Principles of Marketing chaps 6-11 questions – Flashcards
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Organizational buyers include manufacturers, wholesalers, retailers, and government agencies that
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buy goods and services for their own use or for resale
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Industrial firm
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in some way reprocesses a product or service it buys before selling it again to the next buyer
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Derived demand refers to
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the demand for industrial products and services that is driven by the demand for consumer products and services
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An industrial buying practice in which two organizations agree to purchase each other's products and services is referred to as
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reciprocity
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Which global perspective on world trade views exports and imports as complementary economic flows?
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the trade feedback effect
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The difference between the monetary value of a nation's exports and imports is called its
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balance of trade
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The practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas is referred to as
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protectionism
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Global companies conduct continuing environmental scans of the five of environmental forces. Three of these, __________, affect global marketing practices in strikingly different ways than in domestic markets
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cultural (social), economic, and political-regulatory
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The belief that aspects of one's culture are superior to another's is referred to as
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cultural ethnocentricity
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Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting; (2) __________; (3) joint venture; and (4) direct investment
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licensing
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"Should McDonald's consider selling Chinese food?" is an example of __________Research
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Applied
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The fifth step of the marketing research approach is to
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take marketing actions
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Research that provides ideas about a vague problem is referred to as
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exploratory research
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In marketing research, the term sampling refers to
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selecting representative elements from a population and treating their answers as typical of all those in whom they are interested
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Facts and figures that have already been recorded before the project at hand are referred to as
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secondary data
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A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a
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market-product grid
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When a new product or a new retail chain steals customers and sales from older existing ones of an organization, this is referred to as
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cannibalization
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The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as
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product positioning
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Head-to-head positioning requires a product to
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compete with competitors on similar product attributes in the same market
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Differentiation positioning requires a product to
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seek a less-competitive, smaller market niche in which to locate a brand
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A __________ is defined as an item consumed in one or a few uses
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non-durable good
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Variations of a product (shape, configuration) within a product class are referred to as a
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Product form
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A product mix refers to
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all of the different product lines offered by an organization
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A product can be classified as "new" if it __________ from existing products
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is functionally different
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During the first stage of the new-product process, two important activities take place. They are
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environmental scanning and open innovation
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The product life cycle refers to __________.
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a concept that describes the stages a product goes through in the marketplace—introduction, growth, maturity, and decline
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The marketing objective for a product in the __________ stage of the product life cycle is to create consumer awareness and stimulate trial
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Introduction
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The desire for a product class rather than for a specific brand is called __________ demand
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Primary
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Xerox pioneered the first portable fax machine. In 1980, the price was $12,700. Xerox used a(n) __________ pricing strategy to help recover its research and development costs
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Skimming
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In which stage of the product life cycle do marginal competitors begin to leave the market?
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maturity
