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133 terms

Utah Marketing State Review

STUDY
PLAY
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 begin to fall and company looks to modernize or alter the product
Maturity
3rd step of the product life cycle: Sales level off and competition increase
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