Marketing Fundamentals
Environmental & SWOT Analysis
(Marketing Plan Development) What other products will my chips be competing within the marketplace?
Marketing Implementation & Evaluation
(Marketing Plan Development) Who will b responsible for fielding questions from retailers and consumers?
Installations
------------- are products that last long periods of time and their purchases involve large sums of money
Social media marketing contains three essential features:
1. It creates a buzz. Buzz is the engine that drives social media marketing. Buzz carries the marketing message from one user to the next until it becomes viral, spreading as far and as rapidly as possible. The message doesn't have to be related directly to a firm's goods or services, but it must be compelling and memorable. 2. It creates ways for customers or fans to engage in conversations with each other and the organization. Social-networking sites, blogs, and forums promote these conversations. 3. It allows customers to promote the firm's messages themselves. Social-networking sites such as Facebook and Twitter enable customers to easily become a firm's promoter.
Four major categories define the business market:
1. The commercial market, 2. Trade industries, 3. Government organizations, and 4. Institutions.
The basic determinants of a market-specific strategy are
1. company resources, 2. product homogeneity, 3. stage in the product life cycle, and 4. competitors' strategies.
Segmentation follows a four-step sequence:
1. developing user profiles 2. forecasting the overall market potential, 3. estimating market share, and 4. selecting specific market segments
Blog
A _____ is defined as an online journal for an individual or organization.
Microblog
A blog posting that contains only a few words (such as on Twitter).
Shaping
A catalogue clothing item that a consumer bought in clearance is sent with a bogo At the grocery store you walk by a person giving out samples and coupon for potato chips nest to the display of same chips
Learning
A consumer is hungry and buys a donut from Krispy Kreme after seeing the flashing "hot and now" sign in the shop window A man has just finished a long workout at the gym and is thirsty; on the way home he stops at a convenient store advertising gatorade
Inseperability
A consumer who frequented Panache for hair cuts decided to have hair cuts in "Do My Hair" when her hairstylist moved to Do My Hair.
Explain the difference between a corporate website and a marketing website.
A corporate website is designed to increase a firm's visibility, promote its offerings, and provide information for interested parties. A marketing website generally includes the same information found on a corporate website but is also designed to increase sales by site visitors.
Depression, high
A deep, prolonged period of recession can become a __________ characterized by an extremely __________ unemployment rate.
Return on Investment (ROI)
A firm should monitor and measure the effectiveness of its social media initiatives by using which of the following factors?
Social Media Marketing Plan
A formal document that identifies and describes goals and strategies, targeted audience, budget, and implementation methods, as well as tactics for monitoring, measuring, and managing the SMM effort. -An executive summary -A brief overview -Analysis of competition -Body of the plan
just-in-time (JIT)/ JIT II
Inventory practices that seek to boost efficiency by cutting inventories to absolute minimum levels. With JIT II, suppliers' representatives work at the customer's facility.
Social Responsibility
Is an organization's obligation to maximize its positive impact and minimize its negative impact on society.
Which of the following defines business-to-consumer e-marketing?
It involves selling directly to consumers over the Internet.
Represent the trendsetters who purchase products before others in the group and then influence the buying decisions of other group members.
It is crucial for marketers to focus their marketing strategies on opinion leaders in a group as opinion leaders: *
Which of the following statements is true of e-marketing?
It is the strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet.
Creating a research design
Jack is determining which customers should be included in a study sample. According to this information, Jack is in which stage of the marketing research process?
In which of the following scenarios is a syncratic decision-making pattern being followed?
Jason and Nellie have finally selected and placed an order for the furnishings they want for their new house
Geographic
Job transfer and retirement that contribute to population migration patterns, are important variables that influence _____ segmentation.
Why is the study of consumer behavior important to marketers?
If marketers can understand the behavior of consumers, they can offer the right products to consumers who want them.
Electronic Data Interchange (EDI) involves computer-to-computer exchanges of sales information between buyers and sellers.
If the government agency that you work for wishes to implement a system that allows for computer-to-computer information exchanges which of the following forms of B2B e-marketing would be most appropriate?
Identify the three major factors that influence purchase decisions.
In addition to product-specific factors such as purchase price, installation, operating and maintenance costs, and vendor service, companies must consider broader environmental, organizational, and interpersonal influences.
The executive summary
In an SMM plan (Social Media Marketing ), _____ refers to a paragraph or two that explains the who, what, when, where, how, and why of the plan, and gives compelling reasons why the plan should be adopted. *
Metropolitan Statistical Area (MSA)
In the US, a central city of at least 50,000 population, the county within which the city is located, the adjacent counties meeting one of the several tests indicating a functional connection to the central city
Core Based Statistical Area
In the US, the combination of all metropolitan statistical areas and micropolitan statistical areas / 10K or more, and urban area of 50K or more
Approach
In the _____ stage of the sales process, the salesperson contacts the potential customer for the first time.
Profitibility
In the context of pricing objectives, which of the following is the purpose of adopting a profitability objective?
What is birth rate?
In the last decade, The United States experienced the slowest growth rate in the characteristic since the Great Depression
Forecast probable market share.
In the process of market segmentation, once the market potential of the segments has been estimated, the next step is to:
Monopoly
In which of the following market structures do individual firms have the highest control over product prices?
Deceptive Packaging
Includes exaggerating packaging contents through subtle design, using misleading labeling or describing size in misleading terms.
Consumer Marketing-Decision Making Process
Individual or household unit makes decision
Commercial Market
Individuals and firms that acquire products to support, directly or indirectly, production of other goods and services.
Personal
Individuals involved in any aspect of the purchase process try to satisfy both ______________ and organizational needs.
Which of the following is true about opinion leaders?
Individuals tend to act as opinion leaders for specific goods or services based on their knowledge of and interest in those products.
Influencers
Individuals with the capability of affecting the opinions or actions of others.
What are some of the problems that U.S. marketers face in dealing with international buying centers?
International buying centers pose several problems. First, there may be cultural differences in decision-making methods. Second, a buying center in a foreign company typically includes more participants than is common in the United States. Third, international buying centers can change in response to political and economic conditions.
Employees
International buying centers staff from one to 50 individuals, whereas in the United States 15 to 20 ____________ are the norm.
True
Internet penetration is the percentage of a region's population who use the Internet.
(FCC) Federal Communications Commission
Interstate Communications
(ICC) Interstate Commerce Commission
Interstate Transportation Industry
The marketers identify characteristics that both explain the similarities among customers within each segment and account for differences among segments.
Which of the following is most likely to take place during the first stage of the market segmentation process?
Personal Selling
Which of the following is the oldest form of promotion?
Products are relatively technical in nature.
Which of the following is true about business-to-business marketing?
Opportunities and threats are external to an organization.
Which of the following is true of SWOT analysis?
The Internet can increase a customer's buying power by providing information.
Which of the following is true of customers and their bargaining power?
Marketing mix can and should be an ever-changing combination of variables to achieve success.
Which of the following is true of the marketing mix?
Prominently displaying a privacy policy
Which of the following measures, when adopted, will help an online retailer to build customers' trust? *
The Chief Financial Officer (CFO)
Which of the following people will be most actively involved in strategic planning in an organization?
Creating delightful customer experiences every time our airplanes fly
Which of the following represents a strategic mission statement?
Perception
is the meaning that a person attributes to incoming stimuli gathered through the five senses—sight, hearing, touch, taste, and smell.
Resellers
Marketing intermediaries that operate in the trade sector.
individual factors
unique characteristics of the individual, including not only sensory processes but also experiences with similar inputs and basic motivations and expectations.
Primary Metropolitan Statistical Area (PMSA)
urbanized county or set of countries with social and economic ties to nearby areas comprising of populations over 1M
What is membership social influence
when an individual in a group identifies with the values, attitudes and behaviors of its participants
Modified rebuying
Company A decided to seek other options for a regular purchase because its last purchase arrived late
Interpersonal Influences
Company A uses groups to make purchases and must have majority vote to make purchase decision
Environmental Factors
Company B recently experienced a delay in production due to political riots in the country where its factory is located
Straight rebuying
Company B restocks the trash-bags it uses once a month by means of automated order Company D likes the blue Bic pens it ordered two months ago and reorders them
Organizational Factors
Company C has enlisted managers in each dept to form a committee to decide the number of vendors it will use
Reciprocity
Company C purchases supplies from the company that buys its deli meat
Merchandisers and Category Advisors
Company D utilizes a purchaser so the majority of employees don't have to be involved with searching for the best prices on products and services
New-task buying
Company F needs to make a one-time purchase of a machine specifically designed to cut metal; so its purchasers research and read reviews of the various options
Consumer Marketing-Customer Relations
Comparatively infrequent contact; relationship of relatively short duration
B2B Marketing-Price
Competitive bidding for unique items; list prices for standard items
Select Specific Market Segments
Consider organizational and environmental factors along with demand, cost, profit, and return; and commit resources to developing one or more segments
Consolidated Metropolitian Statistical Area
Consists of two or more primary metropolitan statistical areas; the urban giants of the US
(CSPSC) Consumer Product Safety Commission
Consumer Products
Describe consumer behavior and its role in marketing decisions.
Consumer behavior refers to the buyer behavior of individual consumers. Consumer behavior plays a huge role in marketing decisions, including what goods and services to offer, to whom, and where. If marketers can understand the factors that influence consumers, they can develop and offer the right products to those consumers.
Variability
Consumer judgments about services tend to be more subjective than objective
Longer than
Consumer product channels tend to be ______ industrial product channels.
False
Consumers are a homogeneous social group.
Describe the ways in which consumers and businesses use social media for their buying decisions.
Consumers use social media to learn about new goods and services, conduct research and share information, and make final purchase decisions. Businesses use social media to gather relevant market insights, improve search rankings, and form new business partnerships.
Technological
Consumers will often substitute products or services that have improved attributes due to ________ advances.
Marketing Implementation & Evaluation
(Marketing Plan Development) I need a salesperson on my staff to work with retailers or should I contract with a wholesaler to do this?
Environmental & SWOT Analysis
(Marketing Plan Development) What are the most popular chips and snacks in my area and how are tastes changing?
Marketing Objectives and Strategies
(Marketing Plan Development) What kind of advertising can I use tor each my target market?
Discuss the challenges and strategies for marketing to government, institutional, and international buyers.
A government purchase typically involves dozens of interested parties. Social goals and programs influence government purchases. Many U.S. government purchases involve complex contractual guidelines and often require detailed specifications and a bidding process. Institutional markets are challenging because of their diverse buying influences and practices. Group purchasing is an important factor because many institutions join cooperative associations to get quantity discounts. An institutional marketer must be flexible enough to develop strategies for dealing with a range of customers. Discounts and effective distribution play an important role. An effective international business marketer must be aware of foreign attitudes and cultural patterns. Other important factors include economic conditions, geographic characteristics, legal restrictions, and local industries.
What is a subculture group?
A group within a culture that exhibits a distinctive type of behavior
Explains the differences among people and organizations in different market segments
A market segment profile is a detailed description of a market segment based on a range of factors, characteristics, and measures. It is designed to provide the marketer with a good understanding of the consumers within the segment for comparison and strategy purposes. Select the profiles that are true about market segment profiles.
Explain the five personal determinants of consumer behavior.
A need is an imbalance between a consumer's actual and desired states, and a motive is the inner state that directs a person toward the goal of satisfying a need. Perception is the meaning that a person attributes to incoming stimuli gathered through the five senses. Attitudes are a person's enduring favorable or unfavorable evaluations, emotions, or action tendencies toward something. Learning refers to immediate or expected changes in consumer behavior as a result of experience. In self-concept theory, a person's view of himself or herself plays a role in purchasing behavior. In purchasing goods and services, people will likely choose products that move them closer to their ideal self-images.
Bookmarking
A platform that gives users a place to save, organize, and manage links to websites and other Internet resources.
Blogging Site
A platform where a host or writer posts information or opinions on various topics and followers may respond.
Social News Site
A platform where users can post news items to links to outside articles, then vote on which postings get the most prominent display.
Online Forum
A platform where users post messages and hold conversations on specified topics.
amusement parks and picnic areas.
A shift in cultural values away from accumulating material possessions to spending time with family and friends benefit those who market: *
The suppliers have less bargaining power than the buyer
A shoe manufacturer has multiple suppliers for leather. Based on this information, which of the following statements is true?
Strategic Planning
A two-day offsite retreat was held for a team of executives of a major hospital including the hospital's CEO, President, and Vice-Presidents. Over the course of the two-days, the executives engaged in brainstorming sessions and worked together to articulate the direction the hospital should take and specific objectives that should be achieved over the next 5 years. The team focused considerable attention to objectives related to the Affordable Care Act and rising numbers of patients eligible for Medicare. The executives were engaged in _______. *
Social Media Platform
A type of software or technology that allows users to build, integrate, or facilitate a community, interaction among users, and user-generated content.
Social Networking Site
A website that provides virtual communities through which people can share information, post opinions, and increase their circle of online friends (ex. Facebook, Twitter).
Segmenting by age
A well-known motorcycle is marketed with three wheels Low-dose aspirin is marketed as safe to swallow Breakfast cereal is marketed as being high in fiber and antioxidants
Autonomic role
A(n) _____ refers to partners independently making equal numbers of decisions.
Corporate
A(n) _____ website is designed to increase a firm's visibility, promote its offerings, and provide information to interested parties, rather than to increase purchases.
Ethical dilemma
A(n) __________ __________ is a situation that arises when all alternative choices have been deemed undesirable because of potential negative consequences, making it difficult to distinguish right from wrong.
Strategic Windows
According to Professor Derek Abell, the limited periods during which the key requirements of a market and the particular competencies of a firm best fit together are called _____.
formulate a hypothesis.
After defining the problem and conducting an exploratory investigation, the next step in the marketing research process is to:
Define EDI and Web services.
An EDI is a computer- to-computer exchange of invoices, purchase orders, price quotations, and other sales information between buyers and sellers. All parties must use the same computer operating system. Web services consist of Internet-based systems that allow parties to communicate and exchange data regardless of the computer operating system they use.
Affective
An advertisement that creates warm feelings of goodwill toward the advertiser and his products is altering the _____ component of attitude.
What are the main characteristics of an effective executive summary?
An effective executive summary explains the who, what, when, where, how, and why of the plan and provides compelling reasons why the plan should be adopted.
What special factors influence international buying decisions?
An effective international business marketer must be aware of foreign attitudes and cultural patterns. Other important factors include economic conditions, geographic characteristics, legal restrictions, and local industries.
Ownership of valuable patents
An example of a firm's strength discovered by a SWOT analysis might be:
Give an example of an extended problem-solving situation.
An extended problem-solving situation might involve purchases like a car or a college education.
Buying Center
An organization's _________________ consists of each individual who works in any capacity of its purchasing activities.
Micropolitan Statistical Area
An urbanized area of between 10,000 and 50,000 inhabitants, the county in which it is found, and adjacent counties tied to the city.
Tactical Planning
Applying for a sustainable development grant aimed at creating community gardens.
ideal self
As a component of a person's self-concept, the _____ serves as a personal set of objectives a person has for himself or herself.
I want to advise my client on choosing a location for a retail outlet, so I need to know those zip codes with concentrations of consumers with high resources.
As a marketer, you have many different tools at your disposal to gather the information necessary to develop targeted marketing programs. One of those tools is psychographic segmentation. Select the types of information that can be gathered using psychographic variables
Perishability
As much as I would like to store pedicures services in my nail salon, I cannot do so.
1. Will help your company identify a target consumer market with similar preferences and needs 2. Will help your company develop a marketing strategy that adjusts your message for your market 3. Will show your company the common factors that influence purchasing decisions in your target market.
As the marketer for a new electronics firm that produces a limited number of products, you recognize that consumers are not all cut from the same cloth—many variables exist in needs and preferences. But your company cannot change its products to suit each individual consumer preference. Select all the statements below that tell how market segmentation can help your company sell its goods
Political-Legal
As you plan to expand your children's clothing line internationally, you realize the necessity of considering the marketing environment. In particular, you are worried about potential new trade restrictions that could be imposed by other countries. Your concern primarily involves which dimension of the marketing environment? *
Positioning Strategies
Attributes and Benefits Price/Quality Use/Application Product Class Product Users Competitors Cultural Symbols
Podcasts
Audio or video recordings posted on a website
Describe the major influences on business buying behavior.
B2B buying behavior tends to be more complex than individual consumer behavior. More people and time are involved, and buyers often seek several alternative supply sources. The systematic nature of organizational buying is reflected in the use of purchasing managers to direct such efforts. Major organizational purchases may require elaborate and lengthy decision-making processes involving many people. Purchase decisions typically depend on combinations of factors such as price, service, certainty of supply, and product efficiency.
List the six major forms of business-to-business e-marketing.
B2B e-marketing is the process of selling goods and services from one business to another through online transactions. B2B e-marketing includes product information; ordering, invoicing, and payment processes; and customer service. In a B2B context, e-business uses Internet technology to conduct transactions between two organizations via electronic data interchange, Web services, extranets, private exchanges, electronic exchanges, and e-procurement.
What is B2B e-marketing? How large is it relative to consumer e-marketing?
B2B e-marketing is the use of the Internet for business transactions between organizations. By some estimates, B2B e-commerce revenues are more than double that of consumer transactions.
Place
Banks have recently begun to install ATMs in supermarkets to address customers' wants for instant cash when they go shopping. What type of utility are banks creating for customers?
The Internet has reduced barriers to entry
Based on your understanding of Porter's Five Forces, you have identified potential new entrants as the key threat to your florist business. Choose the most accurate reason(s) for this situation.
What is the one major drawback to social media as it pertains to scheduling?
Because social media operates around the clock, marketers rarely have down time.
Discuss the decision to make, buy, or lease goods and services.
Before a company can decide what to buy, it must decide whether to buy at all. A firm has three options: -make the good or service in-house, -purchase it from another organization, -lease it from another organization. Companies may outsource goods or services formerly produced in-house to other companies either within their own home country or to firms in other nations. The shift of high-cost jobs from the home country to lower-cost locations is known as offshoring. If a company moves production to a country close to its own borders, it uses a nearshoring strategy. Each option has its benefits and drawbacks, including cost and quality control.
We need to cater to large families, because the birthrate is rising.
Before accepting a job offer from a restaurant chain, you want to be sure your future employer is in tune with the social-cultural environment of the United States. You get worried when your interviewer makes a comment on this topic which is clearly inaccurate. What does she say?
Discuss the benefits of B2C e-marketing.
Benefits of B2C e-marketing include competitive prices, increased access and convenience, and personalized service.
Give an example of joint demand.
Both lumber and concrete are required to build most homes. If the lumber supply falls, the drop in housing construction will most likely affect the demand for concrete.
Select all the statements that you would use to convince a prospective client about the merits of B2C e-marketing.
Bots can be used to facilitate the customers' information gathering to support their buying decision. Customer satisfaction can be enhanced because the firm will be able to offer service tailored to customers' needs. It would allow customers around the world to order goods from you at any hour of the day or night.
Self-actualization
Bristol-Myers Squibb, a large pharmaceutical company, has developed a campaign featuring Lance Armstrong promoting their development of cancer drugs. The campaign has a slogan, "Together We Can Prevail." This marketing strategy is being used by the company to satisfy ____ needs in the Maslow's hierarchy of needs. *
(FTC) Federal Trade Commission
Business Practices
How does derived demand create volatile demand?
Business demand often is derived from consumer demand. Even modest shifts in consumer demand can produce disproportionate—and volatile—shifts in business demand.
Describe the major approaches to segmenting business-to-business (B2B) markets.
Business markets can be segmented by -demographics, -customer type, -end-use application, -purchasing situation. The North American Industry Classification System (NAICS), instituted after the passage of NAFTA, further classifies types of customers by the use of six-digit codes.
What are the four major ways marketers segment business markets?
Business markets can be segmented by 1. demographics, 2. customer type, 3. end-use application, 4. purchasing situation.
Participant
Business-to-business marketers have to find out the distinct role of the individual buying center___________
Define B2B Marketing
Business-to-business, or B2B, marketing deals with organizational purchases of goods and services to support production of other products, to facilitate daily company operations, or for resale.
Explain business-to-consumer (B2C) e-marketing.
Business-to-consumer (B2C) e-marketing is maturing. B2C uses the Internet to connect companies directly with consumers. E-tailing and electronic storefronts are the major forms of B2C online sales channels. B2C websites are either shopping sites or informational sites. Products can be purchased on shopping sites; informational sites provide product information along with links to sellers. Benefits of B2C e-marketing include competitive prices, increased access and convenience, and personalized service.
Why is it likely that more jobs in social media marketing will be created in the near future?
Businesses are increasingly engaging in social media marketing, potentially creating more jobs in this field in the coming years.
Substitutable
Businesses compete indirectly when they produce goods and services that are _________________ for those of another business.
Describe the process of developing successful e-business websites and how to assess their effectiveness.
Businesses establish websites to expand their customer bases, increase buyer awareness of their products, improve consumer communications, and provide better service. Before designing a website, a company's decision makers must first determine what they want to achieve with the site. Other important decisions include who should create, host, and manage the site; how to promote it; and how much funding to allocate. Successful websites contain informative, up-to-date, and visually appealing content. Sites should also download quickly and be easy to use. Finally, management must develop ways of assessing how well a site accomplishes its objectives. Common methods of measuring the effectiveness of websites include profitability, click-through rates, conversion rates, and engagement.
In what ways is the buyer-seller relationship important in B2B marketing?
Buyer-seller relationships often are more complex than consumer relationships, and they require superior communication among the organizations' personnel. Satisfying one major customer could mean millions of dollars to a firm.
systems integration
Centralization of the procurement function within an internal division or as a service of an external supplier.
Why is geographic segmentation important in the B2B market?
Certain industries locate in particular areas to be close to customers. Firms may choose to locate sales offices and distribution centers in these areas to provide more attentive service. For example, the Washington, DC, area is favored by companies that sell to the federal government.
What is Demographic Characteristics?
Changes in these characteristics have a significant impact on relationships and individual behavior
Discuss the importance of setting goals and developing strategies, including targeting an audience, for a social media marketing initiative.
Clear goals help marketers set the SMM campaign in the right direction. Flexible goals enable firms to adapt to changing circumstances. Social media marketing efforts customize their approach to targeted audiences more than any other type of marketing because they are interactive, so it is important for marketers to link the targeted audience with the goals of the initiative. Once these decisions are made, marketers must develop strategies, such as which media platforms and tools to use, who will participate, and how to make it easy for customers to participate in the conversation—all within the parameters of the plan's goals.
Forecast Overall Market Potential
Combine market segmentation and market opportunity analysis, determining the demand that competing forms can expect from a segment
Strategic Planning
Comcast's NBC division acquired Universal Studios and the highest executive who approved this acquisition was most likely Comcast's CEO. This decision is the direct result of _____ planning process at Comcast.
Discuss how marketers use the communication function of the Web as part of their online marketing strategies.
Communication remains the most popular function of the Internet. Companies have long used email to communicate with customers, suppliers, and other partners. Online communities are groups of people who share common interests. Companies use online communities such as forums to communicate with and obtain feedback from customers and other partners. Blogs are online journals that have gained popularity in recent years. Wikis are Web pages anyone can edit, and podcasts are audio and video files that can be downloaded from the Web to any digital device. Web-based promotions include advertising on other websites using banner ads and pop-up ads, pre-roll video ads, and search marketing (also known as search engine optimization). Banner ads are strip messages placed in high-visibility areas of frequently visited websites. A pop-up ad is a separate window that pops up with an advertising message. Pre-roll video ads appear before a selected video. Search marketing is an arrangement by which a firm pays a search engine such as Google a fee to make sure the firm's listing appears toward the top of the search results.
Self-actualization (Maslow)
Companies that run exotic adventure trips primarily target consumers' _____ needs.
More, less
Consumers' attitudes towards prices will vary depending on the state of the macroeconomic environment. For example, during a recession, consumers tend to be ________ price conscious. On the other hand, during a period of prosperity, consumers tend to be_______ price conscious
What is content marketing?
Content marketing involves creating and distributing relevant and targeted material to attract and engage an audience, with the goal of driving them to a desired action.
Forecast market potential
CoreLogix Inc., has segmented the market as per product usage rates. They have also developed the relevant profile for each of their segments. What would be the next logical step for them in this process of segmentation? *
Interpersonal Determinants
Cultural influences, Social influences, Family influences
Describe the three interpersonal determinants of consumer behavior.
Cultural influences, such as the general work ethic or the desire to accumulate wealth, come from society. Core values may vary from culture to culture. Social or group influences include social class, opinion leaders, and reference groups with which consumers may want to be affiliated. Family influences may come from spouses, parents, grandparents, or children.
Transporting
DHL has developed a reputation as an international business specialist enabling companies who produce or distribute products to economically ship finished goods to customers. Which function of marketing does DHL provide to companies?
Operational Planning
Dan Mayer has been working at Wendon mills for four years. His job responsibilities revolve around determining daily and weekly schedules and the unit budget for the production floor. He also ensures that the company rules, policies, and procedures are being complied with by the production team. He reports these details to his middle-level manager, Debra. Which of the following forms of organizational planning is Dan personally overseeing here?
1. The supply of print paper from the wholesaler is a business product because Darren uses it to provide a service that he sells. 2. The colored construction paper from the wholesaler is a consumer product because Darren's family will use it for personal projects.
Darren King owns a small printing company and uses reams of print paper every month. When he goes to the wholesaler to pick up his normal paper supply, he also sees that the supplier is selling remnants of colored construction paper. Darren purchases the colored construction paper for his children to use for school projects and to make art. Select the two statements below that correctly describe Darren's purchases.
Strategic Planning
Deciding whether the organization will merge with Grassroots, Inc., a multinational company
You design a Facebook page for Decorators Inc. that sends a person who likes the page a coupon for 20% off a purchase.
Decorators Inc. has recognized a trend in the spending habits of young professionals in the 25-35 age group. About 80% of the members in this group rent a condominium or loft space, and they look for ways to furnish and decorate their homes on a budget. Moreover, they are extremely busy and don't have a lot of extra time. The majority of these consumers tend to purchase items that are modern, chic, and reflect the image that they are successful professionals in the business world.Decorators Inc. hired you to design a marketing campaign that will appeal to young professionals. You have studied the purchasing behaviors of young professionals and decided on the campaign design you are going to implement. Which marketing campaign would effectively appeal to young professionals?
low-fat, healthy chicken tenders with salad and fresh fruit
Delectable Foods develops foods for the modern family that are nutritious and go easily from refrigerator to table. Their market research studies have shown that the goal of the modern family after a long day of work or school is to sit down together to a tasty and healthy meal that doesn't take long to prepare. Delectable Foods has marketed their newest dinner line to appeal to the modern family when they're shopping for groceries. Duran is shopping at the supermarket for groceries after work. He remembers that he needs to pick up dinner for his family, and while trying to be conscious of their caloric intake, he wants to make sure he buys something that his small children will like. Which of Delectable Food's new dinner options would most likely catch Duran's attention?
Strategic Planning
Developing and managing the organizational Codebook of Ethical Business Practices in Non-Human Biotechnology
Social Media
Different forms of electronic communication through which users can create online communities to exchange information, ideas, messages, and other content, such as videos or music.
B2B Marketing-Decision Making Process
Diverse group of organization members makes decision
customer-based segmentation
Dividing a business-to-business market into homogeneous groups based on buyers' product specifications.
Operational Planning
Drafting programmatic reports on last year's Urban Youth Coalition Conference
Decreases
During a recession, consumers' buying power normally_________ .
Recession
During which phase in the business cycle do marketers consider lowering prices and increasing promotions that include special offers to stimulate demand?
Explain the difference between e-business and e-marketing.
E-business involves a wide range of activities that take place via the Internet. It is divided into five broad categories: e-tailing; business-to-business transactions; electronic data interchanges; email, instant messaging, blogs, podcasts, and other Web-enabled communication; and gathering and use of information through Web contacts. E-marketing transfers the traditional marketing functions of creating, distributing, promoting, and pricing goods and services to the Internet or through digital tools.
Explain e-business, e-marketing, and the opportunities e-marketing presents.
E-business involves targeting customers by collecting and analyzing business information, conducting customer transactions, and maintaining online relationships with customers by means of computer networks such as the Internet. E-marketing is the strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools. The capabilities and benefits of e-business and e-marketing include the elimination of geographical boundaries, personalized marketing, interactive marketing, right-time marketing, and integrated marketing.
Define e-marketing.
E-marketing is the strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet.
Briefly explain how e-procurement works.
E-procurement systems are Web-based systems that enable all types of organizations to improve the efficiency of their bidding and purchasing processes.
Identify the seven qualities of effective social media content and the rules of engagement with social media.
Effective content has the following qualities: a strong brand focus; emphasis on the audience instead of the organization; targeted keywords; relevant information; shareworthy text and images; invitations to the audience to generate its own content; and offers for discounts or deals. The rules of engagement include: follow site-specific rules and guidelines; use social media channels as they were intended; and think before posting—or deleting.
EDI
Electronic Data Exchange
Second Mover Strategy
Elger Labs introduced the MPMAN F10 in 1998 which is regarded as the world's first MP3 player featuring only 32 MB of memory in 1998. Other competitors entered the market and the Apple iPod made its debut in 2001 and included a 1.8-inch Toshiba 5GB hard drive and a large black-and-white display. The model retailed for $400 and it was only compatible with Mac computers. The early brands are no longer available and the iPod has become the market leader. What type of strategy did Apple employ with its introduction of the iPod in 2001?
Consumer Marketing-Promotion
Emphasis on advertising
B2B Marketing-Promotion
Emphasis on personal selling
Social Media Tool
Enables users to communicate with each other online
Social Networking Site
Eons.com is a website for baby boomers that allows members to find friends, share experiences on various topics, and post photos and videos. It also provides information on health, fitness, retirement and insurance, and access to various special interest groups. Eons.com is an example of a _____. *
Consumer
Eric bought a camera from Scott. He is planing to use this camera during his vacation in Switzerland. In this context, the camera is considered as a(n) _____ product.
conflict between wholesaler and retailer
Example of vertical channel conflict between intermediary is
Maturity
Extension of the product life cycle should be considered before the end of which stage?
Search Marketing
Firms pay google for rankings in internet users' queries
Social Media Analytics
Firms use _________________ tools to interpret data related to SMM initiatives.
Right-Time
FiveSpots is an online retailer that is famous for supplying products when and where customers want them delivered. This is an example of FiveSpots capitalizing specifically on the _____ dimension of e-marketing.
Segmenting by Stage of Life Cycle
Flat-pack furniture is marketed as inexpensive and easily portable A high-priced SUV is marketed with slogan "For Life"
Concentrated Marketing
Focusing marketing efforts on satisfying a single market segment.
(FDA) Food and Drug Administration
Food, Drug and Cosmetic Industries
Foreign
For a marketer it may be difficult to identify business members of a _________buying center due to differences in the way decisions are made.
How does the type of website affect measures of effectiveness?
For a shopping site, profitability is an important measure of effectiveness, though profitability can be difficult to measure given the tendencies of Web-to-store shoppers. For company websites, online success is measured by increased brand awareness and loyalty, which presumably translate into greater profitability through offline transactions.
Place
GJ Corp. installs vending machines for soap and other personal hygiene products at gas stations along all major highways. This is an example of creating _____ utility through marketing.
80/20 principle
Generally accepted rule that 80 percent of a product's revenues come from 20 percent of its customers.
What is global sourcing?
Global sourcing involves contracting to purchase goods and services from suppliers worldwide.
Content Marketing
Goal is to drive consumers into action
Why is group purchasing important in institutional purchases?
Group purchasing is an important factor because many institutions join cooperative associations to get quantity discounts.
Marketing Strategy
H&M stores have grown quickly and established a high share of the market by targeting women who like to wear the latest fashion trends and are price-conscious. H&M determines its mix of product, pricing, promotion strategy, and retail store location-based upon extensive research regarding consumer preferences and style trends. The identification of a target market and blending of marketing mix elements is known as the ________. *
Influencers
Have the ability to affect opinions of others
What is Green Marketing?
Helps establish long-term consumer relationships by maintaining and enhancing the natural environment
Differentiate between high-involvement decisions and low-involvement decisions.
High-involvement decisions have high levels of potential social or economic consequences, such as selecting an Internet service provider. Low-involvement decisions pose little financial, social, or emotional risk to the buyer, such as purchasing a magazine or gallon of milk.
The company could create a website that allows its consumers the option to order items online.
Hiram's company fills over-the-phone catalog requests taken by its customer service center located in India. During a recent customer survey of United States based consumers, the company became aware that many of its consumers had negative experiences when calling the customer service center with questions, concerns, or to place an order. The complaints have resulted because consumers have difficulty understanding customer service representatives because of language barriers. What is the best course of action for Hiram's company?
Strategic Planning
Hiring a new CEO to usher in a new era of Microfinance programs for entrepreneurial youth
Marketing Implementation & Evaluation
How will I measure my success in achieving my sales objectives
Develop Relevant User Profiles
Identify the characteristics that explain the similarities among customers within each segment and account for differences among segments
Demographic
If a company markets its breakfast cereal to children, it is using _____ segmentation to segment its markets.
Sorting
Key function of marketing intermediaries is
Describe Kurt Lewin's proposition.
Kurt Lewin proposed that behavior (B) is the function (f) of the interactions of personal influences (P) and pressures exerted by outside environmental forces (E). This research sheds light on how consumers make purchase decisions.
Interactivity
Lehmann systems provides a space on its website for users to provide feedback on products and also to suggest new ideas and ideas for improvement. Customers can also subscribe for a newsletter sent by Lehmann systems which informs the customers about latest offers and sales. Lehmann systems is engaging in:
A firm matches an internal strength with an external opportunity.
Leverage occurs when:
What does limited problem solving require?
Limited problem solving requires a moderate amount of a consumer's time and effort.
Consumer Marketing-Price
List prices
Social-Cultural
Luxury brands such as Louis Vuitton and Gucci are experiencing a decline in sales as luxury buyers prefer to purchase non-branded merchandise as they are concerned with flaunting their wealth. Instead, they are purchasing luxury brands that do not feature the brands logo on the product. This trend is related to the fact that high income consumers have increased their wealth in the last several years while middle-income earners' wealth has declined. The decline in sales for Louis Vuitton and Gucci is related to the ________ environmental influence.
Brand
Managing a social media marketing campaign requires understanding the company's ________
Identify two potential problems with outsourcing.
Many companies discover that their cost savings are less than vendors sometimes promise. Also, companies that sign multiyear contracts may find that their savings drop after a year or two.
True
Market segmentation is the process of dividing the total market into smaller, relatively homogeneous groups.
Identify the three positive steps that firms take when they make a mistake related to social media marketing.
Marketers acknowledge the problem and take responsibility for it; communicate with the right people via relevant channels; and implement agreed-upon changes.
How does the interactivity of social media cause potential privacy issues?
Marketers are collecting personal data about users that could possibly slip into unauthorized hands.
What vital question do marketers ask when developing strategies for an SMM plan?
Marketers ask "How do we engage the audience in a conversation?"
In order to target an audience, what three types of information do marketers gather?
Marketers collect information on demographics, what the group needs or wants, and which of the firm's products and social media will meet those needs.
Describe the different means of monitoring, measuring, and managing the social media marketing campaign.
Marketers often use social media analytics tools to help them track, measure, and interpret data related to the SMM effort. They calculate the return on investment (ROI) of the marketing campaign, typically measuring success in terms of share of voice, awareness of company or brand, level of audience engagement, influence created, and popularity. Marketers follow keywords and use tools, such as Trendrr and Brandwatch, to measure and manage specific activities. Flexibility and quick response are also vital to the management of SMM.
Select all the statements that are true about social media tools, platforms and marketing strategies.
Marketers use blog postings to notify the public about social responsibility initiatives. Marketers use blog postings to manage public relations crises Marketers use blog postings to ask for feedback about particular goods and services
Tactical Planning
Marketing Eco-Clean, a first of its kind product that cleans up chemical spills
Strategic, Stakeholders
Marketing citizenship is the adoption of a(n) __________focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by ________________.
Popularity
Measuring the success of a social media marketing plan includes such factors as________ among target audience members.
Goals, Objectives
Milagros works for a major manufacturer and distributor of Caribbean foods and products as a marketing strategist. Milagros and her team are brainstorming some ideas that can help the company stay competitive as it expands. As Milagros's team outlines their short- and long-term (2)______________ , they also have to map out the (3)_________________ that will help them reach their targets
Marketing Planning
Milagros works for a major manufacturer and distributor of Caribbean foods and products as a marketing strategist. Milagros and her team are brainstorming some ideas that can help the company stay competitive as it expands. As the company plans to expand globally, Milagros and her team must engage in (1)______________________ , the process through which they decide their price points, which products they are going to carry at their flagship stores around the world, and make decisions about the company's promotional campaigns.
Strategic plans
Milagros works for a major manufacturer and distributor of Caribbean foods and products as a marketing strategist. Milagros and her team are brainstorming some ideas that can help the company stay competitive as it expands. Milagros notes that the CEO of the company has a seven-year vision and (4)________________________ for the company, so all of their activities must be in alignment with those proposals, and they must make sure that they have enough funds and resources to implement their ideas.
Tactical Planning
Milagros works for a major manufacturer and distributor of Caribbean foods and products as a marketing strategist. Milagros and her team are brainstorming some ideas that can help the company stay competitive as it expands. One of the other employees reminds the team that (5)______________________ is just as critical because it will help the company build the foundation in the immediate future to reach longer-term goals.
Personal Determinants
Needs and motives Perception Attitudes Learning Self-concept
Describe the challenges associated with online marketing and e-business
One of the challenges to e-business is developing safe online payment methods. Most firms involved in e-business use Secure Sockets Layer technology to encrypt information and provide authentication. The growth of e-business has also been hampered by consumer security and privacy concerns and fraud. In addition, poor website design and service, unreliability of delivery and returns, and lack of retail expertise has limited e-business success. The Internet can also generate conflict among manufacturers, wholesalers, and retailers and present another avenue for copyright disputes.
Fixed-Price Contract
One of the contracts under which governments buy products is _____, in which a price is set before finalizing the contract.
physical distribution
Order processing, inventory control, warehousing, and material handling, are all components of:
Micromarketing
Targeting potential customers at very narrow, basic levels, such as by ZIP code, specific occupation, or lifestyle—possibly even individuals themselves.
Describe the three organizational buying situations.
Organizational buying situations differ. A straight rebuy is a recurring purchase decision in which a customer stays with an item that has performed satisfactorily. In a modified rebuy, a purchaser is willing to reevaluate available options. New-task buying refers to first-time or unique purchase situations that require considerable effort on the part of the decision makers. Reciprocity involves buying from suppliers who are also customers.
Identify two potential benefits of outsourcing.
Outsourcing allows firms to concentrate their resources on their core business. It also allows access to specialized talent or expertise that does not exist within the firm.
MRO Supplies
Paper, pencils, lubricants, paint, nails, and brooms are examples of ________
Secondary Data
Penelope is using data collected and published by a trade association in her marketing research study. The data used by Penelope can be regarded as _____.
How do perception and learning differ?
Perception is the meaning that a person attributes to incoming stimuli. Learning refers to immediate or expected changes in behavior as a result of experience.
Consumer Decision Process
Problem-Opportunity Recognition, Search, Evaluation of Alternatives, Purchase Decision, Purchase Act, Post-purchase Evaluation
Consumer Marketing-Distribution
Product passes through a number of intermediate links en route to consumer
Environmentally
Products that receive the Energy Star credential represent examples of goods that are substituted because they are ________________ friendly alternatives.
shopping products
Products that the consumer usually compares with others on price, suitability, quality, and style are typically called
negative
Profits in introductory stage are
Advertising
Promotional strategy that seeks to increase brand awareness of a new product among geographically dispersed customers is------
True
Psychographic segmentation can act as a supplement to segmentation by demographic or geographic variables.
Blog
Publicly accessible online journals
Distinguish between high-involvement and low-involvement purchase decisions.
Purchases with high levels of potential social or economic consequences are called high-involvement purchase decisions. Examples include buying a new car or home. Routine purchases that pose little risk to the consumer are called low-involvement purchase decisions. Choosing a candy bar or a magazine are examples.
Personalization
Read the scenario below, and answer the related question that follows. Scenario: Your company makes skiing equipment and apparel. You recently launched a number of new features and capabilities on your website that are aimed at the active skier target market. One of the most popular features is the one that sends an alert to skiers when forecasted weather conditions are most favorable for skiing. There are also alerts that contain information about how crowded different skiing venues are daily. Which of the following e-marketing capabilities are you directing your head of marketing to base the strategy on?
Channel Conflicts
Read the scenario below, and answer the related question that follows. Scenario: Your company manufactures consumer electronics products. Historically, you have acted primarily as a wholesaler of these products. However, you now recognize there is a huge opportunity to market your products directly to customers via your own marketing website. You have decided to move forward with this strategy but you want to take steps to minimize any issues with your supply chain partners. In order to avoid any issues, which of the following do you need to take steps to mitigate?
True
Realizing that customers will have no opportunity to rely on sense modes, early online sellers focused on products that consumers were familiar with.
What is meant by the term evoked set?
The evoked set is the number of alternatives a consumer actually considers in making a purchase decision.
Providing funds to buyers for building inventories prior to sales.
The financing function of marketing involves
Overview
Redline is a popular men's clothing brand in the United States. As a part of the firm's new online marketing campaign, the marketing team at Redline has been asked to prepare a synopsis of the overall market condition, including the current position of the firm on social media. The marketing team is most likely to document its findings in the _____ of the marketing plan *
B2B Marketing-Customer Relations
Relatively enduring and complex
B2B Marketing-Distribution
Relatively short, direct channels to market
B2B Marketing-Product
Relatively technical in nature; exact form often variable; accompanying services very important
EDI
Requires compatible hardware and software for users to communicate Computer to computer exchanges of sales information between buyers and sellers
Trade Industries
Retailers or wholesalers that purchase products for resale to others.
Differentiate among routinized response behavior, limited problem solving, and extended problem solving by consumers.
Routinized response behavior refers to repeat purchases made of the same brand or limited group of items. Limited problem solving occurs when a consumer previously set criteria for a purchase but then encounters a new brand or model. Extended problem solving results when brands are difficult to categorize or evaluate. High-involvement purchase decisions usually require extended problem solving.
Explain the different types of positions in social media marketing and how to land an entry-level job.
SMM jobs include: social media marketing manager, social media strategist, brand manager, online community manager, influencer relations, social media analytics, social media design, content programmer, and blogger or copywriter. Candidates for entry-level positions in SMM may: land an internship; take online courses; highlight their social profiles; and point out their personality to prospective employers.
Define social media marketing.
SMM uses the social media portals to create a positive influence on consumers or business customers toward an organization's brand, products, public image, or website.
The majority of B2B firms are now using social media to market their businesses.
Scenario: The CEO of your company sent you an email last week in which he praised you and your marketing team's efforts and success in utilizing social media to drive sales revenue increases in the last fiscal year. In the email, he admitted that he did know much about social media. However, he believes it is a technological trend the company needs embrace to create a competitive advantage. He wants to meet with you to discuss how you think social media will impact the company's customers and their buying behavior in the years to come, and what strategies can be used to take full advantage of this new paradigm. In preparation for the meeting, he would like for you to come prepared to discuss the following social media facts and figures he has gathered through his conversations with other CEOs in the industry: The majority of online consumers start with search engines when they are gathering information for a potential purchase decision. Consumers are more likely to buy a certain brand after they have "liked" it on Facebook or if they follow the brand on a blog. Most B2B firms are not using social media to market their businesses because the nature of their relationships with their customers is different than is the case with B2C firms. Consumers are increasingly sharing information about products and services on blogs and social networking sites. Which of the following statements would you make to the CEO in reference to errors his social media facts and figures?
Operational Planning
Scheduling staff to attend the morning plenary on the effects of globalization on the environment and climate change
Why do online shoppers often begin with search engines?
Search engines provide the greatest amount of information about products and companies.
Extranets
Secure networks used for e-marketing and accessible through a firm's website by external customers, suppliers, or other authorized users for purposes of collaboration are called: *
Pop-up Ads
Separate browser windows with an advertising message
Intangibility
Services cannot be touched or seen in the same manner as goods
Media Sharing Sites
Services like YouTube and Flickr
QR Codes
Short for "quick response," a two-dimensional barcode that can be read by some mobile phones with cameras.
App
Short for application, a free or purchased software download that links users to a wide range of goods and services, media and text content, social media platforms, search engines, and the like.
Strength
Shutterfly is an Internet-based image publishing service based in Redwood City, California, and is mostly known for its photo book line. Like other business firms, Shutterfly conducts a SWOT analysis of its strengths and weaknesses, and external opportunities, and threats. Match the SWOT Analysis element labels to the appropriate company characteristics. Shutterfly constantly upgrades its digital technology and apps
Threat
Shutterfly is an Internet-based image publishing service based in Redwood City, California, and is mostly known for its photo book line. Like other business firms, Shutterfly conducts a SWOT analysis of its strengths and weaknesses, and external opportunities, and threats. Match the SWOT Analysis element labels to the appropriate company characteristics. Amazon.com has teamed up with Snapfish to offer custom-printed photo books
Decreases
Unemployment normally ___________ during a period of economic prosperity.
Opportunity
Shutterfly is an Internet-based image publishing service based in Redwood City, California, and is mostly known for its photo book line. Like other business firms, Shutterfly conducts a SWOT analysis of its strengths and weaknesses, and external opportunities, and threats. Match the SWOT Analysis element labels to the appropriate company characteristics. New social media photo-sharing sites are becoming popular
Strength
Shutterfly is an Internet-based image publishing service based in Redwood City, California, and is mostly known for its photo book line. Like other business firms, Shutterfly conducts a SWOT analysis of its strengths and weaknesses, and external opportunities, and threats. Match the SWOT Analysis element labels to the appropriate company characteristics. Shutterfly has earned a reputation for high quality
Weakness
Shutterfly is an Internet-based image publishing service based in Redwood City, California, and is mostly known for its photo book line. Like other business firms, Shutterfly conducts a SWOT analysis of its strengths and weaknesses, and external opportunities, and threats. Match the SWOT Analysis element labels to the appropriate company characteristics. Shutterfly has no physical storefronts where customers can see sample products
Threat
Shutterfly is an Internet-based image publishing service based in Redwood City, California, and is mostly known for its photo book line. Like other business firms, Shutterfly conducts a SWOT analysis of its strengths and weaknesses, and external opportunities, and threats. Match the SWOT Analysis element labels to the appropriate company characteristics. The fourth-quarter holiday gift-giving season is the period when shutterfly's revenues are highest
Forecast Probable Market Share
Simultaneously analyze competitors position in targeted market segments and design a strategy to reach those segments
App
Snaptell allows shoppers to retrieve more information about products while shopping in brick-and-mortar stores. It is an example of a(n) _____.
What are some influences on government purchases?
Social goals and programs often influence government purchases.
Explain social media and the differences between social media platforms and social media tools.
Social media is defined collectively as the different forms of electronic communication through which users can create online communities to exchange information, ideas, messages, and other content such as videos and music. A social media platform is a type of software or technology that allows users to build, integrate, or facilitate a community, provide interaction among users, and generate user-authored content. Social-networking sites and bookmarking sites are social media platforms. Social media tools enable users to communicate with each other online. Examples include apps and QR codes.
Discuss ethical and legal issues encountered by marketers in social media marketing.
Social media marketers face ethical and legal issues in their marketing efforts, as well as workplace ethics by employees. Social media marketing efforts should be honest, respect privacy (for example, when collecting data from users), and accountable. When mistakes happen, marketers must acknowledge the problems and take responsibility for fixing them.
What are social-networking sites?
Social-networking sites are the websites that provide virtual communities for people to share daily activities, post opinions on various topics, and increase their circle of friends.
Social Media Tools
Software (such as an app or blog) that enables users to communicate with each other online.
Social Media Platform
Software or technology that allows users to build communities to facilitate interaction among other users online
What are the advantages and disadvantages of multiple sourcing?
Spreading orders ensures against shortages if one vendor cannot deliver on schedule. However, dealing with many sellers can be counterproductive and take too much time.
Consumer Marketing-Product
Standardized form; service important but less than for business products
Undifferentiated Marketing
Strategy that focuses on producing a single product and marketing it to all customers; also called mass marketing.
Differentiated Marketing
Strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments.
Why do experts recommend taking online courses that teach social media marketing skills?
Taking these courses demonstrates willingness and the ability to learn prior to landing the job, and teaches skills that may not be taught in a traditional college curriculum.
Content Rules
Targeted keywords Include share-worthy text and images Include promotions or other special deals for participation
Private Exchange
TecMag is a technology firm that builds computer systems and other related components. TecMag sources its raw materials from various manufacturing firms and is looking for a website that can help in effectively placing orders with the manufacturers online, and also in tracking the order. Which of the following websites can help TecMag accomplish this task efficiently? *
Direct
Technological changes and the increased use of wi-fi has enabled companies such as Netflix to create a large consumer following and changed consumer's viewing habits. Netflix has emerged as an entertainment company offering original content that's not available on cable or satellite networks. Netflix is a _____ competitor to cable and satellite companies.
Pareto's law
The 80/20 principle is sometimes referred to as _______
Describe the Asch phenomenon.
The Asch phenomenon is the impact of groups and group norms on individual behavior.
Explain the four components of the business-to-business (B2B) market.
The B2B market is divided into four segments: the commercial market, trade industries, governments, and institutions. The commercial market consists of individuals and firms that acquire products to be used, directly or indirectly, to produce other goods and services. Trade industries are organizations, such as retailers and wholesalers, that purchase for resale to others. The primary purpose of government purchasing at federal, state, and local levels is to provide some form of public benefit. The fourth segment, institutions, includes a diverse array of organizations, such as hospitals, schools, museums, and not-for-profit agencies.
Explain how e-marketing can create channel conflicts and copyright disputes.
The Internet can generate conflict among manufacturers, wholesalers, and retailers—so-called channel conflicts. For instance, a channel conflict could be created when a manufacturer sells its products online and competes with its retail partners. Copyright disputes usually arise when a site hosts content to which someone else holds the rights.
What is the NAICS?
The North American Industry Classification System (NAICS) is a unified system for Mexico, Canada, and the United States to classify B2B market segments and analyze trade.
What function does the SMM plan serve?
The SMM plan documents in writing the goals, strategies, target audience, budget, tactics for implementation, and methods for monitoring and managing the campaign's effectiveness.
Mission Statement
The _____ specifies the organization's overall goals and operational scope and provides general guidelines for future management actions.
Why does the organizational buying process contain more steps than the consumer buying process?
The additional steps arise because business purchasing introduces new complexities that do not affect consumers.
Four
The business cycle consists of ________ stages.
Explain the buying center concept.
The buying center includes everyone who is involved in some way in an organizational buying action. There are five buying center roles: users, gatekeepers, influencers, deciders, and buyers.
Explain the difference between click-through rate, conversion rate, and engagement.
The click-through rate is the percentage of viewers who, when presented with a banner ad, click on it. The conversion rate is the percentage of visitors to a website who actually make purchases. Engagement measures how long a user spends on a site instead of how many pages he or she views.
Ethics
The code of moral principles and values that govern the behaviors of a person or group with respect to what is right or wrong is called _______.
What is the commercial market?
The commercial market consists of individuals and firms that acquire products to be used, directly or indirectly, to produce other goods and services.
Outline the six steps in the consumer decision process.
The consumer decision process consists of six steps: problem or opportunity recognition, search, alternative evaluation, purchase decision, purchase act, and post-purchase evaluation. The time involved in each stage of the decision process is determined by the nature of the individual purchases.
end-use application segmentation
The division of a business-to-business market based on how industrial purchasers will use the product.
Market Segmentation.
The division of the total market into smaller, relatively homogeneous groups is called
Social Media Exposure
The effects of ___________________ can also turn against a company quickly.
Outline the four key elements of a written social media marketing plan.
The formal social media marketing plan contains an executive summary explaining the "who, what, when, where, how, and why" of the plan; a brief overview of market conditions and other factors; a competitive analysis; and a body including goals and strategies, target audience, budget with expected returns, and methods for implementing and managing the effort.
What are the four classifications of business buying situations?
The four classifications of business buying are 1. straight rebuying, 2. modified rebuying, 3. new-task buying, and 4. reciprocity.
What are the human needs categorized by Abraham Maslow?
The human needs categorized by Abraham Maslow are physiological, safety, social/belongingness, esteem, and self-actualization.
Primary
The information collected for the first time specifically for a marketing research study is called _____ data
List the interpersonal determinants of consumer behavior.
The interpersonal determinants of consumer behavior are cultural, social, and family influences.
Obtaining Feedback
The last step in the organizational buying process is _____________
EPA (Environmental Protection Agency)
The legal and regulatory forces in the marketing environment consist primarily of legislation that is enforced by a variety of agencies operating at the federal, state and local levels of government. Drag and drop the appropriate agency from the list below to its corresponding regulatory responsibility. Environmental Issues
What are the major benefits of e-marketing?
The major benefits of e-business include the elimination of geographical boundaries, personalized marketing, interactive marketing, right-time marketing, and integrated marketing.
What are the major challenges to growth in e-business and e-marketing?
The major challenges include developing safe online payment, privacy concerns, and fraud and scams. In addition, poor site design and customer service, unreliability of delivery and returns, and lack of retail expertise have limited e-business success.
Identify the major characteristics of the business market and its demand.
The major characteristics of the business market are geographic concentration, size and number of buyers, purchase decision procedures, and buyer-seller relationships. The major categories of demand are derived demand, volatile demand, joint demand, inelastic demand, and inventory adjustments.
Select all the statements that are true about global Internet access and e-marketing.
The majority of the U.S. population has access to the Internet. The e-business benefits of the Internet exceed any concerns and problems with its use. Global reach is one of the greatest opportunities presented by the Internet.
What is Consumerism?
The movement's major forces are individual consumer advocates
Why might B2B firms have a difficult time developing a loyal fan base via social media marketing?
The nature of the relationships between B2B marketers and their customers is different from that of marketers and consumers. Each business must benefit a firm's overall strategy instead of the needs or wants of an individual, and once a relationship between firms is established, it can be more difficult to alter.
Describe the growth of Internet use worldwide.
The number of Internet users worldwide has reached more than 2.8 billion. Among individual countries with the highest number of Internet users, China is first with almost a quarter of its population online, followed by the United States, India, and Japan.
Outline the eight steps in the organizational buying process.
The organizational buying process consists of eight general stages: -anticipate or recognize a problem/need/opportunity and a general solution, -determine characteristics and quantity of needed good or service, -describe characteristics and quantity of needed good or service, -search for and qualify potential sources, -acquire and analyze proposals, -evaluate proposals and select supplier(s), -select an order routine, and -obtain feedback and evaluate performance.
Identify the personal determinants of consumer behavior.
The personal determinants of consumer behavior are needs and motives, perceptions, attitudes, learning, and self-concept theory.
Pose greater economic and social consequences.
The purchase decisions for high-involvement products differ from those of low-involvement products as high-involvement purchase decisions:
What is the function of social media monitoring?
The role of social media monitoring is to track, measure, and evaluate a firm's social media marketing initiatives.
What is the function of rules of engagement in social media marketing?
The rules of engagement for social media are meant to make the exchange between marketers and their target audience a positive one.
List the steps in the organizational buying process.
The steps in organizational buying are 1. anticipate or recognize a problem/need/opportunity and a general solution, 2. determine characteristics and quantity of a needed good or service, 3. describe characteristics and quantity of needed good or service, 4. search for and qualify potential sources, 5. acquire and analyze proposals, 6. evaluate proposals and select supplier(s), 7. select an order routine, and 8. obtain feedback and evaluate performance.
List the steps in the consumer decision process.
The steps in the consumer decision process are problem or opportunity recognition, search, evaluation of alternatives, purchase decision, purchase act, and post-purchase evaluation.
The more technological systems we have, the harder scientists have to work to ensure that the systems are integrated.
The technological environment represents the application to marketing of knowledge based on discoveries in science, inventions, and innovations. Technology leads to new goods and services for consumers; it also improves existing products, offers better customer service, and often reduces prices through new, cost-efficient production and distribution methods.Which of the following statements is true about the technological environment?
corporate, administrative, contractual
The three basic types of vertical marketing systems are:
Who shops online? Are the characteristics of online shoppers changing?
The typical Internet user now is likely to be between 18 and 64 years of age. Men used to shop more frequently online than women did, but today women shoppers outnumber men.
Social Media Marketing (SMM)
The use of social media portals to create a positive influence on consumers or business customers toward an organization's brand, products, public image, or website.
Guerrilla marketing
The use of unconventional, innovative, and low-cost marketing techniques designed to get consumers' attention in unusual ways is called _____.
Distinguish between a corporate website and a marketing website.
The vast majority of businesses have websites. Generally, these sites can be classified as either corporate websites or marketing websites. Corporate websites are designed to increase the firms' visibility, promote their offerings, and provide information to interested parties. Marketing websites are also designed to communicate information and build customer relationships, but the main purpose of marketing websites is to increase purchases by site visitors.
Why would companies not sell products on their websites?
Their products might not lend themselves to online sales, or the firms may have relationships with partners, such as dealers or franchisees, that sell their products instead.
Identify the five roles of people in a buying center decision.
There are five buying center roles: users (those who use the product), gatekeepers (those who control the flow of information), influencers (those who provide technical information or specifications), deciders (those who actually choose the product), and buyers (those who have the formal authority to purchase).
Competition
There is fierce __________for the limited number of dollars that consumers are willing or able to spend on any purchase.
Private Exchanges
This tool is sometimes called C-business Participants can collaborate on projects and share information
Engel's laws
Three general statements based on his studies of the impact of household income changes on consumer spending behavior. According to Engel, as household income increases, the following will take place: 1. A smaller percentage of expenditures goes for food. 2. The percentage spent on housing, household operations, and clothing remains constant. 3. The percentage spent on other items (such as recreation and education) increases.
Prosperity
Throughout most of the 1990's, the United States economy was in the _________ stage of the business cycle.
Identify the two vital approaches for a firm as it manages a potential social media crisis.
Timeliness and transparency are vital approaches for a firm involved in managing a potential social media crisis.
Describe online buyers and sellers.
Today's typical Internet user is from 18 to 64 years of age. Women now outnumber men online. During a recent year, the top products sold online included women's apparel, consumer electronics, and health and beauty products.
Electronic Bulletin Board
Topic -specific online services that resemble announcements
category advisor/category captain
Trade industry vendor who develops a comprehensive procurement plan for a retail buyer.
How might JIT II strengthen marketing relationships?
Under JIT II, suppliers place representatives at the customer's facility to work as part of an integrated, on-site customer-supplier team. Suppliers plan and take orders in consultation with the customer. This streamlining of the inventory process improves control of the flow of goods.
Recession
Up until the early part of the 2000's, Japan's economy experienced an extended period of __________
Engagement Rules
Use social media channels as they were intended Follow rules and guidelines
Intranets
Used to share information among employees
Psychographic
VALS is most likely to be used for _____ segmentation.
Differentiate between value analysis and vendor analysis.
Value analysis examines each component of a purchase in an attempt either to delete the item or replace it with a more cost-effective substitute. Vendor analysis carries out an ongoing evaluation of a supplier's performance in categories such as price, backorders, delivery times, liability insurance, and attention to special requests.
VALS
Values and Lifestyles; a psychographic system that divides the entire US population into eight segments
Direct competition
Vendors who sell essentially identical products or services are known as a firm's_______________
What are Social Influences?
What other people exert on one's buying power
Consultative selling technique
What sales technique is used when the sales person is listening to customers strategic goals and then providing product options that will help the customer achieve the goal.
firm uses limited number of outlets in a given area
When a firm decides on selective distribution, this means
An Administered VMS
When a firms brand image can command high degree of cooperation from intermediaries, this is called
What is family influence?
When individuals have expected norms of behavior with different roles and statuses assigned to each other
Field selling
When products require creative efforts on the part of the salesperson such as extensive explanation and interaction, the best sales method is usually:
Convincing consumers that the quality of their lower-priced product is the same as that of a comparatively higher-priced product sold by a competitor
Which of the following actions is most likely to be taken by a company in order to implement the value pricing objective?
Informative
Which of the following advertising objective is typically used in the Introduction phase of a product's life cycle.
Clothing retailer Lord and Taylor expanding the capabilities of the fitting rooms in its stores
Which of the following can be classified as a creative approach to over-the-counter selling?
Behavioral
Which of the following components of attitude essentially involves tendencies to act in a certain manner?
Software packages that assemble, store, manipulate, and display data by their location
Which of the following describes GISs?
quality control
Which of the following functions is not performed by intermediary
It is expensive and involves high cost per contact
Which of the following is a disadvantage of personal selling as a promotional strategy?
It is difficult to differentiate from competitors efforts
Which of the following is a disadvantage of using sales promotion as a promotional strategy?
Family characteristics
Which of the following is a primary determinant of social class?
Detergents and Coca Cola
Which of the following is a tangible product? Check all that applies
A market-share objective
Which of the following is an example of a volume pricing objective?
A box of room fresheners bought by a resort
Which of the following is an example of business products?
A Sony home entertainment systems competing with a Jacuzzi hot tub
Which of the following is an example of indirect competition?
Selling
Which of the following is an example of the exchange function of marketing?
Becker Medicals has recently released supplements that are designed for lactose intolerant children.
Which of the following scenarios is characterized by the seller having a clearly defined target market?
Psychographic segmentation
Which of the following segmentation approaches is most likely to help marketers quantify aspects of consumers' personalities and lifestyles to create goods and services for a target market?
China has the largest number of Internet users of all countries in the world.
Which of the following statements is true about Internet usage and e-marketing?
The Internet is used in the United States mainly for communication, information and purchases.
Which of the following statements is true about e-marketing, online buyers, and online sellers?
She makes purchases to satisfy the expectations of her family members who insist on buying Apple products.
Which of the following statements reflects Carla's interpersonal determinants concerning her purchase of an Apple computer? *
Personal selling
Which of the following terms best represents an interpersonal influence process that involves a seller's promotional presentation conducted on a face-to-face basis with the buyer? *
Global Reach
Which of the following terms refers to an advantage brought about by the advent of the Internet as a shopping medium by eliminating the geographic protections and limitations of local business and by giving smaller firms a wider audience? *
Form utility
Which of the following utilities is created by the organizational function of production?
Inadequate financing capabilities
Which of the following would qualify as an example of a firm's weakness?
Marketing improves the quality of life of customers.
Which one of the following statements is true regarding the global impact of marketing?
The 80/20 principle, which holds that 80 percent (more or less) of a product's revenue comes from 20 percent (more or less) of its customers.
While totaling your quarterly receipts for your business, The Breakfast Bar, you note that a sizable amount of your revenue comes from selling packaged coffee beans to several regular customers who come in for a daily cup of coffee to-go. Your plan for the next quarter is to promote your selection of fresh roasted beans with a buy one, get one half off incentive to encourage customers to purchase more and/or try something new. What segmentation sales principle are you employing to bolster sales for the next quarter?
Identify the two main distinctions between traditional marketing and a SMM campaign.
While traditional marketing seeks to control the content and message received by an audience, SMM activity solicits the audience's participation in the message. Successful SMM efforts require the audience's trust, whereas traditional marketing may or may not.
Geographic information systems (GIS)
_____ are computer systems that help marketers analyze marketing information by assembling, storing, manipulating, and displaying data by their location.
Technological
Widespread adoption of wireless networks and in-home Internet use has led to an increased availability of "smart" products for the home such as thermostats, lighting, security, systems and smoke detectors. Which environmental factor is most related to the new smart home products?
Target Market
You are about to launch a digital advertising startup. Your former marketing professor warns you to get the first element in the marketing strategy right -- because otherwise, your new company is doomed to failure. Which is this essential element?
Rule of Three , three
You are conducting a competitive analysis for the company you work for and are interested in identifying key players in the market to develop an effective marketing strategy. You decide to start with the ____________________,which refers to the____________ strongest companies in a particular sector that dominate 70-90% of the competitive market.
A second mover strategy
You are the head of marketing for a technology company in Boston, and you are meeting with your company's CEO to discuss a new market opportunity that you believe offers significant profit potential for the firm. You are anxious to launch an initiative to establish the firm's presence in this new market as quickly as possible. However, your CEO is a bit more cautious about the potential in this market and would prefer that you take a more conservative approach to entering the market. In fact, your CEO would rather see what others do in the market before launching the firm's initiative.In order to appease your CEO, which of the following strategies should you pursue?
Self-Concept Theory
You feel you are a trendsetter and buy a smartphone even though the last cell you purchased is 5 years old A woman purchases a brightly colored dress that she saw in a fashion magazine despite the fact that she is conservative
Within the next ten years, we want to open 20 locations
You have been working as an intern for your father's construction company and have been asked to sit in the on the company revisioning meeting. Because this is your first time in a marketing planning meeting, you are somewhat confused about the jargon being used. One of the employees explains to you, the difference between strategic planning and tactical planning, and asks you to provide examples so she can make sure you understand the concepts.Which of the following is an example of a strategic plan?
support of an independent third-party organization to gather quality feedback
You have entered a stage in the organizational buying process. The items below indicate which stage you have entered: At this stage in the buying process you will consider how a particular supplier's abilities have affected your company's needs. Because your company is so large, it uses standardized methods to judge whether a vendor has met or exceeded the company's expectations. Which of the following is an added benefit of the stage in the organizational buying process identified above?
You failed to evaluate different alternatives
You just moved into a new home and are in the market to purchase Internet services. Because you are in a hurry to set up your home office, you enter into a contract with the first provider whose commercial you see on television for your area, though you know there are at least three providers in the area. After the first month, you are unhappy with the service because your signal is continually low. Which of the following statements best describes what went wrong?
loss of customer loyalty
You work for a clothing manufacturing company that is known for its eco-friendly approach to product design. Moreover, your company is committed to employing U.S. based staff and helping to improve the local economies in the cities in which the manufacturers and shops are located; consumer loyalty to your brand has increased exponentially as a result of this commitment to local economies. Company investors decide to open up a subsidiary, a limited liability company, in France, to feel out the French market and to se if it makes sense for the company to expand its territory abroad. They also want to work with manufacturers abroad to lessen the cost of production while increasing profits. As a legal advisor to the company, you believe its essential to review several factors before taking this approach. Furthermore, you want to ascertain if this idea has potential long-term drawbacks. Which of the following challenges should the company owners described above be especially mindful of when making their decision to open a French subsidiary
managing and monitoring the sites
You work for a major giant in the snack production industry. In the past, your company has relied on one vendor for all of the raw materials that go into producing the company's internationally acclaimed snacks. Recently, however, your CEO decides to try the multiple sourcing approach as a way to save money during these tough economic times. Your CEO informs you that he thinks it would be cheaper to use products and services from other countries in order to save money, and he has reason to believe that the raw materials are of higher quality. As you evaluate multiple sourcing, you come up with a list of variables you think are important and want to bring to the CEO's attention. Which of the following points would you bring to the CEO of your company as a potential drawback of multiple sourcing?
Increase
You work for a music CD distributor that specializes in rare albums that many other distributors do not carry. Because of mp3s, mp4s, and online music streaming and downloading sites, sales have decreased significantly. As a member of the marketing team, you have been brainstorming ways your company can avoid marketing myopia, the insular approach to marketing that focuses on products rather than on the needs of customers. You realize that the Internet can either help your company or further hinder its mission and goals. You use Porter's five forces as a model to assess the impact of the Internet on your business; you look at potential new entrants, bargaining power of buyers, bargaining power of suppliers, the threat of substitute products, and rivalry among competitors. Determine whether the Internet has an increasing or decreasing effect on the following business-related competitive forces. Does the Internet increase or decrease the types and formats of music customers can access and purchase?
Intranets
_____ are secure internal networks that help companies share information among employees, no matter how many or how widespread they are.
Vishing
_____ is a type of Internet fraud
New Task Buying
You work for a tech firm that wants to invest in some capital development projects that could potentially position the company as a multinational giant in the competitive market. One of the projects would require your company to purchase a classified patent on software design, which would set your company back about $500 million dollars; however, company executives believe that the investment is worthwhile, and the return on profit is limitless. Before they make the purchase, they would like to ensure that the patent is absolutely necessary, and that other vendors don't have viable solutions. Required: Which of the following business buying strategies should be employed in the situation described above?
Decrease prices and offer more promotions
You work for an automobile manufacturing company whose sales have been low as a result of the economic downturn. Company executives are strategizing as to how to stimulate sales. Which of the following steps should they take to improve business?
Consumer demand is uncertain
You work in real estate and have a thriving business until the economic recession hits. Sales immediately plummet as your potential clients decide to slow down because they do not know what's going to happen in the market. Almost a year later, the economy begins to recover, and slowly, consumer purchasing power increases. Though you hope that your clients will come back in droves, this is not the case. Consequently, you are hesitant to spend money on big marketing campaigns to stimulate your business.Which of the following best explains why you, as a marketer, are hesitant to invest in a large-scale marketing campaign during this stage of the business cycle?
Amos has a dual role as a gatekeeper and influencer.
You work in the stock market. Stock markets allow businesses to raise additional funds for new projects, business expansions, and capital investment plans. Moreover, they enable the public trading and selling of market shares of a company. Major purchases of stock typically require input from various parts of the organization, including senior management and accounting. One of your colleagues, Amos, works in the IT department of one of the U.S. based tech firms for which you are trading. Amos is in charge of receiving information about new technologies from commercial sources, universities, and web-based sources, to name a few, and then working with other IT professionals to find solutions. Which of the following statements is true about the buying center described above?
The marketing mix should be created to meet the customers' needs and preferences.
Your best friend is a contestant on the game show. He just exercised one of his "lifelines" by calling you for help with a marketing-related question. Your friend reads the following question to you:Which one of the following statements about marketing strategy is true?
"Earthly Luxuries designs opulent clothing for families who are environmentally conscious and value comfort, putting Earth and style first."
Your business needs a mission statement that clearly defines the many aspects of what the company represents and wants to achieve over the course of its existence. Below are three criteria that outline what you want your mission statement to represent. You are trying to decide which of the four statements below best conveys your company's mission. Defines your customers and the needs or wants you'll meet -Describes your core competency -Will serve as a long-term vision of what your company will become -Which mission statement meets all three criteria?
Open earlier in the morning.
Your coffeehouse is struggling to build a customer base, despite your prime location adjacent to a big university. When you confide in your former marketing professor, he tells you the problem is with insufficient time utility. How can you address this aspect of your marketing?
The list contains more weaknesses than strengths.
Your investment banker has presented you with the following list of business characteristics of a small company your company is considering acquiring: -market leadership -large inventories -lack of management depth -cost advantages -management turnover -excess manufacturing capacity relative to the market Based on this list of characteristics, which of the following statements is true?
Consider marketing to a segment that meets the criteria for effective segmentation.
Your large retail store sells power tools and construction supplies and your customer base is made up primarily of general contractors, subcontractors and serious DIYers. But business has stagnated now that the housing market has seen a downturn. What can you do to boost your sales and keep your business solvent?
Distribution
Your staff just handed you a report on your marketing mix performance for the previous year. The following are the key conclusions in the report: Based on independent customer surveys, our product mix, and the quality of our products is equal to or better than our main competitor. Our outside consultants have issued a report indicating our advertising effectiveness ratings reached an all-time high in the past year. Our order fulfillment and inventory management ratings for the last year came in below the averages for our industry. Our outside consultants concluded our products are generally priced below our main competitor, and our customer satisfaction ratings in this area are very high. Based on these conclusions, which of the following marketing mix elements should you focus on improving in the year ahead?
Technology
_____ leads to new goods and services for consumers, improves existing products, offers better customer service, and often reduces prices through new, cost-efficient production and distribution methods.
Modified rebuying
___________is a situation in which a purchaser is willing to reevaluate available options for repurchasing a good or service.
Frequency
________refers to the number of times an individual is exposed to the marketing material during the campaign.
Culture
_______can be defined as the values, beliefs, preferences, and tastes handed down from one generation to the next.
Reverse Logistics
_______involve directions and procedures on how to return merchandise, including preprinted shipping labels that are included with the order.
Internet Fraud
_______is increasing, and so is the technology designed to detect or block it.
Right Time Marketing
_______refers to a firm's ability to provide a product at the exact time needed by its customers.
Vishing
______is an email or VoIP phone call that requests the user to make a phone call to a voice response system asking for the caller's credit card number
Phishing
______uses email or pop-up messages that falsely claim to be from familiar organizations in order to obtain personal information such as passwords, credit card, and bank account numbers
New Task buying is:
a first-time or unique purchase situation that requires considerable effort by decision makers.
Wha is an opinion leader?
a person who has knowledge of or expertise in specific services or goods due to an interest in those products
Influencers
affect the buying decision by supplying information to guide evaluation of alternatives or by setting buying specifications
Buying Center
all the individuals and units that play a role in the purchase decision-making process
Consumer Products
are bought by ultimate consumers for personal use—for example, cell phones, sports tickets, or fashion magazines.
Business Products
are goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.
Motives
are inner states that direct a person toward the goal of satisfying a need. The individual takes action to reduce the state of tension and return to a condition of equilibrium.
stimulus factors
characteristics of the physical object such as size, color, weight, and shape
Decider
chooses a good or service, although another person may have the formal authority to do so.
cognitive dissonance.
consumers experience post-purchase anxiety resulting from an imbalance among a person's knowledge, beliefs, and attitudes.
Gatekeepers
control the information that all buying center members will review.
Demographic Segmentation
defines consumer groups according to demographic variables such as gender, age, income, occupation, education, household size, sexual orientation, and stage in the family lifecycle.
AIO statements
describe various activities, interests, and opinions.
Psychographic segmentation
divides a population into groups with similar values and lifestyles.
Geographic Segmentation
dividing an overall market into homogeneous groups based on their locations.
Wife-dominant role
has the wife making certain buying decisions. Children's clothing is a typical wife-dominant purchase.
Learning
in a marketing context, refers to immediate or expected changes in consumer behavior as a result of experience.
Product-related segmentation
involves dividing a consumer population into homogeneous groups based on their relationships to the product. This segmentation approach can take several forms: 1. segmenting based on the benefits people seek when they buy a product 2. segmenting based on usage rates for a product 3. segmenting according to consumers' brand loyalty toward a product
Need
is an imbalance between the consumer's actual and desired states.
Autonomic role
is seen when the partners independently make equal numbers of decisions. Personal-care items would fall into the category of purchase decisions each would make for himself or herself.
Users
the people who will actually use the good or service.
Husband-dominant role
occurs when the husband usually makes certain purchase decisions. Buying a generator or woodstove for the home is a typical example.
Syncratic role
refers to joint decisions. The purchase of a house follows a syncratic pattern.
perceptual screens
the mental filtering processes through which all inputs must pass.
