Marketing Business Midterm

secondary data (externally)

--Secondary data are available outside the company from sources such as 1. trade journals 2. government web sites 3. magazine articles

Which of the following is an example of a sales promotion activity:

-Holding a contest.

Cookies

-are text files that are put on a web-site visitor's hard drive and then later retrieved during subsequent visits to the site in order to track shopping and buying behavior. -As a result, Internet users often feel that their right to privacy is compromised.

Demographic trends

-changes in the physical and social characteristics of the population. -Gathering information about demographic trends helps businesses to make decisions about what to produce and sell in the future to meet the changing needs of the population. -An example of a demographic trend is the aging of the "Baby Boomer" generation that is reaching retirement age. -This is a large segment of the population that has different wants and needs than younger people. -To remain competitive, businesses need to understand these different wants and needs.

A situation analysis

-is a tool that is often used to gather background information about a current business situation or problem. -Researchers use the information that they gather via a situation analysis to familiarize themselves with the complete problem or issue. -This information may help researchers to identify what caused the problem as well as possible consequences of the issue.

Product promotion

-is a type of promotion that aims to persuade customers to buy a specific good or service.

Marketing concept:

-is based on satisfying the needs and wants of customers. -By reordering a discontinued product, businesses are satisfying their customers' requests.

Sales promotion

-is promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases. -Other examples of sales promotion include premiums, coupons, and free samples.

Reaching closure

-is the phase of the selling process in which the salesperson addresses customer objections and asks the customer to buy. -When the objections have been resolved, it is time to write up the order.

Promotion is thought of as being at the heart of marketing because it allows sellers to

Communicate the benefits of products to buyers.

Corporate brands are built on all the associations and experiences:

Consumers have toward a business or product.

An important purpose of the sales talk as a step in the selling process is to

Convince the customer of the product's benefits.

Which of the following Internet-based marketing-research methods is most likely to raise an ethical issue regarding the users' right to privacy:

Cookies.

A company's sponsorship of a free cholesterol test for the community is an example of __________ promotion.

Corporate

Which of the following is a way a business can set up a product line:

Customer group.

Which of the following is a type of external marketing information that helps businesses make decisions

Demographic trends

Which of the following types of media may include catalogs:

Direct mail.

Which of the following is an area that might be covered by a selling-activity policy:

Entertaining the customer.

What research approach do businesses often use to test new product ideas?

Experimental.

Demographic factors:

Factors such as age, gender, education, occupation, and income are often considered when conducting marketing research

Checking on delivery or supervising the installation of a product are activities involved in the __________ phase of the selling process.

Follow-up.

If a manufacturer has chosen to advertise on national radio and in magazines, which of the following factors has influenced the promotional mix:

Geographical location of the market.

The Radnor Company outlined the specific activities and timelines it plans to use to accomplish its marketing goals. In which section of the marketing plan is this information placed?

Implementation.

Which of the following is demographic information that businesses might monitor when making marketing decisions:

Income.

What is one way that promotional activities benefit consumers?

Increase awareness.

Because of customer requests, a business decides to reorder a product that it had stopped selling. The business is using the

Marketing concept.

A local car company just expanded and needs to develop a primary product promotion for its cars. Which line of cars would benefit the most from this type of promotion?

New line of cars

The promotion of baseball-nut ice cream during baseball season would be classified as __________ promotion.

Product.

The phase of the selling process that includes writing up the order is

Reaching closure.

Tying agreements may violate laws in some countries because these types of arrangements tend to

Reduce competition

Cookie's Palace, a new boutique for children, wanted to attract more customers. The manager planned a puppet show, a new window display, and bought balloons to give to children. This is an example of

Sales promotion.

Which of the following is an example of a secondary source of data that a business can obtain internally

Sales report

A university is considering changes to its business administration degree. To obtain feedback on the idea from students, the university selects a sample of business majors who are seniors. What type of sampling did the university use?

Simple

To develop a better understanding of a problem's complexity, marketing researchers often gather background information about the issue via a __________ analysis

Situation.

Newspapers and magazines are sometimes referred to as __________ media

Space.

The way in which the promotional message is communicated should be

Suited to the product.

The strawberry crop was severely damaged by a late frost this year. The selling price of a quart of strawberries has been set 50¢ higher this year than last. Which of the following factors affected the price of strawberries:

Supply and demand.

objectives section of the marketing plan.

The company outlines its goals or desired outcomes

Why do some new companies set their selling prices as low as they can?

To get market share as fast as possible.

Why is it important for selling policies to have a bit of flexibility?

To make an occasional exception.

Primary product promotion

aims to stimulate demand, or consumer desire, for an entire class of goods or services and is especially useful and necessary for introducing a new concept or totally new product, making it ideal for the new line of cars.

Purchasers of the Super Veggie Cutter are dissatisfied because the product does not perform as promised in television ads. The seller can be held responsible because its advertising included a(n) __________ warranty.

express

The executive summary

is a complete overview of the company's marketing plan.

Trading up

is a product-mix strategy in which a business adds a higher-priced product or product line to its product mix.

Direct mail

is a promotional medium that comes to consumers' homes in the form of letters, catalogs, postcards, and folders.

An express warranty

is a warranty that is written or expressed verbally

Corporate promotion

is another term for institutional promotion; the goal of corporate promotion is to create a certain image in the eyes of consumers.

A company's marketing plan

is its blueprint for carrying out its marketing activities to achieve its marketing goals, which are designed to attract the target market to the business.

An advantage of profit-oriented pricing is that the business

is more likely to achieve its profit goals.

A competitive analysis

is the process of comparing a business's income statement with that of its competitors to see how it is doing by industry standards.

Stratified random sampling

is used when subgroups in the population differ a great deal in their responses or behavior. To overcome this issue, researchers treat the population as though it were multiple, separate populations and then randomly sample within each subgroup.

A simple sampling strategy

is used when the researchers believe that the population is relatively homogeneous for the characteristic of interest.

When the supply of a product is less than the demand:

marketers often increase the selling price

The situation analysis

provides a snapshot of the company's current business situation, and discusses various factors that are affecting its current situation.

The implementation section of the marketing plan

provides detailed information about the activities and timelines that the company will use to achieve its marketing goals.

Which of the following is information about customers that businesses often monitor in order to make pricing decisions:

Buying behavior.

Buying behavior

-is the usual purchasing methods of consumers; it is the process they use to decide what they will buy and from whom they will buy. -By monitoring consumers' buying behavior, businesses are able to find out what type of products they buy, how much they spend on the products, and what businesses they buy from on a regular basis. -Businesses can use this information to make marketing decisions such as whether to offer lower prices in order to take customers away from competitors.

Selling-activity policies

-on providing salespeople with guidelines for activities that involve interaction with customers or potential customers. -An area that is often covered by these policies is entertaining the customer.

space media

-provide permanent storage space for promotional messages. -The advertisements that they contain can be examined as long, or as frequently, as the reader desires.

Tying agreements

-require customers to buy other products in order to obtain the desired goods and services. -In many free-enterprise economic systems, this practice is illegal because it can reduce or limit competition

types of internal marketing information that help businesses make decisions:

1. Purchasing records 2. Customer databases 3. Sales predictions

secondary data (internally)

1. sales reports 2. budgets 3. customer profiles 4. annual reports.

Which of the following is an example of a product's being sold without the use of an intermediary:

A Mary Kay cosmetics party.

Which of the following is the most appropriate research approach to use when a business wants to determine how its employees interact with customers:

Observation.

Which of the following elements of the marketing mix are businesses considering when they answer the question of how much of a product to order:

Place.

Which of the following statements about marketing research problems is true:

Problems that company decision-makers identify are often just symptoms of larger problems that need to be researched.

A marketer needs to collect quality control information about car batteries that a manufacturer is thinking about using on new cars. To collect the needed data, marketers have to cut the batteries in half. Which of the following is a true statement about collecting data about a sample rather than the population of batteries:

To test the population of batteries, marketers would need to dismantle all of the batteries, thereby leaving no batteries available to go on the cars.

important part of the place element:

buying the right amount