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Terms in this set (58)
The role of marketing
to generate profitable revenue
When a marketer can describe something, it is called a
the idea that customers will favor products that offer the most quality, performance, and features
After buying an item, we experience
post purchase cognitive dissonance
Ways to engage consumers, directly or indirectly
direct marketing, indirect marketing
benefits of the internet in terms of marketing capabilities (5)
1. One on one marketing
4. Wide reach
5. information on consumers
why digital marketing works better than non-digital (5)
1. Quick or immediate
2. broad scale (global v. domestic)
3. creates multiple channels
4. allows for target marketing
5. Less expensive
advantages of direct and digital marketing compared to traditional marketing
1. digital is direct
3. high response rates
4. targets a specific audience
5. access to comparative information
Advantages of online transactions
2. easy to track
3. more convenient
4. decreased search time
5. impulse buying
role of a non-transactional website
3. provide information
4. foster community
One to one marketing and personalization benefits
1. better feedback
2. better insight
3. target specific segments
4. customer focused
role of viral marketing, how and why it works
1. digital word-of-mouth
2. amplification - reaches many quickly
3. shortens marketing time frame
4. expands the market
why blogs work + avantages
2. topic specific
3. credible people who are knowledgable
unwanted and unsolicited commercial messages
multiple channels synchronized with the same messages and providing information to people who are in the buying process
steps in the consumer behavior buying process
1. Need Recognition
2. Information Search
3. alternative evaluation
4. purchase decision
5. post purchase behavior
Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flows... Susan is making use of ______ databases
______ is a method of gathering primary data that involves aski
Experimental research is best suited for gathering ______ information
If market researcher wants to find the cause and effect relationship...
A _____ becomes a motive when it is directed toward a particular stimulus object
Social class is determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth and other variables (T/F)
According to Maslow's theory, safety and social needs must be fulfilled after self-actualization needs (T/F)
dealer and manufacturer websites and mobile sites
Dealer and manufacturer websites and mobile sites
Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences as price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?
What is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy
market segmentation, market targeting, differentiation, positioning
Dividing buyers into groups on their knowledge, attitudes, uses, or responses to a product is called ______ segmentation
Producers of popular beverages often partner with global music channels to target consumers through a variety of promotional events and advertisements. This approach to marketing is referred to as ______ segmentation
When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ______
Specialty products are consumer products and services that customers generally buy ____
Without making comparisons
Product planners must build a _______ product around the core benefit and actual product by offering additional consumer services and benefits
Which of the following is an industrial product categorized under materials and parts? a. cement b. consultants c. financing d. overhead materials
Business advisory services such as legal or advertising are classified under which category of industrial products?
Supplies and services
Consumers rarely compare shopping products before purchasing them. (T/F)
Many companies are taking a ___ approach, viewing quality as an investment and holding quality efforts accountable for bottom line results.
return on quality
Which of the following terms best describes the process of designing and producing a container or wrapper for a product?
The team based new product development approach saves time and increases effectiveness because departments work closely together in ____.
cross functional teams
Customer involvement has a positive effect on the new product development process and product success.
Which of the following sets the price ceiling for a product's pricing?
consumer perception of value
When demand hardly changes with a small change in the price of a product, the demand for the product is best described as
The demand curve shows the number of units the market will buy in a given time period of similar prices. (T/F)
Pricing strategies usually remain the same as a product passes through its life cycle (T/F)
The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number of buyers quickly and with a large market share. This is referred to as
market penetration pricing
A firm that provides technical expertise in the production of a product would be considered an ___ partner in a company's supply chain
vertical conflicts in distribution channels are conflicts that occur between
different levels of the same channel
More than 80% of McDonald's restaurants worldwide are owned and operated by franchisers. This illustrates a(n) ___ marketing system
Rage, a leading motor vehicle manufacturer, introduces a new superbike model. It invites proposals from independent dealers who are willing to set up exclusive showrooms that only sell Rage's superbikes. Chosen dealers will sell and service the superbikes, and Rage will oversee national advertising. This is most likely an example of a(n) ________.
Manufacturer sponsored retailer franchise system
Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward _____ insofar as product or service producers cut out intermediaries and go directly to the final buyers or what radically new types of channels intermediaries displace traditional ones.
Customers at Carat, a premium jewelry store, are encouraged to make an appointment before a visit so that a customer service representative is assigned to them. These representatives help every customer make a purchase that meets his or her needs and budget after considering numerous options. The different styles and special features of the jewelry are explained to each customer to aid the purchase decision. In this case, Carat is an example of a(n)
full service retailer
Which type of retailer is much larger than a regular supermarket and often a large assortment of routinely purchased food products, nonfood items, and services?
In a marketing communication mix, _____ refers to any short term incentives that encourage the purchase or sale of a product or service.
Rather than just creating and placing "TV ads" or "print ads" or "Snapchat branded stories," many marketers now value themselves more broadly as ____ managers.
Advertisers are increasingly shifting towards digital media (T/F)
Surf's Up, a family owned business, offers a free surf lesson with the purchase of any surfboard over $200 during the month of May. This is an example of which promotion mix element?
Informing the target market about a price change for a signature cookie dough product through a national TV campaign within 3 months is an example of a _____ objective.
blogs are a digital direct marketing tool (T/F)
_______ is the primary purpose of branded community websites
creating customer product engagement
Constructing the ingredients that go into certain products and reducing the level of advertising "noise" are part of proposals relating to the consumer's right to ____.
Influence marketing practices in ways that will improve quality of life
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