Utah Marketing State Review – Flashcards
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Psychographic Segmentation
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involves studies of consumers based on their attitudes, lifestyles, and values.
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Demographic Segmentation
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statistical data or information concerning a person's age gender income level occupation, etc.
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Behavioral Segmentation
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based on segmenting a market based on rate of use, shopping patterns or product benefits.
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Geographic Segmentation
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based on where people live.
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Marketing
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the process of developing, promoting, pricing, and distributing products to satisfy customers wants and needs?
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Approach
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The first face-to-face contact a salesperson has with a customer is known as the?
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Psycholgical Pricing
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Pricing techniques that create an illusion for customers are known as?
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Market Share
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firm's percentage of total sales generated by all competitors in a given market called?
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Suggestion selling
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Selling additional goods or services to the customer after the customer has made a commitment to buy is called?
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Decrease
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According to the law of supply and demand, as the price increases the quantity demanded will
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Boomerang
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Bring the objection back to the customer
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Superior Point
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Admit disadvantages in certain products but then present superior points to offset or compensate for them.
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Third Party Demonstration
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Use a previous customer or another neutral person to give a testimonial about the product show how to operate a product
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Substitution
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Recommending a different product that would satisfy the customer's needs
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Intruduction
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1st step of the product life cycle: Company focuses its efforts on promotion and production.
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Decline
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4th step of the product life cycle: sales begin to fall and company looks to modernize or alter the product
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Maturity
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3rd step of the product life cycle: Sales level off and competition increase
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Growth
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2nd step of the product life cycle: Product is enjoying success shown by increased sales and profits
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Price
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Which term describes the value of money placed on a good or service?
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Wholesaler
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Which of the following buys, stores, and resells large quantities of goods?
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closing the sale
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Obtaining positive agreement from the customer to buy is known as
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Product, Promotion, Price, and Place
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Which four are the elements of the marketing mix (4ps)?
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Which of the research items are considered secondary research?
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Government records, Internet Sources, Business Publications, Focus Group
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Interview, Survey, Observation, Focus Group
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Which of the following types of research are considered primary research?
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Sample
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A part of target population that is assumed to represent the entire population is called a
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What illegal activity occurs when competitors agree on setting prices?
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Price Fixing
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Approching the customer
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step 1 of the selling process
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Determine needs
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step 2 of the selling process
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Presenting the product
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step 3 of the selling process
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Overcoming objections
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step 4 of the selling process
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Closing the sale
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step 5 of the selling process
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Suggestion selling
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step 6 of the selling process
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Relationship building
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step 7 of the selling process
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The sales people at the sleek but practical Car Agency always call a customer after he or she has purchased a car to see if the customer is satisfied. The calls exemplify the after-sale activity known as
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Follow-up
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Which of the following is used to obtain information about the preferences, options, habits, trends, and plans of current and potential customers?
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Marketing research
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Product/service management
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obtaining, developing, maintaining, and improving a product or product mix in response to marketing opportunities
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Financing
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getting the money that is necessary to set-up and run a business
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Marketing information management
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gather storing and analyzing data to determine customers habits and attitudes
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Distribution
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physically moving and storing goods
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Pricing
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determining how much to charge for goods and services
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Promotion
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informing persuading or reminding potential customers about a business's products/services
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Selling
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determining customer needs and wants and responding through planned, personalized communication
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Promotional mix
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A ____ is a carefully planned combination of techniques designed to pursuade customers to purchase and support a business's products
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Direct close
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A retail salesperson says, "May I write up your order now" What type of sales close is he/she using?
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Determining needs
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In which step of the sale should you learn what the retail customer is looking for in a good service?
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A good is different from a service because
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Goods are tangible and services are intangible
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Price lining
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A pricing technique in which a store to offer all merchandise in a given category at certain prices, such as $10 and $20
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Bundle pricing
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Offering several complimentary products in a package that is sold at a single price.
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prestige pricing
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Setting high-than average pricing to suggest status.
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Everyday low pricing
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Setting a consistent price point with no intention of offering discounts.
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Line
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A group of closely related products within the product mix is a business's product.
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Marketing segmentation
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The way of analyzing a market by specific characteristics in order to define the target market is known as:
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Objections
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Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase are known as:
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Radio, Television
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Which of the following advertising mediums are classified as broadcast media?
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Banner ads, pop-up ads
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Which of the following advertising mediums are classified as online media?
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Marketing mix
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Price, Product, Place, and Promotion strategies are known as the
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Information
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Providing knowledge to consumers through salespeople displays packaging and labeling
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Place
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Locating a product where a customer can buy it.
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Offer solutions
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After determining customers needs/wants what should salespeople be ready to do?
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Channel of distribution
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The path a product takes from producer or manufacturer to the final user is called its
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$40
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If a golf club was sold for $75 and the markup was $35, what was the original cost?
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The marketing concept is
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The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm.
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As a provider of service
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As a funder of public libraries, the government is acting in what role?
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Step 3 Presenting the product
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In which step of the selling process should you give information about the product?
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Step 2 Determining needs
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In which step of the selling process should you establish a relationship with the customer?
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A key factor in building a clientele is:
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A. Asking questions and determining the exact needs of your customer. B. Presenting products that will meet the needs of your customer. C. Follow up with a customer after a purchase
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Selling points
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Legitimate objections are:
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Follow-up
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What is the crucial last step of the selling process that would lead to a lot more sales in the future?
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promotion
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Which one of the marketing mix in concerned with informing, persuading, and reminding people about their product/service
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Broadcast
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Radio and television are both included in the category known as --------- media.
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Trade
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Sales promotion activity that are targeted at manufacturers, wholesalers, and retailers are called ------------ promotions.
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Secondary data
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Information that has already been collected for another purpose is:
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Market research
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A proceduredesigned to identify solution to a specific marketing problem by systematically gathering and analyzing information known as:
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Observation method
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"Mystey shoppers" are one example of which type of method for collecting primary data?
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The Child
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A mother goes shopping for her child's cereal. The child eats the cereal. In this situation, who is the consumer?
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Factors that affect a business's profit.
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Employees Overhead Cost Competition Market Trends
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Observing the customer
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What can help you to determine a customers needs?
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Consumer
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--------- buying is where the final consumer buys goods and services for the personal consumption.
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Intangible
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Unable to be touched or grasped; not having physical presence
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Tangible
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A thing that is perceptible by touch
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Strengths
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characteristics of the business or project that give it an advantage over others, INTERNAL
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Weaknesses
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are characteristics that place the team at a disadvantage relative to others, INTERNAL
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Opportunities
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EXTERNAL elements that the project could exploit to its advantage
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Threats
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EXTERNAL elements in the environment that could cause trouble for the business or project
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stakeholder
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a person, group, organization, member or system who affects or can be affected by an organization's actions
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primary data
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Data observed or collected directly from first-hand experience.
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People
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The 5th p in the marketing mix if there are more than 4 p's
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External environment
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Conditions, entities, events, and factors surrounding an organization that influence its activities and choices, and determine its opportunities and risks.
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Target Market
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a market segment selected because the firm believes that the offerings of the firm are most suited to winning those customers
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Qualitative data
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Data that approximates or characterizes but does not measure the attributes, characteristics, properties, etc., of a thing or phenomenon. describes
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quantitative data
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Data that can be quantified and verified, and is amenable to statistical manipulation.
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variable cost
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A periodic cost that varies in step with the output or the sales revenue of a company
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fixed cost
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A periodic cost that remains more or less unchanged irrespective of the output level or sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages
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captive pricing
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Premium pricing levels applied to components of a product that consumers have already purchased. The customer cannot avoid purchasing the components, such as replacement razor blades, without sacrificing the value of the core product, such as the razor itself, enabling the company to achieve much higher profit margins than are possible for regular products.
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skimming price
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High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge.
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loss leader
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High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge. Most frequently seen on Black Friday.
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Point of Purchase (POP)
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The location or medium at which a product is purchased by an end-user. A point of purchase may be a physical location, such as a store, booth, or other retail outlet, or may consist of an electronic sales environment such as a telephone-based ordering service or a website. Also known as Point of Sale
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break even point
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Point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs
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Channel management
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process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base.
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marketing information management
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system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis
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Marketing plan
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a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.
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Product service management
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a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
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marketing mix
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The 4ps
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market position
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A ranking of a brand, product, or company, in terms of its sales volume relative to the sales volume of its competitors in the same market or industry.
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market share
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the portion of a market controlled by a particular company or product.
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SWOT
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Strength, Weaknesses, Opportunities & Threats
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target market
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a particular group of consumers at which a product or service is aimed
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niche market
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product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.
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Business to Business
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type of transaction that exists between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer.
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Business to Consumer
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is business or transactions conducted directly between a company and consumers who are the end-users of its products or services.
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primary research
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any type of research that you go out and collect yourself. Examples include surveys, interviews, observations, and ethnographic research.
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secondary research
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involves the summary, collation and/or synthesis of existing research
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OSHA
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the main federal agency charged with the enforcement of safety and health legislation.
