Chapters 11,12,& 13 Business

service utility

Placing a special order for a part you need to customize your computer is an example of _____.

limited competition

Which of the following is a characteristic of a well-chosen target market?

truck jobbers

The responsibilities of _____ often include checking the stock, suggesting reorder quantities, and removing out-of-date goods.

market share

What is the term for the percentage of a market controlled by a given marketer?

product line

________ is a group of products that are closely related to each other, either in terms of how they work or the customers they serve.

marketing concept

The _____ is a business philosophy that makes customer satisfaction—now and in the future—the central focus of the entire organization.

commercialization

The _____ stage of the new product development process entails introducing the product to the general market.

limited relationship

Marketers who cannot forge a close personal bond with every customer but actively gather data and pursue a connection with customers who initiate contact have a _____ with the customers.

promotion

Marketing communication designed to influence consumer purchase decisions through information, persuasion, and reminders is referred to as ________.

ending prices in numbers below even dollars and cents

Odd pricing refers to the practice of ________.

social responsibility movement

Two key factors have had a dramatic impact on marketing in the past couple of decades are the surge in the ________, and the dramatic emergence of the internet and digital technology

competitive environment

Understanding the _____ begins with analysis of market share.

channels of distribution

Which of the following are the elements of distribution strategy?

observation research and survey research

Which of the following are the two basic categories of primary research?

profitability

Which of the following characteristics of a well-chosen target market states that the people of the target market must be willing and able to spend more than the cost of producing and marketing a product?

traffic counters to determine where to place billboards

Which of the following is not an example of survey research?

place marketing

Which of the following marketing strategies can be best employed for attracting tourists?

the product consistency

Which of the following phrases describes how reliably a product delivers its promised level of quality?

everyday-low pricing

Which of the following pricing strategies includes long-term discount pricing, designed to achieve profitability through high sales volume?

It is the network of organizations and processes that links producers to consumers.

Which of the following statements best defines a channel of distribution?

it refers to the dynamic pattern of sales and profits of a product

Which of the following statements best defines product life cycle?

place utility

Which of the following utilities satisfies wants by providing goods and services at a convenient location for customers?

time utility

Which of the following utilities satisfies wants by providing goods and services at a convenient period for customers?

ownership utility

Which of the following utilities satisfies wants by smoothly transferring proprietorship of goods and services from seller to buyer?

discontinuous innovations

_____ are brand-new ideas that radically change how people live.

national brands

_____ are brands that the producer owns and markets.

channel intermediaries

_____ are distribution organizations that facilitate the movement of products from the producer to the consumer.

the supply chain

_____ for a product includes not only its distribution channels but also the string of suppliers who deliver products to the producers.

supply chain

_____ includes all organizations, processes, and activities involved in the flow of goods from the raw materials to the final consumer.

multilevel marketing

_____ involves hiring independent contractors to sell products to their personal network of friends and colleagues and to recruit new salespeople in return for a percentage of their commissions.

intensive distribution

_____ involves placing a producer's products in as many stores as possible.

the wheel of retailing theory

_____ is a classic distribution theory that suggests that retail firms and retail categories become more upscale as they go through their life cycles.

trade promotion

_____ is designed to stimulate wholesalers and retailers to push specific products more aggressively over the short term.

advertising

_____ is paid, nonpersonal communication designed to influence a target audience with regard to a product, service, organization, or idea.

utility

_____ is the ability of goods and services to satisfy consumer wants.

consumer behavior

_____ is the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption.

Customer relationship management

_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.

environmental scanning

_____ is the process of continually collecting information from the external marketing surroundings.

exclusive distribution

_____ means establishing only one retail outlet in a given area.

psychographic segmentation

_____ refers to dividing the market based on consumer attitudes, interests, values, and lifestyles.

business buyer behavior

_____ refers to how people act when they're purchasing products to use either directly or indirectly to produce other products.

quality level

_____ refers to how well a product performs its core function.

cash and carry wholesalers

_____ service customers who are too small to merit in-person sales calls from wholesaler reps.

consumer promotion

_____ tools include premiums, promotional products, samples, coupons, rebates, and displays.

product mix

________ is the total number of product lines and individual items sold by a single firm.

m-commerce

________ refers to shopping via a mobile device such as a phone or a tablet.

customer benefit

In the context of product differentiation and planning, the term _____ refers to the advantage that a consumer gains from specific product features.

value

A customer perception that a product has a better relationship between the cost and the benefits than its competitors is known as ________.

sponsorship

A deep association between a marketer and a partner (usually a cultural or sporting event), which involves promotion of the marketer in exchange for either payment or the provision of goods, is known as _____.

core benefit, actual product, and augmented product

A product has three product layers. They are_________.

continuous innovation

A slight modification to an existing product is called a _____.

component parts

In the context of business product categories, _____ include(s) finished products used in producing other products.

achieve customer satisfaction

Less savvy marketers frequently fall into one of two traps—overpromising or underpromising—when trying to _____.

actual product

The physical good or delivered service that provides a core benefit is called the _____.

idea marketing

A whole range of public and private organizations market beliefs that are meant to change how people think or act. This is referred to as _____.

product

A(n) ________ is anything that an organization offers to satisfy consumer needs and wants, including both goods and services.

place utility

ATMs conveniently located in hotels, grocery stores, and college cafeterias are an example of ________.

customer-based segmentation

Business-to-business (B2B) _____ refers to dividing the market based on the characteristics of buyers.

green marketing

Companies employ _____ when they actively promote the ecological benefits of their products.

cognitive dissonance

Consumer discomfort with a purchase decision, typically for a higher-priced item, is known as ________.

measurable characteristics about people

Demographic segmentation divides the market based on__________.

market segmentation

Dividing potential customers into groups of similar people is known as _____.

demand-based pricing

In _____, marketers determine prices based on what consumers are willing to pay and then subtract their desired margins to yield target costs.

geographic segmentation

In the context of business market segmentation, _____ refers to dividing the market based on the concentration of customers.

raw materials

In the context of business product categories, _____ include(s) the farm and natural products used in producing other products.

accessory equipment

In the context of business product categories, ________ is/are designed for a shorter productive life than installations.

installations

In the context of business product categories, the marketing of _____ emphasizes personal selling and customization.

maintenance products

In the context of business products, _____ consist(s) of small-ticket items that businesses consume on an ongoing basis but do not become part of the final product.

behavioral segmentation

In the context of consumer marketers (B2C), _____ refers to dividing the market based on how people react toward various products.

rebates

In the context of consumer promotion tools, _____ entice consumers with cash-back offers and act as purchase motivators for higher-priced items.

selective distribution

In the context of distribution strategies, _____ means placing your products only with preferred retailers.

an appropriate size

In the context of market segmentation, a well-chosen target market should have _____.

multichannel retailing

In the context of marketers selling their products, _____ means encouraging consumers to buy through different venues.

event marketing

In the context of marketing strategies and tactics, _____ includes marketing—or sponsoring—athletic, cultural, or charitable functions.

people marketing

In the context of marketing strategies and tactics, sports, politics, and art dominate the category of _____.

diffusion

In the context of new product adoption, the process of a new product spreading throughout a market after it is introduced is called _____.

high/low pricing strategy

In the context of pricing strategies, the _____ tries to increase traffic in retail stores by special sales on a limited number of products, and greater everyday prices on others.

relationship era

In the context of the evolution of marketing, marketers of the _____ believe that satisfied customers can develop into advocates for businesses by becoming powerful generators of positive "word-of-mouth."

economic environment

In the context of the marketing environment, the only certainty in the _____ is change, and the timing of expansions and contractions is virtually impossible to predict.

product strategy

In the context of the marketing mix, _____ decisions range from brand name, to product image, to package design, to customer service, to guarantees, to new product development, and more.

promotion strategy

In the context of the marketing mix, the _____ of a product includes all of the ways that marketers communicate about the product.

testing

In the context of the new product development process, the _____ stage involves the formal process of soliciting feedback from consumers by testing the product concept.

distribution strategy

The goal of the _____ of a product is to deliver the product to the right people, in the right quantities, at the right time, in the right place.

mass customization

The internet has opened the door for _____, which is defined as creating products tailored to individual consumers on a large scale.

analysis

The purpose of the _____ stage of the new product development process is to estimate costs and forecast sales for each idea, in order to get a sense of the potential profit and of how the product might fit within the company's resources.

idea screening

The purpose of the _____ stage of the new product development process is to weed out proposals that do not fit with the company's objectives.

maturity stage

The sales of a new product most likely peak during the _____ of its life cycle.

search engine optimization

The technology of _____ involves taking specific steps to ensure that a particular website appears high on the list when customers look for a product or service via Yahoo! or Google.