Business - Chapter 13
A brand name is an important use of words, letters, or groups of words or letters because it ________________ your product from others.
Differentiates
The internet helps buyers in the purchasing process because customers are able to:
Search and compare to find the best price
A type of psychological conflict that can occur after a major purchase is called:
Cognitive Dissonance
There are relatively few customers in the B2B market because there are just a few construction or mining companies compared to 125 million households in the U.S ________________ market.
Consumer
The investigation of consumer thought processes at each stage in a purchase in order to determine the best way to help the buyer buy is called:
Consumer Behavior
_____________ is the set of values, attitudes, and ways of doing things passed from one generation to another in a given society.
Culture
The key objective of the service orientation in the marketing concept is:
Customer Satisfaction
People over 65 have become one of the _____________ growing segments of the US population.
Fastest
Instead of selling your product throughout the United States, you might concentrate on one or two regions. This is an example of which type of segmentation?
Geographic
The consumer market is made up of _______________ and _______________.
Households and Individuals
One-to-one marketing focuses on developing a unique mix of goods and services for each ________________ customer.
Individual
Identify some of the factors used to divide the market in psychographic segmentation.
Interest and attitudes
During the production era it was believed that one should produce as much as you can, because:
There is a limitless market for the product
The segmentation technique that divides the market by the amount of a product used is:
Volume segmentation
The emphasis in those firms with a consumer orientation is to meet consumer ___________ rather than on promotion and sales.
Wants
Why are B2B sales based on personal selling?
-Customers demand personal service for larger investments -Large purchases cost more and are complex
When setting a price, a company must consider many factors including the costs of:
-Distribution -Production -Promotion
What are some of the methods of collection for primary data?
-Focus Groups -Observation -Customer Comments
The B2B market includes:
-Manufacturers -Institutions -Government
What are some examples of a subculture?
-Teenager -Gen Y -Hispanics
Testing a product among potential users is:
-Test marketing
List the 4 steps of the marketing research process in order from first to last.
1. Defining the question 2. Collecting research data 3. Analyzing the research data 4. Choosing and implementing the best solution
Business buyers use which of the following to make decisions? A.) Product specifications B.) Total product offer C.) Emotion D.) Rational Processes
A.) Product Specifications B.) Total product offer D.) Rational Processes
Marketers in the US have changed their products to meet the tastes and preferences of which of the following groups whose numbers have increased?
Asians and Hispanics
Dividing the market based on specific features of the product preferred by your target market, such as flavor, is ______________ segmentation.
Benefit
A market that consists of all the individuals and organizations that want goods and services to use in producing other goods and services is called the:
Business-to0business market
The process of dividing the total market into groups whose members have similar characteristics is market ________________.
Segmentation
When production capacity exceeded the immediate market demand, the business philosophy changed from the production era to the ______________ era.
Selling
The idea behind customer relationship management is to enhance customer satisfaction and:
Stimulate long-term customer loyalty
When values, attitudes, and ways of doing things result from belonging to a specific ethnic, racial, or other group that one identifies closely with, it is termed a:
Subculture
Conducting ______________, whether telephone, online, or mail, is a popular source of primary data.
Surveys
When a business selects groups or segments that they can serve most profitably, this is called:
Target Marketing
Whereas consumer promotions are based more on advertising, B2B sales are based on:
Personal Selling
Changes in an individual's behavior resulting from previous experiences and information is ___________.
Learning
In the 1950s, a philosophy emerged where a business recognized the need to be responsive to consumers if they wanted to get their business. This philosophy is referred to as:
Marketing concept
Environmental ________________ is the process of identifying factors that can affect marketing success.
Scanning
Existing data is called ______________ data since you aren't the first one to gather the data.
Secondary
Marketers who want to avoid incurring unnecessary expenses when researching data should first gather:
Secondary Data
List the steps of the consumer decision - making process from first to last with the first step on top and last step at the bottom.
1. Problem Recognition 2. Information Search 3. Alternative Evaluation 4. Purchase Decision 5. Post purchase evaluation
A small group of people who meet under the direction of a discussion leader to communicate their opinions about a product is a _________________ group.
Focus
In order to gather additional in-depth information needed for business decisions, marketers must do their own research by gathering:
Primary Data
Telephone surveys, online surveys, mail surveys and personal interviews are the most common forms of gathering:
Primary Data
Any physical good, service, or idea that satisfies a want or need is a _______________________.
Product
Focusing on the goods that will earn the most ___________ will enable to organization to survive and expand to serve more consumer wants and needs.
Profit
All of the techniques sellers use to inform people about and motivate them to buy their products or services is called:
Promotion
Business buyers are generally more ______________ and less emotional than household consumers.
Rational
A marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements is ___________________ marketing.
Relationship
A simple definition of Marketing
The activities buyers and sellers perform to facilitate mutually satisfying exchanges.
Dividing the market by age, income, and education level is __________________ segmentation.
Demographic
Developing products and promotions to please large groups of people is ___________ marketing.
Mass
The segmentation method that develops or finds products for small, but profitable market segments is:
Niche Marketing
With marketing research, marketers analyze markets to determine:
Opportunities and challenges
The business - to- business market is made up of all individuals and _____________________ that want goods and services for production, sales to others.
Organizations
Data that you gather yourself to meet a specific need is called __________________ data.
Primary
Developing an accurate description of your business idea and asking people if the idea appeals to them is called ___________ testing.
Concept
The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:
Marketing
The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
The factors that go into a marketing program: product, price, place and promotion are called the __________________ mix.
Marketing