem or issue is called the...

question

Exploratory Research

answer

Marketers usually conduct this when more information is needed about a problem and a tentative hypothesis needs to be made more specific

question

Experimental Research

answer

Research that allows marketers to make casual inferences about relationships

question

Primary Data

answer

Data that are observed or collected directly from respondents

question

The failure of respondents to return the questionnaire

answer

The major disadvantage of a mail survey versus a telephone or personal survey is...

question

Telephone Surveys

answer

The National Do-Not-Call list affects the ability of marketing researchers to use...

question

Dichotomous Question

answer

A survey question that requires a yes or no answer

question

Reporting research findings

answer

The final step in the marketing research process

question

A marketing information system

answer

A framework for gathering and managing information from sources both inside and outside an organization

question

Database

answer

A collection of information arranged for easy access and retrieval

question

Market

answer

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products.

question

Buying power

answer

The ability to purchase a product

question

Undifferentiated strategy, concentrated strategy, and the differentiated strategy

answer

What a firm can use to find a target market

question

Undifferentiated Strategy

answer

If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix, it would be using the...

question

The purpose of market segmentation

answer

To divide a total market to enable a marketer to develop a more precise marketing mix

question

Segmentation variable

answer

Age, rate of product use, location, and gender are all examples of this

question

Demographic, geographic, psychographic, and behavioristic

answer

Four categories of segmentation variables

question

Geographic

answer

Alpine Ski Shops U.S., is looking for new markets. Since their market is based mainly on access to snow, they would most likely use which base for segmentation?

question

Family Life Cycle

answer

A marketer that targets customers based on marital status and the presence and age of children is using...

question

Benefit Segmentation

answer

The division of a market according to what benefits consumers want from the product

question

Market Potential

answer

The total volume of a product, for all firms in an industry, that would be purchased by specific customer groups within a specified time period at a given level of industry-wide marketing activity.

question

Product Positioning

answer

Refers to the decisions and activities intended to create and maintain a certain concept of the firm's product in customers' minds.

question

Perceptual Map

answer

Pepsi wants to know where its Sierra Mist soft drink fits in with other drinks in the mind of the consumer. Marketers question a sample of consumers about Sierra Mist and other drinks on two different dimensions. They will most likely put this information into a __________ _____ to show Sierra Mist's position

question

Level of Involvement

answer

The importance and intensity of interest in a product in a particular situation

question

Limited problem solving, extended problem solving, and routinized response behavior

answer

Three most widely recognized types of consumer problem solving

question

Less information about products

answer

In contrast to extended problem solving, routinized response behavior requires...

question

Impulse Buying

answer

An unplanned buying behavior resulting from a powerful urge to buy something immediately is called

question

Problem Recognition Information Search Evaluation of Alternatives Postpurchase Evaluation Purchase

answer

The 5 major stages of the consumer buying decision process, in order

question

Problem Recognition

answer

Occurs when a consumer becomes aware that there is a difference between a desired state and an actual condition

question

Personal Sources

answer

When, in their information search, consumers focus on communication with friends and relatives, they are utilizing...

question

Evaluation Criteria

answer

A customer shopping for a fax machine tells a salesperson that it is important for the fax machine to have several attributes. It must be plain paper, be able to make copies, be compatible with all other fax machines, and not require a separate phone line. The buyer has expressed his or her...

question

Postpurchase Evaluation

answer

Doubts in a buyer's mind about whether the purchase decision made was the right one may occur during the...

question

Selective Retention

answer

Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not.

question

Motives

answer

Buyer's actions are affected by one or more internal energizing forces geared toward satisfying needs.

question

Personality

answer

Hereditary characteristics combined with personal experiences that together make an individual unique form one's...

question

Resale, direct use in producing other products, and use in general daily operations

answer

In business markets, individuals or groups purchase products for one of three purposes, these purposes are...

question

Institution Markets

answer

Organizations that seek nonbusiness goals

question

Reciprocity

answer

A practice in which two business agree to buy from each other

question

Straight rebuy

answer

Safeway Supermarkets recently placed an order with the Kahn Corporation. Safeway has ordered these same products before under the same terms of sale. What type of purchase does this situation represent?

question

Derived

answer

The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business product is...

question

Inelastic Demand

answer

A price increase or decrease will not significantly change the demand for an item

question

The buying center

answer

The group of people within a business who are involved in making business buying decisions is referred to as...

question

Sole Sourcing

answer

An organization that decides to buy all of a certain part from the same company using...

question

Economic

answer

Differences in standards of living, credit, buying power, and income distribution are all examples of _________ forces that must be considered in international marketing efforts

question

Embargo

answer

The United States prohibition against importing cigars from Cuba is an example of...

question

Balance of Trade

answer

The difference in value between a nation's exports and its imports

question

Cultural Forces

answer

If a certain country considered handshakes in business transactions to be taboo and preferred to use nodding, this would be an example of differences in...

question

NAFTA

answer

The agreement between the United States, Canada, and Mexico that merges these three countries into one marketplace

question

Domestic Marketing

answer

Miller's Home Furnishings uses marketing strategies aimed at markets within the United States, its home country. Miller's engages in...

question

Importing

answer

When the American Company Exxon purchases crude oil from Saudi Arabia, it is engaging in...

question

Franchising

answer

A special form of licensing in which one company grants another company the right to market its product in accordance with its standards in exchange for a financial commitment

question

A Straight Alliance

answer

A business partnership between a domestic firm and a foreign firm

question

Multinational enterprises

answer

Firms that have operations or subsidiaries located in many countries

question

Globalization

answer

Standardizing many Nike and Adidas shoe models worldwide is an example of...

question

Digital Media

answer

Electronic media that function using digital codes

question

Interactivity

answer

Allows customers to express their needs and wants directly to a company in response to its marketing communications

question

Applications

answer

Smart phones and PDAs contain ________ that help consumers access more information about businesses

question

Positive Customer Reviews

answer

Free online publicity that helps the company

question

Women aged 55 and over

answer

the fastest-growing group on facebook

question

Professionals

answer

LinkedIn is a social networking site geared toward...

question

Blogs

answer

Web-based journals in which writers can editorialize and interact with other internet users

question

Creators

answer

Those consumers who construct their own media outlets, such as blogs, podcasts, consumer-generate videos, and wikis

question

Idea

answer

A concept, philosophy, or image

question

Buyers intended use of the product

answer

Products are classified as being business or consumer products according to the...

question

Convenience Products

answer

Products which are relatively inexpensive and frequently purchased with minimal effort are classified as...

question

A Specialty Product

answer

Requires purchasing planning, and the buyer will not accept substitutes

question

Raw Materials

answer

Minerals, chemicals, timber, and agricultural products

question

Business Services

answer

The intangible products that most organizations use in their operations

question

Product Mix

answer

Sara Lee Corporation manufactures desserts, breads, pantyhose, meats, and a variety of other products. These products make up the...

question

A Product Line

answer

A group of closely related products that are considered a unit because of marketing, technical, or end-use considerations

question

The Depth of a Product Mix

answer

Measured by the average number of different products offered in each product line.

question

Introduction, growth, maturity, and decline

answer

The 4 major stages of a product life cycle

question

Introduction Stage

answer

Sales start at zero and profits are negative during this stage of the product life cycle

question

Maturity Stage

answer

A common business objective of this stage of the product life cycle is to generate cash flow

question

Exploration Stage

answer

When an individual considers whether a product will meet certain criteria that are critical for meeting his or her needs, in what stage of the product adoption process is this individual

question

They are less expensive and lower-risk

answer

Why are line extensions more common than new products?

question

Line Extensions

answer

Coca-Cola has expanded to Diet Coke, Cherry Coke, and Caffeine-free Coke, to name a few. These are examples of...

question

If the product is modifiable

answer

The first issue to consider in a product modification

question

Quality

answer

Type of product modification that inevitably tends to cause firms to reduce costs in some of the organization

question

Redesigned

answer

Functional modifications usually require that the product be...

question

Aesthetic Modifications

answer

Changes that affect the sensory appeal of a product by altering its taste, texture, sound, smell, or visual characteristics

question

Concept Testing

answer

Which of the following is the stage of the new-product development process where customers are first exposed to the new product idea?

question

Product Development

answer

The phase of the new-product development process when the organization determines the technological feasibility of producing the product at a cost that results in a reasonable selling price.

question

The test-marketing stage

answer

A sample launching of the entire marketing mix

question

Competitors may copy the product

answer

One disadvantage of test marketing a new product

question

Roll-Out

answer

Often, a new product is launched in stages during commercialization. This gradual introduction of the product is known as...

question

Consistency

answer

The ability of a product to provide the same level of quality over a time

question

Aesthetic, quality, and functional changes

answer

The 3 major ways to modify a product

question

Degree of Tangibility

answer

What determines the differences between goods and services

question

Service-dominant products; Good-dominant products

answer

The continuum of tangibility goes from ______ on one end to ______ on the other end.

question

Perishability

answer

The fact the services cannot be inventoried and then sold at a later date is called...

question

Client-based relationship

answer

The main characteristic of this is that customers are satisfied to the point that they use a service repeatedly over a period of time

question

Customer Contact

answer

The necessary interaction between service provider and customer that allows a service to be delivered

question

Supplementary Services

answer

If Best Western bundles its rooms with services such as free local phone calls, cable television, wireless Internet access, and complimentary breakfast, the services are known as...

question

Core; Supplementary

answer

A first class airline ticket offers a ______ service of transportation as well as _______ services of drink and food service, special boarding rights, and extra customer service.

question

Inseparability

answer

When a theater entices customers to see movies during the daytime by offering tickets at a reduced price, it is trying to solve the services marketing problem of...

question

Customers

answer

Who judges service quality?

question

Brand Name

answer

The part of a brand that can be spoken including letters, numbers, and words

question

Brand Mark

answer

McDonald's golden arches are a classic example of a...

question

A trademark

answer

Signifies that the owner has exclusive use of a brand and others are prohibited from using it.

question

Brand Loyalty

answer

A customers favorable attitude toward a specific brand and, depending on its strength, some likelihood of the consistent purchase of this brand

question

Brand Recognition

answer

When a customer is aware that a brand exists and considers it a possibility if his preferred brand is out, he exhibits...

question

Brand Insistence

answer

What degree of brand loyalty is the strongest and most desired by marketers?

question

Private Distributor Brand

answer

Usually requires a producer to become involved in distribution, promotion, and pricing decisions.

question

Generic Brand

answer

A product that is simply labeled with the product category

question

Surnames and geographic names

answer

Besides generic names, what other types of names are very difficult to protect?

question

Individual Branding

answer

When a firm uses a policy of naming each product differently

question

Co-Branding

answer

Ford Explorer Vehicles that are Eddie Bauer versions exemplify this

question

Family Packaging

answer

To promote overall company image, packages of Pillsbury cake and cookie mixes have similar designs and colors. This approach is known as...

question

Secondary-Use Package

answer

A package that can be used again for a different purpose than its original function

question

The Supply Chain

answer

Includes all entities that facilitate production distribution

question

Channel of Distribution

answer

Defined as a group of individuals and organizations that directs the flow of products from producers to customers

question

Place, time, and possession

answer

3 types of utility for consumers that marketing channels create

question

Dual Distribution

answer

When many companies use more than one marketing channel to distribute their products to the sane target market.

question

Exclusive, selective, and intensive

answer

The major levels of intensity at which a company can choose to distribute its products

question

an increase in lost sales

answer

The result of an inventory stockout usually results in...

question

Retailing

answer

Direct selling, direct marketing, and vending machines are all examples of...

question

Ultimate consumers

answer

A retailer is an organization that purchases products for the purpose of reselling them to...

question

Department Stores

answer

Nordstrom's, Macy's, and JC Penney's are all considered...

question

Warehouse Clubs

answer

Sam's and Costco are examples of...

question

Category Killers

answer

Michael's, PetSmart, and Staples are all examples of...

question

Location

answer

The kinds of products being sold and the availability of the public transportation are both factors that influence a...

question

Retail Positioning

answer

Identifying an unserved or underserved market segment and serving it through a strategy that is distinguished in the mind of the consumer

question

Atmospherics

answer

Exterior and interior characteristics such as layout, displays, color, and lighting are all elements of a store's...

question

Direct marketing, direct selling, and automatic vending

answer

The 3 major types of non-store retailing

question

Integrated marketing communications

answer

Defined as the coordination of promotion and other marketing efforts for maximum informational and persuasive impact

question

To stimulate product demand

answer

What is the overall role of promotion?

question

Promotion Mix Ingredients

answer

Advertising, personal selling, sales promotion, and public relations are called...

question

Public Relations

answer

Communication through the use of brochures, annual reports, event sponsorships, and news stores is referred to as...

question

Sales Promotion Techniques

answer

Sweepstakes, free samples, coupons, and rebates are examples of...

question

Identifying the advertising target audience

answer

The first stage in the development of any advertising campaign is...

question

Media Plan

answer

A list of the exact magazines, newspapers, and television stations in which an advertisement will appear, along with the dates and times.

question

Reach

answer

The percentage of consumers in the target audience actually exposed to a particular advertisement in a stated period of time

question

Copy

answer

The verbal portion of an advertisement, including headlines, body, and signature

question

Personal Selling

answer

Paid personal communication that attempts to inform and persuade customers to purchase products in an exchange situation

question

Combination compensation plan

answer

Salespeople receive a set salary plus a commission based on sales with a...

question

Price

answer

Is the value that is exchanged for products in a marketing transaction and is the most flexible variable in the marketing mix

question

Barter

answer

The oldest form of exchange, trading of products

question

Price Competition

answer

When marketers emphasize price as an issue and match or beat the prices of other companies

question

Price Elasticity of Demand

answer

A measure of sensitivity of demand in relation to changes in price

question

Elastic

answer

If Carnival Cruise Lines increase the price of its seven day cruise package by 10% and, as a result, experienced a 20% decline in customer bookings, Carnival's demand would be...

question

Breakeven Point

answer

The point at which the costs of producing a product equal the revenue earned from selling the product

question

Internal reference price

answer

A price developed in the consumer's mind through experience with the product

question

Price Discrimination

answer

If a company provides price differentials that harm competition by giving one or more buyers a competitive advantage, it is committing...

question

Value

answer

When consumers are making do with less expensive products and shopping more selectively, manufacturers are retailers must focus on the _____ of their products

question

Cost-Plus Pricing

answer

When a seller's costs are usually determined during or after a product is made and then a specified percentage or dollar amount is added to the cost to establish a price, an organization is using...

question

Demand-based pricing

answer

If a product is priced on how many or how few people want it at a particular time and place, _____ is being used

question

Competition-based Pricing

answer

Is used when costs and revenues are secondary to competitors prices

question

Penetration Pricing

answer

If Nabisco wants to quickly gain a large market share with its new line of reduced-fat snack crackers, it should use...

question

Bait Pricing

answer

When a company prices one item in a line low with the intention of selling a higher-priced item in the same line

question

Odd-Even Pricing

answer

Is a psychological pricing strategy

question

Customary Pricing

answer

Goods that are priced primarily based on the way they have always been priced are examples of...

question

Pricing strategies and methods

answer

Help direct and structure the selection of a final price.

Flashcards on Marketing Final

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards