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