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Marketing Review
Subject review
| Question | Answer |
|---|---|
| A company marketing a diet beverage to those who are interested in losing weight. This is an example of which type of segmentation? | Behavioral |
| Professional Grocer magazine is designed to appeal to individuals in the food marketing industry. What type of segmentation does this demonstrate? | Demographic |
| What is an example of marketing info that a business could gather by surveying its customers? | Location of the company's market |
| Customer surveys, salespeople feedback, and sales reports are what type of data for a company? | Internal |
| Type of data-collection based on feelings and interpretations | Qualitative |
| Type of itemized rating scale in which feelings are given numerical values | Likert scale |
| Why should a business continue to monitor an established product? | To make changes in order to extend a product's life cycle |
| Why does a company need to know what stage of the product life cycle its products are in? | To adapt its marketing strategies |
| Why is the quality level of a product an important product/service management decision? | It reflects the image of a business |
| What advertising message reinforces the concept of materialism? | You can increase your social status by purchasing this product |
| What type of promotion is depicted by a business's one-time announcement of its half price sale in the local newspaper? | Product promotion |
| One way a business can help its salespeople demonstrate ethical behavior in selling situations is by... | establishing gift-giving guidelines |
| A business's brand promise is what the business intends to... | Provide the customer |
| Direct distribution goes straight from the _____ to the _______ | Producer, consumer |
| Indirect distribution goes from the producer to the _____, ______, _______, and then to consumer | Agent, wholesaler, retailer |
| The use of email and the World Wide Web to promote products is called | Online media |
| Distribution/Channel Management | Transporting, storing, and handling of goods on their way from the manufacturer to the consumer |
| Marking-Information Management | Obtaining information about what consumers want. Marketing research. |
| Pricing | Determining a value to charge for goods and services |
| Product/Service Management | Concepts and procedures necessary in designing, producing, maintaining, improving, and obtaining products or services to meet customer wants. |
| Promotion | Communication used to inform, persuade, or remind people about a business's products. |
| Selling | Determining customer wants and needs and responding to those wants and needs through planned, personalized communication intended to influence purchase decisions and insure satisfaction |
| Financing | Obtaining funds to start a business or to operate a business |
| Economics | Study of allocating resources to maximize their use |
| Product | The goods, services, or ideas a business will offer its customers |
| Marketing Mix 4Ps | a combination of the four elements of marketing: product, price, place, promotion |
| Target Market | those who are grouped within a market by what they have in common |
| Market | People who have a need or desire, the ability to pay, and the willingness to buy(soon) |
| Mass Marketing | Designing products and directing marketing activities to appeal to the whole market |
| Market Segments | Dividing the market into small groups in order to target each group individually. |
| Marketing | The process of developing, promoting, pricing, selling, and distributing products to satisfy customers' wants and needs |
| Geographic Segmentation | The division of a market based on where consumers are located |
| Demographic Segmentation | Gender, race, ethnicity, religion, social/economic status, life stage, age |
| Psychographic Segmentation | Division of market based on consumers' lifestyles and personalities |
| Behavioral Segmentation | Dividing a market based on consumers' response to a product |
| Promotion | Communication, inform, remind, or persuade |
| Personal Selling | Good for complex, technical products |
| Advertising | Non-personal, paid for, identified sponsor |
| Sales Promotions | Example: Chinese restaurant at the mall offerss free samples |
| Institutional Promotion | Promotes business and its role in community affairs |
| Product Promotion | Promotes a specific product or efforts to simply increase sales |
| Why do you have to be careful when advertising to children? | Children are impressionable, and the wrong kinds of advertising can affect their development |
| Niche Catalogs | Used for specialized products |
| Product Placement | Product manufacturers pay millions of dollars for the right to use their brands as movie props |
| Rebates | Money paid to the customer after purchasing a product and completing the required activities |
| What do sales promotions(like coupons) generate? | Immediate response |
| What are examples of mass media? | TV and Radio |
| What happens in the first step of the Selling Process: Approaching the customer? | Greet the customer face-to-face |
| Suggestion Selling | Sixth step of the Selling Process; suggesting additional merchandise or services that will save the customer money or help them enjoy their original purchase |
| Service Approach | A way to approach the customer that focuses on asking the customer if he or she needs assistance |
Created by:
lucy1426
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