Chapters 12-14: Principles Of Marketing

Question 1

What is a Marketing Concept?

Answer 1

Creating the correct product for a customer and doing it better than the competition.

Question 2

What is Marketing?

Answer 2

Identifies and satisfies human needs and wants.

Question 3

What is Target Marketing?

Answer 3

Specific group of potential customers on which a firm focuses its marketing efforts

Question 4

What is a Marketing Mix?

Answer 4

Combination of controllable elements of a products marketing plan designed to serve the target market

Question 5

What are the four P’s in Marketing?

Answer 5

Product, Price, Promotion, and Place/Distribution.

Question 6

Define Product from the 4 P’s

Answer 6

The perfect product is one that provides value for the customer. Companies must determine what a customer wants forma product or how a product satisfies a particular need.

Question 7

Define Price from the 4 P’s

Answer 7

The price has to be high enough for a firm to profit from it but be low enough to appeal to customers.

Question 8

Define Promotion from the 4 P’s

Answer 8

Consists of all the methods used to inform customers about a products d=benefits and persuad them to buy it.

Question 9

Define Place/Distribution from the 4 P’s

Answer 9

Methods involved in getting a product into the hands of customers

Question 10

What is the Marketing Process?

Answer 10

1. Identify a need.
2. Conduct marketing research
3. Determine a target market
4. Implement the four P’s
5. Nurture good customer relationships

Question 11

What is a Marketing Environment?

Answer 11

Includes environmental influences such as competitive, economic, technological and sociocultural environments as well as political, legal, and regulatory environments.

Question 12

What is Market Research?

Answer 12

Process of gathering and analyzing market information to gauge changing market conditions that lead to better ways and opportunities to provide services to customers.

Question 13

What is the Market Research Process?

Answer 13

1. Define the marketing need
2. Collect relevant data
3. Analyze and interpret the data
4. Act on the research’s conclusions.

Question 14

What is a Marketing Plan?

Answer 14

Written document that specifies marketing activities designed to achieve organizations objectives.

Question 15

What are the four things needed for an effective Marketing Plan?

Answer 15

1. Clearly written marketing objective
2. Situation analysis
3. Selection of a target market
4. Implementation, evaluation and control of the marketing mix

Question 16

What is the product life cycle?

Answer 16

Model describing a product’s sales and profits over the course of its lifetime.

Question 17

What is a total product offer?

Answer 17

All the tangible and intangible benefits associated with a good, service or an idea that affects a consumers purchasing decision

Question 18

what is a core product?

Answer 18

Satisfies the basic need or want that motivates a purchase.

Question 19

What is an actual product?

Answer 19

Tangible aspect of a purchase that you can touch, see, hear, smell or taste

Question 20

What is the augmented product?

Answer 20

Consists of the core and actual product plus other real or perceived benefits that provide additional value to the customer’s purchase.

Question 21

What is product differentiation?

Answer 21

Process of attracting customers by distinguishing a product in real or perceived terms from competing products.

Question 22

What is a product line?

Answer 22

Group of similar products marketed to one general market

Question 23

What is a product mix?

Answer 23

Combination of all product lines offered for sale by a company.

Question 24

What are the 4 class’s of consumer goods?

Answer 24

Convenience, shopping, specialty, and un-sought

Question 25

What are convenience goods?

Answer 25

Frequently, and immediately purchased with little deliberation. (Gum, soap, food)

Question 26

What are shopping goods?

Answer 26

Products that are less frequently purchased and require that the customer spend more time and effort comparing them. (Clothes, electronics, furniture)

Question 27

What are specialty goods?

Answer 27

Unique characteristics and no suitable substitutes. (Designer clothes, lawyers)

Question 28

What are un-sought goods?

Answer 28

Products that buyers don’t usually think about buying, don’t know exist, or but only when a specific problem arises. (Funeral)

Question 29

What are the 5 categories of B2B goods?

Answer 29

Equipment, MRO products, raw and processed materials, component parts, and specialized professional services.

Question 30

What is a brand extension?

Answer 30

Marketing a product using the same brand name but in a different product category.

Question 31

What is a brand license?

Answer 31

Agreement between the owner of the brand and another company or individual who pays a royalty for using the brand in association with a new product.