Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MGM101 > Chapter 15 > Flashcards

Chapter 15 Flashcards

1
Q

What do marketers use to help identify the objectives the marketing group wants to accomplish in the future?

A

Marketing plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are marketing objectives?

A

The specific, measurable actions marketing intends to accomplish in its marketing plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is product positioning?

A

The way marketers fix, adapt, and communicate what a product is all about for the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How is the value of a product determined?

A

Benefits compared to costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

When consumers compare the benefits of a product to the cost of the product, what are they attempting to determine?

A

The value of the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the industrial market?

A

Firms that buy goods that are either converted into products or are used during the production process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

When marketers use behaviour segmentation to better reach an audience, how is the audience classified?

A

By types of buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the goal of geographical segmentation?

A

To allow marketers to identify unique traits in an area and incorporate those into the marketing process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Which of the following is the element of the marketing mix concerned with getting products from producers to consumers?

A

Place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

___________ is the creation of a product feature or product image that differs enough from existing products to attract customers

A

Product differentiation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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?

A

Product mix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Marketing ________ are the specific, measurable actions marketing intends to accomplish in its marketing plan.

A

objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What term describes the ability of a product to satisfy a human want or need?

A

Utility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

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.

A

value package

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a social influence on the life of a consumer?

A

The influence of family, friends, and coworkers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A group of goods that are closely related and function in a similar manner are a ________.

A

product line

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is customer relationship management (CRM)?

A

An organized method that an enterprise uses to build better information connections with clients, so that managers can develop stronger enterprise-client relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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?

A

Product extension

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are psychological influences on consumer behaviour?

A

Motivations, perceptions, ability to learn, and attitudes

20
Q

During what stage of the product life cycle do marketers focus on making potential customers aware of the benefits of a product?

A

Introduction

21
Q

What is the process used to fix, adapt, or communicate information about a product?

A

Product positioning

22
Q

Which of the following is based on understanding the decision-making process used when buying and using products?

A

Consumer behaviour

23
Q

What is the act of transferring product ownership to customers by setting prices, terms for credit payments, and providing ownership documents?

A

Possession utility

24
Q

What is the physical products purchased by consumers for personal use?

A

Consumer goods

25
Q

What is the process of creating, communicating, and delivering value to consumers?

A

Marketing

26
Q

What is an organizational market consisting of nongovernmental buyers of goods and series such as hospitals, churches, museums, and charitable organizations?

A

Institutional

27
Q

Firms use a variety of strategies to attract and retain customers. What should a marketing strategy focus on?

A

Increasing value for the customer

28
Q

When buying a product, customers often seek the value one product offers that another does not. What are these rewards or benefits?

A

Product features

29
Q

To better determine what types of goods and services consumers are interested in, corporations use __________ to collect information about consumers, looking for clues about how consumers can be influenced in their purchase decision.

A

data mining

30
Q

What is demographic segmentation?

A

A segmentation strategy that uses characteristics such as age, income, and marital status to identify different market segments

31
Q

Before products are delivered to the final consumer, they are passed through intermediaries such as wholesalers and retailers. These intermediaries make up what type of market?

A

Reseller

32
Q 
Exciting​ Electronics, Inc. provides options for its customers. Its products can be purchased online or at retail stores. What is Exciting Electronics​ providing?
A.
Time utility
B.
Place utility
C.
Value
D.
Form utility
E.
Possession utility
A

Place utility

33
Q 
All cell phone companies have similar​ products, so their advertising focuses on convincing potential customers of the benefits their products offer. What are these companies​ facing?
A.
Substitute products competition
B.
Demographic variables
C.
Geographic variables
D.
International competition
E.
Brand competition
A

Brand competition

34
Q 
Custom Cosmetics is offering a free gift with any purchase of​ $25 or more. This is an example of​ \_\_\_\_\_\_\_\_.
Question content area bottom
Part 1
A.
advertising
B.
personal selling
C.
personal influence
D.
sales promotion
E.
public relations
A

sales promotion

35
Q 
Krazy Kids focuses its advertising toward females between the ages of 25 and 35 with children under 6 years​ old, who live within a major city. This is the​ company's \_\_\_\_\_\_\_\_.
A.
target market
B.
behavioral segmentation
C.
product differentiation
D.
psychographic segmentation
E.
​geo-demographic segmentation
A

target market

36
Q 
New data a company collects for itself when consumers test its products is​ \_\_\_\_\_\_\_\_.
A.
primary data
B.
market segmentation
C.
public relations
D.
promotion
E.
secondary data
A

primary data

37
Q

World​ Automotive, a maker of​ high-end luxury​ vehicles, would like to better understand how customers interact with and feel about some of the options currently available on their cars. World Automotive wants to use research that will best observe consumer preferences​ quickly, and with the greatest accuracy possible. Which of the following would work BEST for World​ Automotive?
A.
Utilize online data that indicates which options are most often purchased by consumers when buying a new vehicle.
B.
Send out a questionnaire that describes each option and ask customers to indicate their preference level.
C.
Record the behavior of customers when they sit in a sample car and use the new options.
D.
Try to identify the demographics of the target audience and how much they would be willing to pay for each new option.
E.
Invite current customers to gather in one place and discuss one option in the vehicle.

A

Record the behavior of customers when they sit in a sample car and use the new options.

38
Q 
Gerry decided which new car to buy based on the price of the​ car, its​ quality, and how it fits into his lifestyle. What is​ Gerry's purchasing decision based​ on?
A.
Emotional motives
B.
Brand loyalty
C.
Cultural influences
D.
Rational motives
E.
Social influences
A

Rational motives

39
Q 
Hospitals are part of which​ market?
A.
Services
B.
Government 
C.
Industrial
D.
Institutional 
E.
Reseller
A

Institutional

40
Q 
Greater awareness of the need for a healthier diet is an example of a trend in the​ \_\_\_\_\_ environment.
A.
economic
B.
sociocultural
C.
technological
D.
​political-legal
A

sociocultural

41
Q 
Through​ \_\_\_\_\_ strategy, the marketing mix identifies the features and benefits of a product that will appeal to its target market.
A.
process
B.
promotion
C.
product
D.
price
E.
place
A

product

42
Q

What is marketing and marketing concepts?

A
  • Marketing
    ○ An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in wats that benefit the organization and its stakeholders.
    • Marketing concepts
      ○ The idea that the whole firm is directed towards serving present and potential
43
Q

What is utility? what are the four kinds of utility?

A

○ Utility
§ The ability of a product to satisfy a human want or need
§ Four kinds of utility
□ Form utility
® Marketing has a voice in designing products with features that customers want
□ Time utility
® Marketing creates a time utility by providing products when customers will want them
□ Place utility
® Marketing creates a place utility by providing products where customers will want them
□ Possession utility
® Marketing creates a possession utility by transferring product ownership to customer by setting selling prices, by setting terms for customer credit payments if needed, and by providing ownership documents

44
Q

what are the two types of customers? What the two types of goods?

A
  • 2 types of customers
    ○ Those who by consumer goods
    ○ Those who by industrial goods
    • Consumer goods
      ○ Physical products purchased by consumers for personal use
      ○ B2C
      ○ Firms that sell goods o consumers for personal consumption are engaged in consumer marketing
    • Industrial goods
      ○ Physical products purchased by companies to produce other products
      § Ex.
      □ Surgical instruments and bulldozers
      ○ B2B
      § Firms that sell goods to other companies are involved in industrial marketing
    • Services
      ○ Products with intangible(non-physical) features, such as information, expertise, or an activity that can be purchased.
      ○ Ex.
      § Professional consulting advice
      § Timely information for decisions
      § Arrangements for a vacation
      ○ Insurance companies, airlines, public accountants, and health clinics are all engaged in service marketing
    • Marketers also promote ideas
45
Q

what is relationship marketing?

A
  • Relationship marketing
    ○ A marketing strategy that emphasizes building lasting relationships with customers and suppliers
    Stronger relationships including stronger economic and social ties - can result in greater long-term satisfaction, customer loyalty, and customer retention.

MGM101 (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions