Business Marketing (Chap 11, 12, 13)

Question 1

The 4 Ps of marketing are known as what mix?

Answer 1

Marketing mix

Question 2

activity in which two or more parties give something of value to each other to satisfy perceived needs

Answer 2

Exchange process

Question 3

power of a good or service to satisfy a want or need

Answer 3

utility

Question 4

converting raw materials, component parts and other inputs into finished good and services (utility)

Answer 4

form utility

Question 5

making a good or service available when costumers want and need to purchase it (utility)

Answer 5

time utility

Question 6

orderly transfer of goods and services from seller to the buyer (utility)

Answer 6

ownership utility

Question 7

two steps in developing a marketing strategy

Answer 7

• study, analyze potential target markets

- creating a marketing mix

Question 8

task of using computer technology to evaluate data in database and identify useful trends

Answer 8

Data mining

Question 9

three approaches to product-related segmentation

Answer 9

benefits sought, product usage rate and brand loyalty levels

Question 10

Two categories of marketing intermediaries

Answer 10

Wholesalers and retailers

Question 11

Wholesalers and retailers are what exactly?

Answer 11

Intermediaries

Question 12

Examples of direct distribution

Answer 12

• produce (vegetables)
• banking
• oil changes
• ear piercing
• eBay
• retail companies

Question 13

Examples of intermediaries

Answer 13

• transporting merch to convenient locations

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Question 14

Consumer products are sold to?

Answer 14

End Users

Question 15

process of selling goods primarily to retailers, other wholesalers or business years

Answer 15

Wholesaling

Question 16

making a product available in a location convenient for customers (utility)

Answer 16

Place utility

Question 17

(Strategy)

nature of the product and its package design, brand names, trademarks and product image

Answer 17

Product strategy

Question 18

(Strategy)

customers receive their purchases in the proper quantities at the right times and locations

Answer 18

Distribution strategy

Question 19

(Strategy)

blends advertising, personal selling, sales promotion and public relations to achieve its goals of informing, persaudinh, and influencing purchase decisions

Answer 19

Promotional strategy

Question 20

(Strategy)

setting profitable and justifiable prices for the company’s product offerings, sometimes subject to government security

Answer 20

Pricing strategy

Question 21

What impacts can ‘’big data’’ have on marketing research?

Answer 21

Increase revenue, create new business and marketing strategies, and build market share

Question 22

How does business segmentation differ from customer segmentation?

Answer 22

B2B : profile, intent, org; gears decisions towards business impact (focuses on saving time and money and boosting revenue)

B2C: behavioral, geographic, psychographic and demographical. Focus on appealing to their customers

Question 23

Strategy on decisions of package design, brand names, trademarks, warranties, product image, new product development and customer service

Answer 23

Product strategy

Question 24

strategy that customers receive their purchases in proper quantities at the right times and locations

Answer 24

Distribution strategy

Question 25

Strategy that blends advertising, personal selling, sales promotion and public relations to achieve its goal of informing, persuading and influencing purchase decisions

Answer 25

Promotional strategy

Question 26

End-use segmentation focuses on the precise way a B2B purchaser will use a product. True or False?

Answer 26

True

Question 27

Demographics is the most commonly used consumer market segmentation method. True or False?

Answer 27

True

Question 28

(product type) The purchaser is already familiar with the item and considers it to have no reasonable substitute

Answer 28

specialty product

Question 29

(era) "A good product will sell itself!"

Answer 29

production era

Question 30

(era) "The best and creative advertising will undoubtedly generate sales!"

Answer 30

sales era

Question 31

(era) "Please the customer; find a need and fill it!"

Answer 31

marketing era

Question 32

(era) "It's who you know; relationships lead to success"

Answer 32

relationship era

Question 33

(era) "Social media is the key to marketing"

Answer 33

social era

Question 34

shortage of goods and services (market)

Answer 34

sellers market

Question 35

Non-profit organizations operate in both private and public sectors. True or False?

Answer 35

True

Question 36

place markets often include what promotional strategy in particular?

Answer 36

advertising

Question 37

process and procedure of understanding how environmental factors affect business and marketing decisions

Answer 37

environmental scanning

Question 38

using tech to look at data and trends

Answer 38

data mining

Question 39

Define the 80/20 principle

Answer 39

80% of revenue comes from 20% of consumers

Question 40

customers prefer, recognize and are adamant of a brand

Answer 40

brand loyalty

Question 41

the actions and belief that drive customers to buy products

Answer 41

consumer behavior

Question 42

These orgs use marketing to: - reach audiences - secure funding - accomplish their overall mission

Answer 42

Not-for-profit organizations

Question 43

Demographics is the most commonly used consumer market segmentation method. True or False?

Answer 43

True

Question 44

Why do companies pursue multiple promotional objectives at the same time?

Answer 44

To convey different messages to different audiences.

Question 45

What are the two basic types of advertising?

Answer 45

product and institutional

Question 46

What is the leading advertising medium (billboards, social media, internet or television) in the United States?

Answer 46

Television

Question 47

Why do retailers and manufacturers use sales promotions?

Answer 47

To offer more incentives to its customers