Intro to Bus Ch 11 Part A/B

According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.

marketing concept

In selling telephone service, AT&T tries to gather as much information as possible about the consumer's income, buying habits, service preferences, and occupation. AT&T is utilizing

marketing research

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

culture

_____ is the process of separating, identifying, and evaluating the layers of a market to design a marketing mix

Market segmentation

_____ segmentation is based on what the product will do rather than on consumer characteristics

benefit

The Springwood Inn offers a package of room, breakfast, and parking for $225.00. This strategy is called:

bundling

A product that is bought by a company for use in making another product is called a(n) _____ product

business

_____ involves creating a unique marketing mix for every consumer.

one-to one marketing

With a _____ policy, a company offers new products at a low price in the hope of achieving a large sales volume

penetration pricing

specialty product

product for which consumers may search long and hard and for which they refuse to accept substitutes

The process that products go through as they pass through their introduction, growth, maturity, and decline stages is called the

product life cycle

test marketing

product was tested by potential buyers.

Roger Wu has decided to buy a new Porsche. Since there are no Porsche dealers in his community, he must travel almost 200 miles to a find a Porsche dealer to purchase the car of his dreams. For Wu, a Porsche is a _____ product

specialty

Target Market

specific group of customers toward which a firm directs its marketing efforts

bundling

strategy of grouping two or more related products together and pricing them as a single product

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes. The manufacturer of Topik considers this group to be its

target market

Life Savers Gummies Fruit Splosions, liquid-filled gummies combined with a burst of real fruit juice, are a new product for The Wrigley Co.. Before marketing the product nationwide, Wrigley gave out samples of the candy at several rock concerts and then recorded consumers' feelings about the candy, its taste, and its name. In which stage of the new-product development process would this have happened?

test marketing

_____ is the action that people take in buying and using goods and services.

buyer behavior

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

capital; expense

Ocean Spray first introduced cranberry juice drinks. Then it introduced Cranapple (a cranberry and apple juice mix) also sold under the Ocean Spray brand. This is an example of a

line extension

People with common activities, interests, and opinions are grouped together into a given lifestyle. A company that segments its market according to these different lifestyles is using _____ segmentation

psychographic

Customer satisfaction:

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

In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:

relationship marketing