Chapter 15 Flashcards
What do marketers use to help identify the objectives the marketing group wants to accomplish in the future?
Marketing plan
What are marketing objectives?
The specific, measurable actions marketing intends to accomplish in its marketing plan
What is product positioning?
The way marketers fix, adapt, and communicate what a product is all about for the consumer
How is the value of a product determined?
Benefits compared to costs
When consumers compare the benefits of a product to the cost of the product, what are they attempting to determine?
The value of the product
What is the industrial market?
Firms that buy goods that are either converted into products or are used during the production process
When marketers use behaviour segmentation to better reach an audience, how is the audience classified?
By types of buyers
What is the goal of geographical segmentation?
To allow marketers to identify unique traits in an area and incorporate those into the marketing process
Which of the following is the element of the marketing mix concerned with getting products from producers to consumers?
Place
___________ is the creation of a product feature or product image that differs enough from existing products to attract customers
Product differentiation
Not every firm offers items in all areas of the product line. What is the name of the group of items the manufacturer chooses to offer?
Product mix
Marketing ________ are the specific, measurable actions marketing intends to accomplish in its marketing plan.
objectives
What term describes the ability of a product to satisfy a human want or need?
Utility
The combination of features and attributes of a product, such as price and ease of use, can be taken together to create a _______ for consumers.
value package
What is a social influence on the life of a consumer?
The influence of family, friends, and coworkers
A group of goods that are closely related and function in a similar manner are a ________.
product line
What is customer relationship management (CRM)?
An organized method that an enterprise uses to build better information connections with clients, so that managers can develop stronger enterprise-client relationships
A national firm would like to expand sales into the international market to expand market share of a product that sells well domestically. Which of the following will help increase the product life cycle by entering a new market?
Product extension