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FINALS Flashcards

1
Q

a place where parties can gather to facilitate the exchange of goods and services,

a. segmentation
b. market
c. targeting

A

b. market

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2
Q

process of bifurcating or dividing a large unit into various small units

a. market
b.targeting
c. segmentation

A

c. segmentation

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3
Q

4 basis of market segmentation

A

-geographic
-demographic
- psychographic
-behavioral

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4
Q

this segmentation is about region, population and climate

A

geographic segmentation

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5
Q

this segmentation is about gender, age, religion, household type, occupation, and income

A

demographic segmentation

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6
Q

this segmentation is about the lifestyle, values and beliefs

A

psychographic segmentation

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7
Q

this segmentation is about benefit sought, usage rate,brand loyalty, readiness to buy

A

behavioral segmentation

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8
Q

what are the process of segmentation

A

1.identify segmented market
2.analyze each segment
3.evaluate market segment
4.select target segment

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9
Q

process of evaluation and examination of various segments

a.segmentation
b.targeting
c.positioning

A

b.targeting

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10
Q

the process of creating an IMAGE of your product in the minds of your target customer

a.positioning
b.targeting
c.labels

A

a.positioning

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11
Q

3 steps in product positioning;

A
  1. know your target audience
    2.identify your product features.
    3.unique selling proposition
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12
Q

refers to all aspects and acts in the 4ps of marketing

a.marketing mix
b.product
c.core product

A

a.marketing mix

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13
Q

what are the 4ps of marketing

A

product
price
placement
promotion

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14
Q

anything that a firm offers to the consumers for acquisition, use or consumption

a.market
b.tangible
c.product

A

c. product

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15
Q

physical qualities and features of a product

a.core product
b. tangible/actual
c.supplement

A

b. tangible

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16
Q

marketers offer supplements or add ons to ensure consumers to make a repeat purchase

a.core product
b.supplement/augmented product
c.tangible

A

b. supplement

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17
Q

3 classifications of products

A
  1. consumer goods
  2. industrial goods
    3.organization/plce/ideas/persons
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18
Q

these are products bought by consumers for their personal use and consumption.

a.industrial goods
b.consumer goods
c.org/place/ideas

A

b. consumer goods

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19
Q

products/services used for the production of new product

a.consumer goods
b. industrial goods
c.org/place/ideas

A

B

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20
Q

when people try to market their skills and abilities, they themselves become products.

a.org/place/ideas
b.consumer goods
c.industrial goods

A

A

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21
Q

these pertains to the quality, design and features of a product.

a.product attributes
b.branding
c.packaging

A

A

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22
Q

is a symbool, name, design or the combination of all three

a.product attributes
b.branding
c.packaging

A

B

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23
Q

this refers to the apperance of the products wrapper or container

a.product attributes
b.branding
c.packaging

A

C

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24
Q

are labeled to provide the consumers the neccesary information about the product

a.labels
b.branding
c.packaging

A

A

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25
Q

marketers offer product support services to consumers

a.labels
b.support services
c.packaging

A

B

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26
Q

refers to the length of time a product is introduced to conumers into the market

A

Product life cycle

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27
Q

4 stages of PLC

A

1.introduction
2.growth
3.maturity
4.decline

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28
Q

includes substantial investment in advertising a marketing campaign

a.introduction
b.growth
c.maturity

A

A

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29
Q

if the product is successful, it then moves to the grwth stage.

a.introduction
b.growth
c.maturity

A

B

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30
Q

the most profitable stage, while the cost of producing and marketing decline.

a.growth
b.maturity
c.decline

A

B

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31
Q

the product may lose market share and could begin its decline

a.decline
b.growth
c.maturity

A

A

32
Q

quantity of payment or compensation given by one party to another in return

A

Price

33
Q

type of process setting prices, set the goals of the pricing policy

a.setting price objectives
b.estimating the product demand
c.analyzing the competitors prices

A

A

34
Q

type of process setting prices, helps in knowing the factors that affect the demand of a product

a.setting price objectives
b.estimating the product demand
c.analyzing the competitors prices

A

B

35
Q

type of process setting prices, influences the decisions of setting the prices of products

a.setting price objectives
b.estimating the product demand
c.analyzing the competitors prices

A

C

36
Q

type of process setting prices, involves the selection of a technique for setting the price

a.selecting the pricing method
b.setting price objectives
c. selecting the pricing policy

A

A

37
Q

type of process setting prices, involves a strategy/practice used by an org to achieve its pricing objectives

a.selecting the pricing method
b.setting price objectives
c. selecting the pricing policy

A

B

38
Q

5 types of pricing strategies

A
  1. multiple product pricing
    2.differentil pricing
    3.promotional pricing
    4.product line pricing
    5.psychological pricing
39
Q

organizations produce more than one product in their line of production. even a single product of an org can differ in styles iand sizes (eg: refrigerator)

a.multiple product pricing
b.differential pricing
c.prommotional pricing

A

A

40
Q

charging different prices from different customers for some products.

a.multiple product pricing
b. differential pricing
c. promotional pricing

A

B

41
Q

4 types of differential pricing

A
  1. negotiated pricing
    2.secondary market pricing
    3.periodic pricing
    4.random pricing
42
Q

pricing strategy that helps in promoting the product.

a.multiple product pricing
b. differential pricing
c. promotional pricing

A

C

43
Q

3 types of promotional pricing

A

1.price leader
2.special event pricing
3.comparison discounting

44
Q

setting a price of all the high priced and low price products in a way that maximizes the profit on whole product line.

a. product line pricing
b. promotional pricing

A

A

45
Q

4 types of product line pricing

A
  1. captive pricing
    2.premium pricing
    3.bait pricing
    4.price lining
46
Q

tries to influencce the perception of customers about the price of a product. some customers believ that high price is an indicator of the good quality

a.product line pricing
b.psychological pricing

A

B

47
Q

5 types of psychological pricing

A
  1. reference pricing
    2.bundle pricing
    3.multiple unit pricing
    4.odd-even pricing
    5.prestige pricing
48
Q

It refers to the difference between the selling price of goods/service and its cost.

A

Markup

49
Q

its about the “channel of distribution” and marketers see to it that a product reaches its target cutomers

a.price
b.placement
c.product

A

B

50
Q

consider where the product should be available

A

Place

51
Q

refers to the series of steps taken by firms to introduce a product to its target customer

A

promotion

52
Q

5 major types of promotion

A
  1. advertising
    2.public relations
    3.personal selling
    4.sales promotion
    5.direct marketing
53
Q

paid form of non-personal and mediated presentation of product/services

a.public relation
b.advertising
c.personal selling

A

B

54
Q

the attempts of firms to build a good brand image and establish a smooth and harmonious relationship with consumers

a.public relation
b.advertising
c.personal selling

A

A

55
Q

utilize the firm’s large sales force with the intention of making a direct sale to target customer

a.public relation
b.advertising
c.personal selling

A

C

56
Q

it involves the use of incentives on a short term basis to boost product sales

a.sales promotion
b.ads
c.direct marketing

A

A

57
Q

involves direct communication with consumers with the aim of establishing good support for them

a.sales promotion
b.ads
c.direct marketing

A

C

58
Q

the 3 newer Ps expand the marketing mix for the 21st century

A

people, process, and physical evidence

59
Q

the practice of strategically driving the development, market launch, and continual support and improvement of a company’s products.

A

Product development

60
Q

an essential product planning tool that essentially documents the workflow for when and how each feature or product will be released

A

product roadmap

61
Q

specific problems your customers experience during all the interactions across diff. touch points

A

customer pain points

62
Q

4 types of customer pain points

A
  1. process pain points
  2. financial pain points
  3. support pain points
  4. productivity pain points
63
Q

(type of pain points) refer to how businesses interact with customers by choosing different methodologies and
processes. The process-related pain points can be:
* Connecting to the right department
* Application submission

A

PROCESS PAIN POINTS

64
Q

indicate the pain of spending an excessive amount of money on the current business that ends
up with the financial strain.

A

FINANCIAL PAIN POINTS

65
Q

type of pain points) support is one of the important business functions. With improper support, most of the crucial areas are
impacted.

A

SUPPORT PAIN POINTS

66
Q

The process pain points are when the customer expects a more streamlined experience when getting in touch with businesses.

A

PRODUCTIVITY PAIN POINTS

67
Q

is an offering you sell to customers to satisfy a need or want. Products often encompass more than the item or
service itself

A

PRODUCT

68
Q

is a discrete area of functionality within the product. While important, it is only one small piece of what
customers are actually buying.

A

PRODUCT FEATURE/FEATURE

69
Q

is the positive outcome or advantage gained from using that functionality. In other words, benefits describe why a feature
ultimately matters to the customer.

A

PRODUCT BENEFIT/BENEFIT

70
Q

is the a set of design, engineering, and research processes
which combine to create and launch a new product to market.

A

New Product Development (NPD)

71
Q

7 STAGES OF NPD

A
  1. idea generation
    2.idea screening
    3.concept development and testing
    4.marketing strategy and business analysis
    5.product development
    6.test marketing
    7.product launch
72
Q

very effective way to identify the problematic areas of your product

A

SWOT analysis

73
Q

brainstorming for a new peoduct ideas or ways to improve an existing product

A

idea generation

74
Q

This second step of new product development revolves around screening all your generated ideas and picking only the ones with the highest chance of success.

A

IDEA SCREENING

75
Q
A

MM (1 decks)

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