Final Exam Marketing Exam -18

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Saleperson is objective is to
search for and qualify potential customer
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Today marketers increasing Tiffany / Walmart which is to offer
different variations of the same iofferings to o high-end and low-end segments
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Regarding goals and objectives, which statement is most accurate ?
Objectives convert an organizations mission and business into long-term and short-term performance target
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Least likely target market for a company producing canned food in single serving sizes ?
School kitchens
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Unique combination of benefits received by target buyers ?
Customer Value
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Relationship marketing refers to
The linking of the organization to its individuals customers, employees, suppliers, and other partners for their mutual long-term benefit
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FTC does
corrective advertising
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Probable sampling
give everyone the chance to be selected to participate
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Zappos initial market segmentation was to sell
shows and other products to people who will buy them online and like to use mobile technology
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The size of the purchase is … then in is my consumer buying but it is done more frequently
typically smaller
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Drawing conclusion about every women
statistical inference
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How do most commodities compete if it is a commodity ?
Price
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Might be reluctant to adopt a new product usage barriers
the product is not compatible with existing habits
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growth stage of the PLC
growing proportion of trial purchases come from brand loyal users
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cotton incorporated
Primary Demand
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Snack loads bottled water
intensive distribution
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Goodyear tire dealers question
Horizontal conflict
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marketing of durable goods often emphasizes
personal selling
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Reducing package content w/o changing package size
downsizing
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FTC ‘Anew’ only
for a period of six months after it enters regular distribution
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Amount of time per month spent on a company’s websites is referred to
stickiness
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customization refers to
digital capabilities that make possible a highly interactive and individualized information and exchange environment for shoppers and buyer
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Which of the factors balance elements of the promotional mix ?
Products life cycle
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Media selected decisions related to the target audience
the cost of alternative media
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Which one of these is one of three types of personal selling
suggestive selling
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The number of different people on household’s exposed to an advertisements is referred to
Reach
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In marketing, advertising or salespeople can activate a consumers purchase decision process by
showing shortcomings of competing ( or currently owned ) products
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Perceived Risk
anxiety felt b/c consumer cant anticipate outcomes of a purchase but believe there may be negative consequences
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Small groups differ from departments in org. mutually accountable to accomplish task/common set of performance goals are referred to as:
cross-functional teams
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Women buying new cars
the answer
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A marketing strategy that involves a firm using diff. marketing mix actions to help the consumer perceive the product as being different & better than competing :
product differentiation
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When expenses are greater than potential increased sales from marketing segmentation, a frim should
not consider marketing segmentation at this time
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Which of these is a characteristic of growth stage of product life cycle ?
Advertising emphasis -- selective demand
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Supply chain management
integration & organization of info & logistics
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Marketing of durable goods
Personal Selling
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Amount of time per month that visitors spend on company’s website
stickiness
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Which of these factors is used to balance elements in promotional mix ?
Product life cycle
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ICR : Interest creating remark
Build rapport & start your approach strong
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Market Segmentation
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.
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Market segments are
The relatively homogenous groups of consumers that result from the segmentation process.
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product differentiation
This strategy involves a firm using different marketing mix actions, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
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marketing segmentation
leads to tangible marketing actions that increase sales and profitability.
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market-product grid
a framework to relate the market segments of potential buyers to products offered or potential marketing actions
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mass customization
tailoring products to meet the needs of individual customers on a high volume sale
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built to order
involves manufacturing a product only wen there is an order from a customer (apple) (lamborghini)
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Organizational Synergies
the increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently
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cannibalizaiton
new products stealing customer/sale from the older existing ones.
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Steps in segmenting and targeting markets
1. Group potential buyers into segments
2. Group products to be sold into categories
3. Develop a market-product grid and estimate size of markets
4. Select target markets
5. Take marketing actions to reach target markets
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Simplicity and cost-effectiveness of assigning potential buyers to segments
identifying the characteristics of potential buyers in a market and then cost - effectively assigning them to a segment
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Potential for increased profit
maximizes the opportunity for future profit and return on investment (ROI). If this potential is maximized without segmentation, don't segment. For nonprofit organizations, the criterion is the potential for serving clients more effectively.
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Similarity of needs of potential buyers within a segment
potential buyers with a segment should be similar in terms of common needs that, in turn, lead to common marketing actions
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Difference of needs of buyers among segments
If the needs of the various segments aren't very different, combine them into fewer segments. A different segment usually requires a different marketing action that, in turn, means greater costs. If increased sales don't offset extra costs, combine segments and reduce the number of marketing actions.
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potential of a marketing action to reach assignment
reaching a segment requires a simple but effective marketing action
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geographic segmentation
based on where prospective customers live or work
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demographic segmentation
based on some objective physical (gender, race), measurable (age, income), or other classification attribute (birth era, occupation) of prospective customers
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psychographic segmentation
based on some subjective mental or emotional attributes (personality), aspirations (lifestyle), or needs of prospective customers
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Behavorial Segmentation
based on some observable actions or attitudes by prospective customers such as where they buy what benefits they seek, how frequently they buy and why they buy
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usage rate
is the quantity consumed or patronage (store visits) during a specific period.
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frequency marketing
focuses on usage rate
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Customer Lifetime Value (CLV)
represents the financial worth of a customer to a company over the course of their relationship
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Step 2 of segmenting a market
group products to be sold into categories
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step 3 of segmenting a market
develop of marketing - product grid and estimate the size of markets
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estimate the size of the market in each cell of the market-product grid
true
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step 4 in the marketing segmenting process
select target markets
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if it picks too narrow a set of segments it may fail to reach the volume of sales and profits it needs.
true
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Selects too broad a set of segments it may spread its marketing efforts so thinly that they extra expense exceeds the increase sales and profits.
true
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Criteria to use in selecting the target segments
1. divide the market into segments
2. actually pick the target segments
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what are the criteria?
market size
expected growth
competitive position
cost of reaching the segment
compatibility with the organization's objectives and resources
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synergies
efficiencies its vital to success in selecting target market segments and making marketing decisions
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marketing synergies
horizontal - represents an opportunity for efficiency in terms of a market segment
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Product synergies
vertical - each column represents an opportunity for efficiency in research and development and production
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product positioning
the place a product occupies in consumers' minds based on important attributes relative to competitive products
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product repositioning
changing the place a product occupies in a consumer's mind relative to competitive products
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Head-to-head positioning
competing directly with competitors on similar product attributes in the same target market
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differentiation positioning
involves seeking a less-competitive, smaller market niche in which to locate a brand
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customer value proposition
directs the company's overall marketing strategy
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perceptual map
a means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm's own product or brand
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Product positioning using perceptual maps
-Identification of the important attributes of a product or brand class
-discover how to target customers and rate competing products or brands with respect to these attributes
- discover where the company's product or brand is on these attributes in the minds of potential customers
- reposition the company's product or brand in the minds of potential customers.
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Holacracy
emphasizes self-management by eliminating traditional hierarchical reporting lines and replacing them with "work circles"
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business-to-business marketing
the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products and services that they can produce and market to others
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organizational buyers
manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
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Organizational markets
industrial, reseller, government
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industrial firms
reprocess a product or service they buy before selling it again to the next buyer
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Resellers
wholesalers and retailers that buy physical products and resell them again without any reprocessing
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government units
federal, state, and local agencies that buy goods and services for the constituents they serve
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NAICS
provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA).
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derived demand
means that the demand for industrial products and services is driven by, or derived from, demand for consumer products and services
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the size of the purchase involved in organizational buying is typically much larger than that in consumer buying + most organizations place constraints on their buyers in the form of purchasing policies or procedures
true
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business firms
the buying objective is usually to increase profits through reducing costs or increasing revenues
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Organizational buying criteria
the objective attributes of the supplier's products and services and the capabilities of the supplier itself
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supplier development
involves the deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers
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organizational buying criteria
1. price
2. ability to meet the qualify specifications required for the item
3. ability to meet required delivery schedules
4. technical capability
5. warranties and claim policies in the event of poor performance
6. post performance on previous contracts
7. production facilities and capacity
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Reciprocity
industrial buying practice in which two organizations agree to purchase each other's products and services
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sustainable procurement
supply partnerships often include provisions for this - a system of procurement of inputs and how their buying decisions affect the environment.
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supply partnership
exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer
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organizational buying behavior
the decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers
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vendors
The buying function involves gathering and screening information about products and services, prices, and suppliers called
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Stages in the organizational buying process
1. problem recognition
2. information search
3. alternative evaluation
4. purchase decision
5. post purchase behavior
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buying center
the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision
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highly formalized buying center
buying committee