BUS 100 CH. 11-16
the marketing concept
a business philosophy that makes customer satisfaction—now and in the future—the central focus of the entire organization
intensive distribution
placing a producer's products in as many stores as possible (or placing the producer's stores themselves in as many locations as possible). a. Wholesale distribution b. Direct distribution c. Intensive distribution d. Selective distribution
profit sharing
plans that reward employees with a share of company profits above and beyond predetermined goals
continuous innovation
A slight modification of an existing product is called a a. discontinuous innovation b. dynamically continuous innovation c. disruptive innovation d. continuous innovation
geographic segmentation
B2B geographic segmentation refers to dividing the market based on the concentration of customers.
they are clearly connected to events that matter to the target audience
Consumers tend to view sponsorships in a positive light because... a. only the premium brands opt for sponsorship. b. they are clearly connected to events that matter to the target audience. c. they allow the consumers to get a first-hand experience of a product. d. they do not involve any form of transaction in either cash or kind.
people marketing
Countless entertainers and athletes have used people this marketing technique to their advantage. For example, Paris Hilton, who appeared to build her early career on promotion alone, eventually parlayed the media attention into a successful line of perfumes and fashion items a. place marketing b. people marketing c.idea marketing d. event marketing
employee separation
Employees leave jobs for a number of different reasons. Experiencing success, they may be promoted or lured to another firm a. employee separation b. halo effect c. employee selection d. negative leniency
break even point
FC, divided by price per unit (P) - variable costs (VC) =?
product quality, price and service
In the context of business product categories, the marketing of component parts and processed materials emphasizes: a. personal selling and efficiency. b. product shelf life, customization, and quantity. c. quantity and brand. d. product quality, price, and service.
limited relationships
Marketers who cannot forge a close personal bond with every customer but actively gather data and pursue a connection with customers who initiate contact a. full partnerhsip b. partial partnerhsip c. distinct relationship d. limited relationship
theory x
Theory X or Y: that workers dislike work and will do everything they can to avoid it. Also, they prefer to be directed, avoiding responsibility and seeking security
theory y
Theory Y or X: assumes that the capacity for imagination, creativity, and ingenuity is widely distributed in the population
competitive environment
Understanding the _____ begins with analysis of market share.
logistics
a subset of supply chain management that focuses more on tactics (the actual movement of products) than on strategy
everyday low pricing
aims to achieve long-term profitability through high sales volume
national brands
also called manufacturers' brands, are brands that the producer owns and markets a. Umbrella brands b. Store brands c. Status brands d. National brands
matrix organization
an organization with a flexible structure that brings together specialists from different areas of the organization to work on individual projects on a temporary basis
line organizations
are organizations with a clear, simple chain of command from top to bottom.
expectancy theory
attributed to researcher Victor Vroom, is based on the key concept that a worker will be motivated if he or she believes that effort will lead to performance, and performance will lead to a meaningful reward. The theory suggests that if any link in the chain is broken, the employee will not be motivated.
demand based pricing
begins by determining what price consumers would be willing to pay. With that as a starting point, marketers subtract their desired margin, which yields their target costs a. gap-determined pricing b. cost-based pricing c. demand-based pricing d. fixed-margin pricing
wholesaler
buy products from the producer and sell them to businesses (or other nonfinal users, such as hospitals, nonprofits, and the government). a. retailer b. producer c. broker d. wholesaler
cobranding
can offer huge advantages to both partners, by leveraging their strengths to enter new markets and gain more exposure
goods and service spectrum
can provide a valuable tool for analyzing the relationship between goods and services. At one extreme, pure goods do not include any services. At the other extreme, pure services do not include any goods
agents and brokers
connect buyers and sellers and facilitate transactions in exchange for commissions. But they do not take legal ownership of the goods they distribute
functional
departmentalizaiton where employees are divided into groups based on their area of expertise. a. functional b. process c. territorial d. customer
cash and carry wholesalers
distributors who service customers who are too small to merit in-person sales calls from wholesaler reps
truck jobber
drive their products to their customers, who are usually smaller grocery stores
autocratic leaders
hoard decision-making power for themselves, and they typically issue orders without consulting their followers a. free-rein leader b. bureaucratic leader c. autocratic leader d. laissez-faire leader
idea marketing
ideas that are meant to change how people think or act. for example: Recycle, don't drink and drive, buckle your seatbelt, conserve water, support our political party, donate blood, and don't smoke a. place marketing b. people marketing c.idea marketing d. event marketing
direct response retailing
includes catalogs, telemarketing, and advertising (such as infomercials) meant to elicit direct consumer sales a. vending b. direct response retailing c. direct selling d. e-tailing
event marketing
includes marketing—or sponsoring—athletic, cultural, or charitable events a. place marketing b. people marketing c.idea marketing d. event marketing
accessory equipment
includes smaller, movable capital purchases, designed for a shorter productive life than installations
dynamically continuous innovation
innovations that are characterized by marked changes to existing products. Examples include cell phones, Blu-ray discs, and digital cameras. These types of innovations require a moderate level of consumer learning in exchange for significant benefits a. dynamically continuous innovation b. disruptive c. discontinuous d. continuous
place marketing
involves drawing people to a particular place. Cities, states, and nations use this marketing strategy to attract tourists. a. place marketing b. people marketing c.idea marketing d. event marketing
skimming pricing
involves offering new products at a premium price. The idea is to entice price-insensitive consumers—music fanatics, for example—to buy high when a product first enters the market a. skimming pricing b. high/low pricing c. penetration pricing d. loss-leader pricing
search engine optimization
involves taking specific steps to ensure that a particular website appears high on the list when customers look for a product or service via an Internet search engine such as Yahoo! or Google a. online video advertising b. web scraping c. search engine optimization d. native advertising
cafeteria style benefits
is an approach to employee benefits that gives all employees a set dollar amount that they must spend on company benefits, allocated however they wish within broad limitation
brand extension
launching a product in a new category under an existing brand name is known as...
bonus
lump-sum payments, typically to reward strong performance from individual employees
first line
managers that must motivate, and evaluate nonmanagement employees, so they are heavily involved in day-to-day production issues manages the people who do the work
middle
managers' primary contribution often involves coordinating teams and special projects with their peers from other departments. also supervise lower-level managers and report to a higher-level manager a. first-line b. top c. middle d. general
exclusive distribution
means establishing only one retail outlet in a given area. a. Exclusive distribution b. Direct distribution c. Wholesale distribution d. Intensive distribution
human skills
middle level managers need especially high levels of.. a. human skills b. life skills c. cognitive skills d. intrapersonal skills
top level managers
middle or top managers: focus on strategic planning
trialability
most car dealers allow test-driving of the cars they sell to increase the _____ of their product a. relative advantage b. trialability c. compatibility d. observability
equity theory
motivation theory that proposes that perceptions of fairness directly affect worker motivation. The key idea is that people won't be motivated if they believe that the relationship between what they contribute and what they earn is different from the relationship between what others contribute and what others earn.
older
one way management is trying to retain their (younger/older) employees is through: flexible schedules, training opportunities, and creative pay schedules
demographics, personality
personal influences on the consumer decision-making process include... what 2 things?
missionary selling
promoting goodwill for a company by providing information and assistance to customers a. green marketing b. cause-related marketing c. missionary selling d. social selling
consumer promotion
promotion tools include premiums, promotional products, samples, coupons, rebates, and displays a. Product placement b. Sponsorship c. Consumer promotion d. Personal selling
limited service merchant wholesaler
provide fewer services than full-service merchant wholesalers to their customers. For example, some might warehouse products but not deliver them. Others might warehouse and deliver but not provide credit or marketing assistance a. agent b. limited-service merchant wholesaler c. broker d. full-service merchant wholesaler
conceptual
refer to the ability to grasp a big-picture view of the overall organization and the relationship between its various parts. Managers strong in this skill typically excel at strategic planning
the product consistency
refers to how reliably a product delivers its promised level of quality. With a positive relationship between price and performance, this can offer a competitive edge at almost any quality level a. The augmented benefit that the product offers b. The product consistency c. The life cycle of the product d. The primary features of the product
quality level
refers to how well a product performs its core functions a. quality level b. Perishability level c. Licensing d. Product line
contingency planning
refers to planning for unexpected events, usually involving a range of scenarios and assumptions that differ from the assumptions behind the core plans usually done by senior management but with input from the other levels of management
licensing
refers to purchasing the right to use another company's brand name or symbol
operational planning
refers to very specific, short-term planning that applies tactical plans to daily, weekly, and monthly operations a. strategic planning b. risk mitigation planning c. contingency planning d. operational planning
retailer
represent the last stop on the distribution path, since they sell goods and services directly to final consumers. a. retailer b. truck jobber c. wholesaler d. drop shipper
form utility
satisfies wants by converting inputs into a finished form a. form utility b. time utility c. ownership utility d. place utility
direct channel
sells its products to customers at its own retail shops
penetration pricing
strategy for pricing new products, and it aims to capture as much of the market as possible through rock-bottom prices a. high/low pricing b. loss-leader pricing c. penetration pricing d. skimming pricing
line managers
supervise the functions that contribute directly to profitability: production and marketing
staff managers
supervise the functions that provide advice and assistance to the line departments.
drop shipper
take legal title of the merchandise, but they never physically process it. They simply organize and facilitate product shipments directly from the producer to their customers. a.. cash and carry wholesaler b. truck jobber c. drop shipper d. full-service merchant wholesaler
human skills
the ability to work with and through other people in a range of different relationships. a. technical skills b. conceptual skills c. human skills d. cognitive skills
credible
the biggest advantage of publicity is that its usually...
consumer behavior
the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. also explores the reasons behind people's actions
departmentalization
the division of workers into logical groups
job analysis
the examination of specific tasks that are assigned to each position, independent of who might be holding the job at any specific time
customer relationship management
the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value a. consumer market segementation b. customer relationship management c. people marketing d. mass customization
customer loyalty
the payoff for delivering value and generating satisfaction. customers that purchase from you again and again—and they sometimes even pay more for your product
job specifications
the specific qualifications necessary to hold a particular position.
true
true or false: Distributors add value, or utility, in a number of different ways: form, time, place, ownership, information, and service.
true
true or false: When it comes to creating customer satisfaction, perceived value is just as important as actual value.
true
true or false: CEO pay during 2011 was correlated to how well companies fared in the stock market
sales promotion
what is a traditional promotional tool