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Marketing Exam 1 (chapters 11-13)

utility
When a business provides ____ they satisfy customer’s wants and needs by providing goods and services at a convenient moment for customers
marketing
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
form utility
___ satisfies wants by converting inputs into a finished product
place marketing
the successful marketing campaign “what happens in vegas stays in vegas” is an example of
marketing era
in the ____ era, many companies adopted the philosophy that consumer satisfaction should be the central focus of the entire organization
value
____ is the customer’s perception that a product has a strong, positive relationship between its costs and benefits
CRM (customer relationship management)
___ is the process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value
combining marketing communication with 1 on 1 personalization
a key to successful customer relationship management is to
overpromise and underpromise
a common error marketers commit when trying to generate customer satisfaction is to
marketing plan
many firms develop a formal ____ to answer the question: who is your target market and how do you plan to reach them?
size, profitability, accessibility, limited competition
a well-chosen target market embodies the following characteristics
similar groups based on measurable characteristics about people such as age, income, ethnicity, gender
demographic segmentation divides the market by
psychographic
when firms in B2C markets divide up the potential market according to values, attitudes, and lifestyles, they are making use of _____ segmentation
demographic, geographic, psychographic, behavioral segmentation
which of the following sets of terms describe approaches used by B2C marketers to segment their markets?
customer based segmentation
when B2B marketers divide the market based on the characteristics of customers, they are using:
promotion, mix
Decisions about advertising, publicity, and product placement are all part of the firm’s ____ strategy in its marketing ____
marketing mix
Jesse is a marketing manager for a large midwest-based producer of food products. He is in the process of developing the _____, which is the creating of the following elements: product, price, promotion, place
environmental scanning
_____ is the process of continually collecting information from the external marketing environment
marketing mix, external environment
marketers can actively influence the ______ marketing mix, but they usually are unable to control the ______
competitive environment
analysis of market share is a key to understanding the firm’s _____
consumer behavior
___ refers specifically to how people act when buying goods and service for personal consumption
gathering, interpreting, and applying to uncover opportunities and challenges
market research involves
mass customization
creating products tailored for individuals on a mass basis is referred to as
product
by definition, a(n) ____ satisfies consumer wants and needs
core benefit, actual product, product augmentation
a product has three product layers. they are:
consumer products
products purchased for personal use or consumption
business products
purchasing to use directly or indirectly in the production of other products
specialty products, convenience products
expensive products that consumers purchase infrequently and are unwilling to accept substitutes for are _____. On the other hand, ____ are widely distributed and widely promoted by the product producers.
quality level, product consistency
when marketers characterize quality, they are concerned with two dimensions. the dimension that refers to how well the product performs its core function is ____, while the dimension that refers to how well the product repeatedly performs is _____
line
a product ____ is a group of products offered by a firm that are closely related to each other, either in terms of how they work, or the customers they serve
cobranding
____ occurs when established brands from different companies join forces in an effort to market the same product
licensing
____ involves purchasing the right to use another company’s brand name or symbol
national, store
the global recession decreased the sale of _____ brands and increased the sale of ____ brands
continuous innovation
involves making slight modifications to existing products in an effort to distinguish a product from the competition
idea generation, idea screening, analysis, development, testing, commercialization
stages of the new product development process are:
product life cycle
the ____ is a theoretical model that includes the stages of introduction, growth, maturity, and decline
raising awareness about the product
in the introduction stage of the product life cycle, marketing efforts are focused on:
growth
a product in the ___ stage is experiencing periods of rising sales and profits
advertising
____ is the non personal, paid communication a company places to influence consumer purchases
samples
_____ reduce the risk of purchasing something new by allowing consumers to try the product before making a purchase
coupons
____ offer consumers immediate price reductions
handle objections
you are a salesperson for a local company. you’ve just finished presenting your sales message to a consumer. the next step in the selling process is to:
direct channels
_____ are marketing intermediaries that sell directly to final consumers
merchant wholesalers and agent brokers
independent wholesalers fall into two categories:
retailing
the creamy cow is a maker of gourmet ice cream. the company uses ____ to sell its products by using a variety of venues, including grocery stores, online, and mail order
category killers
_____ dominate the market by offering a huge variety of one type of product
supercenters
_____ sell a complete selection of food and general merchandise at a steep discount in a single enormous location
intensive distribution
companies like mcdonald’s, who place their stores in as many locations as possible, are using a strategy called:
wheel of retailing
the _____ is a theory that describes the upscale evolution of many retail firms; however, it does not account for stores that launch at the higher end of the market or for firms that retain their reputation as discount retailers.
exclusive
fashion trend setters such as gucci who establish one retail outlet in a given area are utilizing a(n) _____ distribution strategy
goal of intensive distribution
______ is to make it convenient for sumers to find and purchase products at many locations and in many ways
nonstore retailers
online selling, direct response retailing, and vending machines are all examples of:
supply chain
____ involves determining how a product will flow through the distribution channel from producer to consumer
supply chain management
the career field called _______ involves planning and coordinating the flow of food—-from the raw materials to the final consumers
logistics
____ is a subset of supply chain management that focuses on tactics rather than on strategy
raw materials, distributors
the supply chain begins with ______ and ends with ______
plane
sending products by _____ is the most expensive option available to producers
profitability
______ is the positive difference between revenue and costs
market share
a firm’s _____ is the percent of total market for a product that is controlled by that company
everyday low pricing (EDLP)
____ aims to achieve long-term profitability by sustaining a high sales volume
high/low pricing
_____ aims to increase traffic in retail stores using special sales on a limited number of products and higher everyday prices on others
breakeven analysis
____ is the method used to determine the number of units a firm must sell at a specific price to cover all costs
cost-based
_____ pricing is the most popular method of fixed margin pricing
demand-based pricing
in _____, marketers determine price based on what consumers are willing to pay and then subtract desired margins to yield target costs

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