Exam 2 CHP 3-14

Question 1

What are the first principles?

Answer 1

1. Listen to the customer
2. Change the rules
3. Win with strength
4. Do your duty

Question 2

What are the characteristics of tomorrow’s customer markets?

Answer 2

Customization. Individualization.

Question 3

Any means used to maintain behavioral norms and regulate conflict.

Answer 3

Social Control

Question 4

Moral principles or values that govern an individual or group.

Answer 4

Ethics

Question 5

Decisions are based on what will be punished or rewarded. Self-centered, calculating, and selfish.

Answer 5

Preconventional Morality

Question 6

Moves towards expectations of society. Concerned about the legality and opinion of others.

Answer 6

Conventional Morality

Question 7

Represents the morality of the mature adult. Concerned if it works in the long run.

Answer 7

Postcoventional Morality

Question 8

Prohibits U.S. corporations from making illegal payments to public officials of foreign governments.

Answer 8

Foreign Corrupt Practices Act (FCPA)

Question 9

Business’ concern for society’s welfare. When managers consider long-range interests for the company and its relationships to society.

Answer 9

Corporate Social Responsibility (CSR)

Question 10

What are the 5 bases of segmentation?

Answer 10

1. Geography
2. Demography
3. Psychographics
4. Benefits sought
5. Usage rate

Question 11

Group of people or organizations for which an organization designs, implements, and maintains a marketing mix.

Answer 11

Target mix

Question 12

The segment must be large enough to warrant development.

Answer 12

Substantiality

Question 13

The segment must be identifiable and size measurable

Answer 13

Identifiably and measurability

Question 14

The marketing mix must be reachable to members of targeted segments.

Answer 14

Accessibility

Question 15

Segment need not be treated separately unless it responds differently to a marketing mix.

Answer 15

Responsiveness

Question 16

What are the characteristics of tomorrow’s capital markets?

Answer 16

Available for some, scarce for others.

Question 17

What are the characteristics of tomorrow’s labor markets?

Answer 17

Knowledge and Capitalism.

Question 18

What are the characteristics of tomorrow’s government markets?

Answer 18

Paying For Stuff.

Question 19

Inexpensive items that merit little shopping effort.

Answer 19

Convenience

Question 20

Require comparison shopping. (More expensive, fewer stores)

Answer 20

Shopping

Question 21

Particular items for which consumers search extensively and are reluctant to accept substitutes.

Answer 21

Specialty

Question 22

They provide profit, less price pressure, and tie the customer to the retailer.

Answer 22

Advantages of Private Brands

Question 23

What are the 4 functions of packaging?

Answer 23

1. Contain and protect product
2. Promote product
3. Facilitate storage, use, and convenience
4. Facilitate recycling

Question 24

What are the 5 components of service quality?

Answer 24

1. Reliability
2. Responsiveness
3. Assurance
4. Empathy
5. Tangibles

Question 25

What are the 4 ways that services differ from goods?

Answer 25

1. Intangibility
2. Inseparability
3. Heterogeneity
4. Perishability

Question 26

Enables shopping without visiting a physical store location.

Answer 26

Nonstore Retailing

Question 27

What are the 6 P’s of the retail mix?

Answer 27

1. Product
2. Promotion
3. Place
4. Price
5. Presentation
6. Personnel

Question 28

What are the 3 levels of distribution intensity?

Answer 28

1. Intensive
2. Selective
3. Exclusive

Question 29

Techniques used to get consumers to make a purchase from their home, office, or another non-retail setting.

Answer 29

Direct marketing

Question 30

To employ highly detailed data analytics.

Answer 30

Microtargeting