Bus. Chapter 9-11 Test

_____ pricing is the strategy of increasing the price of a product so that consumers will perceive it being of higher value.

Prestige

_____ is the combining of natural resources, human resources, and capital to produce goods and services.

Production

_____ is a strategy that focuses on forging long-term partnerships with customers.

Relationship marketing

Good routing procedures:

increase productivity

Products that are bought after comparing price, suitability, quality, and style are called _____ products.

shopping

A _____ product is a product for which consumers may search long and hard and for which they refuse to accept substitutes.

specialty

The _____ is the entire sequence of securing inputs, producing goods, and delivering goods to a customers.

supply chain

n a retail store, a point-of-sale (POS) terminal would be used to:

track inventories

A basic form of market segmentation that uses such variables as age, education, and income is called:

demographic

A process layout is best for a company that has:

a wide variety of products

Which of the following is a step in the new-product development process?

develop new-product ideas, create a marketing mix, test the new product, screen ideas

In new-product development, _____ is the stage at which products that do not meet new-product goals are rejected.

screening

Inventory management performs all of the following tasks EXCEPT:

selling

Electronic data interchange (EDI) is an important communications tool for:

supply chain management

_____ occurs when no money is involved in the exchange of goods or services.

Bartering

_____ has a group think of as many ways as possible to generate new-product ideas, vary a product, or solve a problem.

Brainstorming

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing

_____ is the management of the production conversion process for both goods and services.

Operations management

The product layout is sometimes called the _____ layout.

assembly-line

Which of the following is a consumer durable?

bedroom dresser

Which one of the following is a commonly used method for market segmentation?

benefit, volume, geographic, psychographic

The _____ is a list of components and number of each needed for file cabinets that a manufacturing company will produce.

bill of materials

A continuous production process has all of the following characteristics EXCEPT:

low volume

After product specifications are set, a company must decide whether to purchase or manufacture the parts that it needs. This is called a(n) _____ decision.

make-or-buy

The _____ is the belief that the firm should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.

marketing concept

The _____ is based on the five P's.

marketing mix

In _____, goods are produced using mass production techniques up to a point. Then production is custom tailored to the needs or desires of individual customers.

mass customization

In the production of corn meal for baking, corn is ground. This conversion process is an example of:

process manufacturing

The purchasing function, sometimes called _____, is an important part of any firm's production strategy.

procurement

The _____ is the person who develops and implements a complete strategy and marketing program for a specific product or brand.

product manager

The categories of heavy, moderate, and light users have to do with which type of segmentation?

volume

Business products are classified into two categories. Large, expensive items with long life spans are called _____ products, and; smaller, less expensive items with short life spans are called _____ products.

capital; expense

Total quality management focuses on:

continuous improvement

_____ is the set of values, ideas, attitudes, and symbols created to shape human behavior.

culture

Synergy Oil and Gas builds oil-well drilling platforms to customer and government specifications. These platforms can cost as much as $1 billion. Synergy works on one platform at a time, and when it is finished, moves its crew to a new project. Synergy engages in:

customization

A manufacturer that uses the intermittent process to produce special customer orders is called a:

job shop

Taco Bell fast-food restaurant does not chop the lettuce and tomatoes and grate the cheese used to make its menu items, but hires someone outside the restaurant to perform these tasks. By _____ these tasks, Taco Bell can keep its overhead low and concentrate its resources on taking customer orders and assembling food.

outsourcing

What is Six Sigma?

a quality control process

Which of the following is an example of a social factor that influences the consumer decision-making process?

family

Customer satisfaction:

refers to the customer's feeling that a product has met or exceeded expectations