Business exam 3 Flashcards
Concentrated marketing approach
organization has 1 single marketing mix for many marketing segments, or target market
Undifferentiated marketing approach
organization has one single marketing mix for broad target market
The first thing in implementing a marketing concept is what?
The firm must communicate with potential costumers to assess their product needs.
getting to know what your consumers want.
A group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group.
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element to a marketing strategy.
Advertising designed to enhance a firm's image or reputation.
What is the value of marketing research
important because it tells you what consumers want, and how to fix market issues it is a step in the marketing plan.
gathering info to analyze problems
it allows people to
Describe a sales forcast
the estimate of the amount of a product that an organization expects to sell during a certain
What is the importance of consumer social value?
A marketing mix is made up of what?
price, product, distribution, and production
Why do you have a marketing mix?
so you can differentiate between target markets
A demographic is important in marketing why?
To understand the consumer population
What is consumer buying behavior?
The purchasing of products for personal or household use, not for business purposes
On what do consumers spend most of their disposable income on?
disposable income is personal income less all additional personal taxes
a product purchased to satisfy personal and family needs.
product bought for resale for making other products or for use in a firms operations
What is a business customer?
spmeone who buys products to use in their
What type of product are candy bars?
Three categories of consumer products.
convenience, shopping, specialty
A brand name is what?
part of a brand that can be spoken
What is a brand mark?
part of a brand that is a symbol or design
Value of higher quality.
What is mark up?
the amount added to cover additional cost and profit
Break even wanted it means what?
number of units that must be sold for the total revenue to equal the cost
What is test marketing?
limited introduction of a product in several towns or cities chosen to be representative of the intended target market
What is a product mix?
all of the products a firm offers for sale
In a product life cycle explain the maturity stay.
sales still increase but the rate of increase has slowed down slightly
Personal computers are considered what type of product?
What is a trade discount?
discounts from the list prices that are offered to marketing middleman
What is a F.O.B. destination?
shiping and handleing?
A price leader is what?
products priced below the usual markup, near cost, or below cost
What is penetration pricing?
setting a low price for a new product
Describe price skimming.
strategy of charging the highest possible price for a product during the introduction stage of its lifecycle
A fixed cost is what?
a cost incurred no matter how many units of a product are produced and sold
What is a channel of distribution?
sequence of marketing organizations that directs a product from producer to ultimate user
What are marketing intermediaries?
marketing organization that links a producer and user within a marketing channel
What is a retailer?
a middleman that buys from producers and sells to consumers
What is a wholesaler?
a middleman that sells products to other firms
What is the role of supply chain management?
long term partnership among channel members working together to create a distribution system that reduces inefficiencies costs and redundancies while creating a competitive advantage and satisfying customers
What is vertical Channel integration?
when two or more stages of distribution channel are combined and managed by one firm
Describe a discount store.
self service general merchandise outlet that sells products at lower than usual prices
Primary demand advertisement.
advertising aimed at increasing the demand of all brands of a product within a specific industry
What is integrated marketing communication?
coordination of promotion efforts to ensure their maximal informational and persuasive impact on customers
A holding cost is what?
costs of storing products until they are purchased or shipped to customers
What is online retailing?
retailing, that makes products available to buyers through computer connections
What is a positioning?
The most expensive method of promotion mix is what?
426 advertizing? personal selling?
Describe a convenience store.
small food store that sells a limited variety of products but remains open well beyond normal business hours
markets that have churches fundraisers, and gov to use their product to help communities