Chapter 15 Managing the Marketing Mix

Question 1

Total Product Offer

Answer 1

Everything that consumers evaluate when deciding whether to buy something

Question 2

Product Line

Answer 2

A group of products that are physically similar or are intended for a similar market

Question 3

Product Differentiation

Answer 3

Creation of real or perceived product differences

Question 4

Brand

Answer 4

A name, symbol or design that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors

Question 5

Value

Answer 5

Good quality at fair price. When consumers calculate the value of a product they look at the benefits and then subtract the cost to see if the benefits exceed its costs

Question 6

Brand Equity

Answer 6

The value of the brand name and associated symbols

Question 7

Brand Loyality

Answer 7

The degree to which customers are satisfied, enjoy the bran and are committed to further purchase

Question 8

Brand Awarness

Answer 8

How quickly or easily a given brand name comes to mind when a product category is mentioned

Question 9

Brand Manager

Answer 9

A manager who has directed responsibility for one brand or one product line; called a product manager in some firms

Question 10

Target Costing

Answer 10

Designing a product so that it satisfies customers and meets the profit margins desired by the firm

Question 11

Competition-Based Pricing

Answer 11

A pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors prices

Question 12

Price Leadership

Answer 12

The procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow

Question 13

Break-even Analysis

Answer 13

The process used to determine profitability at various levels of sales

Question 14

Total Fixed Costs

Answer 14

All expenses that remain the same no matter how many products are made or sold

Question 15

Variable Costs

Answer 15

Costs that change according to the level of production

Question 16

Skimming Price Strategy

Answer 16

A strategy in which a new product is priced high to make optimum profit while there’s little competition

Question 17

Psychological Pricing

Answer 17

Pricing goods and services of price points that make the product appear less expensive than it is

Question 18

Marketing Intermediaries

Answer 18

Organizations that assist in moving goods and services from producers to business and consumer users

Question 19

Channel of Distribution

Answer 19

A set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers that join together to transport and store goods in their path from producers and consumers

Question 20

Agents/ Brokers

Answer 20

Marketing intermediaries that bring buyers and sellers together and assist in negotiating an exchange but do not take title to the goods

Question 21

Wholesaler

Answer 21

A marketing intermediary that sells to other organizations

Question 22

Retailer

Answer 22

An organization that sells to ultimate consumers

Question 23

Intensive Distribution

Answer 23

Distribution that puts products into as many retail outlets as possible

Question 24

Selective Distribution

Answer 24

Distribution that sends products to only a preferred group of retailers in an area

Question 25

Exclusive Distribution

Answer 25

Distribution that sends products to only one retail outlet in a given geographic area

Question 26

Electronic Retailing

Answer 26

Selling goods and services to ultimate customers over the internet

Question 27

Telemarketing

Answer 27

The sale of gods and services over the phone

Question 28

Direct Selling

Answer 28

Selling to customers in their homes

Question 29

Promotion Mix

Answer 29

The combination of promotion tools in an organization use

Question 30

Advertising

Answer 30

Paid, non personal communication through various media by organizations and individuals who are in same way identified in the advertising message

Question 31

Personal Selling

Answer 31

The face to face presentation and promotion of goods and services

Question 32

Public Relations

Answer 32

Management function that evaluates public attitudes, changes policies and procedures in response to the publics requests and executes a program of action and information to earn public understanding and acceptance

Question 33

Sales Promotion

Answer 33

Promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities

Question 34

Sampling

Answer 34

A promotional tool in which a company lets consumers have a small sample of a product for no charge

Question 35

Direct Marketing

Answer 35

Uses direct communication with consumers to generate a response in the form of an order, a request for further information or a visit to a retail outlet

Question 36

Buzz Marketing

Answer 36

Popularity created by consumer word of mouth

Question 37

Push Strategy

Answer 37

Promotional strategy in which the producer uses advertising, personal selling, sales promotion and all other promotional tools to convince wholesalers and retailers to stock and sell mechandise

Question 38

Pull Strategy

Answer 38

Promotional Strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they will request the products from retailers