Marketing Test 2 Flashcards
Producer Businesses
Manufacturers, farms, mines, financial institutions and other providers.
Intermediaries Businesses
Wholesalers and Retailers
Government Businesses
Federal State and Local
Nonprofits
National Local
Specifications
Describe the need of the buyer
Purchase Specifications
Written descriptions of what the firm wants to pay
Just-in-Time Delivery
reliably getting products there just before the customer needs them
Do customers cluster in specific geographic areas?
Yes
Where are US manufacturers concentrated?
Big metropolitan cities like New York, Pennsylvania, Ohio, and California
Marketing Research
includes the procedures to gather and analyze information to help marketing managers make decisions
Situation Analysis
may uncover information that leads to an early identification of a solution
Primary Data
information specifically collected to solve a current problem
Such as: Surveys, experiments
Secondary Data
information that has previously been collected or published
Such as: Info from the internet
Focus Group
Involves a small group (usually 5 to 10 people) in a discussion- usually for about an hour
Market Research Online Community (MROC)
an online group of people who are joined together by a common interest and who participate in ongoing research.
Product
means the need-satisfying offering of a firm
Quality
means a product’s ability to satisfy a customer’s needs or requirements
Product Assortment
all of the firm’s product lines and individual products
Product Line
Set of individual products that are closely related and may be produced or operate in a similar way.
Brand Rejection
the potential customers wont buy a brand unless its image is changed
Brand Insistence
customers insist on a firms branded product and are willing to search for it
Packaging
involves the promoting, protecting, and enhancing of the product. Makes the product easier to identify. Safer to use. Can portray nutritional info.
Product Life Cycles
continue to get shorter due to technology
Concept Testing
evaluate a product before a prototype exists
Commercialization
Where you start production and marketing. When you “roll out” your product to selected markets.
