Chapter 9- Business Marketing

Question 1

define entrepreneur

Answer 1

a person who starts a new business and usually risks his own money to start the venture.

Question 2

Characteristics of entrepreneur

Answer 2

1. risk taking
2. creativity
3. initiative
4. problem solving
5. organizational skills
6. communication
7. independence

Question 3

define marketing

Answer 3

the activity, set of institution, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

Question 4

What is the marketing mix?

Answer 4

1. product
2. place
3. price
4. promotion

Question 5

What is the ultimate goal of a marketer?

Answer 5

to have an exchange successfully occur.

Question 6

What is the marketing plan?

Answer 6

1. mission statement

2. SWOT analysis

Question 7

What is a SWOT analysis?

Answer 7

1. strengths
2. weaknesses
3. opportunities
4. threats

Question 8

Define the product of the marketing mix

Answer 8

Consists of anything that is of value to a consumer and can be offered through a voluntary marketing exchange

Question 9

What are services?

Answer 9

intangibles that cannot be transported or stored. they are instantly perishable

Question 10

Define Place of the marketing mix

Answer 10

the location of where the product or service is available for purchase. can be a physical location or a virtual location like a website.

Question 11

Define promotion of the marketing mix

Answer 11

allows managers to communicate their product value through media.

Question 12

Define pricing of the marketing mix

Answer 12

the overall sacrifice a consumer is willing to make to acquire a specific product or service.

Question 13

Define consumer behavior

Answer 13

includes all the parts of the process consumers go through to satisfy their needs, from the product search, to purchase and post-purchase behavior

Question 14

What are the steps of the consumer decision making process?

Answer 14

1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post-purchase recognition

Question 15

What are marketing-controlled information sources?

Answer 15

the sources that marketers use to help educate consumers about their product or service.

Question 16

Define cognitive dissonance

Answer 16

the inner tension concerning making the correct purchase

Question 17

Define the learning process

Answer 17

we encounter new information through stimuli and somehow it impacts our thinking, memory or behavior.

Question 18

define memory

Answer 18

the collection of all the information we’ve perceived and stored.

Question 19

what are the parts of memory?

Answer 19

1. short term

2. long term

Question 20

Define short term memory

Answer 20

the part of our memory we’re currently using. the active part of our storage bank.

Question 21

define delaborative activities

Answer 21

when we retrieve stored information from our long term memories and use it to interpret and evaluate any new stimuli, then turn the stimuli into information

Question 22

Define long term memory

Answer 22

where things are permanently stored.

Question 23

defining conditioning

Answer 23

the actions marketers take to reinforce associations between two stimuli in our minds.

Question 24

Define purchase involvement

Answer 24

how much time a person invests in making a purchase decision, ranging from very little to quite a bit.

Question 25

What are types of purchase involvement?

Answer 25

1. nominal decision making.
2. limited decision making
3. extended decision making

Question 26

define nominal decision making

Answer 26

requires little to no search for alternatives

Question 27

define limited decision making

Answer 27

requires some but not much of a search alternatives

Question 28

define extended decision making

Answer 28

requires extensive evaluation of alternatives and post-purchase evaluation.

Question 29

What are some external factors to promotion strategies?

Answer 29

1. culture
2. values
3. social class
4. reference groups
5. opinion-leaders