Principles of marketing chapter 10 – Flashcards
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An organizational function qnd 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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A company's plan that will explain how it will achieve its goals
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Marketing strategy
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A specific group of consumers who have specific wants and needs
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Target market
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The blending of 4 marketing elements- product, distribution, price, and promotion
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Marketing mix
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Considers the needs of customers when developing a marketing mix
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Marketing orientation
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People who buy products and services for mostly their own use
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Final consumers
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Buy products for the operation of a business, incorporation into other products, and resale for customers
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Business consumers
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The specific sequence of steps consumers make in order to make a purchase
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Consumer decision making process
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Reasons consumers use to decide what to purchase
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Buying motives
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Finding solutions to problems through carefully designed studies involving consumers
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Marketing research
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Everything a business offers to satisfy a customers needs
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Product
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Activities that are consumed at the same time they are produced
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Services
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Have no physical form
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Intangible
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Consumed at the same time they're produced
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Inseparable
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Availability must match demand at a specific time
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Perishable
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Differences in the quality and type of the service provided
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Heterogenous
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The money a consumer must pay for a product or service
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Price
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The locations and methods used to get the product to the target market
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Distribution
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Route of product or service from producer to consumer
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Channel of distribution
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Businesses that take part in a channel of distribution
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Channel members
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Any form of communication used to inform, persuade, or remind
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Promotion
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Exchange of information so there is an understanding by all participants
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Effective communication
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Direct individualized communication with prospective customers to meet and fulfill their needs
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Personal selling
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Any paid form of communication through mass media
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Advertising
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true or false: a farmer selling tomatoes she grew in her own garden at a roadside stand is an example of a direct channel of distribution
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true
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true or false: product packaging is the least important part of product planning because consumers simply throw away the packaging before using the product
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false
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a small number of consumers expressing opinions about a new product or service in a group discussion is a: A) target market B) focus group C) survey group D) experimental group
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b focus group
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a product will probably have a relatively high price: A) if its hard to find B) if its supply is high C) if it has been on the market for a long time D) if it has many features and options
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d if it has many features and options
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this marketing function involves setting and communicating the value of products and services: A) financial analysis B) distribution C) pricing D) selling
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c pricing
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true or false: all businesses must complete some marketing activities even if that is not their focus
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true
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true or false: advertising is any form of communication used to inform, persuade, or remind
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false
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businesses usually specialize in producing a specific type of product, while consumers want to purchase a variety of products. this illustrates differences if: A) assortment B) quantity C) location D) timing
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a assortment
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what is the first step in the consumer making process? : A) gather information B) select alternatives C) evaluate alternatives D) recognize a need
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d recognize a need
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True or false: The first step in the product planning is to develop a marketing strategy
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False
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True or false: Mark up should be thought of as the pricing mistake because it reduces the amount of money the business has to cover operating expenses profits
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False
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Product costs + operating expenses + profit = : A) gross margin B) selling price C) markup D) markdown
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B selling price
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True or false: finding solutions to problems to carefully designed studies involving consumers is called marketing research
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True
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True or false: The target market is a group of consumers that have similar wants and needs
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True
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True or false: effective marketing begins with a good product
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False
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The simplest form of the product is called the: A) basic product B) brand name C) product D) option
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A basic product
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Which of the following is an example of a personalized promotion?: A) advertising B) publicity C) personal selling D) sales promotion
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C personal selling
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Services are: A) easier than products to examine to see if you needs B) Consumed at the same time thy are produced C) the same no matter who provides them D) easier than products to store
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B consumed at the same time they are produced
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Nonpaid promotion presented by the media rather then be a business is: A) telemarketing B) advertising C) sales promotion D) publicity
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D publicity
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reasons consumers decide what products and services to purchase based on feelings, beliefs, and attitudes.
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Emotional buying motives
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communicating directly with potential customers to determine and satisfy their needs.
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Selling
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obtaining, managing, and using market information to improve business decision-making and the per- formance of marketing activities.
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Marketing information management
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reasons consumers decide what products and services to purchase based on facts and logic.
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Rational buying motives
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studies carried out to gather new information specifically directed at a current problem.
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Primary research
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the difference between the selling price and the product costs.
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Gross margin
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Product, distribution, price, promotion
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Marketing mix
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analyzing existing informa- tion gathered for another purpose but used to solve a current problem.
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Secondary research
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is the examination of a business from a variety of perspectives in order to fully understand the greater financial situation and determine how best to strengthen the business.
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Financial analysis
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Is marketing nonpaid promotional communication presented by the media
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No
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Is a marketing mix the blending of product, distribution, price, and promotion
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Yes
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Does a focus group involve observing the actions of consumers
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No
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Is it easier to control the quality of the service in the quality of the product
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No
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Does convenience affect the price consumers are willing to pay for a product
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Yes
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Is the products route from the producer to the consumer it's stream of revenue
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No
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Does personal selling always involve face-to-face contact with the customer
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No
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Is mass promotion less expensive than personalize promotion
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Yes
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Setting and communicating the value of products and services
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Price
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A unique identification for a company's products
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Brand name
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An activity consumed at the same time it is produced
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Service
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A specific group of consumers with similar wants and needs
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Target market
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And amount added to the cost of product to establish the selling price
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Markup
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Communication used to inform, persuade, or remind
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Promotion
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Emotional or rational: and life insurance policy
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Emotional
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Emotional or rational: a baby monitor
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Emotional
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Emotional or rational: a new refrigerator
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Rational
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Emotional or rational: a birthday and party supplies
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Emotional
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Emotional or rational: a hybrid car that gets 65 miles to a gallon of gas
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Rational
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Emotional or rational: a mortgage lender
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Rational
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Emotional or rational: a Hawaiian vacation
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Emotional
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What is the target market: foreign language CDs
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Business executive traveling abroad
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What is the target market: a graphing calculator
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The high school advanced math student
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What is the target market: Preowned textbooks
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College student on a budget
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What is the target market: diamond engagement ring
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A man and woman planning to marry
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What is the target market: the lawnmower
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A new homeowner
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What is the target: a minivan
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A family of five with the busy schedule
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What is the target market: in action figure lunchbox
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A six-year-old boy
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What is the target market: a tuxedo
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A teenage boy attending a school prom
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What is the target market: a four-wheel-drive truck
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A man who hauls lumber
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What is the target market: a set of matching luggage
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A couple planning a vacation
