2ND ATTEMPT

According to Maslow, what is the difference between needs and motives? How can marketers make use of these two concepts to lead consumers toward purchases? CHAPTER 6

- A need is an imbalance between the consumer's actual and desired states - 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. - Marketers attempt to arouse this sense of urgency by making a need "felt" and then influencing consumers' motivation to satisfy their needs by purchasing specific products

Why is environmental scanning an important activity for marketers? CHAPTER 3

- Environmental scanning is the process collecting information about the forces in marketing environment - This information helps marketing managers predict opportunities and threats associated with environmental fluctuations. marketing management may assume either a passive, reactive approach in responding to these fluctuations. The choice depends on the organisations structure, needs, composition of forces

Why is the concept of acculturation important to marketers who want to target such groups as Hispanic, Asian, or African American consumers? CHAPTER 6

- Marketers need to be sensitive to these shifts in population and to the differences in shopping patterns and buying habits of the embers of different subcultures. Businesses must develop marketing messages that consider the needs of these different types of consumers. For example, members of one subculture might be attracted to bargain offers while those of another might be offended by them. i. HISPANIC - Not a homogenous group/Hispanic population fueled by a sharp rise in births/Marketers should consider Hispanics control more disposable income than any other minority group. ii. AFRICAN AMERICAN - The African American population stands at more than 43 million people/71% of them own a smart phone/They are members of every economic group--MARKETERS MUST AVOID APPROACHING ALL AFRICAN AMERICAN CONSUMERS IN THE SAME WAY iii. ASIAN AMERICAN - Spread among culturally diverse groupes/Retain their own languages/Each group brings its own language, religion, and value system to purchasing decisions

Why do marketers monitor the technological environment? CHAPTER 3

- Marketers need to monitor the technological environment to stay current with and possibly ahead of competitors. If they don't, they may wind up with obsolete offerings. - Marketers monitor new technology to gain a competitive edge and to enhance customer service - VoIP (voice over Internet protocol) - A phone connection through a personal computer with any type of broadband internet connection - Internet Proto col Multimedia Subsystem (IMS) will offer new opportunities to marketers

What is sampling? Explain the differences between probability and nonprobability samples. CHAPTER 10

- Sampling is the process of selecting survey respondents or research participants - A probability sample is one in which every member of the population has a chance of being selected (includes random samples, stratified samples, and cluster samples). - A nonprobability sample relies on personal judgment in the selection process (including convenience and quota samples)

Identify the factors that differentiate B2C and B2B. CHAPTER 7 OBJECTIVE

1. B2B is a business model where business is done between companies. B2C is another business model, where a company sells goods directly to the final consumer. 2. In B2B, the customer is business entities while in B2C, the customer is a consumer. 3. B2B focus on the relationship with the business entities, but B2C's primary focus is on the product. 4. In B2B, the buying and selling cycle is very lengthy as compared to B2C. 5. In B2B the business relationships last for long periods but in B2C, the relationship between buyer and seller lasts for a short duration. 6. In B2B, the decision making is fully planned and logical whereas in B2C the decision making is emotional. 7. The volume of merchandise sold in B2B is large. Conversely, in B2C small quantities of merchandise are sold. 8. Brand value is created on the basis of trust and personal relationship of business entities. In contrast to, B2C where advertising and promotion create brand value

What digital tools do marketers use to communicate with consumers? Describe each tool and when it might be used by a marketer. CHAPTER 5 OBJECTIVES

1. EMAIL 2. BLOGS 3. PODCASTS 4. VLOGS (VIDEO BLOG) 5. WEB-ENABLED COMMUNICATION TOOLS

How do social media marketers arrive at a target audience? CHAPTER 4

1. Social media efforts customize marketers' approach to targeted audiences. 2. Social media marketers arrive at a target audience based on the goal of the marketing effort a. If it is to create brand awareness, the audience will be broader than for strengthening relationships with existing customers. b. Marketers narrow this target further by determining which social media will be best suited to certain types of consumers.

In classifying consumer services, identify five factors that marketers should consider. CHAPTER 12

1.) The nature of the service 2.)The relationship between the service organization and its customers 3.) Flexibility for customization 4.) Fluctuation of supply and demand 5.) The way the service is delivered

What is the purpose of monitoring and measuring the SMM campaign? CH 4

1.Monitoring and measuring help marketers understand what their customers need and want, ultimately making adjustments to SMM or product offerings to satisfy those customers. 2. Monitoring tools based on the needs of their own firms. 3. Expenses are weighed against savings. 4. Effective monitoring gives marketers a clearer picture of an organization's influence via social media. 5. Return on Investment

Analyze the impact of needs, perceptions, attitudes, learning, and self-concept on consumer purchasing behavior. CHAPTER 6 OBJECTIVE

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.

What are the reasons consumers say for why they shop online? What are the characteristics of an online shopper? CHAPTER 5 OBJECTIVE

A. Consumers shop online for many reasons, including... i. Fun and relaxation ii. 24-hour access iii. Lack of geographic limitations (can shop at global markets from home) iv. Low prices v. Comparison shopping vi. Increased availability of broadband Internet connections vii. More secure credit card transaction systems B. The characteristics of an online shopper i. Women make up more than 60% of online shoppers ii. Male and female under age 45 iii. Typical internet user is likely 18 -64

What is team selling? Describe a situation in which you think it would be effective. CHAPTER 17

A. Consumers shop online for many reasons, including... i. Fun and relaxation ii. 24-hour access iii. Lack of geographic limitations (can shop at global markets from home) iv. Low prices v. Comparison shopping vi. Increased availability of broadband Internet connections vii. More secure credit card transaction systems B. The characteristics of an online shopper i. Women make up more than 60% of online shoppers ii. Male and female under age 45 iii. Typical internet user is likely 18 -64

Explain the difference between E-business and E-marketing. Name and describe the five business activities that take place via the internet. CHAPTER 5

A. E-BUSINESS involves a wide range of activities that take place via the Internet. E-MARKETING transfers the traditional marketing functions of creating, distributing, promoting, and pricing goods and services to the Internet or through *digital tools*. B. Five business activities 1. E-tailing 2. Business-to-business transactions 3. Electronic data interchanges (EDI) 4. Email, blogs, podcasts, vlogs (video blogs), and other 5. Web-enabled communication tools 6. The gathering and use of demographic, product, and other information through Web contacts

Identify and describe the four major characteristics of the B2B market. CHAPTER 7

A. GEOGRAPHIC MARKET CONCENTRATION - The U.S. business market is more concentrated than the consumer market - Certain industries locate in particular areas to be close to customers - Due to the Internet, business markets may become less geographically concentrated B. THE SIZES AND NUMBERS OF BUYERS - Business market has limited number of buyers - Many buyers in limited-buyer markets are large organizations - Trade associations and business publications provide additional information on the business market C. THE PURCHASE DECISION PROCESS - Suppliers who serve B2B markets must work with multiple buyers - More formal and professional than the consumer purchasing process - Purchasers require a longer time frame-B2B involves more complex decisions D. BUYER-SELLER RELATIONSHIPS - More complex than consumer relationships-Require superior communication among the organizations' personnel - Involve developing long-term, value-added customer relationships - Relationship with not-for-profit organizations is important

With list below, indicate which element of the promotional mix you would emphasize to ensure success in sales: CHAPTER 16

A. Kansas City Royals ticket b. athletic apparel c. custom-made earrings d. lawn care service e. museum membership

What is learning as it relates to marketing? What are the four steps in the learning process, and give examples that relate to consumer decision making. CHAPTER 6

A. Learning as it relates to marketing refers to immediate or expected changes in consumer behavior as a result of experience. B. The four steps in the learning process i. Getting consumers to try the product (free sample) ii. Entice the consumer to buy the item with little financial risk (discount coupon prompts buyer) iii. Motivate the person to buy the item again at a moderate cost (discount coupon) iv. Consumer decides whether to buy the item at its true price without a discount coupon (satisfaction with product)

What are the differences between a high-involvement purchases decision and a low-involvement purchase decision? CHAPTER 6 OBJECTIVE

A. Low-involvement-purchases are made with no planning or previous thought. These buying decisions are called impulse buying. B. High-involvement decisions-carry a higher risk to buyers if they fail, are complex, and/or have high price tags. A car, a house, and an insurance policy are examples. These items are not purchased often buy are relevant and important to the buyer. Buyers don't engage in routine response behavior when purchasing high-involvement products. Instead, consumers engage in what's called extended problem solving, where they spend a lot of time comparing different aspects such as the features of the products, prices, and warranties

How do organizations create utility? What is the marketers' role in creating utilities? CHAPTER 1 OBJECTIVE

A. Organizations create utility by identifying needs in the market place, finding which needs the organization can profitably serve, Developing goods and services to convert potential buyers into customers. b. The marketers' role is to: CREATING VALUE - IDENTIFY CUSTOMER NEEDS - DESIGNING PRODUCTS THAT MEET THOSE NEEDS - COMMUNICATING INFORMATION ABOUT - THOSE GOODS AND SERVICES TO PROSPECITVE BUYERS - MAKING THE ITEMS AVAILABLE AT TIMES AND PLACES THAT MEET CUSTOMERS' NEEDS - PRICING MERCHANDISE AND SERVICES TO REFLECT COSTS, COMPETITION, AND CUSTOMERS' ABILITY TO BU - PROVIDING THE NECESSARY SERVICE AND FOLLOW-UP TO ENSURE CUSTOMER SATISFACTION AFTER THE PURCHASE

What are the components of attitude? Explain the two ways in which marketers can try to change consumer attitudes toward their products. CHAPTER 6

A. The components of attitude are cognitive, affective, and behavioral components B. 1. By attempting to produce consumer attitudes that will lead to the purchase of an existing product. 2. By evaluating existing consumer attitudes and creating or modifying products to appeal to these attitudes.

Choose two of the following products. Then, explain the distinction between goods and services that can get blurred about those products. CHAPTER 12

A. knee replacement surgery B. dinner at a popular restaurant C. purchase and installation of a new roof D. a live concert E. a custom-made suit

When would a firm rely most heavily on its sales people and personal selling, as opposed to other parts of the promotional mix? CHAPTER 17

A. salesperson in a Kohl's store b. Century 21 real estate agent c. route driver for Doritos snack foods (sells and delivers to local food retailers) d. technical support for Xerox

Identify the different types of emotional appeals in advertising. What are the benefits and pitfalls of each? CHAPTER 16 OBJECTIVE

Advertisements often appeal to consumers' emotions. These appeals such as fear, humor, or sex, can be effective. Marketers need to recognize that fear appeals can backfire; people's sense of humor can differ according to sex, age, and other factors; and use of sexual imagery must not overstep the bounds of taste

Explain the development and current status of the marketing research function. CHAPTER 10

Advertising pioneer N. W. Ayer conducted the first organized marketing research project in 1879. In the 20th century, most early marketing research consisted chiefly of written testimonials from a product's users. Today, the most common marketing research activities are determining market potential, market share, and market characteristics and conducting sales analyses and competitive product studies.

Identify the elements of a social media marketing plan. CHAPTER 4 OBJECTIVE

An executive summary. This is a paragraph or two explaining the who, what, when, where, how, and why of the plan. An effective summary gives compelling reasons why the plan should be adopted—for example, to remain competitive in a particular market. Most marketers write the executive summary last, even though it appears first in the plan. A brief overview. The overview briefly describes the overall market conditions, the firm's current position in social media, and any other factors that the social media marketing effort will address. Analysis of the competition. The plan examines competitors' presence in social media, including which platforms and tools they select and an evaluation of their overall effectiveness. The body of the plan. The remaining sections of the SMM plan cover the following: statement of goals and strategies, target audience, budget (including human resource needs) and expected returns, as well as methods for implementing, monitoring, measuring, and managing the SMM campaign.

How does breakeven point assist in price determination CHAPTER 18 & 19

Breakeven analysis Pricing technique used to determine the number of products that must be sold at a specified price to generate enough revenue to cover total cost.

Identify the types of business goods and services. CHAPTER 12 OBJECTIVE

Business products are classified as installations (major capital investments), accessory equipment (capital items that cost less and last for shorter periods than installations), component parts and materials (finished business products of one producer that become part of the final products of another producer), raw materials (natural resources such as lumber, beef, or cotton), supplies (regular expenses a firm incurs in daily operations), and business services (the intangible products firms buy to facilitate their production and operating processes)

List the eight universal functions of marketing. Describe each. MEMORIZE CHAPTER 1 OBJECTIVE

Buying - EXCHANGE - Ensuring that the product offerings are available in sufficient quantities to meet customer demands Selling - EXCHANGE - Using types of advertising, sales promotions, and personal selling to match products to customer needs Transporting - PHYSICAL DISTRIBUTION - Moving products from their point of production to locations (i.e., retailers) convenient for purchases Storing - PHYSICAL DISTRIBUTION - Warehousing products until needed for sales Standardizing and grading - FACILITATING - Ensuring that product offerings meet quality and quantity controls of size, weight, and other variables Financing - FACILITATING - Providing credit for channel members (wholesalers and retailers) and consumers. Risk Talking - FACILITATING - Dealing with uncertainty about future customer purchases. Securing marketing information - FACILITATING - Collecting information about consumers, competitors, and channel members for use in make marketing decisions

For each of the following products/services, what steps might marketers take to transform a consumer from a limited problem-solving situation to a routinized response situation? CHAPTER 6

Buying a gym membership, Renewing a magazine subscription, Making a haircut appointment, Filling a prescription at a pharmacy, Taking the car in for an oil change. In order to successfully sell their goods and keep customers happy, marketers need to know if their product or service will tend to require only limited time, little searching, and minimal shopping effort, or whether a more thorough investigation and comparison will often be needed. To transform the consumers to a routinized response situation, marketers can try these three ways: first, they try to educate consumers about attributes they view as important in evaluating a particular class of goods. They also identify which evaluative criteria are important to an individual and attempt to show why a specific brand fulfills those criteria. Finally, they try to induce a customer to expand the evoked set to include the marketed product

For each of the following products/services, what steps might marketers take to transform a consumer from a limited problem-solving situation to a routinized response situation? CHAPTER 6 .

Buying a gym membership, Renewing a magazine subscription, Making a haircut appointment, Filling a prescription at a pharmacy, Taking the car in for an oil change. In order to successfully sell their goods and keep customers happy, marketers need to know if their product or service will tend to require only limited time, little searching, and minimal shopping effort, or whether a more thorough investigation and comparison will often be needed. To transform the consumers to a routinized response situation, marketers can try these three ways: first, they try to educate consumers about attributes they view as important in evaluating a particular class of goods. They also identify which evaluative criteria are important to an individual and attempt to show why a specific brand fulfills those criteria. Finally, they try to induce a customer to expand the evoked set to include the marketed product

What are core values? Describe what you think are three core values of American society. How do these values impact our buying behavior? CHAPTER 6

CORE VALUES are cultural values that do not change over time. Three core values of American Society - Work ethic, the desire to accumulate wealth and the importance of family and home life

Describe the role of a salesperson in integrated marketing communications. CHAPTER 17 OBJECTIVE

Sales promotion is an incentive and an acceleration tool that is offered as value to any person or organization within the overall marketing system, such as consumers and any trade members like wholesalers and retailers. Marketers have been allocating more of their promotional dollars to sales promotion to influence purchasing behaviour

What is the difference between a corporate website and a marketing website? How can a corporate website enhance a firm's efforts in marketing? CHAPTER 5

CORPORATE WEBSITE - Designed to increase firms visibility, promote its offerings, and provide info to interested parasites (build goodwill and assist channel members in marketing efforts) DO NOT SELL DIRECTLY/SITES DESIGNED TO INCREASE A FIRM'S VISIBILITY PROMOTE MARKETING WEBSITE - Main purpose is to increase purchase by visitors

What are the challenges associated with e-marketing? How are marketers addressing these challenges? CHAPTER 5 OBJECTIVE

Challenges associated with E-business and E-Marketing Safety of online payment - Companies have developed secure pymt systems to protect customer information 1. Encryption - Encoding data for security purposes 2. Secure Sockets Layer - Technology that encrypts information and provides authentication Privacy Issues - 1. Customers' top security concern is protection of their personal information 2. Through electronic signatures, parties can enter into legal contracts online - Electronic signatures - Electronic identification that allows legal contracts such as home mortgages and insurance policies to be executed online 3. Cookies and spyware allow online companies can track their customers' shopping and viewing habits 4. To reassure customers, many online merchants have signed on with online privacy organizations such as TRUSTe 5. Companies install firewalls to protect private corporate data - Firewall - An electronic barrier between a company's internal network and the Internet that limits access into and out of the network. Frauds and scams 1. Complaints about Internet fraud are received by the Internet Crime Complaint Center (IC3) 2. Phishing - High-tech scam that uses authentic-looking email or pop-up messages to get unsuspecting victims to reveal personal information 3. Vishing - Scam that collects personal information through cell phone text messages 4. Payment fraud Site design and customer service 1. 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. Channel conflicts and copyright disputes 1. The Internet can also generate conflict among manufacturers, wholesalers, and retailers and present another avenue for copyright disputes.

Differentiate among personal selling, consultative selling, and team selling. CHAPTER 17 OBJECTIVE

Companies are turning to relationship selling, consultative selling, and team selling. Relationship selling occurs when a salesperson builds a mutually beneficial relationship with a customer on a regular basis over an extended period. Consultative selling involves meeting customer needs by listening to customers, understanding and caring about their problems, paying attention to the details, and following through after the sale. Team selling occurs when the salesperson joins with specialists from other functional areas of the firm to complete the selling process

Describe the role of consumer behavior in marketing decisions. CHAPTER 6 OBJECTIVE .

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

Describe the role of consumer behavior in marketing decisions. CHAPTER 6 OBJECTIVE

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.

Describe how social media affects consumer buying decisions. CHAPTER 4 OBJECTIVE

Consumers use social media to learn about new goods and services, conduct research and share information, and make final purchase decisions.

Describe the ways that consumers and businesses use social media. CHAPTER 4 OBJECTIVE

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.

What are four classifications of consumer products? In addition, give an example of a product you would find in each classification. Explain how each would be marketed. CHAPTER 12 OBJECTIVE

Convenience Product - Toothpaste, hand soap.Inexpensive, found in many places.Promotion stresses price and availability.Customers are usually aware of a brand, but will accept others Shopping Product - Cameras, TV's,Fairly expensive.Promotion stresses differentiation from competition.Customers usually prefer specific brands, but will sometimes accept others Specialty Product - Rolex watches, heart surgery.Very expensive, and limited.Promotion stresses uniqueness of brand.Customers are generally very brand loyal, will not accept substitutes Unsought Product - Products the consumer doesn't know about, or doesn't initially want.Life insurance, thesaurus.Varies in price.Promotion stresses awareness.Will accept substitutes, often unaware of brand New Products Require - Well define target audience.Specific customers needs, wants, and preferences.What the product will do to satisfy the customers needs

Differentiate among the impacts of cultural, social, and familial influences on consumer purchasing behavior. CHAPTER 6 OBJECTIVE

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

What is meant by the word demographic? List five common examples ways to segment using demographic information? How can a marketer research demographic data about the U.S.?. CHAPTER 9

DEMOGRAPHIC - Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.

Define the concepts of data mining and predictive analytics? How can these research activities be used in combination? CHAPTER 10

Data mining is the process of searching through consumer information files or data warehouses to detect patterns that guide marketing decision making. Business intelligence is the gathering and analysis of information to improve business strategy, tactics, and daily operations. Competitive intelligence focuses on finding and analyzing information about competitors. Predictive analytics is the use of business intelligence data to model scenarios and create forecasts

What makes using a competitive pricing strategy risky for marketers? CHAPTER 18 & 19

Describe the various methods for determining prices

Describe why social media is important to marketers. CHAPTER 4 OBJECTIVE .

Social media helps marketers to build relationships with customers, strengthen brands, launch new products, enter new markets, and boost sales

Describe an industry or firm that you think might be able to weather an economic downturn and explain why. CHAPTER 3

During economic downturns, consumers usually focus on basic necessities and functional products while putting off purchases related to travel, vacations, entertainment, or restaurant meals. Though this is not a hard-and-fast rule, it would indicate that firms providing basic goods are more likely to weather an economic storm than those offering high-end goods or nonessential services. Based on this theory, firms that would maintain profits even during recessions might include certain grocery, pharmaceutical, apparel, and hardware manufacturers and retailers, as well as those in industries that supply basic necessities such as oil companies, gas and electric utilities, or transportation systems.

Describe the opportunities e-marketing presents. CHAPTER 5 OBJECTIVE

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. CHAPTER 5 OBJECTIVE

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*.

Explain how a Web presence can improve the performance of traditional brick-and-mortar operations. CHAPTER 5

E-marketing to have a Web presence can lead to many benefits, including the following: global reach (geographic limitations are eliminated); personalization (products are assembled only as orders are placed; so inventory is sharply reduced); interactive marketing (customers control amount and type of information received); right-time marketing (products are provided when and where customers want them); and integrated marketing (all promotional activities are coordinated).

What are the three groupings of the 8 functions? Which functions fit into each grouping? CHAPTER 1 OBJECTIVE

EXCHANGE - Buying and Selling PHISICAL DISTRIBUTION - Transporting and Storing FACILITATING - Standardzing and grading, financing, risk taking, and securing marketing information

Define the term elasticity? Describe how it works using an example. CHAPTER 18 & 19

Elasticity-Measure of responsiveness of purchasers and suppliers to a change in price. EX. A 10 percent increase in the price of shampoo that results in a 25 percent increase in the quantity supplied yields a price elasticity of supply for shampoo of 2.5

Identify and describe the three major factors that influence purchase decisions in the B2B market. Imagine you are a medical supplies wholesaler. How might these factors influence your purchase decisions? CHAPTER 7

Environmental Factors - Environmental conditions, such as economic, political, regulatory, competitive, and technological considerations, influence business buying decisions. Organizational Factors Interpersonal Influences

What is the function of the Federal Trade Commission? The Food and Drug Administration? CHAPTER 3

Federal Trade Commission has the broadest regulatory powers over marketing Enforces laws regulating unfair business practices and stops false and deceptive advertising The Food and Drug Administration is responsible for protecting the public health by assuring the safety, effectiveness, quality, and security of human and veterinary drugs, vaccines, and other biological products, and medical devices. The FDA is also responsible for the safety and security of most of our nation's food supply, all cosmetics, dietary supplements and products that give off radiation

What is the definition of first mover and second mover strategies? Give two advantages or disadvantages for each. CHAPTER 2 OBJECTIVE

First Mover - The company first to offer a product in a marketplace will be the long-term market winner. Advantages - Potential to make a lasting impression on customers which can lead to brand recognition and brand loyalty. They have time to refine their processes and to perfect their products or services. Disadvantages - Expensive. There is a lot of risk being the first.; a much higher failure rate. Second Mover - Observing the innovations of first movers and then improving on them to gain advantage in the marketplace. Advantages - They get to learn from the 1st mistakes so they don't repeat them. It cost less money and takes less time. Disadvantages - It's hard to capture the market because the 1st mover already did.

Identify the four types of utility, and give an example of each. KNOW THE TOP THREE CHAPTER 1

Form - Conversion of raw materials and components into finished goods and services ex. Dinner at Applebee's; Samsung Galaxy phone; Levi Jeans Time - Availability of goods and services when consumers want them ex. Dental appointment; digital photographs; 1-800-PetMeds guarantee; UPS Next Day Air delivery Place - Availability of goods and services at convenient locations ex. Technicians available at an auto repair facility; onsite day care; banks in grocery stores Ownership (possession) - Ability to transfer title to goods or services from marketer to buyer ex. Retail Sales (in exchange for currency, credit, or debit card payment)

State whether each of the following illustrates strategic or tactical planning: CHAPTER 2

Global automakers begin setting up manufacturing plants in China - STRATEGIC Play N Trade Video Games and Dimensions Games Corporation merge STRATEGIC The Cleveland Browns give up draft picks to obtain QB Johnny Manziel ("Johnny Football") TACTICAL A regional airline looks for ways to expand to other markets. TACTICAL

Dstinguish between goods and services CHAPTER 12 OBJECTIVE

Goods are tangible products customers can see, hear, smell, taste, or touch. Services are intangible tasks that satisfy the needs of customers. Goods represent one end of a continuum, and services represent the other.

Describe a fast-growing racial/ethnic minority group of people in the U.S.? When attempting to sell products to this group, what should a marketer know about them as consumers to be successful in this effort?. CHAPTER 9

HISPANICS

With business products, how do installations and accessory equipment differ? CHAPTER 12

INSTALLATIONS-Major capital investments in the B2B market. The specialty products of the business market. ACCESSORY EQUIPMENT-Capital items, such as desktop computers and printers, that typically cost less and last for shorter periods than installations

Describe the concepts of channel management, conflict, and cooperation. CHAPTER 14 OBJECTIVE

Manufacturers must practice channel management by developing and maintaining relationships with the intermediaries in their marketing channels. The channel captain is the dominant member of the channel. Horizontal and vertical conflict can arise when disagreement exists among channel members. Cooperation is best achieved when all channel members regard themselves as equal components of the same organization

What are the differences between skimming pricing and penetration pricing strategies? What types of circumstances would marketers prefer in choosing each of the two strategies? CHAPTER 18 & 19

Market skimming is used to skim revenues layer by layer from the market by entering the market with high initial prices. The product's quality and image must support its higher price, and enough buyers must want the product at that price. The costs of producing a smaller volume cannot be so high that they cancel the advantage of charging more. Competitors should not be able to enter the market easily and undercut the high price. Market penetration is used to penetrate the market quickly and deeply to attract a large number of buyers quickly and win a large market share by setting a low price initially when it enters the market. The market must be highly price sensitive so that a low price produces more market growth. Production and distribution costs must fall as sales volume increases. Also, the low price must help keep out competition and be maintained over time

Describe the factors that influence the effectiveness of the promotional mix. CHAPTER 16 OBJECTIVE

Marketers face the challenge of determining the best mix of components for an overall promotional strategy. Several factors influence the effectiveness of the promotional mix: 1)the nature of the market, 2)the nature of the product, 3)the stage in the product lifecycle, 4)price, and 5)the funds available for promotion. Marketers may choose among several methods for determining promotional budgets, including percentage-of-sales, fixed-sum-per-unit, meeting competition, or task-objective, which is considered the most flexible and most effective. Today, marketers use either direct sales results tests or indirect evaluation to measure effectiveness. Both methods have their benefits and drawbacks because of the difficulty of controlling variables. The effectiveness of advertising can be measured by pretesting and posttesting. Pretesting assesses an ad's effectiveness before it is actually used. Posttesting assesses an ad's effectiveness after it has been used. Commonly used posttests include readership tests, unaided recall tests, inquiry tests, and split runs.

Describe the major activities of the market research function. CHAPTER 10 OBJECTIVE

Marketing research, or the collection and use of information in marketing decision making, is changing faster than ever before. Today, the most common marketing research activities are (1) determining market potential, market share, and market characteristics and (2) conducting sales analyses and competitive product studies. Most large companies now have internal marketing research departments. However, outside suppliers still remain vital to the research function. Some perform the complete research task, while others specialize in a limited area or provide specific data services

What are the differences between business to consumer products (B2C) and business to business products (B2B)? Describe a product that could be used in both categories. CHAPTER 12

Meaning B2B-The selling of goods and services between 2 business entities is known as Business to Business or B2B. Meaning B2C-The transaction in which business sells the goods and services to the consumer is called Business to Consumer or B2C Customer B2B-Company Customer B2C-End User Focus on B2B-Relationship Focus on B2C-Product Quantity of merchandise B2B-Large Quantity of merchandise B2C-Small Relationship B2B-Supplier-Manufacturer Manufacturer-Wholesaler Wholesaler-Retailer Relationship B2C-Retailer-Customer Relationship horizon B2B-Long term Relationship horizon B2C-Short term Buying and Selling cycle B2B-Lengthy Buying and Selling cycle B2C-Short Buying Decision B2B-Planned and Logical, based on needs. Buying Decision B2C-Emotional, based on want and desire. Creation of Brand Value B2B-Trust and Mutual Relationship Creation of Brand Value B2C-Advertising and Promotio

What is the purpose of monitoring and measuring the SMM campaign? CHAPTER 4

Monitoring and measuring help marketers understand what their customers need and want, ultimately making adjustments to SMM or product offerings to satisy those customers Monitoring tools based on the needs of their own firms Expenses are weighed against savings Effective monitoring gives marketers a clearer picture of an organizations's influence via social media. Return on Investment

The primary research methods include (a) surveys, (b) experiments, and (c) observations. Describe each method by using examples for each. CHAPTER 10 OBJECTIVE

Observation tactics may be as simple as counting the number of cars passing by a potential site for a fast-food restaurant or checking the license plates at a shopping center near a state line to determine where shoppers live. SURVEYS-Telephone Interviews, Focus Groups, Survey, Other Internet-Based Methods

Describe common sales channels. CHAPTER 17 OBJECTIVE

Over-the-counter (retail) selling takes place in a retail location and usually involves providing product information and completing a sale. Field selling involves making personal sales calls on customers. Under certain circumstances, telemarketing is used to provide product information and answer questions from customers who call. Inside selling relies on phone, mail, and e-marketing to provide continuing sales and product services for customers

Describe the four channel of sales? Then, indicate the sales channel a salesperson would be most likely to use in the following: CHAPTER 17

Over-the-counter (retail) selling takes place in a retail location and usually involves providing product information and completing a sale. Field selling involves making personal sales calls on customers. Under certain circumstances, telemarketing is used to provide product information and answer questions from customers who call. Inside selling relies on phone, mail, and e-marketing to provide continuing sales and product services for customers

What is personal selling? How does the role of salespeople fit into a firm's marketing strategies? CHAPTER 17

PERSONAL SELLING - Interpersonal influence process involving a seller's promotional presentation conducted on a person-to-person basis with the buyer

Describe the six classifications of business products? What are the three categories of supplies? CHAPTER 12

The six main classifications of business products are the following: (1) installations, (2) accessory equipment, (3) component parts and materials, (4) raw materials, (5) supplies, and (6) business services. The three categories of supplies are maintenance items, repair items, and operating supplies.

What are the four strategies in the marketing mix? Describe each. CHAPTER 1 OBJECTIVE

PRODUCT - Deciding and designing which goods or services to offer its market (i.e., B2C, B2B) Innovation and new product development Brand names, trademarks, patents, and warranties (match positioning strategies) Product design (features, advantages, benefits) Packaging and warranty Lifecycle of a product DISTRIBUTION (Place) - Consumers can find needed products at the - right times, places, and quantities Distribution channels Internet has opened new distribution channels in many industries Transportation using different modes Storage, warehousing, and inventory control Customer services and order processing PROMOTION - All communication between sellers and buyers - Integrated Marketing Communications (IMC) - Firms communicate with customers both: - Directly - by marketing and sales people - Indirectly - with ads and promotions PRICE STRATEGIES - Methods of setting profitable prices - Subject to governmental regulation and consumer opinion - A good pricing strategy: - Offers price/quality value for customers - Strengthens firms' relationships with customers with its products.

Describe a purchase that a consumer might make that would reflect his/her status within a particular group, such as her/his family. If that person's status increased, how might the purchase selection change? CHAPTER 6

People often make purchases designed to reflect their status within a particular group, particularly when the purchase is considered expensive by society. (i.e. Apple customers paying top dollar for gadgets because of the status is represents)

Define planning. How does marketing planning differ between top managers, middle-level managers, and supervisors? CHAPTER 2

Planning - Anticipating future events and conditions and determining the best way to achieve organizational objectives - Continuous process that includes: - Identifying objectives - Determining the actions through which a firm can attain those objectives - Creates a blueprint for everyone in the organization TOP MANAGERS usually focus their planning activities on long-range strategic issues. In contrast, MIDDLE LEVEL MANAGERS focus on operational planning, which includes creating and implementing tactical plans for their own units. SUPERVISORS develop specific programs to meet the goals in their areas of responsibility.

Differentiate between political-legal and economic factors in the marketing environment. CHAPTER 3 OBJECTIVE

Political-legal environment - Component of the marketing environment consisting of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights. Economic environment - Factors the influence consumer buying power and marketing strategies, including stage of the business cycle, inflation and deflation, unemployment, income, and resource availabilit

Distinguish between primary data and secondary data. When should researchers collect each type of data? CHAPTER 10 OBJECTIVE

Primary Data - is information collected for the first time specifically for a marketing research study, through observation, survey, or controlled experiment. Secondary Data - is information from previously published or compiled sources (such as U.S. Census data(, so it has the advantage of being less expensive to gather and taking less time to locate and use

Describe methods for primary and secondary data collection. CHAPTER 10 OBJECTIVE

Primary data can be collected by the firm's own researchers or by independent marketing research companies. Three principal methods of primary data collection are observation, surveying, and experimentation. Secondary data can be classified as either internal or external. Sources of internal data include sales records, product evaluation, sales force reports, and records of marketing costs. Sources of external data include the government and private sources such as business magazines. Both external and internal data can also be obtained from computer databases

Identify and describe purchase fraud involving credit card purchases. Because the merchant usually bears the liability, what are e-tailers doing to prevent this and reduce fraud? Describe phishing, vishing, and smishing. CHAPTER 5

Purchase fraud is when an individual purchases something online and pd for using a credit card, the retailer ships the merchandise. The cardholder then asks the credit card company for chargeback to the e-tailer claiming they never purchased or received the merchandise. - Companies have started offering customers to order online and pick up in the store. - PHISHING - High-tech scam that uses authentic-looking email or pop-up messages to get unsuspecting victims to reveal personal information. - VISHING - Scam that collects personal information through voice response systems; stands for voice phishing. - SMISHING - Scan that collects personal information through cell phone text messages; stands for SMS (short message service) phishing.

Identify the steps in the consumer decision process. CHAPTER 6 OBJECTIVE

Recognition of need - Realize what you need Search for Product info - Compare products Product evaluation - Decide on a price limite or what your looking for in this product and chose from there. Purchase Decision - Decide which product is best for you. Purchase Evaluation - Reflect on your feelings towards the purchase

Identify the steps in the organizational buying process. Why are there more steps than the consumer buying process? CHAPTER 7

STAGE 1: ANTICIPATE A PROBLEM/NEED/OPPORTUNITY AND A GENERAL SOLUTION - Example: Needing to provide a good cup of coffee to a firm's employees STAGE 2: DETERMINE THE CHARACTERISTICS AND QUANTITY OF A NEEDED GOOD OR SERVICE - Example: Offering a coffee system that brews one cup of coffee at a time according to each employee's preference STAGE 3: DESCRIBE CHARACTERISTICS AND THE QUANTITY OF A NEEDED GOOD OR SERVICE - Example: Firms need a simple system for brewing a good cup of coffee; quantity requirements can be easily correlated to the number of coffee drinkers STAGE 4: SEARCH FOR AND QUALIFY POTENTIAL SOURCES - Example: Choice of supplier may be relatively straightforward or very complex STAGE 5: ACQUIRE AND ANALYZE PROPOSALS - Example: May involve competitive bidding, especially if the buyer is the government or a public agency STAGE 6: EVALUATE PROPOSALS AND SELECT SUPPLIERS - Example: Buyers choose the proposal best suited to their needs - Example: Final choice involves trade-offs STAGE 7: SELECT AN ORDER ROUTINE - Example: Buyer and vendor work out the best way to process future purchases STAGE 8: OBTAIN FEEDBACK AND EVALUATE PERFORMANCE - Example: Buyers measure vendors' performance - Example: Some firms rely on outside organizations to gather quality feedback and summarize results

What are the two factors that interact to create a person's perception of an object? How is this important for marketers? CHAPTER 6

STIMULUS FACTORS INDIVIDUAL FACTORS

How might marketers make the most of shifts in the social-cultural environment? CHAPTER 3 OBJECTIVE

Social-cultural environment is the relationship between marketing, society, and culture. To remain competitive, marketers must be sensitive to society's demographic shifts and changing valus, which affect consumers' reactions to different products and marketing practices. Marketers must consider the increasing importance of cultural diversity. Changing societal values have led to consumerism. Consumerism is the social force within the environment designed to aid and protect the consume by exerting legal, moral, and economic pressures on business. Consumer rights include the following: 1. The right to choose freely, 2. The right to be informed 3. The right to be heard, 4. The right to be safe

Before selling a new product to a large population of consumers, it is critical that the marketer knows her or his target market. What is a target market? And why should a marketer know and understand his or her target market? CHAPTER 9

TARGET MARKET - A sub-market of all customers (existing, potential) who are most likely to buy a firms' products

What is the purpose for doing a SWOT analysis? Which parts are related to internal factors of the firm, and which parts are external factors in the marketplace? CHAPTER 2 OBJECTIVE

The SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities, threats, project, and venture. Internal Factors Strengths Weaknesses External Factors Opportunities Threats

Identify the two basic elements of a marketing strategy and define each briefly. CHAPTER 2 OBJECTIVE .

The Target Market - the specific segment of consumers most likely to purchase a particular product. Understanding your consumers-existing and potential consumers The Marketing mix variables - Blending of the four strategy elements-products, distribution, promotion, and price—to fit the needs and preferences of a specific target market. - Product, Price, Distribution (Place), and Promotional decision by marketing leaders - Marketing leaders decide how to best combine the Marketing Mix strategies to achieve Objectives and develop it Target market customers

What is the definition of marketing? CHAPTER 1 OBJECTIVE

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society

Identify and describe the different advertising media. Which are on the rise? Which are facing possible decline? CHAPTER 16

The major media include broadcast (TV and radio), newspapers and magazines, direct mail, outdoor, and interactive. Each medium has benefits and drawbacks. Newspapers are flexible and dominate local markets. Magazines can target niche markets. Interactive media fosters two-way communication. Outdoor advertising in a high-traffic location reaches many people every day; television and radio reach even more. Direct mail allows effective segmentation. Once advertisers select the media that best matches their advertising objectives and promotional budgets, their attention shifts to setting the time and sequence for a series of ads

What are the major strategies of advertising? Give an example for each CHAPTER 16

The major strategies are comparative advertising, which makes extensive use of messages with direct comparisons between competing brands; celebrity, which uses famous spokespeople to boost an advertising message; retail, which includes all advertising by retail stores selling products directly to consumers; and interactive, which encourages two-way communication via the Internet, social media sites, or kiosks

Describe the major advertising strategies CHAPTER 16 OBJECTIVE

The major strategies are comparative advertising, which makes extensive use of messages with direct comparisons between competing brands; celebrity, which uses famous spokespeople to boost an advertising message; retail, which includes all advertising by retail stores selling products directly to consumers; and interactive, which encourages two-way communication via the Internet, social media sites, or kiosks. An advertisement evolves from pinpointing goals, such as educating consumers, enhancing brand loyalty, or improving a product's image. From those goals, marketers move to the next stages: creating a plan, developing a message, developing and preparing the ad, and selecting the appropriate medium (or media)

Describe the marketing research process. CHAPTER 10 OBJECTIVE

The marketing research process can be divided into six specific steps: defining the problem, conducting exploratory research, formulating hypotheses, creating a research design, collecting data, and interpreting and presenting the research information. A clearly defined problem focuses on the researcher's search for relevant decision-oriented information. Exploratory research refers to information gained outside the firm. Hypotheses, tentative explanations of specific events, allow researchers to set out specific research designs—the series of decisions that, taken together, comprise master plans or models for conducting the investigations. The data collection phase of the marketing research process can involve either or both primary (original) and secondary (previously published) data. After the data is collected, researchers must interpret and present them in a way that is meaningful to management.

List and explain the steps in the marketing research process. Imagine that you are a marketing researcher who is tasked to create a new type of shampoo. Next to each research step, outline how you would take this new product through this process. CHAPTER 10 .

The marketing research process can be divided into six specific steps: (1) defining the problem, (2) conducting exploratory research, (3) formulating hypotheses, (4) creating a research design, (5) collecting data, and (6) interpreting and presenting the research information. A clearly defined problem focuses on the researcher's search for relevant decision-oriented information. Exploratory research refers to information gained both within and outside the firm. Hypotheses, tentative explanations of specific events, allow researchers to set out specific research designs—that is, the series of decisions that, taken together, make up master plans or models in order to conduct the investigations. The data collection phase of the marketing research process can involve either or both primary (original) and secondary (previously published) data. After the data are collected, researchers must interpret and present the results in a way that will be meaningful to management

Identify the steps in the product life cycle. CHAPTER 12 OBJECTIVE

The product lifecycle outlines the stages a product goes through, including introduction, growth, maturity, and decline. During the introductory stage, marketers work to stimulate demand for the new product. New customers make initial purchases and repurchases of the product in the growth stage. Sales continue to grow during the maturity stage but eventually level off. In the decline stage, sales are reduced due to innovations or a shift in consumer preferences.

Discuss the impact of the technological environment on a firm's marketing activities. CHAPTER 3 OBJECTIVE

The technological environment consists of applications to marketing of knowledge based on discoveries in science, inventions, and innovations. This knowledge can provide marketing opportunities. It results in new products and improves existing ones, and it is a frequent source of price reductions through new production methods or materials. Technological applications also pose a threat because they can make existing products obsolete overnight. The technological environment demands that marketers continually adapt to change, since its scope of influence reaches into consumers' lifestyles, competitors' products, and industrial users' demands.

What are the three primary objectives of advertising? Give an example of when each one might be used. CHAPTER 16

The three basic objectives of advertising are to inform, persuade, and remind

What are the basic categories and objections of advertising? CHAPTER 16 OBJECTIVE

The three basic objectives of advertising are to inform, persuade, and remind. The two major categories of advertising are product advertising and institutional advertising. Product advertising involves the nonpersonal selling of a good or service. Institutional advertising is the nonpersonal promotion of a concept, idea, or philosophy of a company or organization

How can marketing researchers gather survey data? Under what circumstances should they choose a specific approach? CHAPTER 10

They can gather information by using interviews questionnaires, Focus Groups, surveys, and other Internet based methods

Describe the Robinson-Patman Act and how it affects pricing decisions by marketers. CHAPTER 18 & 19

This act regulates competition. It prohibits price discrimination in sales to wholesalers retailers, or other producers; it also prohibits selling at unreasonably low prices to eliminate the competition. This act was put into law in 2936

What are the Porter's Five Forces? How might these factors affect a firm's overall marketing strategy? CHAPTER 2 OBJECTIVE

Threat of new entrants - Is there a threat from others who may enter/What is the threat level/Who threatens/How can you reduce level of threat Bargaining power of buyers - Consumer or retail/Can buyers band together for better pricing/Are buyers large enough to bargain Bargaining power of suppliers - Access to raw materials and components/Is ther a scarcity/Are they plentiful Threat of substitute products - Assume your product and similar products do not exist/How does the consumer solve the problem/Is the substitute easy or hard to acquire Rivalry among competitors Rivalry among competitors

Identify the major influences and roles of business buying behavior. CHAPTER 7 OBJECTIVE

Three types of business buying situations: straight rebuys, modified rebuys, and new tasks.Buying center: can consist of many different persons playing many different roles, the business marketer needs to know these roles as well as the organizational, interpersonal, and individual influences on the buying process. Identify the steps in the organizational buying process. Why are there more steps than the consumer buying process? CHAPTER 7 STAGE 1: ANTICIPATE A PROBLEM/NEED/OPPORTUNITY AND A GENERAL SOLUTION - Example: Needing to provide a good cup of coffee to a firm's employees STAGE 2: DETERMINE THE CHARACTERISTICS AND QUANTITY OF A NEEDED GOOD OR SERVICE - Example: Offering a coffee system that brews one cup of coffee at a time according to each employee's preference STAGE 3: DESCRIBE CHARACTERISTICS AND THE QUANTITY OF A NEEDED GOOD OR SERVICE - Example: Firms need a simple system for brewing a good cup of coffee; quantity requirements can be easily correlated to the number of coffee drinkers STAGE 4: SEARCH FOR AND QUALIFY POTENTIAL SOURCES - Example: Choice of supplier may be relatively straightforward or very complex STAGE 5: ACQUIRE AND ANALYZE PROPOSALS - Example: May involve competitive bidding, especially if the buyer is the government or a public agency STAGE 6: EVALUATE PROPOSALS AND SELECT SUPPLIERS - Example: Buyers choose the proposal best suited to their needs - Example: Final choice involves trade-offs STAGE 7: SELECT AN ORDER ROUTINE - Example: Buyer and vendor work out the best way to process future purchases STAGE 8: OBTAIN FEEDBACK AND EVALUATE PERFORMANCE - Example: Buyers measure vendors' performance - Example: Some firms rely on outside organizations to gather quality feedback and summarize results

Identify the types of competition marketers face. CHAPTER 3 OBJECTIVE

Three types of competition exist: (1) direct competition among marketers of similar products; (2) competition among goods or services that can be substituted for one another; and (3) competition among all organizations that vie for the consumer's purchasing power. - To develop a competitive strategy, marketers must answer the following questions: (1) Should we compete? The answer depends on the firm's available resources and objectives as well as its expected profit potential. (2) If so, in what markets should we compete? This question requires marketers to make product, pricing, distribution, and promotional decisions that give their firm a competitive advantage. (3) How should we compete? This question requires marketers to make the technical decisions involved in setting a comprehensive marketing strategy.

Product mix is often measured by width, length, and depth. What do each of these measurements refer to? CHAPTER 12

WIDTH is the number of product lines. lENGTH is the number of products a company sells. DEPTH refers to the number of variations of a product available in a product line.

What are marketers thinking about when using a geographic approach to segmentation? Explain in general how a marketer would go about segmenting the U.S. population by using a geographic approach.. CHAPTER 9 OBJECTIVE

Where the consumer lives.

Why must social media marketing (SMM) content focus on the audience rather than the organization?CHAPTER 4

While it's important to maintain a strong brand identity and meet marketing goals, SMM content focuses on its audience rather than promoting the company outright. Some of the most successful SMM campaigns have transpired via stories about consumers ad user-generated content.

Describe the terms supply and demand? Explain how these terms play an important in determining pricing by marketers? CHAPTER 18 & 19

a. DEMAND - refers to a schedule of the amounts of a firm's product that consumers will purchase at a different prices during a specified time period b. SUPPLY - refers to a schedule of the amts of a good or service that will be offered for sale at different prices during a specified period These schedules may vary or different types of market structures

Describe the three levels of distribution intensity. CHAPTER 14 OBJECTIVE

a. INTENSIVE DISTRIBUTION - Product available at as many locations as possible (Freq. for convenience goods) b. SELECTIVE DISTRIBUTION - Product available at select locations (Freq. for shopping goods) c. EXCLUSIVE DISTRIBUTION - One or few retailers/select locations (Freq for speciality goods)

What are the four types of market structures? How does each market structure impact the pricing decisions related to different industries in the U.S.? CHAPTER 18 & 19 OBJECTIVE

a. MONOPOLY - only one seller of a product exists for which there are no close substitutes; having great control over price; often regulated by government restrictions b. OLIGOPOLY - Relatively few sellers, so each seller affects the market but no single seller controls it c. MONOPOLISTIC COMPETITION - large numbers of buyers and sellers exchanging heterogeneous goods, so marketers have some control over prices (typifies most retailers) d. PURE COMPETITION - Many buyers and sellers exchanging relatively homogeneous products, so no single participant can significantly influence price

Describe each step in the personal selling process, and what is involved at each step (expand answer area as needed). NEED TO DOUBLE CHECK THESE ANSWERS CHAPTER 17

a. PROSPECTING AND QUALIFYING - salesperson generates a list of viable customers b. PREAPPROACH - the salesperson gathers information about the customer and prepares for the presentation c. APPROACH - PRESENTATION AND DEMONSTATION d. HANDLING OBJECTIVES - sales presentation, consists of a personal meeting between the salesperson and the customer. Through discussion and by asking questions, the salesperson learns where the customer is in the buying process and tailors the discussion around what the firm's product or service can do to meet that customer's needs e. CLOSING -salesperson asks for the order. f. FOLLOW UP - Salesperson and support staff solidify the long-term relationship by making sure the customer is satisfied with the purchase and addressing any complaints. The follow-up therefore sets the stage for the next purchase

List the categories of pricing objectives. Describe the purpose for each objective CHAPTER 18 & 19 OBJECTIVE

a. Profit Oriented Pricing - Profit Maximization, Satisfactory Profits b. Sales Oriented Pricing - Market Share, Sales Maximization c. Status Quo Pricing - Suboptimal Pricing, Meet the competitions prices

In a physical distribution system, what are the six elements? CHAPTER 14 OBJECTIVE

customer service, transportation, inventory control, materials handling and protective packaging, order processing, and warehousing

Describe the major pricing strategies CHAPTER 19 OBJECTIVE

skimming pricing strategies also known as Market-plus pricing Pricing strategy involving the use of a high price relative to competitive offerings. penetration pricing strategy sets a low price as a major marketing weapon.Pricing strategy involving the use of a relatively low entry price compared with competitive offerings, based on the theory that this initial low price will help secure market acceptance. competitive pricing strategies Pricing strategy designed to deemphasize price as a competitive variable by pricing a good or service at the level of comparable offerings

Describe why social media is important to marketers. CHAPTER 4 OBJECTIVE

ocial media helps marketers to build relationships with customers, strengthen brands, launch new products, enter new markets, and boost sales.