Business exam 3 Flashcards


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1

Concentrated marketing approach

organization has 1 single marketing mix for many marketing segments, or target market

2

Undifferentiated marketing approach

organization has one single marketing mix for broad target market

3

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.

4

Target marketing

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.[1] A well-defined target market is the first element to a marketing strategy.

5

Institutional advertising

Advertising designed to enhance a firm's image or reputation.

6

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

7

Describe a sales forcast

the estimate of the amount of a product that an organization expects to sell during a certain

8

What is the importance of consumer social value?

idk

9

A marketing mix is made up of what?

price, product, distribution, and production

10

Why do you have a marketing mix?

so you can differentiate between target markets

11

A demographic is important in marketing why?

To understand the consumer population

12

What is consumer buying behavior?

The purchasing of products for personal or household use, not for business purposes

13

On what do consumers spend most of their disposable income on?

pg 349?
disposable income is personal income less all additional personal taxes

14

Consumer product.

a product purchased to satisfy personal and family needs.

15

business product.

product bought for resale for making other products or for use in a firms operations

16

What is a business customer?

spmeone who buys products to use in their

17

What type of product are candy bars?

convenience product

18

Three categories of consumer products.

convenience, shopping, specialty

19

A brand name is what?

part of a brand that can be spoken

20

What is a brand mark?

part of a brand that is a symbol or design

21

Strategic competition.

idk

22

Value of higher quality.

idk

23

What is mark up?

the amount added to cover additional cost and profit

24

Break even wanted it means what?

number of units that must be sold for the total revenue to equal the cost

25

What is test marketing?

limited introduction of a product in several towns or cities chosen to be representative of the intended target market

26

What is a product mix?

all of the products a firm offers for sale

27

In a product life cycle explain the maturity stay.

sales still increase but the rate of increase has slowed down slightly

28

Personal computers are considered what type of product?

consumer product

29

What is a trade discount?

discounts from the list prices that are offered to marketing middleman

30

What is a F.O.B. destination?

shiping and handleing?

31

A price leader is what?

products priced below the usual markup, near cost, or below cost

32

What is penetration pricing?

setting a low price for a new product

33

Describe price skimming.

strategy of charging the highest possible price for a product during the introduction stage of its lifecycle

34

A fixed cost is what?

a cost incurred no matter how many units of a product are produced and sold

35

What is a channel of distribution?

sequence of marketing organizations that directs a product from producer to ultimate user

36

What are marketing intermediaries?

marketing organization that links a producer and user within a marketing channel

37

What is a retailer?

a middleman that buys from producers and sells to consumers

38

What is a wholesaler?

a middleman that sells products to other firms

39

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

40

What is vertical Channel integration?

when two or more stages of distribution channel are combined and managed by one firm

41

Describe a discount store.

self service general merchandise outlet that sells products at lower than usual prices

42

Primary demand advertisement.

advertising aimed at increasing the demand of all brands of a product within a specific industry

43

What is integrated marketing communication?

coordination of promotion efforts to ensure their maximal informational and persuasive impact on customers

44

A holding cost is what?

costs of storing products until they are purchased or shipped to customers

45

What is online retailing?

retailing, that makes products available to buyers through computer connections

46

What is a positioning?

idk

47

The most expensive method of promotion mix is what?

426 advertizing? personal selling?

48

Describe a convenience store.

small food store that sells a limited variety of products but remains open well beyond normal business hours

49

institutional market

markets that have churches fundraisers, and gov to use their product to help communities