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BUS 105 EXAM 3
| Question | Answer |
|---|---|
| Business products may be identified as | goods and services purchased for use either directly or indirectly in the production of other goods and services for resale |
| goods & services purchased by the ultimate consumer for personal use are called: | consumer products |
| largest metropolitan area in the world | Tokyo, Japan |
| the most common method of market segmentation | demographic segmentation |
| stereotyping | a preconception about a group of people |
| in terms of numbers, which age group is the largest? | baby boomers |
| the cohort effect | tendency of members of a generation to be influenced and bound together by events occurring during their key formative years-roughly ages 17 to 22 |
| according to a recent study, the buying power of _______ is rising at a rate nearly trip that of the national average | Hispanic |
| psychographic segmentation | division of a population into groups having similar attitudes, values and lifestyles |
| 80/20 principle | generally accepted rule that 80% of a product's revenues come from 20% of its customers |
| the product-related segmentation of consumers based according to the strength of their attachment and allegiance to their preferred products is called _____________ | brand loyalty segmentation |
| the strategy sometimes referred to as mass marketing is also known as: | undifferentiated marketing |
| ___________ marketing is the development, growth, and maintenance of cost-effective, high-value relationships with individual customers, suppliers, and other partners over time. | relationship marketing |
| the type of interaction created by a second-level relationship marketing program is usually: | social interaction |
| third-level relationship marketing usually aims to create | as buyer and seller work more closely together, they develop a dependence on one another that continues to grow over time |
| the first step in measuring customer satisfaction is: | understanding customer needs |
| a marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities is called _______________ | affinity marketing |
| an information based approach that collects infinite amounts of data that must be mined for specific information about markets and consumers | database marketing |
| ______________ programs are designed to reward top customers with cash, rebates, merchandise, or other premiums | frequency marketing |
| _____________ assist marketers by providing software when it is needed to capture, manipulate, and analyze consumer data | application service providers (ASPs) |
| ____________ involves connecting directly with existing and potential customers through nonmainstream channels | customer relationship management (CRM) |
| ________ gathers volunteers to try products and then relies on them to talk about their experiences with friends and colleagues | buzz marketing |
| which of the following industries experiences the highest annual customer defection rates? | wireless telephone service |
| _____________ is a relationship involving long-term exchanges of goods or services in return for cash or other valuable consideration | seller partnership |
| The Eddie Bauer edition of the Ford Explorer is an example of: | cobranding |
| ____________ is a promotional effort that involves assigning a dedicated sales team to a firm's major customers to provide sales and service | national account selling |
| ___________ is a cooperative arrangement in which two businesses jointly promote each other's products | comarketing |
| when partners in a strategic alliance form a new business unit to implement their plans, they have created a: | joint venture where one owns 40% & the other owns 60% |
| define product | bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs |
| products marketed to consumers who may not yet recognized a need for them are __________ | unsought products |
| when a company institutes a continuous effort to improve products and work processes, they are practicing: | total quality management (TQM) |
| first main activity involved in benchmarking | a business must analyze its own activities |
| a product ______________ is a series of related products offered by one company | product line |
| the combination of product lines represents a company's ________________ | product mix |
| the number of product lines a firm offers is referred to as: | product mix width |
| products pass through a series of stages from their initial appearance to their decline | product lifecycle |
| in which stage of the product lifecycle do profits become more substantial? | growth stage |
| products with abbreviated lifecycles are called: | fad |
| Brand recognition as a stage of brand loyalty occurs when: | a new product is introduced |
| Dell manufactures and market computers and several related products, such as laptops, desktops, notebooks, and printers, all under the Dell name. This strategy is called _____ branding. | family brand |
| The added value that a certain brand name gives to a product in the marketplace is called brand: | brand equity |
| A brand for which the owner claims exclusive legal protection is known as a: | trademark |
| Trade dress refers to: | visual components that contribute to the overall look of a brand |
| The numerical bar code system used to record product and price information is known as the: | universal product code (UPC) |
| A _____ carries an item’s brand name or symbol, the name and address of the manufacturer or distributor, information about the product’s composition and size, and recommended uses. | label |
| product cannibalization | loss of sales of an existing product due to competition from a new product in the same line |
| _____ is the process by which new goods or services are accepted in the marketplace. | diffusion process |
| the average rate of new-product failure is approximately __________ | 80% |
Created by:
cierra.dixon