BCOR Chap 13-16
T/F changes in an individuals behavior resulting from previous experiences and information creates culture
False
a firm wishing to track products via radio frequency will most likely use a ___________
RFIC System
the set of marketing intermediaries such as agents, brokers, wholesalers, transportation companies and retailers who together move goods from producers to consumers form a path called a
channel of distribution
examples of shopping gods or services are
clothes, shoes, appliances, and auto services
_________ is the name of the pricing strategy that sets the price at, above, or below the price of competitors based on what they are doing
competition based pricing
developing an accurate description of your product and asking people if they life the idea is called:
concept testing
the goal of __________ is to test consumer reactions to certain product ideas
concept testing
studying the thought processes people use to make buying decisions and the factors that influence their choices is
consumer behavior
the set of values, attitudes, and ways of doing things transmitted from one generation to another is
culture
two goals of marketers
customer satisfaction and profitability
how to target specific audience
customer/ marketing segmentation
cost based pricing
fixed cost + variable cost
non-branded goods are considered
generic goods
urban, suburban, rural, city size, region
geographic
specialty products are considered to
have not substitute
running sales (CVS, Kroger)
high-low pricing strategy
one-to-one marketing focuses on developing a unique mix of goods and services for each
individual customer
products sold in the business to business market are called
industrial goods
a salesperson answering questions about an insurance policy is an example of
information utility
which type of utility opens two-way flows of information between marketing participants?
information utility
getting products to consumers when and where they are wanted is critical to market success. Many times it is the responsibility of
intermediaries
the factors that go into a marketing program: product, price, and promotion are called the
marketing mix
helps to identify what products customers have purchased in the past, current purchasing patterns, and future wants
marketing research
when a firm is independently owned and takes title of the goods they handle, that are said the be
merchant wholesalers
what are some of the methods of collection for primary data?
observation, customer comments, and focus groups
when marketers use the internet to sell goods and services they are participating in
online retailing
when you need more in-depth information, marketers must develop their own research and obtain
primary data
T/F a convenience store sells food and other frequently needed items in convenient locations and is often open 24/7
True
T/F intermediaries are the middle links in a series of organizations that distribute goods from producers to consumers
True
the attributes typically used to differentiate consumer groups:
age, income, education
expenses that remain the same no matter how many products are made or sold are called
total fixed costs
everything that consumers evaluate when deciding whether to buy something is referred to as the
total product offer
T/F price and cost are not always related
true
consumers are not typically searching in the market for an
unsought good
a physical good, service, or idea that satisfies a want or need is called a
product
__________ is the creation of real or perceived product differences
product differentiation
19.99 is lower then 20
psychological pricing
marketers who want to avoid incurring unnecessary expenses when researching data should first gather
secondary data
which distribution strategy sends products to a few, preferred retailers in a geographic area
selective
an agent or broker brings
sellers and buyers together
the type of utility that provides fast, friendly service during and after the sale as well as teaching customers to use products over time is
service utility
it is common for ___________ to be marketed through special interest magazines and websites
specialty goods
a store that sells a wide selection of goods in one category is a
specialty store
knowing what _______ of the product life cycle of a product is in helps marketers make intelligent and efficient marketing decisions
stage
form utility is provided to customers when
string, frames and a handle are assembled into a a tennis racket
the set of values, attitudes, and ways of doing things that differentiates a group as belonging to a certain ethnic, racial, or other group is a
subculture
an establishment that sells mostly food and other non food products such as cleaning supplies and paper products without requiring a membership fee is called a
supermarket
________ aims to design a product so that it satisfies customers and meets the profit margins for a company
target costing
testing a product among potential users is
test marketing
companies rarely sell one product, but offer a
product mix
firms that use non-store marketing with toll-free numbers to supplement online or category sales are utilizing
telemarketing
AMA
American marketing association
using personal sales at parties to reach people at home or work is known as
direct marketing
an establishment that sells a wide variety of products at lower prices than a department store but does not require membership is called a
discount store
when marketers send products to only one retail outlet in a given region, they are using an exclusive
distribution strategy
when markets place a product in as many retail outlets as possible they are using an intensive
distribution strategy
T/F grouping two or more products together and pricing them as a unit is called stacking
false
T/F separating the market by the amount of product use is called benefit segmentation
false
sellers fear that their brand will become a ______ which is the name or a whole product category
generic name
heavy machinery, new buildings, and computers are all used in the production of other goods and are examples of
industrial goods
marketing _______ assist in moving goods and services in either B2B or B2C channels of distribution
intermediaries
in setting a products _____ a business needs to take into account the costs of producing, distributing, and promotion of the product as well as a profit margin
price
one firm sets the price for all competitors in an industry in a
price leadership strategy
when a firm offers more than one product line, it is said to be offering a
product mix
______or services are products the consumer buys only after comparing value, quality, price, and style from a variety of sellers
shopping goods
high to cover research and development, make profit when competition is low (new medicine)
skimming price strategy
all the individuals and organizations that want goods and services to use in producing other goods and services, or to sell, rent, or supply goods to others
B2B
T/F the process of dividing the total market into groups with similar characteristics is called target marketing
False
_______ products to new markets is an ongoing process for marketers wishing to compete succssfully
adapting
marketing intermediaries who bring buyers and sellers together and help negotiate an exchange without taking title to the goods themselves are
agents or brokers
price as an input in product development, instead of an outcome
demand-based pricing
gender, age, education, race, nationality, occupation, martial status, income, lifestyle
demographic
dividing the market by age, income, and education level is
demographic segmentation
age, education level, income, and taste are all examples of how consumer groups
differ greatly
consistent low price (Walmart)
everyday low pricing
the stages of the product life cycle are
introduction, growth, maturity, and decline
brands that manufacturers distribute nationally such as Xerox or SONY are called
manufactuerers brands
the ____ is an illustration of the theoretical movement in sales and profits for a product class over time
product life cycle
advertising, personal selling, public relations, publicity, and word of mouth are considered to be part of
promotion
all of the techniques sellers use to inform people about and motivate them to buy their products or services is called
promotion
dividing the market based on group values, attitudes, and interests would be considered
psychographic segmentation
the strategy focused on keeping individual customers over time by offering them products that meet their exact needs is
relationship marketing
a marketing intermediary who sells to ultimate consumers is a
retailer
a name, symbol, or design that identifies the goods or services of one seller or group of sellers is called a
brand
means a brand has been linked to other favorable images
brand association
________- is how quickly or easily a given brand name comes to mind when a product category Is mentioned
brand awareness
the value of the brand name and associated symbols refers to
brand equity
when a consumer insists on one specific brand, making the product a specialty good, it is known as
brand insistence
when consumers are satisfied with a product, like the brand, and are committed to further purchases, the company has achieved a certain degree of _____ for its product
brand loyalty
mass marketing means that products and promotions are developed in order to please
large groups of people
which type of store sells directly from the manufacturer at reduced prices, although some of the merchandise may be flawed or "seconds"
outlet
low to attract more buyers to capture a large market share (juice)
penetration strategy
promotion includes __________,_______,________
personal sales, public relations, and advertising
the "P" of marketing, which includes shipping, transportation, storage, logistics, and supply-chain management is known as
place or distribution
a supermarket that assembles a variety of goods in a location near your home is providing
place utility
when a product is where consumers want it to be it is said to have
place utility
doing whatever is necessary to transfer ownership from one party to another is
possession utility
when using benefit segmentation, marketers must determine
the product features that appeal to the target segments
which type of utility is provided to customers by freezing strawberries so they are available all year around?
time
which form of utility is added by marketing intermediaries who make products available when needed?
time utility
when something has the ability to satisfy a want, ability, or value to goods or services it is said to have
utility
costs that change according to the level or production are called
variable costs
an establishment that sells general merchandise and food in large facilities that may require a membership fee to ship there is called a
warehouse club
A department store is a retailer that sells a
wide variety of goods such as furniture, clothing, and housewares in separate departments
the product life cycle is a valuable tool for
anticipating market developments, adjusting the marketing mix, and planning marketing strategies
a word, letter, or group of letters that differentiates one sellers goods and services from those of competitors is called the
brand name
a firm is at the ______ when revenue is equal to all costs
break even point
the type of retailer that sells a huge variety of one type of product to dominate one type of good is a
category killer
all the individuals or households that want goods and services for personal consumption or use, and have the resources to buy them
consumer market
a _______ or service is one that the consumer wants to purchase frequently and with minimum effort
convenience good