BUS 100 CH. 11-16

the marketing concept

a business philosophy that makes customer satisfaction—now and in the future—the central focus of the entire organization

intensive distribution

placing a producer's products in as many stores as possible (or placing the producer's stores themselves in as many locations as possible). a. Wholesale distribution b. Direct distribution c. Intensive distribution d. Selective distribution

profit sharing

plans that reward employees with a share of company profits above and beyond predetermined goals

continuous innovation

A slight modification of an existing product is called a a. discontinuous innovation b. dynamically continuous innovation c. disruptive innovation d. continuous innovation

geographic segmentation

B2B geographic segmentation refers to dividing the market based on the concentration of customers.

they are clearly connected to events that matter to the target audience

Consumers tend to view sponsorships in a positive light because... a. only the premium brands opt for sponsorship. b. they are clearly connected to events that matter to the target audience. c. they allow the consumers to get a first-hand experience of a product. d. they do not involve any form of transaction in either cash or kind.

people marketing

Countless entertainers and athletes have used people this marketing technique to their advantage. For example, Paris Hilton, who appeared to build her early career on promotion alone, eventually parlayed the media attention into a successful line of perfumes and fashion items a. place marketing b. people marketing c.idea marketing d. event marketing

employee separation

Employees leave jobs for a number of different reasons. Experiencing success, they may be promoted or lured to another firm a. employee separation b. halo effect c. employee selection d. negative leniency

break even point

FC, divided by price per unit (P) - variable costs (VC) =?

product quality, price and service

In the context of business product categories, the marketing of component parts and processed materials emphasizes: a. personal selling and efficiency. b. product shelf life, customization, and quantity. c. quantity and brand. d. product quality, price, and service.

limited relationships

Marketers who cannot forge a close personal bond with every customer but actively gather data and pursue a connection with customers who initiate contact a. full partnerhsip b. partial partnerhsip c. distinct relationship d. limited relationship

theory x

Theory X or Y: that workers dislike work and will do everything they can to avoid it. Also, they prefer to be directed, avoiding responsibility and seeking security

theory y

Theory Y or X: assumes that the capacity for imagination, creativity, and ingenuity is widely distributed in the population

competitive environment

Understanding the _____ begins with analysis of market share.

logistics

a subset of supply chain management that focuses more on tactics (the actual movement of products) than on strategy

everyday low pricing

aims to achieve long-term profitability through high sales volume

national brands

also called manufacturers' brands, are brands that the producer owns and markets a. Umbrella brands b. Store brands c. Status brands d. National brands

matrix organization

an organization with a flexible structure that brings together specialists from different areas of the organization to work on individual projects on a temporary basis

line organizations

are organizations with a clear, simple chain of command from top to bottom.

expectancy theory

attributed to researcher Victor Vroom, is based on the key concept that a worker will be motivated if he or she believes that effort will lead to performance, and performance will lead to a meaningful reward. The theory suggests that if any link in the chain is broken, the employee will not be motivated.

demand based pricing

begins by determining what price consumers would be willing to pay. With that as a starting point, marketers subtract their desired margin, which yields their target costs a. gap-determined pricing b. cost-based pricing c. demand-based pricing d. fixed-margin pricing

wholesaler

buy products from the producer and sell them to businesses (or other nonfinal users, such as hospitals, nonprofits, and the government). a. retailer b. producer c. broker d. wholesaler

cobranding

can offer huge advantages to both partners, by leveraging their strengths to enter new markets and gain more exposure

goods and service spectrum

can provide a valuable tool for analyzing the relationship between goods and services. At one extreme, pure goods do not include any services. At the other extreme, pure services do not include any goods

agents and brokers

connect buyers and sellers and facilitate transactions in exchange for commissions. But they do not take legal ownership of the goods they distribute

functional

departmentalizaiton where employees are divided into groups based on their area of expertise. a. functional b. process c. territorial d. customer

cash and carry wholesalers

distributors who service customers who are too small to merit in-person sales calls from wholesaler reps

truck jobber

drive their products to their customers, who are usually smaller grocery stores

autocratic leaders

hoard decision-making power for themselves, and they typically issue orders without consulting their followers a. free-rein leader b. bureaucratic leader c. autocratic leader d. laissez-faire leader

idea marketing

ideas that are meant to change how people think or act. for example: Recycle, don't drink and drive, buckle your seatbelt, conserve water, support our political party, donate blood, and don't smoke a. place marketing b. people marketing c.idea marketing d. event marketing

direct response retailing

includes catalogs, telemarketing, and advertising (such as infomercials) meant to elicit direct consumer sales a. vending b. direct response retailing c. direct selling d. e-tailing

event marketing

includes marketing—or sponsoring—athletic, cultural, or charitable events a. place marketing b. people marketing c.idea marketing d. event marketing

accessory equipment

includes smaller, movable capital purchases, designed for a shorter productive life than installations

dynamically continuous innovation

innovations that are characterized by marked changes to existing products. Examples include cell phones, Blu-ray discs, and digital cameras. These types of innovations require a moderate level of consumer learning in exchange for significant benefits a. dynamically continuous innovation b. disruptive c. discontinuous d. continuous

place marketing

involves drawing people to a particular place. Cities, states, and nations use this marketing strategy to attract tourists. a. place marketing b. people marketing c.idea marketing d. event marketing

skimming pricing

involves offering new products at a premium price. The idea is to entice price-insensitive consumers—music fanatics, for example—to buy high when a product first enters the market a. skimming pricing b. high/low pricing c. penetration pricing d. loss-leader pricing

search engine optimization

involves taking specific steps to ensure that a particular website appears high on the list when customers look for a product or service via an Internet search engine such as Yahoo! or Google a. online video advertising b. web scraping c. search engine optimization d. native advertising

cafeteria style benefits

is an approach to employee benefits that gives all employees a set dollar amount that they must spend on company benefits, allocated however they wish within broad limitation

brand extension

launching a product in a new category under an existing brand name is known as...

bonus

lump-sum payments, typically to reward strong performance from individual employees

first line

managers that must motivate, and evaluate nonmanagement employees, so they are heavily involved in day-to-day production issues manages the people who do the work

middle

managers' primary contribution often involves coordinating teams and special projects with their peers from other departments. also supervise lower-level managers and report to a higher-level manager a. first-line b. top c. middle d. general

exclusive distribution

means establishing only one retail outlet in a given area. a. Exclusive distribution b. Direct distribution c. Wholesale distribution d. Intensive distribution

human skills

middle level managers need especially high levels of.. a. human skills b. life skills c. cognitive skills d. intrapersonal skills

top level managers

middle or top managers: focus on strategic planning

trialability

most car dealers allow test-driving of the cars they sell to increase the _____ of their product a. relative advantage b. trialability c. compatibility d. observability

equity theory

motivation theory that proposes that perceptions of fairness directly affect worker motivation. The key idea is that people won't be motivated if they believe that the relationship between what they contribute and what they earn is different from the relationship between what others contribute and what others earn.

older

one way management is trying to retain their (younger/older) employees is through: flexible schedules, training opportunities, and creative pay schedules

demographics, personality

personal influences on the consumer decision-making process include... what 2 things?

missionary selling

promoting goodwill for a company by providing information and assistance to customers a. green marketing b. cause-related marketing c. missionary selling d. social selling

consumer promotion

promotion tools include premiums, promotional products, samples, coupons, rebates, and displays a. Product placement b. Sponsorship c. Consumer promotion d. Personal selling

limited service merchant wholesaler

provide fewer services than full-service merchant wholesalers to their customers. For example, some might warehouse products but not deliver them. Others might warehouse and deliver but not provide credit or marketing assistance a. agent b. limited-service merchant wholesaler c. broker d. full-service merchant wholesaler

conceptual

refer to the ability to grasp a big-picture view of the overall organization and the relationship between its various parts. Managers strong in this skill typically excel at strategic planning

the product consistency

refers to how reliably a product delivers its promised level of quality. With a positive relationship between price and performance, this can offer a competitive edge at almost any quality level a. The augmented benefit that the product offers b. The product consistency c. The life cycle of the product d. The primary features of the product

quality level

refers to how well a product performs its core functions a. quality level b. Perishability level c. Licensing d. Product line

contingency planning

refers to planning for unexpected events, usually involving a range of scenarios and assumptions that differ from the assumptions behind the core plans usually done by senior management but with input from the other levels of management

licensing

refers to purchasing the right to use another company's brand name or symbol

operational planning

refers to very specific, short-term planning that applies tactical plans to daily, weekly, and monthly operations a. strategic planning b. risk mitigation planning c. contingency planning d. operational planning

retailer

represent the last stop on the distribution path, since they sell goods and services directly to final consumers. a. retailer b. truck jobber c. wholesaler d. drop shipper

form utility

satisfies wants by converting inputs into a finished form a. form utility b. time utility c. ownership utility d. place utility

direct channel

sells its products to customers at its own retail shops

penetration pricing

strategy for pricing new products, and it aims to capture as much of the market as possible through rock-bottom prices a. high/low pricing b. loss-leader pricing c. penetration pricing d. skimming pricing

line managers

supervise the functions that contribute directly to profitability: production and marketing

staff managers

supervise the functions that provide advice and assistance to the line departments.

drop shipper

take legal title of the merchandise, but they never physically process it. They simply organize and facilitate product shipments directly from the producer to their customers. a.. cash and carry wholesaler b. truck jobber c. drop shipper d. full-service merchant wholesaler

human skills

the ability to work with and through other people in a range of different relationships. a. technical skills b. conceptual skills c. human skills d. cognitive skills

credible

the biggest advantage of publicity is that its usually...

consumer behavior

the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. also explores the reasons behind people's actions

departmentalization

the division of workers into logical groups

job analysis

the examination of specific tasks that are assigned to each position, independent of who might be holding the job at any specific time

customer relationship management

the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value a. consumer market segementation b. customer relationship management c. people marketing d. mass customization

customer loyalty

the payoff for delivering value and generating satisfaction. customers that purchase from you again and again—and they sometimes even pay more for your product

job specifications

the specific qualifications necessary to hold a particular position.

true

true or false: Distributors add value, or utility, in a number of different ways: form, time, place, ownership, information, and service.

true

true or false: When it comes to creating customer satisfaction, perceived value is just as important as actual value.

true

true or false: CEO pay during 2011 was correlated to how well companies fared in the stock market

sales promotion

what is a traditional promotional tool