Marketing

Question 1

marketing

Answer 1

marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

exchange process

Answer 2

When two or more parties benefit from trading things of value.

Question 3

utility

Answer 3

The ability of a good or service to satisfy the wants and needs of customers is called utility.

Question 4

form utility

Answer 4

It involves the development of a product that meets the format, size, shape and scope that customers need.

Question 5

time utility

Answer 5

Time utility is created by making a good or service available when customers want and need to purchase it. In some industries, fast delivery drives the value proposition, which is the customer’s perception of the mix of benefits provided by a particular solution.

Question 6

place utility

Answer 6

Place utility is created by making a product available in a location convenient for customers to purchase.

Question 7

ownership/possession utility

Answer 7

Ownership utility (also called possession utility) refers to an orderly transfer of goods and services from the seller to the buyer.

Question 8

information utility

Answer 8

Information utility is the communication that companies engage in with customers to trigger buying activity and to manage purchasing processes. Companies use promotional messages delivered through advertising and public relations to share company, product or service information. The goal is to attract interested buyers.

Question 9

4 P’s of Marketing

Answer 9

Product, Price, Promotion, Place

Question 10

marketing concept

Answer 10

Refers to a company-wide customer orientation with the objective of achieving long-run success. A company should analyze each customer’s needs and then work backward to offer products that fulfill them.

Question 11

person marketing

Answer 11

Efforts designed to attract the attention, interest, and preference of a target market toward a person.

Question 12

place marketing

Answer 12

Attempts to attract people to a particular area, such as a city, state, or nation. It may involve appealing to consumers as a tourist destination or to businesses as a desirable business location. A strategy for place marketing often includes advertising.

Question 13

event marketing

Answer 13

Marketing or sponsoring short-term events such as athletic competitions and cultural and charitable performances is known as event marketing.

Question 14

cause marketing

Answer 14

Marketing that promotes awareness of, or raises money for, a cause or social issue, such as drug abuse prevention or childhood hunger is cause marketing. Cause marketing seeks to educate the public and may or may not attempt to directly raise funds.

Question 15

organization marketing

Answer 15

Influences consumers to accept the goals of, receive the services of, or contribute in some way to an organization.

Question 16

Environmental scanning

Answer 16

analysis of external environmental factors by marketers to understand how they impact business and marketing decisions.

Question 17

marketing strategy

Answer 17

2 step process: 1) study and analyze potential target markets and choose among them; 2) create a marketing mix to satisfy chosen market.

Question 18

Consumer products

Answer 18

often known as business-to-consumer (B2C) products—are goods and services, such as GPS systems, tomato sauce, and a haircut, that are purchased by end users.

Question 19

Business products

Answer 19

or business-to-business (B2B) products—are goods and services purchased to be used, either directly or indirectly, in the production of other goods for resale, for example, an espresso machine at a coffee café or a printing press at a printer.

Question 20

target market

Answer 20

group of potential customers towards whom the organization directs its marketing efforts.

Question 21

marketing mix

Answer 21

blends the 4 strategies (4 P’s) to fit the needs and preferences of a specific target market - success depends on unique combo of the 4.

Question 22

Product strategy

Answer 22

involves more than just designing a good or service with needed attributes. It also includes decisions about package design, brand names, trademarks, warranties, product image, new-product development, and customer service.

Question 23

Distribution strategy (Place)

Answer 23

ensures that customers receive their purchases in the proper quantities at the right times and locations.

Question 24

Promotional strategy

Answer 24

effectively blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions.

Question 25

Pricing strategy

Answer 25

is also one of the most difficult areas of marketing decision making in setting profitable and justifiable prices for the company’s product offerings.

Question 26

marketing research

Answer 26

process of collecting and evaluating information to help marketers gain insight in order to make effective decisions

Question 27

Market segmentation

Answer 27

process of defining and subdividing a large homogeneous market into specific and identifiable segments or groups whose characteristics, needs, and wants are similar. Geographic, demographic, psychographic, product-related, end-use.

Question 28

relationship marketing

Answer 28

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

Question 29

frequency marketing programs

Answer 29

reward purchasers with cash, rebates, merchandise, or other premiums.

Question 30

affinity program

Answer 30

marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities.

Question 31

Convenience products

Answer 31

items the consumer seeks to purchase frequently, immediately, and with little effort.

Question 32

Shopping products

Answer 32

items typically purchased only after the buyer has compared competing products in competing stores.

Question 33

Specialty products

Answer 33

items a purchaser is willing to make a special effort to obtain, considers it to have no reasonable substitute.

Question 34

Unsought products

Answer 34

goods/services that consumers either don’t know about or know about but don’t think of buying until a need arises.

Question 35

Business products

Answer 35

goods and services used in operating an organization; also includes tools/property/components used to produce other items for resale. Classified based on how they’re used and their characteristics.

Question 36

Capital items

Answer 36

products that are long-lived and relatively expensive.

Question 37

Expense items

Answer 37

products that are lest-costly and consumed within a year.

Question 38

B2B Products Categories

Answer 38

installations, accessory equipment, component parts and materials, raw materials, and supplies.

Question 39

Product line

Answer 39

group of related products marked by physical similarities or intended for a similar market.

Question 40

Product mix

Answer 40

assortment of product lines and indiv. goods/services that a company offers to consumers and business users.

Question 41

Product life cycle

Answer 41

introduction, growth, maturity, decline

Question 42

6 Stages of New Product Development

Answer 42

1) idea generation, 2) idea screening, 3) business analysis, 4) development, 5) test marketing, 6) commercialization / product launch.

Question 43

Brand

Answer 43

east to pronounce, recognize, and remember; should convey the right image to buyer; be legally protected.

Question 44

Brand Loyalty stages

Answer 44

brand recognition, brand preference, and brand insistence

Question 45

Brand recognition

Answer 45

brand acceptance strong enough that the consumer is aware of the brand but not strong enough to cause a preference over other brands - ads, free samples, and discount coupons are common ways to increase recognition.

Question 46

Brand preference

Answer 46

when a consumer chooses one company’s brand over a competitor’s.

Question 47

Brand insistence

Answer 47

ultimate degree of brand loyalty, in which the consumer will look for it at another outlet, special-order it from a dealer, order by mail, or search the Internet.

Question 48

Brand equity

Answer 48

added value that a respected and successful name gives to a product.

Question 49

Brand manager

Answer 49

marketer plans and implements the balance of promotional, pricing, distribution, and product arrangements that leads to strong brand equity.

Question 50

Category manager

Answer 50

oversees an entire group of products, has profit responsibility for their product group.

Question 51

distribution strategy

Answer 51

deals with the marketing activities and institutions involved in getting the right good or service to the company’s customers.

Question 52

Distribution channels

Answer 52

paths that products—and legal ownership of them—follow from producer to consumer or business user. They are the means by which all organizations distribute their goods and services. Direct distribution channel and marketing intermediary (wholesalers and retailers).

Question 53

Physical distribution

Answer 53

actual movement of products from producer to consumers or business users.

Question 54

wholesaler

Answer 54

distribution channel member that sells primarily to retailers, other wholesalers, or business users

Question 55

Retailers

Answer 55

distribution channel members that sell goods and services, typically in small quantities, to individuals for their personal use rather than for resale.

Question 56

Retailer marketing strategy

Answer 56

(1) identify target market, (2) product strategy, (3) shaping a customer service strategy, (4) pricing strategy, (5) choose location, (6) build a promotion strategy, (7) create a store atmosphere.

Question 57

Distribution intensity

Answer 57

the number of intermediaries/outlets through which a manufacturer distributes its goods. 3 different intensity levels: intensive, selective, exclusive.

Question 58

Supply chain

Answer 58

the complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers.

Question 59

Logistics

Answer 59

process of coordinating the flow of goods, services, and information among members of the supply chain.