Final Exam Review Ch 1-11

Question 1

What are the three main points of “A Market”?

Answer 1

Point, Place, Sphere

Question 2

A geographic market area

Answer 2

Point

Question 3

A body or organization of buyers and sellers

Answer 3

Place

Question 4

What are the two categories of Sphere?

Answer 4

1) Economic Market

2) Potential Demand

Question 5

A combination of forces which determine price and exchange opportunity

Answer 5

Economic market

Question 6

Segments of demand for a product or service

Answer 6

Potential Demand

Question 7

Achieving organizational goals depends on determining the needs and wants of the target markets and delivering desired satisfactions more efficiently

Answer 7

Marketing Concept

Question 8

What are the objectives of the marketing concept?

Answer 8

1) You must know the customers wants and orientations
2) The whole company must take part in that effort
3) Satisfaction is key to the company

Question 9

Relevant factors of an organization’s resources. These companies have attributes that others don’t have and cannot replicate

Answer 9

Distinctive Capabilities

Question 10

What are three distinctive capabilities?

Answer 10

1) Architecture
2) Reputation
3) Innovation

Question 11

Based on the degree of immediate consumer satisfaction and long-run consumer benefit

Answer 11

Societal Classification of Offerings

Question 12

What are four offering types of Societal Classification of Offerings?

Answer 12

1) Deficient
2) Salutary
3) Pleasing
4) Desirable

Question 13

Have neither immediate appeal nor long-run benefits (low

immediate satisfaction and low long-run consumer benefit)

Answer 13

Deficient Offerings

Question 14

Have low appeal but benefit the consumer (low immediate

satisfaction and high long-run consumer benefit)

Answer 14

Salutary Offerings

Question 15

Give high immediate satisfaction but may hurt consumers in

the long run (high immediate satisfaction and low long-run consumer benefit)

Answer 15

Pleasing Offerings

Question 16

Give both immediate satisfaction and high long-run benefits

high immediate satisfaction and high long-run consumer benefit

Answer 16

Desirable Offerings

Question 17

Company growth based on markets/products

Answer 17

Product/Market Expansion Grid

Question 18

Existing market, existing product

Answer 18

Market penetration

Question 19

New market, existing product

Answer 19

Market development

Question 20

Existing market, new product

Answer 20

Product development

Question 21

New market, new product

Answer 21

Diversification

Question 22

The sale of an exported product at a price lower than that charged for the same or a like product in the “home” market of the exporter

Answer 22

Dumping

Question 23

All or part of the payment for goods or services is in the form of other goods or services

Answer 23

Countertrade

Question 24

What are the five forms of trade restrictions?

Answer 24

1) Tariff
2) Quota
3) Embargo
4) Exchange control
5) Discrimination

Question 25

Revenue and protective trade restriction

Answer 25

Tariff

Question 26

A limit of trade

Answer 26

Quota

Question 27

A ban of trade

Answer 27

Embargo

Question 28

Amount and rate trade restriction

Answer 28

Exchange control

Question 29

Bids and standards trade restriction

Answer 29

Discrimination

Question 30

What are the five global marketing management forms?

Answer 30

1) Exporting 2) Licensing 3) Contract manufacturing 4) Joint venture 5) Direct investment

Question 31

Selling domestically produced products to buyers in other countries

Answer 31

Exporting

Question 32

The legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

Answer 32

Licensing

Question 33

Contract manufacturing

Answer 33

Private label manufacturing by a foreign company

Question 34

When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

Answer 34

Joint venture

Question 35

What are the four forms of global marketing mix strategies?

Answer 35

1) Product decisions 2) Promotion adaptation 3) Place (distribution) 4) Pricing

Question 36

A nation should export those items which it produces most efficiently and import those items it produces less efficiently

Answer 36

Theory of Comparative Advantage

Question 37

What are the three US comparative advantages?

Answer 37

1) Advanced technology 2) Agriculture 3) Large domestic market

Question 38

A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate

Answer 38

portfolio matrix (Boston Consulting Group Grid)

Question 39

What are the four categories of strategic business units (SBU)?

Answer 39

1) Star 2) Cash cow 3) Problem child (question mark) 4) Dog

Question 40

Fast growing market leader. Large profits but require lots of cash to finance

Answer 40

Star

Question 41

Generates more cash flow than it needs to maintain market share. Low-growth market, but it has a dominant market share

Answer 41

Cash cow

Question 42

Rapid growth, but poor profit margins. Low market share in a high-growth industry

Answer 42

Problem child (question mark)

Question 43

Low growth potential and a small market share

Answer 43

Dog

Question 44

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

Answer 44

Market segmentation

Question 45

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Answer 45

Targeting

Question 46

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers (developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general)

Answer 46

Positioning

Question 47

What are the two Qualifying dimensions?

Answer 47

1) Geographic | 2) Demographic

Question 48

What are the two Determining dimensions?

Answer 48

1) Psychographic | 2) Behavioral

Question 49

What are the two forms of migration?

Answer 49

1) Immigration | 2) Emigration

Question 50

Act in an unified manner to eliminate the Middleman and Agent system for the sales and marketing of products and services in order to enhance profitability.

Answer 50

Vertical Marketing System (VMS)

Question 51

Source and distribute the later’s agarbatis

Answer 51

Horizontal Marketing System (HMS)

Question 52

Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

Answer 52

SWOT analysis

Question 53

Dividing a market into different groups based on social class, lifestyle, or personality characteristics

Answer 53

Psychographic segmentation

Question 54

Dividing a market into different groups based on consumer knowledge, attitude, use, or response to a product

Answer 54

Behavioral segmentation

Question 55

How spending power is proportionally used. As income went up, food and basic necessities went down. Housing and household operations remained the same.

Answer 55

Engel's Law

Question 56

2. 5%, first to adopt - Guided by respect - Young demographic - Rely on factual information - Tend to be impersonal and scientific

Answer 56

Innovators

Question 57

- 13.5%, opinion leaders - Guided by respect - Young demographic - Creative - Greatest contact with salespeople for the product

Answer 57

Early Adopters

Question 58

- 34%, first wave of mass market - Pragmatic and tend to be deliberate - Rich demographic Most contact with the mass media

Answer 58

Earl majority

Question 59

- 34%, late mass market

Answer 59

Late majority

Question 60

- 16%, last to adopt

Answer 60

Laggards

Question 61

What are three motivation theories?

Answer 61

1) Herzberg's 2) Freud's 3) A.H Maslow

Question 62

Certain factors in the workplace that cause job satisfaction while a different set of factors cause dissatisfaction

Answer 62

Herzberg's

Question 63

Hierarchy of needs

Answer 63

A.H Maslow

Question 64

All those people in an organization who become involved in the purchase decision

Answer 64

Buying center

Question 65

What are the five roles in a buying center?

Answer 65

1) Initiator 2) Influencers/evaluators 3) Gatekeepers 4) Decider 5) Purchaser 6) User

Question 66

Person who first suggests making a purchase

Answer 66

Initiator

Question 67

People who influence buying decisions

Answer 67

Influencers

Question 68

Group members who regulate the flow of information

Answer 68

Gate keepers

Question 69

The person who has the formal or informal power to choose or approve the selection of the supplier or brand

Answer 69

Decider

Question 70

The person who actually negotiates the purchase

Answer 70

Purchaser

Question 71

Members of the organization who will actually use the product

Answer 71

Users

Question 72

What are three buying situations?

Answer 72

1) New buy 2) Modified buy 3) Straight rebuy

Question 73

A situation requiring the purchase of a product for the first time

Answer 73

New buy

Question 74

A situation in which the purchaser wants some change in the original good or service

Answer 74

Modified buy

Question 75

A situation in which the purchasers reorder the same goods or services without looking for new information or investigating other suppliers

Answer 75

Straight rebuy

Question 76

Systematic design, collection, analysis, and reporting of data relevant to specific marketing situations facing an organization

Answer 76

Marketing Research

Question 77

Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Answer 77

Product

Question 78

A specific version of a product that can be designated as a distinct offering among an organization's products

Answer 78

product item

Question 79

A group of closely related product items

Answer 79

Product line

Question 80

All product that an organization sells

Answer 80

Product mix

Question 81

Any activity or benefit one party can offer another that is essentially intangible and does not result in ownership of anything

Answer 81

Service

Question 82

A product and all peripheral factors that contribute to a consumers satisfaction

Answer 82

Expanded product

Question 83

What are the three levels of products and services?

Answer 83

1) Core 2) Actual 3) Augmented

Question 84

Identifier of a seller’s goods and services (a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products)

Answer 84

Brand

Question 85

Utterable brand

Answer 85

Brand name

Question 86

Nonutterbale brand

Answer 86

Brand mark

Question 87

The positive differential effect.. knowing the brand name has on customer response to the product or service

Answer 87

Brand equity

Question 88

Legally protected brand

Answer 88

Trademark

Question 89

A concept that provides a way to trace the stages of a product's acceptance, from its introduction to its decline

Answer 89

Produt Life Cycle (PLC)

Question 90

A product new to the world, the market, the producer, the seller, or some combination of these

Answer 90

New product

Question 91

Products create an entirely new market

Answer 91

New-to-the-world products

Question 92

Products, which the firm has not previously offered, allow it to enter an established market

Answer 92

New product lines

Question 93

New products that supplement a firm's established line

Answer 93

Additions to existing product lines

Question 94

Product targeted at new marketers or market segments

Answer 94

Repositioned products

Question 95

A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

Answer 95

New-product strategy

Question 96

Items usually purchased frequently, immediately, and with a minimum of comparison and buying effort

Answer 96

Convenience

Question 97

Items whose selection may entail visits to several stores and the expenditure of considerable time and effort from the consumer

Answer 97

Shopping

Question 98

Items with unique characteristics and/or brand identification fro which a significant group of buyers is willing to make a special effort to purchase

Answer 98

Specialty

Question 99

Items the consumer either does not know about or does not normally think about

Answer 99

Unsought