Marketing Exam 2

Question 1

Omnichannel growing

Answer 1

More companies sell B2B and directly to the customer B2C

Question 2

Buying centers

Answer 2

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

Question 3

Business buying process

Answer 3

1. Need recognition
2. Product specification
3. RFP Process
4. Proposal analysis/negotiation
5. Order specifications
6. Vendor assesment

Question 4

New Buy

Answer 4

A situation requring the purchase of a product or technology for the first time.

Question 5

Modified buy

Answer 5

Purchaser wants to change the original product or service. Or the product has changed.

Question 6

Straight rebuy

Answer 6

Purchaser reorders the same goods or services without looking for new information or investigating other suppliers.

Question 7

Requirements of a market

Answer 7

Need or desire
ability to buy
willing to buy
authority to buy

Question 8

STP

Answer 8

Segment the markets
Targeting
Positioning

Question 9

Segmentation

Answer 9

What/How we buy: benefits sought
Who are we: demographics and psychographic

Question 10

Target market

Answer 10

A group of people or organization a company designs a marketing mix for to meet the needs of that group resulting in an exchange.

Question 11

Undifferentiated targeting strategy

Answer 11

Views market as one big market with no individual segments and a single marketing mix.

Question 12

Concentrated targeting strategy

Answer 12

Selecting one segment of a market to target often called NICHE strategy.

Question 13

Differentiated targeting strategy

Answer 13

Chooses two or more market segments and develops a marketing mix for each.

Question 14

Perceptual maps

Answer 14

Identifies customer needs and perceptions to place products in customers minds relative to the competition.

Question 15

Repositioning

Answer 15

Changing brand to combat changing demographics, declining sales, and changed in social environment.

Question 16

Primary data

Answer 16

Facts newly collected for the project

Question 17

Secondary Data

Answer 17

Facts already recorded before the project

Question 18

Syndicated data

Answer 18

Data collected about the general market that can be purchased

Question 19

Qualitative data

Answer 19

Observations, interviews, focus groups, and social media

Question 20

Quantitative data

Answer 20

experiments, surveys, scanner, panels

Question 21

Open ended question

Answer 21

Encourages an answer in the respondents’ own words

Question 22

Closed ended question

Answer 22

Asks respondent to answer based on a list of responses

Question 23

Scaled response question

Answer 23

Closed ended question to measure intensity of a respondents answer

Question 24

Product item

Answer 24

Specific version of a product, a distinct offering among an organizations products.

Question 25

Product line

Answer 25

A group of closely related items

Question 26

Product mix

Answer 26

All products and organization sells

Question 27

Breadth

Answer 27

Different kinds of products a company sells

Question 28

Depth

Answer 28

Variations of the product a company sells

Question 29

Individual brand

Answer 29

Using different brand names for different products

Question 30

Family brand

Answer 30

Different products under the same brand name

Question 31

Brand extension

Answer 31

New line

Question 32

Line extension

Answer 32

new product line

Question 33

Warranty

Answer 33

A confirmation of the quality or performance of a good or service

Question 34

Express Warranty

Answer 34

a written guarentee

Question 35

Implied warrenty

Answer 35

unwritten guarantee that the good or service is fit for the purpose for which it is sold.

Question 36

Diffusion

Answer 36

The process by which the adaptation of an innovation spreads

Question 37

idea screening

Answer 37

The first filter in the product development process, eliminates ideas that won't work for the organization

Question 38

Concept test

Answer 38

evaluates a new product idea usually before a prototype has been created

Question 39

Service

Answer 39

Intangible product involving a deed

Question 40

Intangible (how services differ from goods)

Answer 40

No physical object, makes it hard to communicate benefits

Question 41

Inseparable (how services differ from goods)

Answer 41

production and consumption or simultaneous, consumer takes part in production

Question 42

Heterogeneity (how services differ from goods)

Answer 42

Services depend on their employees for quality, consistency is difficult to achieve

Question 43

Perishable (how services differ from goods)

Answer 43

services cannot be saved, challenging to synchronize supply and demand

Question 44

Reliability (Dimensions of service quality)

Answer 44

Ability to perform the promised service dependably and accurately

Question 45

tangibles (Dimensions of service quality)

Answer 45

Appearance of physical facilities, equipment, personnel, and communication materials

Question 46

Responsiveness (Dimensions of service quality)

Answer 46

Willingness to help customers and provide prompt service

Question 47

Assurance (Dimensions of service quality)

Answer 47

Knowledge and courtesy of employees and their ability to convey trust and confidence

Question 48

Empathy (Dimensions of service quality)

Answer 48

Caring, individualized attention to customers

Question 49

Profit oriented

Answer 49

target profit pricing profit maximization target ROI

Question 50

Sales oriented

Answer 50

Market share sales maximization premium pricing

Question 51

Staus quo

Answer 51

Meet competition parity maintain prices/margins

Question 52

Customer oriented

Answer 52

demand - WTP desired positioning customer value driven