4.4-4.5 Flashcards by Amber Davalos

A circular graph in which segments of the circle represent percentages of the total

Pie chart

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One of four equal groups into which a set of data is divided.

Quartiles

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A graphic representation of information

Infographics

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A chart with rectangular bars showing the values represented

Bar chart

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true or false: Just because two variables are correlated, it does not mean that one is caused by the other.

true

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Random sampling generally has:

Higher accuracy and higher cost

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Quantitative research generally produces:

A small amount of information from a large sample size

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Which of the following is a method of collecting qualitative data?

Hosting focus groups

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Which of the following is a method of collecting quantitative data?

Government population statistics

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Which of the following is a benefit of secondary research?

Provides information at lower cost

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Which of the following is a benefit of primary research?

Provides direct information about customers’ tastes and preferences

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Which method of surveys the fastest and the most affordable?

Online surveys

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Which of the following is an example of secondary market research?

Media articles

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Which of the following is an example of secondary market research?

Academic journals

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Which of the following is an example of primary market research?

Focus groups

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Which of the following is an example of primary market research?

Surveys

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When the demand for a product changes proportionally to its price.

Unitary elastic demand

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When a price change of a product causes a less than proportional change in its demand.

Price inelastic demand

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When a price change of a product causes a more than proportional change in its demand.

Price elastic demand

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What is an advantage of cost-plus pricing?

Simple and easy to ensure all costs are covered.

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A pricing strategy where the price charged for a product reflects the variable costs plus some markup; the markup is the contribution to fixed costs.

Contribution pricing

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When a company bases the price of its goods or services upon what its competitors are charging for similar goods and services.

Competitive pricing

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The practice of changing the price of a good or service according to the demand.

Dynamic pricing

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A pricing strategy where a product is sold at a loss to attract customers.

Loss leader pricing

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A pricing strategy where the business sets a very low price on a new product or service to encourage customers to buy it; later the price is increased.

Penetration pricing

A pricing strategy where a business sells a product or service at such a low price that other businesses cannot compete and are forced to leave the market; illegal in many countries.

Predatory pricing

A pricing strategy where a business sets the price of its products higher to create the impression that the products are higher quality or value than their lower-cost equivalents.

Premium pricing

A pricing strategy where the price charged for the product reflects a markup added to the direct and indirect costs of production.

Cost-plus (markup) pricing

How much a brand is worth as an intangible asset, a form of goodwill; recorded on the statement of financial position.

Brand value

Building brand awareness by cultivating the business's values and consumer perceptions of the product.

Brand development

A marketing term that describes the degree of consumer recognition of a product or service by its name, logo or sound.

Brand awareness

What is the stage in the product life cycle in which there is a period of falling sales and/or loss of market share?

Decline

When customers continue to buy a particular brand, even where alternatives exist.

Brand loyalty

What is the stage in the product life cycle in which the market may be crowded, or saturated, with competition?

Maturity

What is the stage in the product life cycle during which the increases in product sales are accelerating?

Growth

What is the stage in the product life cycle that comes after research and development (R&D)?

Introduction

What is the stage in the product life cycle that covers all activities that take place before a product is released to the market?

Research and development (R&D)

true or false: An agent may be used to aid any of the distribution channels

True

Airbnb and VRBO are examples of what type of business?

Agent

Supermarkets are an example of what type of business?

Retailer

The advantages for a business using social media include which of the following?

Easy way to measure the performance of businesses Differentiation at low cost More knowledge about customers

true or false: 360-degree marketing is an integrated marketing approach that includes the strategies and benefits of both above the line (ATL) and below the line (BTL) promotion.

True

Which of the following is an example of through the line promotion?

Digital marketing and 360-degree marketing

"Buy one, get one free" is an example of what type of below the line promotion?

Sales promotion

Which of the following is an example of below the line promotion?

Public relations and sales promotion

Which of the following is an example of above the line promotion?

Television advertising

Promotion aimed at mass audiences, generally not targeted.

Above the line promotion

Part of the marketing mix related to advertising, sponsorships, sales promotion, or other tactics to inform and persuade customers to buy a product.

Promotion

An integrated marketing approach that includes both above the line and below the line elements.

Through the line promotion

Promotion aimed at specific segments and do not rely on mass market techniques.

Below the line promotion

In which stage of the product life cycle is a company most likely to adjust processes after experience with first customers?

Introduction

In which stage of the product life cycle is a company most likely to increase the price of its product?

Growth

In which stage of the product life cycle is a company most likely to use promotion strategies to increase brand loyalty?

Maturity

In which stage of the product life cycle is a company most likely to consider using discount retailers?

Decline

In which stage of the product life cycle is a company most likely to research efficient and easy ordering and payments?

R&D

In which stage of the product life cycle is a company most likely to adjust designs as customers engage with service?

Introduction

In which stage of the product life cycle is a company most likely to have a product in the BCG Matrix category of Star?

Growth

In which stage of the product life cycle is a company most likely to have a product in the BCG Matrix category of Dog?

Decline

In which stage of the product life cycle is a company most likely to use penetration pricing?

Introduction

After-sales service is an example of which element of the marketing mix?

Both promotion and processes