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