Exam #3 (Business)
_____ is best described as paid, non personal communication designed to influence a target audience with regard to a product, service, organization, or idea.
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_____ planning done by top-level managers involves establishing a vision for the company, defining long-term objectives and priorities, determining broad action steps, and allocating resources
Strategic
_____ is said to occur when a product line reduces the sales of an existing line.
cannibalization
What are the two key elements of a firm's distribution strategy?
channel distribution and physical distribution
______ act as middlemen to help producers move their product more efficiently and effectively from factories to the consumers.
channel intermediaries
The stage of the selling process where the salesperson actually asks the customer to make the purchase is known as _____.
closing
In order to help consumers feel comfortable with their decision after a purchase of a new car, Easy Pay Auto has begun offering customer perks such as free state inspections, free oil changes, and extended warranties. This is an effort to offset:
cognitive dissidence
Top-level managers primarily use _____ skills because they must formulate a vision, interpret marketplace trends, and plan for the future
conceptual
Product ____ refers to how reliably a product delivers its promised level of quality.
consistency
_____ refers specifically to how people act when buying products for their own personal consumption.
consumer behavior
The marketing concept is a philosophy that makes ______ the central focus of an entire organization now and in the future.
consumer satisfaction
Planning for unexpected events, or ______ planning, is usually spearheaded by senior management with inputs from other management levels.
contingency
______ innovation involves making slight modifications to exist products in an effort to distinguish them from the competition.
continuous
_____ are the inexpensive goods and services that consumers buy frequently with limited consideration and analysis.
convenience products
Name the product layers.
core benefits, actual product, augmented product
What are the major advantages of publicity?
credibility
______ is the process by which new products spread throughout a market after they are introduced.
diffusion
_____ is a motivation theory that proposes that perceptions of fairness directly impact worker motivation
equity theory
What theory states that workers will be motivated if they believe that their effort will lead to performance, and performance will lead to a meaningful reward?
expectancy theory
By transforming flour, yeast, and eggs into a roll, a bread company is adding value by providing _____ utility.
form
_____ satisfies wants by converting inputs into a finished product.
form utility
______ is the development and promotion of products with ecological benefits.
green marketing
Companies use _____ to coordinate their messages through every promotional vehicle.
integrated marketing communication
Companies that place their stores in as many locations as possibly, are using a strategy called ______ distribution.
intensive
The product ______ is a theoretical model that includes the stages of introduction, growth, maturity, and decline of a product.
life cycle
A firm's _____ is the percentage of the total market for a product that is controlled by that company.
market share
______ holds the delivering unmatched value to customers is the only way to achieve long-term profitability for an organization.
marketing concept
A(n) ______ takes legal possession of the goods to be distributed
merchant wholesalers
What are the two categories of independent wholesalers?
merchant wholesalers and brokers
Big Bucks Bags are a brand of luxury handbags. The company uses ______ to sell its products by using different locations and channels, including department stores, online stores, and catalog sales.
multichannel retailing
Using scanner data from retail sales is an examples of ______ research.
observation
First-line managers focus on ______ planning, applying plans to daily, weekly and monthly operations
operation
Easy Pay Auto Dealership provides generous credit terms. They also offer a variety of payment options. All of these efforts show that Easy Pay is making a strong effort to provide ______ utility.
ownership
______ utility adds value by making it easier for customers to actually possess the goods and services that they purchase.
ownership
______ involves determining how a product will flow through the distribution channel from producer to consumer
physical distribution strategy
______ satisfies customer needs by providing the right products at the right location.
place utility
_____ refer to the process of figuring out the future goals of a business and creating a strategy to achieve them.
planning
Henry Ford's famous quote "You can have your Model T in any color you want as long as it's black" best reflects marketing attitudes during the _____ era.
production
The combination of communication tools that a firm chooses to advertise their products is called a _____.
promotional mix
A firm's is a brief statement articulating how it wants the target market to envision its product relative to the competition
promotional statement
The supply chain begins with the _____ and ends with the final consumer.
raw materials
_____ are marketing intermediaries that sell directly to final consumers.
retailers
_____ is the process of continually collecting information from the external marketing environment.
scanning
_____ refers to the number of people a manager supervises
span of control
_____ managers assume that employees dislike work, prefer to be directed rather than use their own initiative, and that motivation is best accomplished by threats and coercion.
theory x
Most car dealers allow test-driven of the cars they sell to increase the ______ of their product.
trial ability
Costs that fluctuate based on the production levels achieved are called _____ costs.
variable
Low employee satisfaction is an example of a potential ______ for an organization
weakness