Marketing Final Exam

Question 1

Marketing Research

Answer 1

The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.

Question 2

Information Technology

Answer 2

Involves operating computer networks that can store and process data.

Question 3

Data Mining

Answer 3

The extraction of hidden predictive information from large databases

Question 4

Market Segments

Answer 4

The relatively homogeneous groups of prospective buyers that result from the market segmentation process.

Question 5

Product Differentiation

Answer 5

A marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.

Question 6

Six Sigma

Answer 6

The means to “delight the customer”by achieving quality through a highly disciplined process to focus on developing and delivering near-perfect products and services.

Question 7

Product Positioning

Answer 7

The place an offering occupies in consumers’ minds on important attributes relative to competitive products.

Question 8

Product Repositioning

Answer 8

Changing the place an offering occupies in consumers’ minds relative to competitive products.

Question 9

Electronic Commerce

Answer 9

Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services

Question 10

Reverse Marketing

Answer 10

Concept of marketing in which the customer seek the firm rather than the marketers seeking the customer.

Question 11

Organizational Buyers

Answer 11

Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

Question 12

Personal Selling - FAB Approach

Answer 12

Sales activities occurring before and after the sale itself, consisting of six stages: (1) prospecting,(2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up.

Question 13

New Product Development

Answer 13

x

Question 14

VCR Approach to Marketing

Answer 14

x

Question 15

Precycling

Answer 15

x

Question 16

Packaging

Answer 16

A component of a product that refers to any container in which it is offered for sale and on which label information is displayed.

Question 17

Brand Name

Answer 17

Any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s goods or services.

Question 18

Trademark

Answer 18

Identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it.

Question 19

Quality

Answer 19

x

Question 20

Primary Data

Answer 20

Facts and figures that are newly collected for the project.

Question 21

Secondary Data

Answer 21

Facts and figures that have already been recorded before the project at hand.

Question 22

Direct Marketing

Answer 22

A promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet.

Question 23

Integrated Marketing Communications

Answer 23

The concept of designing marketing communications programs that coordinate all promotional activities—advertising, personal selling, sales promotion, public relations, and direct marketing—to provide a consistent message across all audiences.

Question 24

Infomercials

Answer 24

Program-length (30-minute) advertisements that take an educational approach to communication with potential customers.

Question 25

The Aspects of a Trade Show

Answer 25

x

Question 26

The Communicational Model

Answer 26

x

Question 27

Advertising

Answer 27

Any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor.

Question 28

How to Develop an Advertising Program

Answer 28

x

Question 29

80/20 Rule

Answer 29

80% of your profits come from 20% of your best customers.

Question 30

The push strategy

Answer 30

Directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product.

Question 31

Four Stages of the Product Life Cycle

Answer 31

Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.

Question 32

Three Aspects of Modifying the Market

Answer 32

x

Question 33

The Elements of a Good Brand Name

Answer 33

x

Question 34

Sampling

Answer 34

x

Question 35

Observational Data

Answer 35

Facts and Figures obtained by watching either mechanically or in person, how people actually behave.

Question 36

The Market Segmentation Process

Answer 36

x

Question 37

The New Product Development Process Branding

Answer 37

A marketing decision by an organization to use a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors.

Question 38

Six Clues to a New Product Success

Answer 38

x

Question 39

What three factors must be considered when scheduling a product ad?

Answer 39

x

Question 40

Promotional Mix consists of promotional tools to:

Answer 40

inform, persuade, & remind

Question 41

Product Advertising

Answer 41

Advertisements that focus on selling a good or service and that take three forms: (1) pioneering (or informational), (2) competitive (or persuasive), and (3) reminder.

Question 42

Institutional Advertising

Answer 42

Advertisements designed to build goodwill or an image for an organization rather than promote a specific good or service.

Question 43

The pull strategy

Answer 43

Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.