Flashcards on Marketing Final
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A good, service, or idea
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What are the three different types of products?
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The price charged for the product
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The primary value value that a marketer expects to receive from a customer in an exchange relationship is...
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The customer is always right
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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?
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A management philosophy
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The marketing concept is...
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Customer relationship management
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Long-term relationships with profitable customers is the key objective of...
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Increase customer value
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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...
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The Marketing Plan
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A written document detailing activities to be performed to implement and control marketing actions
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A competitive advantage
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Exists when a firm matches a core competency to opportunities it has discovered in the marketplace
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A Market
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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.
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The Boston Consulting Group's matrix
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Based on the philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.
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Marketing
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The most specific and detailed type of business strategy
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Business decisions made in creating a marketing mix
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What are only as good as the organization's understanding of the needs of the target market?
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Centralized at the top levels of the organization
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Where marketing decisions are likely to be in a traditional organization
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Performance standard
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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...
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Environmental Analysis
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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...
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Proactive
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Marketers who attempt to influence and change the various environmental forces have a ___________ response to these forces.
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Brand Competitors
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Companies that market products with similar features, benefits, and prices to the same customer group are known as...
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A Monopoly
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The type of competitive structure that exists in the case where there are almost no substitutes for a product.
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Pure Competition
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Changes Salon is part of the hair and personal care service industry. In what type of competitive environment is Changes Salon most likely operating?
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Recovery
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Consumer confidence and willingness to spend begins to increase during periods of ______, and marketers must remain very flexible to make the necessary adjustments.
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Willingness to Spend
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Refers to consumers' propensity to buy
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Credit
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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...
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Self-regulation
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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...
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Economic, Ethical, Legal, and Technological
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Dimensions of social responsibility and marketing citizenship
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Philanthropic focus
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As a firm fulfills its basic economic responsibilities, it must simultaneously have a...
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Eco-label
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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...
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An Objective for Profitability
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Environmentalism should be made profitable, and companies attempting to protect the environment should not have to compete with those harming it in the marketplace.
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Marketing Research
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The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities.
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Collecting data, interpreting research findings, designing the research project, and reporting research findings
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The Marketing Research Process
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Research Design
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An overall plan or obtaining the information needed to address a research problem or issue is called the...
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Exploratory Research
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Marketers usually conduct this when more information is needed about a problem and a tentative hypothesis needs to be made more specific
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Experimental Research
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Research that allows marketers to make casual inferences about relationships
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Primary Data
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Data that are observed or collected directly from respondents
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The failure of respondents to return the questionnaire
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The major disadvantage of a mail survey versus a telephone or personal survey is...
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Telephone Surveys
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The National Do-Not-Call list affects the ability of marketing researchers to use...
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Dichotomous Question
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A survey question that requires a yes or no answer
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Reporting research findings
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The final step in the marketing research process
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A marketing information system
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A framework for gathering and managing information from sources both inside and outside an organization
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Database
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A collection of information arranged for easy access and retrieval
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Market
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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.
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Buying power
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The ability to purchase a product
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Undifferentiated strategy, concentrated strategy, and the differentiated strategy
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What a firm can use to find a target market
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Undifferentiated Strategy
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If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix, it would be using the...
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The purpose of market segmentation
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To divide a total market to enable a marketer to develop a more precise marketing mix
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Segmentation variable
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Age, rate of product use, location, and gender are all examples of this
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Demographic, geographic, psychographic, and behavioristic
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Four categories of segmentation variables
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Geographic
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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?
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Family Life Cycle
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A marketer that targets customers based on marital status and the presence and age of children is using...
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Benefit Segmentation
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The division of a market according to what benefits consumers want from the product
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Market Potential
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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.
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Product Positioning
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Refers to the decisions and activities intended to create and maintain a certain concept of the firm's product in customers' minds.
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Perceptual Map
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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
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Level of Involvement
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The importance and intensity of interest in a product in a particular situation
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Limited problem solving, extended problem solving, and routinized response behavior
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Three most widely recognized types of consumer problem solving
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Less information about products
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In contrast to extended problem solving, routinized response behavior requires...
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Impulse Buying
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An unplanned buying behavior resulting from a powerful urge to buy something immediately is called
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Problem Recognition Information Search Evaluation of Alternatives Postpurchase Evaluation Purchase
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The 5 major stages of the consumer buying decision process, in order
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Problem Recognition
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Occurs when a consumer becomes aware that there is a difference between a desired state and an actual condition
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Personal Sources
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When, in their information search, consumers focus on communication with friends and relatives, they are utilizing...
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Evaluation Criteria
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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...
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Postpurchase Evaluation
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Doubts in a buyer's mind about whether the purchase decision made was the right one may occur during the...
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Selective Retention
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Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not.
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Motives
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Buyer's actions are affected by one or more internal energizing forces geared toward satisfying needs.
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Personality
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Hereditary characteristics combined with personal experiences that together make an individual unique form one's...
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Resale, direct use in producing other products, and use in general daily operations
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In business markets, individuals or groups purchase products for one of three purposes, these purposes are...
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Institution Markets
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Organizations that seek nonbusiness goals
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Reciprocity
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A practice in which two business agree to buy from each other
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Straight rebuy
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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?
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Derived
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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...
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Inelastic Demand
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A price increase or decrease will not significantly change the demand for an item
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The buying center
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The group of people within a business who are involved in making business buying decisions is referred to as...
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Sole Sourcing
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An organization that decides to buy all of a certain part from the same company using...
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Economic
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Differences in standards of living, credit, buying power, and income distribution are all examples of _________ forces that must be considered in international marketing efforts
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Embargo
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The United States prohibition against importing cigars from Cuba is an example of...
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Balance of Trade
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The difference in value between a nation's exports and its imports
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Cultural Forces
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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...
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NAFTA
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The agreement between the United States, Canada, and Mexico that merges these three countries into one marketplace
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Domestic Marketing
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Miller's Home Furnishings uses marketing strategies aimed at markets within the United States, its home country. Miller's engages in...
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Importing
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When the American Company Exxon purchases crude oil from Saudi Arabia, it is engaging in...
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Franchising
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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
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A Straight Alliance
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A business partnership between a domestic firm and a foreign firm
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Multinational enterprises
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Firms that have operations or subsidiaries located in many countries
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Globalization
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Standardizing many Nike and Adidas shoe models worldwide is an example of...
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Digital Media
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Electronic media that function using digital codes
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Interactivity
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Allows customers to express their needs and wants directly to a company in response to its marketing communications
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Applications
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Smart phones and PDAs contain ________ that help consumers access more information about businesses
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Positive Customer Reviews
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Free online publicity that helps the company
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Women aged 55 and over
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the fastest-growing group on facebook
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Professionals
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LinkedIn is a social networking site geared toward...
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Blogs
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Web-based journals in which writers can editorialize and interact with other internet users
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Creators
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Those consumers who construct their own media outlets, such as blogs, podcasts, consumer-generate videos, and wikis
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Idea
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A concept, philosophy, or image
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Buyers intended use of the product
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Products are classified as being business or consumer products according to the...
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Convenience Products
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Products which are relatively inexpensive and frequently purchased with minimal effort are classified as...
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A Specialty Product
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Requires purchasing planning, and the buyer will not accept substitutes
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Raw Materials
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Minerals, chemicals, timber, and agricultural products
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Business Services
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The intangible products that most organizations use in their operations
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Product Mix
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Sara Lee Corporation manufactures desserts, breads, pantyhose, meats, and a variety of other products. These products make up the...
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A Product Line
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A group of closely related products that are considered a unit because of marketing, technical, or end-use considerations
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The Depth of a Product Mix
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Measured by the average number of different products offered in each product line.
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Introduction, growth, maturity, and decline
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The 4 major stages of a product life cycle
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Introduction Stage
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Sales start at zero and profits are negative during this stage of the product life cycle
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Maturity Stage
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A common business objective of this stage of the product life cycle is to generate cash flow
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Exploration Stage
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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
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They are less expensive and lower-risk
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Why are line extensions more common than new products?
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Line Extensions
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Coca-Cola has expanded to Diet Coke, Cherry Coke, and Caffeine-free Coke, to name a few. These are examples of...
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If the product is modifiable
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The first issue to consider in a product modification
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Quality
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Type of product modification that inevitably tends to cause firms to reduce costs in some of the organization
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Redesigned
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Functional modifications usually require that the product be...
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Aesthetic Modifications
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Changes that affect the sensory appeal of a product by altering its taste, texture, sound, smell, or visual characteristics
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Concept Testing
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Which of the following is the stage of the new-product development process where customers are first exposed to the new product idea?
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Product Development
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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.
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The test-marketing stage
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A sample launching of the entire marketing mix
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Competitors may copy the product
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One disadvantage of test marketing a new product
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Roll-Out
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Often, a new product is launched in stages during commercialization. This gradual introduction of the product is known as...
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Consistency
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The ability of a product to provide the same level of quality over a time
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Aesthetic, quality, and functional changes
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The 3 major ways to modify a product
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Degree of Tangibility
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What determines the differences between goods and services
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Service-dominant products; Good-dominant products
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The continuum of tangibility goes from ______ on one end to ______ on the other end.
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Perishability
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The fact the services cannot be inventoried and then sold at a later date is called...
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Client-based relationship
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The main characteristic of this is that customers are satisfied to the point that they use a service repeatedly over a period of time
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Customer Contact
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The necessary interaction between service provider and customer that allows a service to be delivered
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Supplementary Services
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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...
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Core; Supplementary
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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.
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Inseparability
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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...
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Customers
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Who judges service quality?
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Brand Name
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The part of a brand that can be spoken including letters, numbers, and words
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Brand Mark
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McDonald's golden arches are a classic example of a...
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A trademark
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Signifies that the owner has exclusive use of a brand and others are prohibited from using it.
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Brand Loyalty
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A customers favorable attitude toward a specific brand and, depending on its strength, some likelihood of the consistent purchase of this brand
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Brand Recognition
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When a customer is aware that a brand exists and considers it a possibility if his preferred brand is out, he exhibits...
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Brand Insistence
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What degree of brand loyalty is the strongest and most desired by marketers?
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Private Distributor Brand
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Usually requires a producer to become involved in distribution, promotion, and pricing decisions.
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Generic Brand
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A product that is simply labeled with the product category
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Surnames and geographic names
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Besides generic names, what other types of names are very difficult to protect?
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Individual Branding
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When a firm uses a policy of naming each product differently
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Co-Branding
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Ford Explorer Vehicles that are Eddie Bauer versions exemplify this
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Family Packaging
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To promote overall company image, packages of Pillsbury cake and cookie mixes have similar designs and colors. This approach is known as...
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Secondary-Use Package
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A package that can be used again for a different purpose than its original function
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The Supply Chain
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Includes all entities that facilitate production distribution
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Channel of Distribution
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Defined as a group of individuals and organizations that directs the flow of products from producers to customers
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Place, time, and possession
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3 types of utility for consumers that marketing channels create
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Dual Distribution
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When many companies use more than one marketing channel to distribute their products to the sane target market.
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Exclusive, selective, and intensive
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The major levels of intensity at which a company can choose to distribute its products
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an increase in lost sales
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The result of an inventory stockout usually results in...
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Retailing
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Direct selling, direct marketing, and vending machines are all examples of...
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Ultimate consumers
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A retailer is an organization that purchases products for the purpose of reselling them to...
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Department Stores
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Nordstrom's, Macy's, and JC Penney's are all considered...
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Warehouse Clubs
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Sam's and Costco are examples of...
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Category Killers
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Michael's, PetSmart, and Staples are all examples of...
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Location
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The kinds of products being sold and the availability of the public transportation are both factors that influence a...
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Retail Positioning
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Identifying an unserved or underserved market segment and serving it through a strategy that is distinguished in the mind of the consumer
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Atmospherics
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Exterior and interior characteristics such as layout, displays, color, and lighting are all elements of a store's...
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Direct marketing, direct selling, and automatic vending
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The 3 major types of non-store retailing
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Integrated marketing communications
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Defined as the coordination of promotion and other marketing efforts for maximum informational and persuasive impact
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To stimulate product demand
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What is the overall role of promotion?
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Promotion Mix Ingredients
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Advertising, personal selling, sales promotion, and public relations are called...
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Public Relations
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Communication through the use of brochures, annual reports, event sponsorships, and news stores is referred to as...
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Sales Promotion Techniques
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Sweepstakes, free samples, coupons, and rebates are examples of...
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Identifying the advertising target audience
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The first stage in the development of any advertising campaign is...
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Media Plan
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A list of the exact magazines, newspapers, and television stations in which an advertisement will appear, along with the dates and times.
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Reach
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The percentage of consumers in the target audience actually exposed to a particular advertisement in a stated period of time
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Copy
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The verbal portion of an advertisement, including headlines, body, and signature
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Personal Selling
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Paid personal communication that attempts to inform and persuade customers to purchase products in an exchange situation
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Combination compensation plan
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Salespeople receive a set salary plus a commission based on sales with a...
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Price
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Is the value that is exchanged for products in a marketing transaction and is the most flexible variable in the marketing mix
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Barter
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The oldest form of exchange, trading of products
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Price Competition
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When marketers emphasize price as an issue and match or beat the prices of other companies
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Price Elasticity of Demand
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A measure of sensitivity of demand in relation to changes in price
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Elastic
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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...
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Breakeven Point
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The point at which the costs of producing a product equal the revenue earned from selling the product
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Internal reference price
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A price developed in the consumer's mind through experience with the product
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Price Discrimination
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If a company provides price differentials that harm competition by giving one or more buyers a competitive advantage, it is committing...
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Value
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When consumers are making do with less expensive products and shopping more selectively, manufacturers are retailers must focus on the _____ of their products
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Cost-Plus Pricing
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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...
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Demand-based pricing
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If a product is priced on how many or how few people want it at a particular time and place, _____ is being used
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Competition-based Pricing
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Is used when costs and revenues are secondary to competitors prices
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Penetration Pricing
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If Nabisco wants to quickly gain a large market share with its new line of reduced-fat snack crackers, it should use...
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Bait Pricing
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When a company prices one item in a line low with the intention of selling a higher-priced item in the same line
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Odd-Even Pricing
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Is a psychological pricing strategy
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Customary Pricing
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Goods that are priced primarily based on the way they have always been priced are examples of...
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Pricing strategies and methods
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Help direct and structure the selection of a final price.
