Marketing final 310

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Marketing 310 final study flashcards

Xavier is analyzing potential market segments. He knows he has to carefully seek potential customers who have both an interest in his products and:

The ability to buy them

a core aspect of marketing

making product, place, promotion, and price decisions

The fundamental goal of marketers when creating goods, services, or combinations of both, is to:

Create Value

The basic difference between a good and a service is a good:

can be physically touched

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called:

supply chain management.

The advent of auction sites like eBay has increased _______________ marketing.

Customer to customer

Which of the following represents a way to build a sustainable competitive advantage using product excellence?

Positioning the product using a clear, distinctive brand image.

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

planning

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including:

strengths and weaknesses.

when identifying and evaluating opportunities, STP refers to:

segmentation, targeting, and positioning.

Most university bookstores take the price they paid for textbooks and add a standard markup, usually 25-35 percent. These university bookstores are using a _____________ pricing strategy.

Cost-based

The centerpiece of the Marketing Environment Analysis Framework is:

Consumers

denny is considering the question, "Did our actions have a negative impact on any stakeholder group?" Denny is addressing marketing ethical issues in the __________ phase of the strategic marketing planning process.

Control

the firms that work along with the focal firm to provide goods and services to consumers are viewed as:

Corporate partners

Firms with strong ethical climates tend to:

be more socially responsible.

Generational cohorts are groups of people of the same generation who have similar purchase behavior because they have:

shared experiences and are in the same stage of life.

One of the criticisms of corporate social responsibility is the difficulty of demonstrating:

tangible benefits to the company

after a marketing firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluation of alternatives. _________________ then reviews and refines these alternatives, and then chooses a course of action.

Management

By paying close attention to customer needs and continuously monitoring the environment in which it operates, a good marketer can:

identify potential opportunities

When marketers look at advertising media they often begin with viewer or listener profiles such as, age, income, gender, and race. They then compare the media profile with their target audience. These marketers are using _____________ to see if the media "fits" with their advertising agenda.

demographics

Marketers have learned that gender roles:

have been blurred.

Mattel needed to act quickly when they learned of potential lead hazards in some of its toys. As a firm, they used ethical principles and approaches to:

maintain its strong relationship with its customers by recalling products that posed dangers to children and their customers

When targeting new markets, marketers of liquor, tobacco, and other alcoholic beverages should always ask the ethical issue question of:

Should the firm be targeting this market with this product?

Firms use _______________ to collect, and synthesize information about their position with respect to their rivals.

competitive intelligence

In New England foot-long sandwiches are called "grinders" while in many other parts of the country they are called "subs." This is an example of a:

regional cultural difference.

For products like pencils and paperclips which provide the same benefit for all consumers, marketers should probably use a(n):

undifferentiated segmentation strategy.

__________________ is an extreme form of a segmentation strategy.

Micromarketing

lex has found that investment real estate buyers and residential real estate buyers both respond positively to his marketing communication message. Alex has identified ____________ that respond similarly to his marketing efforts.

market segments

Differences in weather and climate create opportunities for:

geographic segmentation.

NASCAR re-directed their marketing efforts when a survey indicated that almost fifty percent of their race fans were female. This is an example of ______________ segmentation.

demographic

Travel marketers know Baby Boomers represent a huge demographic segment. They also know Baby Boomers are heavily motivated by self-fulfillment which creates the possibility of ______________ segmentation.

psychographic

The beer commercial "less-filling, tastes great" was based on ______________ segmentation.

benefit

Airlines were among the first retailers to embrace loyalty segmentation when they created:

frequent flyer programs.

______________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of the firm's offerings relative to competitors' offerings.

Positioning

Whenever the president of the local, public university promotes the institution, he emphasizes the university's price (much lower than neighboring private colleges) and quality. He is positioning the institution based on:

Value

Almost every political candidate uses a combination of red, white, and blue in their campaign posters. They are trying to position themselves in voters' minds using:

Symbols

Several years ago, General Motors ran an advertising campaign for their Oldsmobile line of cars using the slogan, "Not your father's automobile" and an attractive young woman as spokesperson. GM was attempting to _______________ the Oldsmobile line.

reposition

A(n) _________________________ is a set of procedures and methods applied to the regular, planned collection, analysis, and presentation of information to be used in marketing decisions.

marketing information system

The difference between an MkIS and a market research study is, an MkIS:

is an ongoing process of collecting, analyzing and presenting information.

Retail check out scanning systems create a tremendous amount of purchasing information usually stored in a company's:

data warehouse.

When conducting a survey about choosing vacation destinations, Hillary will need to ______________________________, in order to get reluctant respondents to provide honest information.

assure consumers that their individual responses will be kept confidential

Market research begins with:

defining the objectives and research needs.

Company sales invoices, Census data, and trade association statistics are examples of:

secondary data.

In retailing, effective packaging sends the message:

Buy me

The complete set of all products offered by a firm is called its product assortment or:

product mix.

Within each __________________, there are often multiple product categories.

product line

A(n) ________________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.

Brand

Colgate-Palmolive has five product lines. They are the firm's:

product line breadth.

For a brand to be effective, it needs to be:

easy for consumers to recognize and remember.

Brands that are owned by ___________ are called private-label brands.

retailers

the process by which ideas are transformed into new products and services that will help firms grow.3

Innovation

If they create new markets, pioneer or breakthrough products:

can add tremendous value to firms

The process by which the use of a new product or service spreads throughout a market group is referred to as:

diffusion of innovation.

The ________________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

early majority

When microwaves were new, they often cost over $300, were huge, and full of numerous settings and options. Brenda and Bart waited, concerned about potential health hazards and for more choices in the market. By the time they purchased one, microwave sales had leveled off and prices had declined significantly. Brenda and Bart were part of the ____________________ diffusion of innovation group.

late majority

By 2009, if someone asked for your cell phone number and you said you did not have one, you would probably have been considered a _________________ in the diffusion of innovation process.

laggard

Samples are often used for new products when _________________ will influence the diffusion of the product.

trialability

A service is any intangible offering that involves a deed, performance, or effort that:

cannot be physically possessed.

By providing good customer service, firms __________ their products or services

add value to

In countries like the United States, services:

account for an increasing share of jobs.

When marketers state services are _____________, they are referring to the fact that services are produced and consumed at the same time.

inseparable

When the management or owners of a service establishment have a different idea than the customers do about the expectations and service standards, the firm will likely have a ____________.

standards gap

When there is a significant difference between the service customers receive and what the firm promotes, the firm has a ____________________.

communications gap

A systematic ____________ program collects customer inputs and integrates them into managerial decisions.

voice-of-customer

Price is the _______________________ a consumer is willing to make to acquire a specific product or service.

overall sacrifice.

If a marketer prices their product too low, it may:

signal poor quality

Unlike product, promotion, or place, price is the only part of the marketing mix

that generates revenue.

Using "keystoning" as a pricing strategy:

ignores consumers' sensitivity to changes in prices.

Bernard's firm has set corporate direction to become one of the leaders in each of its significant market segments. It was Bernard's job to examine the pricing to determine how to maximize market share, even at the expense of profits in the short run. What kind of company objective would guide Bernard's effort?

Sales-oriented

Customers must see value in a product or service before they are willing to exchange their time or money to obtain it. Not all customers see the same value in a product, though, and to analyze how many units will be sold at any given point where the consumer sees value, marketers draw on ________________.

a demand curve

_________________ measures consumers' sensitivity to price changes.

Price elasticity of demand

supply chain management adds value for customers by:

getting products to customers efficiently.

Stores like Home Depot and Costco act as wholesalers when they:

sell to contractors or restaurant owners.

______________________ is an element of supply chain management that concentrates on the movement and control of the physical products.

Logistics management

Manufacturers use wholesalers and retailers because:

they create value through convenience and lower prices.

By reducing the number of transactions needed to move a product from the manufacturer to the consumer, wholesalers and retailers make a supply chain:

more efficient.

Retailing is where marketing:

meets the consumer

In the past, _____________________ dominated supply chains.

manufacturers

Coupons, rebates, and online discounts are types of:

pricing promotions.

Personal selling is particularly important for retailers selling:

products that are complicated or expensive

______________________ is the term used to describe when retailers use some combination of stores, catalogs and the Internet to sell merchandise.

Multichannel retailing

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