Chapter 15: Marketing Mix: Product, Place, Price, And Promotion

Question 1

Value

Answer 1

Good quality at a fair price

Question 2

Total product offer (value package)

Answer 2

Everything that customers evaluate when deciding whether to buy something

Question 3

Product line

Answer 3

Group of products that are physically similar or are intended for a similar market

Question 4

Product mix

Answer 4

The combination of product lines offered by an organization

Question 5

Product differentiation

Answer 5

The creation of real or perceived product differences

Question 6

Bundling

Answer 6

Grouping two or more products together and pricing them as one unit

Question 7

Brand

Answer 7

A name, symbol, or design that identifies a good or service of one seller

Question 8

Brand equity

Answer 8

The value of the brand name associated symbols

Question 9

Brand loyalty

Answer 9

The degree to which customers are satisfied, enjoy the brand, and age committee to further purchase

Question 10

Brand manager

Answer 10

The person in the company who has direct responsibility for one brand or one product line

Question 11

Product life cycle

Answer 11

Theoretical model of what happens to saless and profits for a product class over time.

Question 12

Four stages of product life cycle

Answer 12

Introduction, growth, maturity, and decline

Question 13

Target costing

Answer 13

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

Question 14

Competition based pricing

Answer 14

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

Question 15

Price leadership

Answer 15

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

Question 16

Break even analysis’s

Answer 16

The process used to determine profitability at various levels of sales

Question 17

Total fixed costs

Answer 17

All expenses that remain the same regalesless of product sold

Question 18

Variable cost

Answer 18

Costs that change according to the level of population

Question 19

Skimming price stategy

Answer 19

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

Question 20

Penetration price strategy

Answer 20

Strategy in which the product is priced low to attract many customers and discourage competitors

Question 21

Everyday low prices

Answer 21

Setting prices lower then competitors but never have any special sales

Question 22

High - low pricing strategy

Answer 22

Set prices rhat are higher than everyday low prices stores, but have many speciali sales where the prices are lower than competitors

Question 23

Psychological pricing

Answer 23

Pricing goods at price points that make products appear less expensive than they are

$499 is still $500

Question 24

Marketing intermediaries

Answer 24

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

Question 25

Chanel of distribution

Answer 25

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

Question 26

Agents / brokers

Answer 26

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

Question 27

Wholesaler

Answer 27

Marketing intermediary that sells to other organizations (hospital)

Question 28

Retailer

Answer 28

Organization that sells to ultimate consumers

Question 29

Intensive distribution

Answer 29

Distribution that puts products into as many retail outlets as possible Candy, gum, magazines

Question 30

Selective distribution

Answer 30

Distribution that sends products to only a preferred group of retailers in an area Manufactures of appliances, furniture, clothing

Question 31

Exclusive distribution

Answer 31

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

Question 32

Online retailing

Answer 32

Selling products to ultimate consumers online

Question 33

Social commerce

Answer 33

Using social media and user contributions to assist in the online buying and selling of products and services

Question 34

Telemarketing

Answer 34

Sale of goods by telephone

Question 35

Direct selling

Answer 35

Selling to customers in their homes or where they work

Question 36

Promotion mix

Answer 36

The combination of promotional tools an organization uses

Question 37

Intergrated marketing communication

Answer 37

Technique that combines all of the promotional tools into one comprehensive and unified promotional strategy

Question 38

Digital marketing

Answer 38

The promotion of products or brands via one or more forms of electronic media

Question 39

Advertising

Answer 39

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

Question 40

Personal selling

Answer 40

Face to face presentation and promotion of goods and services Tv at Best Buy, car at ford

Question 41

Public relations

Answer 41

The function that evaluates public attitudes, changes policies and procedures in response to the public’s request, and executes a program of action and information to earn public understanding and acceptance

Question 42

Publicity

Answer 42

Any information about an individual, product, or organization that is distributed to the public through the meida and is not paid for or controlled by the seller

Question 43

Sales promotion

Answer 43

The promotional tool that stimulates consumer purchasing and dealer interest by means of short term activities

Question 44

Direct marketing

Answer 44

Any activity that directly links manufactures or intermediaries with the ultimate consumer Direct mail, cataloging, telemarketing

Question 45

Push strategy

Answer 45

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 merchandise

Question 46

Pull Strategy

Answer 46

Promotions strategy in which heavy advertising and sales promotion efforts are directed towards consumers so that they will request the products from the retailers

Question 47

4 ways to segment consumer market

Answer 47

Demographic, geographic, behavioural, psychographic

Question 48

What is product cycle

Answer 48

Introduction, growth, maturity, decline

Question 49

supply chain places

Answer 49

Supplier, manufacturer, wholesaler, retailer, consumer

Question 50

Chanel distribution places

Answer 50

manufacturer, wholesaler, retailer, consumer

Question 51

Difference between channel of distribution and supply chain

Answer 51

Chanel of distribution does not have supplier

Question 52

5 types of promotion

Answer 52

Advertising, personal selling, direct marketing, sales promotion, public relations