Chapter 13: Marketing

Question 1

Any physical good, service or idea that satisfies a want or need is a ________

Answer 1

Product

Question 2

Why are B2B based on selling?

Answer 2

1. Customer demand personal service for larger investments
2. Fewer customers
3. Large purchase cost more & are complex

Question 3

The set of values, attitudes & ways of doing things that result from belonging to a certain ethnic, racial or other group with which one closely identifies is called a _________

Answer 3

Subculture

Question 4

The middle links in a series of organizations that distribute goods from producers to consumers are called ________

Answer 4

Middlemen

Question 5

Some activities involved in marketing are:

Answer 5

1. Developing the exchange process
2. Advertising
   3.

Question 6

In Customer Relationship Mgmt (CRM) you do everything you can to satisfy your customers or even to _____ their expectations.

Answer 6

Exceed

Question 7

Promotion includes:

Answer 7

1. Personal sales
2. Advertising
3. Public Relations
4. Word of Mouth
5. Sales Promos (Coupons/rebates/etc)

Question 8

Dividing the market by age, income & education is called _____ segmentation.

Answer 8

Demogrpahic

Question 9

The segmentation technique where the product features appeal to certain segments is _______

Answer 9

Benefit Segmentation

Question 10

Dividing the market using a group’s values, attitudes and interests is called _______ segmentation.

Answer 10

Psychographic Segmentation

Question 11

Consumer behavior is the study of people’s ______ decisions & the factors that influence those decisions.

Answer 11

Purchase

Question 12

A 3-part business philosophy that involves, customer, product & profit orientation is the _____ ______ era of marketing.

Answer 12

Marketing Concept

Question 13

When a business selects groups or segments that they can serve most profitably, it is called ____ ______

Answer 13

Target Marketing

Question 14

Testing a product among potential users is called ______ ________

Answer 14

Test Marketing

Question 15

Changes in an individual’s behavior resulting from previous experiences & information is _______

Answer 15

Learning

Question 16

Dividing the market into groups who have similar characteristics is _____ _______

Answer 16

Market Segmentation

Question 17

States try to attract two types of groups:

Answer 17

1. Tourists

2. New Businesses

Question 18

Customer orientation is finding out what the consumers _______ and providing it for them.

Answer 18

Need

Question 19

Identifying the factors in the environment that affect marketing success is the process called ____ ___

Answer 19

Environmental Scanning

Question 20

Developing a unique mix of goods & services for EACH individual customer is ______ ____ ______ _______

Answer 20

one-to-one marketing