Business Final

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1

_________ is the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

marketing

2

What 4 things consist of the evolution of Marketing?

1910 - production phase

-1950- sales era; overproduction of goods, to succeed businesses needed to hire a sales force.

-2016 - marketing concept, make stuff that people want and making things people will buy

- NOW - customer relationship era

3

4 different types of utilities

Form

Place

Time

Possession

4

____________ utilities is created by converting production inputs into finished products

form

5

_______ utilities is created by making a product available at a location where customers wish to purchase it

place

6

_________ utiliites is created by making a product available when customers wish to purchase it

time

7

__________ utilities created by transferring title (or ownership) of a product or buyer

possession

8

__________ is the abilities of a good or service to satisfy human need

utility

9

_______ __________ is a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allows the firm to achieve its objectives

marketing concept

10

__________ is a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness and authority to purchase such products

market

11

_______ market is when purchasers and/or household's members who intend to consume or benefit from the purchased products and who do not buy products to make a profit

consumer

12

____________ market is a producer, reseller, governmental, and institutional customers that purchase specific kinds of products for us in making other products for resale or for day-to-day operations

business-to-business

13

___________ is a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

marketing strategy

14

_________ market is a group of individuals, organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group

target

15

____________ is a group of individuals or organizations within a market that share one or more common characteristics

market segment

16

_______________ is the process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than the total market

market segmentation

17

4 Things that make up the marketing mix

Produce

Price

Placement (distribution)

Promotion

18

4 Common bases of market segmentation (with examples)

Demographic - age, race, income, education, family, religion, social class, ethnicity

Psychographic - personality, motives, lifestyle

Geographic - where you live

Behavioristic - brand loyalty, price sensitivity, benefit expectations end use, volume usage

19

8 Elements of a marketing plan

  • Executive summary
  • Environmental analysis
  • Strengths and weaknesses
  • Opportunities and threats
  • Marketing objectives
  • Marketing strategies
  • Marketing implementation
  • Evaluation and control
20

6 steps of marketing research

  • Define the problem
  • Make a preliminary investigation
  • Plan the research
  • Gather factual information
  • Interpret the information
  • Reach a conclusion
21

__________ is the money you have left; disposable income less savings and expenditures on food, clothing, and housing.

discretionary income

22

__________ is everything one receives in an exchange, including all tangible and intangible attributes and expected benefits

product

23

__________ product is a product purchased to satisfy personal and family needs

consumer

24

_______ product is a product for resale, for making other products, or for use in a firm's operations

business (industrial)

25

_______ product is a relatively inexpensive, frequently purchased item for which buyers want to exert only minimum effort

convenience

26

__________ product is an item for which buyers are willing to expend considerable effort on planning and making the purchase

shopping

27

___________ product is an item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort

specialty

28

5 Types of products

consumer

business (industrial)

Convenience

Shopping

Specialty

29

4 Phases of the product life cycle

Introduction - customer awareness and acceptance are low

Growth - sales increase rapidly as product becomes well known

Maturity - sales are still increasing but at a slower rate; later in this stage, sales and profits begin to slowly decline

Decline - sales volume decreases sharply and profits continue to fall

30

Product _______ is a group of similar products that differs only in relatively minor characteristics

line

31

Product _______ is all of the products that a firm offers for sale

mix

32

3 Ways to manage product mix

Managing existing products (modification and extensions)

Deleting products

Developing new products (imitations, adaptations, innovations)

33

_____________ is the process of changing one or more of a product's characteristics such as quality, function and aesthetics

product modification

34

___________ is the development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs.

line extensions

35

7 Phases of developing a new product

Idea generation

Screening

Concept testing

Business analysis

Product development

Test marketing

Commercialization

36

3 Types of channels for consumer products

Producer to consumer

PRoducer to retailer to consumer

Producer to wholesaler, to retailer to consumer

37

____________ is a product channel with no intermediaries, used by all services and by a few consumer goods, producers control quality and price and can be close to their customers

producer to consumer

38

_____________ is a product channel where producers sell directly to reailers when they can buy in large quantities, often with bulky products or which additional handing would increase sellign costs and for perishable or high-fashion products that must customers quickly

producer to retailer to consumer

39

____________ is the traditional product channel, used when producer's products are carrier by so many retailers that the producer cannot deal with them all.

producer to wholesaler to retailer to consumer

40

_________ is a particular combination of promotion methods a firm uses to reach a target market

promotion mix

41

4 Ways to promote

Advertising

Personal selling

Sales promotion

Public relations

42

___________ is a paid non-personal message communicated to a select audience through a mass medium

advertising

43

_____________ is direct communication aimed at informing customers and persuading them to buy a firm's product

personal selling

44

____________ is the use of activities or materials as direct inducements to customers or salespersons (ie. flyers, BOGO)

sales promotion

45

____________ is communication activities used to create and maintain favorable relations between an organization and various public groups both internal and external (ie. press release)

pubic relations

46

Less information, MORE/LESS risk

more

47

More information, MORE/LESS risk

less

48

_______ is data presented in a form that is useful for a specific purpose

information

49

__________ is numerical or verbal descriptions that usually result from some sort of measurement.

data

50

_________ is legislation that requires firms to be clearer with financial statements. Used to protect investors from the possibility of fraudulent accounting activities by corporations.

Sarbanes oxley

51

___________ markets are individuals and business organizations that buy products to use in the manufacture of other products

producer

52

_________ markets are intermediaties such as wholesalers and retailers that buy finished products and sell htem for a profit

reseller

53

___________ markets buy goods and services to maintain operations and providde citizens with products such as highways, education, utilities and defense

governmental

54

__________ markets include churches, non-for-profit private schools and hospitals, civic clubs and charitable organizations

institutional

55

6 Types of markets

Consumer

Business-to-business

Producer

Reseller

Governmental

Institutional

56

_______ is a name, term, symbol, design or any combination of these that identifies a seller's prodcuts as distinct from those of other sellers

brand

57

Brand ____ is the part of a brand that can be spoken

name

58

Brand ____ is the part of a brand that is a symbol or distinctive design

mark

59

___________ is a brand name or mark that is registered with the US Patent and Office and is legally protected from use by anyone else

Trademark

60

________ is the complete and legal name of an organization

trade name

61

________ brand is a brand that is owned by a manufacturer

manufactureer (producer)

62

______ brand is a brand that is owned by an individual wholesaler or retailer

Store (private)

63

______ brand is a product with no brand at all

generic

64

3 Types of brands

Manufacturer (producer)

Store (private)

Generic

65

6 Benefits of Branding

Easily recognizable

Judge quality

Helps firm introduce new products

Aids in promotional efforts

Brand loyalty

Brand equity

66

______ is the extent to which a customer is favorable toward buying a specific brand

brand loyalty

67

_________ is the marketing and financial value associated with a brand's strength in the market

brand equity

68

_________ is when a firm uses an existing brand to brand a new product in a different product category

Brand extensions