Utah Marketing State Review

Created by erin24_2001 

Upgrade to
remove ads

133 terms

Psychographic

This market segmenting involves studies of consumers based on their attitudes, lifestyles, and values.

Demographic

This market segment refers to statistical data or information concerning a person's age gender income level occupation, etc.

Behavioral

This type of market segmentation is based on segmenting a market based on rate of use, shopping patterns or product benefits.

Geographic

This market segmentation refers to segmenting as market based on where people live.

Marketing

What is the process of developing, promoting, pricing, and distributing products to satisfy customers wants and needs?

Approach

The first face-to-face contact a salesperson has with a customer is known as the?

Psycholgical Pricing

Pricing techniques that create an illusion for customers are known as?

Market Share

What is firm's percentage of total sales generated by all competitors in a given market called?

Sole proprietorship

Which of the following is a business owned by one person?

Suggestion selling

Selling additional goods or services to the customer after the customer has made a commitment to buy is called?

What do the terms 2/10 net 30 mean?

You will receive a 2 percent discount if the invoice is paid within 10 days. The entire amount is due within 30 days

Ethics

Based on knowing the difference between right and wrong.

Decrease

According to the law of supply and demand, as the price increases the quantity demanded will

Boomerang

Bring the objection back to the customer

Superior Point

Admit disadvantages in certain products but then present superior points to offset or compensate for them.

Third Party Demonstration

Use a previous customer or another neutral person to give a testimonial about the product
show how to operate a product

Substitution

Recommending a different product that would satisfy the customer's needs

Trade surplus

When a country exports more than it imports, the country has a

Intruduction

1st step of the product life cycle: Company focuses its efforts on promotion and production.

Decline

4th step of the product life cycle: Sales level off and competition increase

Maturity

3rd step of the product life cycle: Sales begin to fall and company looks to modernize or alter the product

Growth

2nd step of the product life cycle: Product is enjoying success shown by increased sales and profits

Price

Which term describes the value of money placed on a good or service?

Headline

Attract readers, arouse interest, and get people to look at the illustration and copy

Copy

Represents the selling message in the ad.

Illustration

Help expand on the copy by showing how the product works or how it is used

Signature

aka logo, the identification symbol for a business

Slogan

A catch phrase or small group of words that are combined in a special way to identify a product or company

Wholesaler

Which of the following buys, stores, and resells large quantities of goods?

closing the sale

Obtaining positive agreement from the customer to buy is known as

Product, Promotion, Price, and Place

Which four are the elements of the marketing mix (4ps)?

What is the relationship between EOM (end of month) and BOM (beginning of month) inventory figures?

The BOM inventory for any given month is the EOM inventory for the previous month

Which of the research items are considered secondary research?

Government records, Internet Sources, Business Publications, Focus Group

Interview, Survey, Observation, Focus Group

Which of the following types of research are considered primary research?

Sample

A part of target population that is assumed to represent the entire population is called a

What illegal activity occurs when competitors agree on setting prices?

Price Fixing

Approching the customer

step 1 of the selling process

Determine needs

step 2 of the selling process

Presenting the product

step 3 of the selling process

Overcoming objections

step 4 of the selling process

Closing the sale

step 5 of the selling process

Suggestion selling

step 6 of the selling process

Relationship building

step 7 of the selling process

The sales people at the sleek but practical Car Agency always call a customer after he or she has purchased a car to see if the customer is satisfied. The calls exemplify the after-sale activity known as

Follow-up

Which of the following is used to obtain information about the preferences, options, habits, trends, and plans of current and potential customers?

Marketing research

Product/service management

obtaining, developing, maintaining, and improving a product or product mix in response to marketing opportunities

Financing

getting the money that is necessary to set-up and run a business

Marketing information management

gather storing and analyzing data to determine customers habits and attitudes

Distribution

physically moving and storing goods

Pricing

determining how much to charge for goods and services

Promotion

informing persuading or reminding potential customers about a business's products/services

Selling

determining customer needs and wants and responding through planned, personalized communication

Nonverbal communications

Expression yourself through body language such as facial expressions, hand motions, and eye movement is best described as..

Promotional mix

A ____ is a carefully planned combination of techniques designed to pursuade customers to purchase and support a business's products

Direct close

A retail salesperson says, "May I write up your order now" What type of sales close is he/she using?

Determining needs

In which step of the sale should you learn what the retail customer is looking for in a good service?

Image

The public's view of a business is known as the company's

A good is different from a service because

Goods are tangible and services are intangible

Price lining

A pricing technique in which a store to offer all merchandise in a given category at certain prices, such as $10 and $20

Bundle pricing

Offering several complimentary products in a package that is sold at a single price.

prestige pricing

Setting high-than average pricing to suggest status.

Everyday low pricing

Setting a consistent price point with no intention of offering discounts.

Line

A group of closely related products within the product mix is a business's product.

Marketing segmentation

The way of analyzing a market by specific characteristics in order to define the target market is known as:

Objections

Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase are known as:

Traditional economy

An economy where decisions are based on cultural or religious practices and ideals.

Command economy

An economy in which the government controls the factors of production and makes all decisions about their use.

Market economy

An economy with no government involvement in economic decisions. Decisions are made by individuals and businesses.

Mixed

An economy in which the decisions are made by the government individuals and businesses

Radio, Television

Which of the following advertising mediums are classified as broadcast media?

Staffing

In business, the selection and training of new employees is called.

Banner ads, pop-up ads

Which of the following advertising mediums are classified as online media?

Marketing mix

Price, Product, Place, and Promotion strategies are known as the

Return on investment

A calculation that is used to determine the relative profitability of an investment is

Information

Providing knowledge to consumers through salespeople displays packaging and labeling

Possession

Accepting alternatives to cash, such as personal checks, credit cards, or debit cards in exchange for merchandise

Form

Changing raw materials into actual goods.

Place

Locating a product where a customer can buy it.

Offer solutions

After determining customers needs/wants what should salespeople be ready to do?

Channel of distribution

The path a product takes from producer or manufacturer to the final user is called its

$40

If a golf club was sold for $75 and the markup was $35, what was the original cost?

The marketing concept is

The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm.

form

Which of the following economic utilities is NOT created by marketing activities?

form utility

Changing raw materials or putting parts together to make them more useful is

As a provider of service

As a funder of public libraries, the government is acting in what role?

Rational motive

A customers conscious, logical reason for a purchase is a:

Step 3 Presenting the product

In which step of the selling process should you give information about the product?

Step 2 Determining needs

In which step of the selling process should you establish a relationship with the customer?

A key factor in building a clientele is:

A. Asking questions and determining the exact needs of your customer.
B. Presenting products that will meet the needs of your customer.
C. Follow up with a customer after a purchase

Selling points

Legitimate objections are:

Follow-up

What is the crucial last step of the selling process that would lead to a lot more sales in the future?

promotion

Which one of the marketing mix in concerned with informing, persuading, and reminding people about their product/service

Broadcast

Radio and television are both included in the category known as --------- media.

Trade

Sales promotion activity that are targeted at manufacturers, wholesalers, and retailers are called ------------ promotions.

Secondary data

Information that has already been collected for another purpose is:

Market research

A proceduredesigned to identify solution to a specific marketing problem by systematically gathering and analyzing information known as:

Observation method

"Mystey shoppers" are one example of which type of method for collecting primary data?

Screening ideas

What is the name of the step in a new product development when companies match their objectives against the idea for the new product?

Line

A group of closely related products within the product mix is a business's product --------------

Mix

Which of the following describes all the products a company makes or sells?

The Child

A mother goes shopping for her child's cereal. The child eats the cereal. In this situation, who is the consumer?

Factors that affect a business's profit.

Employees
Overhead Cost
Competition
Market Trends

Observing the customer

What can help you to determine a customers needs?

Consumer

--------- buying is where the final consumer buys goods and services for the personal consumption.

Advertising agencies

--------- buying is where the final consumer buys goods and services for the personal consumption.

Headlien

attract reader, arouse interest, and get them to look at the illustration and copy.

Copy

represents the selling message in the ad

Illustration

Helps expand on the copy by showing how the product works or how it is used.

Signature

The identification symbol for a business (aka logo)

Slogan

A catch phrase to identify a product or company.

Intangible

Unable to be touched or grasped; not having physical presence

Tangible

A thing that is perceptible by touch

Strengths

characteristics of the business or project that give it an advantage over others, INTERNAL

Weaknesses

are characteristics that place the team at a disadvantage relative to others, INTERNAL

Opportunities

EXTERNAL elements that the project could exploit to its advantage

Threats

EXTERNAL elements in the environment that could cause trouble for the business or project

stakeholder

a person, group, organization, member or system who affects or can be affected by an organization's actions

gatekeeper

is a person who controls access to something (in business it may be the person answering the phones and taking messages)

primary data

Data observed or collected directly from first-hand experience.

People

The 5th p in the marketing mix if there are more than 4 p's

External environment

Conditions, entities, events, and factors surrounding an organization that influence its activities and choices, and determine its opportunities and risks.

Target Market

a market segment selected because the firm believes that the offerings of the firm are most suited to winning those customers

Qualitative data

Data that approximates or characterizes but does not measure the attributes, characteristics, properties, etc., of a thing or phenomenon. describes

quantitative data

Data that can be quantified and verified, and is amenable to statistical manipulation.

variable cost

A periodic cost that varies in step with the output or the sales revenue of a company

fixed cost

A periodic cost that remains more or less unchanged irrespective of the output level or sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages

captive pricing

Premium pricing levels applied to components of a product that consumers have already purchased. The customer cannot avoid purchasing the components, such as replacement razor blades, without sacrificing the value of the core product, such as the razor itself, enabling the company to achieve much higher profit margins than are possible for regular products.

skimming price

High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge.

loss leader

High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge. Most frequently seen on Black Friday.

Point of Purchase (POP)

The location or medium at which a product is purchased by an end-user. A point of purchase may be a physical location, such as a store, booth, or other retail outlet, or may consist of an electronic sales environment such as a telephone-based ordering service or a website. Also known as Point of Sale

break even point

Point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs

decoding

process whereby a receiver assigns meaning to a message

encoding

process whereby a sender assigns meaning to a message

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

NEW! Voice Recording

Click the mic to start.

Create Set