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Marketing Learning Review Final Exam > Chapter 9 Onwards > Flashcards

Chapter 9 Onwards Flashcards

1
Q

Marketing segmentation involves aggregating prospective buyers into groups that have two characteristics. What are they?

A
  • have common needs

- will respond similarly to a market action

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2
Q

When should a firm segment its markets?

A

What it increases their sales, profits and ability to serve customers better

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3
Q

What are some criteria used to decide which segments to choose for targets?

A

Geographic, demographic, psychographic, behavioral variables

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4
Q

In a market product grid, what factor is estimated or measured for each of the cells?

A
  • cells = size of market
  • rows = groupings (different students)
  • columns = related products (meals per day)
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5
Q

Why do marketers use perceptual maps in product positioning decisions?

A

To display the potential perception of customers and potential customers

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6
Q

What are three kinds of sale forecasting techniques?

A

1- subjective judgment, direct or lost horse forecast
2- surveying knowledgeable groups, info on intention of potential buyers or estimates salesforce
3- statistical methods, extending pattern of past data. Linear trend extrapolation.

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7
Q

How do you make a lost horse forecast?

A

starting with the last known value of the item being forecast, listing factors that could affect to the forecast, assessing whether they have a positive or negative impact, making the final forcast

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8
Q

Explain the difference between product mix and product line. (Snap on tools)

A
  • Product mix = group of everything a company sells (sockets, wrenches, drills)
  • Product line= subset of product mix (sockets - deep, shallow, impact)
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9
Q

What are four main types of consumer goods?

A

1) convenience= laundry detergent, fast food, sugar, magazines (frequent)
2) shopping= furniture, clothing, used cars (less frequent)
3) specialty = high-end photography equipment, Lamborghini cars (special effort)
4) unsought= life insurance, pre-planned funeral services (requires advertising, selling and marketing efforts)

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10
Q

To which type of good business or consumer does the term derived demand generally apply?

A 
Business= airplane parts demand honeycomb core
Consumer= dishwasher demands dishwasher detergent pods
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11
Q

From a consumer’s viewpoint what kind of innovation would an improved electric toothbrush be?

A

Continuous innovation - no new learning is required

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12
Q

What does “insignificant point of difference” mean as a reason for new-product failure?

A

the difference from the field product to its competition is insignificant, therefore removing its competitive Edge as a product. Consumer’s fail to see or appreciate the difference

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13
Q

What is the first stage in the new-product process?

A

Idea generation - brainstorm and come up with new products and or services

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14
Q

What are the main sources of new product ideas?

A

information from customers and distributors, competitor analysis, exhibitions, publications and journals, universities and private institutions, and patents

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15
Q

what is the difference between internal and external screening and evaluation approaches used by a firm in the new-product process?

A

Internal screening =company employees evaluate the technical feasibility of new product ideas

External screening = preliminary testing of the concept with consumers rather than the actual product

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16
Q

How does the development stage of the new-product process involves testing the product inside and outside the firm?

A

Internally - lab tests which include physical, quality, safety

Externally - market test a potential buyers under realistic purchase conditions to see if they will buy

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17
Q

What is a test market?

A
  • different TV ads to different homes

- retailers with checkout counters measuring results

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18
Q

What is commercialization of a new product?

A

it is the last stage, involves positioning and launching a new product in full-scale production and sales is the most expensive stage for most new products

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19
Q

Advertising plays a major role in the ______________ stage of the product life cycle, and __________ plays a major role in maturity

A

Introductory, product differentiation

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20
Q

How do higher learning and low learning products differ?

A

High learning - requires significant customer education and extended introductory period.

Low learning - requires little customer education, benefits are readily understood, resulting in immediate sales

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21
Q

What does the life cycle for a fashion product look like?

A

Introduction is slow and steady growth is high maturity declines quickly and there is nothing left in the decline stage

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22
Q

How does a product manager help manage a product’s life-cycle?

A

By modifying the product, modifying the market and repositioning the product

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23
Q

What does “creating new use situations” mean in managing a product’s lifecycle?

A

Finding new uses or applications for an existing product. Example ads for WD40

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24
Q

Explain the difference between trading up and trading down in repositioning

A

Trading up - adding value through additional features or high-quality materials

Trading down - reducing features, quality, price, package (airline more seats = less room)

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25
How does a generic brand differ from a private brand?
Generic brand - lacks recognized name and or logo, usually less expensive. Example: no name, ibuprofen Private brand - made by manufacturer, sold to retailers who sells it in their own name. Example when you see products branded with the store's name. Example: Clothing
26
Explain the role of packaging in terms of perception
Materials used in the package, how items are protected and wrapped, colors images and descriptions of the package create the following: A perception of quality, usefulness, comparison of the competition, safety features and how to use the product. The package is usually the first selling tactic of the product
27
What is the difference between an expressed warranty and an implied warranty?
Expressed - clearly stated or expressed verbally or in writing Implied - automatically covers most consumer goods valued over certain amount, only provides base level of protection
28
What is meant by marketing channel?
Individual in firms making a product or service available for use or consumption by consumers
29
What are the three basic functions performed by intermediaries?
1- transactional function - contacting, promoting, negotiating and risk-taking 2- logistical function - physical transportation, storing and sorting 3- facilitating function - help facilitate transfer of goods from producer to consumer
30
What is the difference between a direct Channel and an indirect Channel?
A direct channel is when a manufacturer sells directly to the consumer. An indirect channel is when the manufacturer sells to a distribution Channel which sells to the customer.
31
What is the principal distinction between a corporate vertical marketing system and an administered marketing system?
A corporate marketing system combines successive stages of production and distribution under single ownership. And administered marketing system achieves coordination at successive stages of production and distribution by the size and influence of one channel member, rather than through ownership
32
What are the three degrees of distribution density?
Intensive distribution Exclusive distribution Selective distribution
33
What are the three questions marketing executives consider when choosing a marketing channel and intermediaries?
Which will provide the best coverage of target market? Which will best satisfy the buying requirements of the target market? Which will be the most profitable?
34
What is meant by exclusive dealing?
Agreement and arrangements in which seller agrees to sell all or a substantial portion of its products or services to a particular buyer or when a buyer agrees to buy all or a portion of its requirements from a seller. In other words it's an exclusive arrangement.
35
What is the principal difference between a marketing channel and a supply chain?
Different parties are involved Marketing channel = groups of people and companies involved in creation of product Supply chain = supply chain members are involved in everything but the visionary or creative aspects of the final product
36
What three steps does the choice of a supply chain involve?
1 Supply chain must reflect the needs of the customer being served 2 Company must understand what a supply chain is designed to do well 3 Supply chain must be consistent with the customers needs and the marketing strategy
37
The objective of information and logistics management in a supply chain is to __________________.
Minimize logistics costs while delivering maximum customer service
38
How does a consumer demand information increase supply chain responsiveness and efficiency?
Tracking logistics activities and customer service variables allows the management of efficiency and responsiveness. Example: information on customer demand patterns help forecast inventory requirements
39
What are the basic trade-offs among the modes of transportation?
Modes = railroads, motor carriers, air carriers, pipelines, water carriers. Trade-offs = cost, time, capability, dependability, accessibility, frequency
40
What types of inventory should you storage warehouses, and which type should use distribution centers?
Storage warehouses should be used to store products for an extended periods of time distribution centers so it should be used to facilitate timely movement of goods, facilitating sorting, RI packaging, labeling and mixing of materials such as paints
41
What are the strengths and weaknesses of a just-in-time system?
Strengths - less space is needed, waste reduction, smaller investments, less risk in industries where engineering designs change often Weaknesses - risk of running out of stock, lack of control over time frame, more planning required.
42
What are the six elements required for communication to occur?
1) sender 2) message 3) encoding 4) communication channel 5) receiver 6) decoding
43
A difficulty for companies advertising in foreign markets is that the audience does not share the same ________________
Field of experience / culture
44
A misprint in a newspaper ad is an example of ___________.
Noise
45
Explain the difference between advertising and publicity when both appear in television.
Advertising is paid for, controlled, exposed to specific target audience, always positive or in favor of the company and or service. Publicity is free, uncontrolled, can be provided to any audience, can be negative or positive.
46
Which promotional element should be offered on a short-term basis?
Sales promotion
47
Cost per contact is high with the ___________ element of the promotional mix.
Personal selling
48
Describe the promotional objective of each stage of the product life cycle.
Introductory - to inform growth - to persuade maturity - to remind decline - to phase out
49
At what stage of the consumer purchase decision is the importance of personal selling highest? Why?
After purchase stage. Sales people provide sales assistants to prospective customers and negotiate terms of sale. Closing the sale is the most important aspect of personal selling.
50
Explain the differences between a push strategy and a pull strategy.
A push strategy direct promotional mix to channel members. Sales people call wholesalers encouraging order placement A pull strategy directs promotional mix to customers encouraging them to ask retailers to stock the items
51
What is the weakness of the percentage of sales budgeting approach?
Major fallacy in this approach is, it implies that sales cause promotion
52
How have advertising agencies changed to facilitate the use of IMC programs?
integrated marketing communication agencies, some of the largest agencies are adopting approaches that embrace "total communication solutions"
53
The ability to design and use direct marketing programs has increased with the availability of __________ and _________
Customer information databases, new printing technologies
54
The fastest growing direct markets medium in Canada is ________
Online advertising
55
What are the three types of responses generated by direct marketing activities?
An order A request for further information A visit to a retail outlet
56
What is the difference between pioneering and competitive ads?
pioneering ads are used in the introductory stage of the product life cycle, it tells people what the product is what it can do and where it can be found competitive ads promoting specific brands features and benefits to persuade the target market to select the firm's brand rather than that of a competitor
57
What is the purpose of an institutional advertisement?
The purpose of an institutional advertisement is to build Goodwill or an image for an organization
58
What is direct response advertising?
direct response marketing is a type of sales technique designed to evoke and ongoing on-the-spot response and encourage prospective customers to take action by opting and advertisers offer. Unlike other marketing types, the direct responses requires little or no time waiting to see measurable results.
59
What are the three common advertising appeals?
Common advertising appeals include musical, sexual, humor, fear, emotional, rational, and scarcity. all of which have the common goal of influencing the way consumers view themselves and the benefits of the products and services
60
Who is responsible for turning appeals and product features into attention-getting advertising?
Creative people. Copywriters and art directors.
61
You see the same ad in TIME and Maclean's magazines and on billboards and TV. Is this an example of reach or frequency?
Reach
62
Why has the internet become a popular advertising medium?
the amount of times you were spend watching online video on their laptops, tablets and smartphone is increasing rapidly, and advertisers are shifting their budgets online to follow them. the spread of Internet devices and new advertising technology will give advertising opportunities to communicate with and learn from consumers, and to do more effectively than ever before. Internet advertising has more functionality than TV advertising and other mediums as it can be specifically targeted to specific individuals at specific times during the course of their interaction with the internet
63
What factors must be considered when choosing among alternative media?
The media habits of the target audience Understanding the product attributes Calculating cost through CPM
64
What is CPM?
CPM is cost per thousand. The cost of reaching a thousand individuals or household in a particular medium. M is Roman numeral for 1000
65
Explain the difference between pre testing and post testing advertising copy.
pre-testing is done before an advertisement is place to see if they communicate the intended message or to help select among alternative versions of an ad. post testing is showing add to Target audiences after it was place to see if it was successful.
66
What is the difference between aided and unaided recall post-tests?
Aided recall, is to show an ad to a respondent who then is asked to see where and if they saw it before. Unaided recall, is when respondents are asked if they remember an ad but are not showing it or prompted.
67
Which sales promotion tool is most common for new products?
Samples
68
What's the difference between a coupon and a deal?
A coupon is a reduced price for an item based on redemption. Only available to customers who carry the coupon when purchasing. A deal is a short-term price reduction available to anyone and everyone for a limited time.
69
Which trade promotion is used on an ongoing basis?
Trade allowance
70
What is trade allowance?
Allowances offered by manufacturers to distribution channel to affect the lower retail price to stimulate sales, this is referred to as trade allowance.
71
What is a news release?
An announcement regarding changes in the company or the product line
72
A growing area of public relations is _________.
Event or cause sponsorship
73
What is personal selling?
Personal selling occurs when a sales representative meets with a potential client for the purpose of transacting a sale
74
What is involved in sales management?
Sales management of the business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operation
75
What is the principal difference between an order taker and an order getter?
An order taker processes routine orders or re orders for products that were already sold by the company. An order getter cells in a conventional sense and identifies prospective customers, provides customers with information, persuade customers to buy, closest sales, and follows up on customers use of a product or service.
76
What is team selling?
Team selling is a sales strategy that involves 2 plus members of an organization working together to win business. For example marketing, sales, and sales support make elaborate to close a major account
77
What are the six stages in the personal selling process?
``` 1 prospecting 2 pre approach 3 approach 4 presentation 5 close 6 follow up ```
78
What is the distinction between lead and qualified prospect?
The single biggest difference between prospects and leads is their engagement. Leads are characterized by one way communication Prospects are characterized by two way communication.
79
What is a prospect?
A person regarded as a potential customer or client
80
What is a lead?
A lead is a potential customer you can gain access to through advertising, trade shows, direct mailings and other marketing efforts
81
Which presentation format is most consistent with the marketing concept? Why?
the need satisfaction presentation format emphasizes probing and listening by the salesperson to identify the needs and interests of prospective buyers and then tailors the presentation to the prospect and highlights product benefits, which is consistent with the marketing concept and its focus on relationship building.
82
What is the percentage in order getting salespersons time is spent selling?
41%
83
What are the three types of selling objectives?
1) output related - dollars are unit sales, new customers profit 2) input related - sales calls, selling expenses 3) behavioral related - product knowledge, customer service, selling and communication skill
84
What three factors are used to structure sales organizations?
Geography Customer Product/Service
85
How does emotional intelligence tie to adaptive selling?
the ability to understand emotional intelligence is important for adaptive selling because it could make the difference between effective and ineffective order getting salespeople

Marketing Learning Review Final Exam (1 decks)

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