Chapter 10

Question 1

The simplest form of a product.

Answer 1

Basic product

Question 2

Additions and improvements to the basic product.

Answer 2

Product features

Question 3

When customers are offered choices of features.

Answer 3

Options

Question 4

Provides a unique identification for companies products.

Answer 4

Brand-name

Question 5

Provides protection and security for the product before it is used.

Answer 5

Packaging

Question 6

It wait to build customer confidence in the company’s products.

Answer 6

Guarantee or warranty

Question 7

The process of planning and executing the conception, pricing, promotion, distribution of ideas, goods, and services to create exchanges that satisfies my individual and organizational objectives.

Answer 7

Marketing

Question 8

A company’s plan that identifies how it will use marketing to achieve its goals.

Answer 8

Marketing strategy

Question 9

A specific group of consumers that have similar wants and needs.

Answer 9

Target market

Question 10

The blending of the four market elements – product, distribution, price, and promotion.

Answer 10

Marketing mix

Question 11

Considers the needs of customers when developing a marketing mix.

Answer 11

Marketing orientation

Question 12

Persons who buy products and services mostly for their own use.

Answer 12

Final consumers

Question 13

Persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers.

Answer 13

Business consumers

Question 14

Sequence of steps consumers follow to make a purchase.

Answer 14

Consumer decision-making process

Question 15

Analyzing existing information gathered for another purpose but used to solve a current problem

Answer 15

Secondary research

Question 16

The reasons consumers decide what products or services to purchase.

Answer 16

Buying motives

Question 17

Finding solutions to problems through carefully design studies involving consumers.

Answer 17

Marketing research

Question 18

Everything is business offers to satisfy customers needs.

Answer 18

Product

Question 19

They are heterogeneous, perishable, intangible, and inseparable.

Answer 19

Services

Question 20

Have no physical form

Answer 20

Intangible

Question 21

Consumed at the same time they are produced

Answer 21

Inseparable

Question 22

Availability of the service must match the demand for that service at a specific time.

Answer 22

Perishable – services are perishable

Question 23

There will be differences in the type and quality of service provided.

Answer 23

Heterogeneous

Question 24

The money a customer must pay for a product or service.

Answer 24

Price

Question 25

Selling price

Answer 25

Product cost + operating expenses +profit

Question 26

The amount added to the cost of a product to set the selling price.

Answer 26

Markup

Question 27

The amount of money available to the businesses after all costs and expenses have been paid.

Answer 27

Profit

Question 28

The difference between the selling price in the product cost.

Answer 28

Gross margin

Question 29

The locations and message used to make a product or service available to the target market.

Answer 29

Distribution

Question 30

The route a product follows in the businesses involved in moving a product from the producer to the final consumer

Answer 30

Channel of distribution

Question 31

A reduction from the original selling price.

Answer 31

Markdown

Question 32

Businesses that take part in the channel of distribution.

Answer 32

Channel members

Question 33

Direct channel of distribution versus indirect channel of distribution

Answer 33

In a directional distribution product move from the producer straight to the consumer. In an indirect channel of distribution there are one or more other businesses between the producer and consumer.

Question 34

Any form of communication used to inform, persuade, or remind.

Answer 34

Promotion

Question 35

Do you exchange of information so that there is a common understanding by all participants

Answer 35

Effective communication

Question 36

Direct individualized communication with prospect of customers to assess their needs and a system and satisfying those knees with appropriate products and services.

Answer 36

Personal selling

Question 37

Paid form of communication through mass media directed at individual customers to provide information and influence their actions.

Answer 37

Advertising