Marketing Test

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32 Terms

1

The individual or business that purchases the product

Customer

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2

Individual who uses or consumes the product, regardless of who bought it.

Consumer

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3

B2C

Consumer decisions are often influenced by emotions and advertising

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4

B2B

Complex and lengthy with multiple approvals and rational decision making

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5

Customer and consumer are sometimes the same person: true or false?

True

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6

Market

A group of indiVisuals or organizations that share similar needs or wants, have the same financial capacity to purchase products, and are willing to engage in an exchange

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7

What are goods?

Tangible items that have monetary value

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8

What are services?

Intangible items that also have monetary value

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9

What are needs?

Fundamental requirements essential for survival

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10

What is UVP?

a statement of the benefits a company is promising to deliver to customers who buy its products or services, helping to differentiate the brand from competitors

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11

What is promotion?

Creating awareness about your product through mass communication and encouraging people to buy it.

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12

What is selling?

Motivating customers to buy a product or service by telling them how it fulfills customer needs.

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13

What is product service management?

Designing, developing, and modifying the product or service to meet the customers’ ever-changing needs

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14

What is market information management?

Gathering consumer data and using it to improve other marketing functions and facilitate critical business decisions.

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15

What is pricing?

Setting the price for a product or a service to maximize the profit, keeping in view the consumers’ perception of the value, production price and the competitiors’ pricing.

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16

What is channels?

Involves decisions regarding when and where the product should be made available and in which condition

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17

What is market planning?

The process of organizing and defining the marketing aims of a company and gathering strategies and tactics to achieve them

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18

How does competition between companies benefit consumers?

Companies strive to improve their products pricing, and overall costumer experience.

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19

What is obsolescence?

Companies design products to become outdated or usable sooner than expected.

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20

What is overconsumption?

Encouraging too much spending and excessive materialism

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21

What is deceptive advertising?

Misleading promotional efforts includes, packaging and pricing or advertising a bargain that is out of stock or misrepresenting the product’s performance

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22

What is puffery?

Exaggeration of a product-not illegal

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23

What is marketing myopia?

Companies focus too much on their own products instead of understanding customer needs

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24

What is Triple bottom line?

Measure’s a company’s performance not just by its financial profit, but also by its social and environmental impact

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25

What are the 3 Ps of TBL?

People, profit, planet

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26

What is utility?

How a product or service can benefit a consumer.

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27

What is time utility?

Adding value to products by making them available when they’re needed.

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28

What is place?

Selling e-commerce platforms

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29

What is form utility?

Addin value producers to materials in the creation of finished goods and services

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30

What is possession utility?

Adding value wen ownership of a product is transferred from the seller to the user

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31

What is information utility?

Adding value to products by making information such as ingredients available to consumers

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32
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