Final Exam review- Weeks 9-10

Question 1

Marketing

Answer 1

The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for coustemers, clients, partners and society at large.

Question 2

The process of marketing

Answer 2

begins with discovering unmet customer needs and continues with researching the potential market; producing a good or service capable of satisfying the targeted costumers; and promoting, pricing, and distributing that good or service

Question 3

Utility

Answer 3

the power of a good/service to satisfy a want or need. The benefits recieved from the exchange.

Question 4

What are the four types of Utility?

Answer 4

Form, Time, Place, and Posseting

Question 5

What are the two basic steps of developing a market strategy?

Answer 5

Identify the target market and create a marketing mix

Question 6

Identify a target market

Answer 6

A group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.

Question 7

Create a marketing mix

Answer 7

The marketing mix is a blend of the four elements of marketing strategy

Question 8

What are the four elements of a marketing strategy?

Answer 8

Product, Place, Price, and Promotion

Question 9

Market Research

Answer 9

The process of collecting and evaluating information to support marketing decision making

Question 10

Primary data

Answer 10

Data collected through observation, surveys, and other forms of observational study

Question 11

Secondary data

Answer 11

Previously published data from trade accociations, advertising agencies, marketing research firms and other sources

Question 12

Data mining

Answer 12

Computer searches of customer data to detect patterns and relationships

Question 13

Business intelligence

Answer 13

Activities and technologies for gathering, storing, and analyzing data to to make better competitive decisions

Question 14

What are common bases of segmenting customer markets?

Answer 14

Geographical, demographic, psychological, and product related

Question 15

Geographic segemntation

Answer 15

divides the market into homogeneous groups based on their locations

Question 16

Demographic segregation

Answer 16

divides market on the basis of various demographic or socioeconomic characteristics: gender, income, age, occupation, household size, stage in family life cycle, education, and ethnic group

Question 17

Psychographic segmentation

Answer 17

divides the consumer market into groups with similar psychological characteristics, values, and lifestyles

Question 18

product-related segmentation

Answer 18

divides market based on buyer’s relationship to the good/service based on benefits sought by buyers, usage rates, and loyalty levels

Question 19

consumer behavior

Answer 19

actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions

Question 20

relationship marketing

Answer 20

developing and maintaining long-term, cost-effective exchange relationships with partners

Question 21

What is the 80/20 rule?

Answer 21

80% of revenue comes from 20% of costumers

Question 22

Product

Answer 22

A bundle of physical, service, and symbolic characteristics designed to satisfy customer wants

Question 23

product line

Answer 23

A group of related products marked by physical similarities or intended for a similar market (e.g cereal)

Question 24

product mix

Answer 24

an assortment of product lines and individual goods and services a firm offers to customers and business users

Question 25

What are the four basic stages of the product life cycle?

Answer 25

Introduction, growth, maturity, and decline

Question 26

What are the product development stages?

Answer 26

generating new ideas, screening, concept development & business analytics, product development, test marketing, and commercialization

Question 27

Generating ideas

Answer 27

ideas come from many ideas: coustemer suggestions, suppliers, employees, & competative products

Question 28

Screening

Answer 28

eliminates ideas that do not mesh w/ overall company objectives or can't be developed given resources

Question 29

Concept development and business analytics

Answer 29

further screening occurs, as well as assessment of potential sales, profits, growth rate, and competitive strengths

Question 30

product development

Answer 30

functioning phototypes or detailed descriptions of product may be created

Question 31

test marketing

Answer 31

into of new product supported by complete marketing campaign to a selected city or TV coverage area to examine both consumer responses to new offering & marketing effort used to support it

Question 32

Commercialization

Answer 32

product is generally available to market

Question 33

Why can products fail?

Answer 33

are not properly developed & tested, are poorly packaged, lack adequate promotional support, lack adequate distribution, or do not satisfy a customer's want/need

Question 34

Brand

Answer 34

Name, Term, sign, symbol, design or some combination that identifies the products of one of the firm and differentiates them

Question 35

brand name

Answer 35

part of the brand that consists of words or letters included in a name used to identify and distinguish the firm's offerings from competitors

Question 36

trademark

Answer 36

brand that has been given legal protection

Question 37

brand recognition

Answer 37

the consumer is aware of the brand but does not have a preference of it

Question 38

brand preference

Answer 38

consumer chooses one brand over another

Question 39

brand insistence

Answer 39

consumer will seek out preferred brand

Question 40

brand equity

Answer 40

added value that a respected and successful name gives to a product based on brand awareness

Question 41

distrabution channel

Answer 41

path through which products and legal ownership of them flow from producers to consumers

Question 42

Integrated marketing communications

Answer 42

the coordination of all promotional activities- media advertising, direct mail, personal selling, sales promotion, and product relations- to produce a unified, customer-focused message

Question 43

promotion

Answer 43

the function of informing, persuading, and influencing a purchase decision

Question 44

product placement

Answer 44

marketers pay placement fees to have their products showcased in various media, ranging from newspapers to television

Question 45

native advertising

Answer 45

online advertising method in which the advertiser attempts to gain attention by providing content in the context of the user's experience

Question 46

Guerilla advertising

Answer 46

involves innovative, low-cost marketing efforts designed to get consumer attention in a unusual way

Question 47

product advertising

Answer 47

messages deigned to sell a particular good/service

Question 48

institutional advertising

Answer 48

messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities

Question 49

cause advertising

Answer 49

institutional messaging that promotes a specific viewpoint on a public issue as a way to influince public opinion and legislative process

Question 50

Informative advertising

Answer 50

used to build initial demand for a product in introductory phase

Question 51

persuasive advertising

Answer 51

attempts to improve the competitive status of a product or concept, usually in growth and maturity stages

Question 52

comparative advertising

Answer 52

compares products directly with competitors either by name or inference

Question 53

reminder-oriented advertising

Answer 53

appears in late maturity or declining stages to maintain awareness of the importance and usefulness of product

Question 54

Outline Sales promotion

Answer 54

consists of forms of promotions like coupons, product samples, and rebates that support personal selling and advertising

Question 55

sales process

Answer 55

the sales process typically follows a 7 step process, depending on the type of product that you are selling as well as customer

Question 56

What is the break-even point equation?

Answer 56

break even point= fixed costs/(average cost per unit-average cost per unit)

Question 57

skimming prices

Answer 57

Setting an intentionally high price to relative to the prices of competitors to distinguish product

Question 58

penetration pricing

Answer 58

setting a low price as marketing weapon