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| [image][image]In a generic market |
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Definition
Diverse types of products may compete for customers
customers have broadly similar needs
there may be many ways to satisfy customer needs |
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A generic market description should not include any |
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| helps strategy planners understand how customers think about various brands of products in retail outlets |
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| segmenting dimensions are those which actually affect a person's purchase of a specific product type or brand in a prodcut-market |
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| a firm may find itself moving-in or toward-a pure competition because |
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Definition
| production-oriented firms often enter markets without understanding the competitive situation |
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| The Sherman Act and the Clayton Act |
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Definition
were intended to protect small producers
were aimed at efforts to restrain trade or lessen competition
were passed before the depression of the 1930's |
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| Consumer emphasis on fitness has created opportunities for companies like Nike, Nautilus, and Schwinn and illustrates the impact of the changing |
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Definition
| cultural and social environment |
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Term
| General Electric's "strategic planning grid" |
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Definition
DOES NOT
focus on market share and market growth rate
ignore some important issues--such as competitive structure and the environmental impact of a plan
requires that all opportunities be judged "high" or "low"
substitutes quantitative estimates for management judgement |
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Term
| A large firm with ample resources wants to minimize the risk of "inviting" competitors to "chip away" at its target market(s). It has segmented its broad product-market and identified several homogeneous submarkets--each of which is large enough to offer attractive sales and profit potential. Which approach should the firm use? |
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Definition
| Multiple target market approach |
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| In analyzing a potential market, the LEAST RELEVANT question for a marketing manager to answer is: |
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Definition
| what is the average age in the market |
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Term
| Regarding the GDP and GNI |
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Definition
GDP measures can give the impression that people in less-developed nations have more income then they really do.
GDP includes foreign income earned in a country, but GNI does not
Both GDP and GNI are widely used measures of national income |
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Term
| Which of the following statements about U.S. consumer households is true? |
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Definition
| the U.S. has the highest divorce rate |
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| The median family income in the U.S. is 2004 was about |
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| As the owner of a DVD rental store, Veronica Hostas HAS income of $72000. She pays $30000 per year in taxes and another $22000 per year in grocery bills, house mortgage, and car payemnt. last year she spent an additional $4000 on a two week vacation at a Club med in Rio. What was Veronica descritionary income last year? |
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Term
| According to the text, the economic-buyer-theory |
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Definition
| is too simplistic to explain consumer behavior |
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| Carmen Corley is planning to buy a pair of running shoes. Recently, she has been noticing more Adidas advertising in magazines. This is an example of |
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Definition
| an outcome that a person looks forward to |
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Term
| With respect to culture and consumer behavior |
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Definition
culture is the whole set of beliefs, attitudes and ways of doing things of a reasonably homogeneous set of people
different cultural subgroups are likely to require different marketing mixes
culture may exert many subtle influences on other aspects of consumer behavior |
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Term
| Which of the following gives the correct ORDERING of the steps in the "adoptoion process" |
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Definition
| Awareness, interest, evaluation, trial, decision, and confirmation |
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Term
| Concerning consumer and business markets: |
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Definition
| it is often easier to define customer needs in business markets |
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Term
| An office manager needs office supplies, so he fills out a form indicating what he needs and sends it to the purchasing department to be ordered. This form is usually called |
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Definition
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Term
| Which of the following is NOT a key deminsion of buyer-seller relationships in business markets? |
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Definition
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Term
| US business manufactoring markets tend to be concentrated |
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Definition
by industry
with a relatively few large manufacturing plants
by geographical location |
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Term
| The Foreign corrupt Practices Act |
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Definition
Allows small grease money payments if they are customary in the foreign country in which a firm is operating
does not hold a manager responsible if a foreign agent secretly pays a bribe on his own |
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Definition
| salespeople often do what marketing research gets done |
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Term
| The first thing a marketing manager should do if one of his firms products drops in sales volume is |
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Term
| Qualitative research involves |
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Definition
| questioning to obtain in-depth open-ended responses |
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Term
| What would be the best way for the marketing manager of a supermarket to find out how consumers move through the store? |
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Definition
| Observe customers with hidden cameras |
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| Regarding an estimate from a survey, the range on either side of the survey result that is likely to contain the TRUE value of the relevant population is called |
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| From a micro view, which of the following is the best example of marketing |
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Definition
| the AMC seeks more blood donors |
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Term
| The fact that producers usually prefer to produce in large quantities, while most consumers buy in small quantites, results in |
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Definition
| discrepancies of quantity |
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Term
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Definition
| consumers usually have some freedom of choice-but it is quite limited |
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Term
| In a firm operating as a total "system" to implement the marketing concept: |
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Definition
| The whole company is customer-oriented |
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Term
| Which of the following is the BEST example of the micro-macro delimma |
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Definition
| many consumers buy imported cars, even though they say they like America cars better |
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Term
| Which of the folowing organizations would be least likely to need marketing skills |
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Definition
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| The fact that producers usually prefer to produce products in large quantites, while most sonsumers buy in small quantites, reslut in |
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Definition
| discrepancies of quantities |
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Term
| In a market-directed economy |
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Definition
| consumers decide what is to be produced and by whom through their dollar vote |
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Term
| Which of the follwing organizations would most likely be the first to adopt the marketing concept |
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Definition
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Term
| Concerning marketing ethics |
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Definition
Individuals develop moral standards on their own value
Opinions about what is right or wrong vary from one society to another
The prevailing practice of most businesspeople is to be fair and honest |
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Term
| From a marketing perspective, product quality primarily depends on |
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Definition
| the customers specific requirements and needs |
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Term
| Homegeneous shopping products |
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Definition
| need enough exposure to facilitate price comparison |
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Term
| which of the following is not a component material? |
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Definition
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| darrell everwine read a review about a new computer program that appealed to him very much. he decided to try to find the program. however, the new program was in short supply--although other brands with similar feature were available. darrell had to try seven shops before he finally found the program in stock. for darrell, this program achieved brand |
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| in the market growth stage of the product life cycle |
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Definition
| total industry profits reach their peak and begin to decline |
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Term
| seeking to stop declining sales for an established mouthwash, a sales manager suggests that new coloring be added to the product and a major promotion effort be started for the new product. the federal trade commission would |
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Definition
| probably not approve of this at all because the product doesn't meet the ftc's defintion of new |
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Term
| low long-run consumer welfare abut high immediate satisfaction is provided by |
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Definition
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| an roi estimate is needed during the ---------- step of the new-product development process. |
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Definition
| commercialization, development, idea evaluation, and screening |
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Term
| which of the following is not a promotion method |
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Definition
| mass selling, personal selling, sales promotion |
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Term
| slearwater office supply sells frequently purchased office supplies to businesses in a metropolitan area. it is a well established company with a large share of the market. its promotion should probably focus on |
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Definition
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Term
| a producer using very aggressive promotion to get final consumers to ask middleman for a new product has |
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Definition
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| a producer is likely to focus its promotion effort on stimulating selective demand at what stage in the product life cycle |
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Term
| a professional salesperson |
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Definition
| may be given a title such as field manager or market specialist |
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| a good sales manager knows that |
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Definition
| order takers usually do very little aggressive selling |
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| a good marketing manager organizing a new sales force knows that |
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Definition
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| a sales compensation plan should |
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Definition
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Term
| a channel of distribution |
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Definition
| is any series of firms or individuals who participate in the flow of goods and services producer to final user or consumer |
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Term
| discrepancies of quantity means |
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Definition
| the difference between the quantity of products it is economical for an individual producer to make and the quantity normally wanted by individual consumers or users. |
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Term
| traditional channels of distrubution |
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Definition
| may involve little or no cooperation among channel members |
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Term
| middlemen are needed least when the disired degree of market exposure is |
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Definition
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| a producer using several competing channels to distribute its products to its target market is using -------- distribution |
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Definition
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| the three basic tasks of all managers, according to the text are |
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Definition
| marketing, production, and finance |
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Term
| a marketing strategy consists of two interrelated parts. these are |
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Definition
| selection of a target market and development of a marketing mix. |
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Term
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Definition
| advertising, personal selling, sales promotion, and publicity |
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Definition
| a marketing strategy--plus the time-related details for carrying it out |
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| when a firm tries to increase sales by selling its present products in new markets, this is called |
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Definition
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| What are the 4 P's in marketing? |
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Definition
| Product, Price, Place, Promotion |
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| What are the stages of the product life cycle? |
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Definition
| Market Intro, Market Growth, Market Maturity, & Sales Decline |
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Definition
| Seeks structured responses that can be summarized in numbers -- like percentages, averages, or other statistics. |
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| The "continuum of environmental sensitivity" suggests that: |
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Definition
| some products are more adaptable to international markets than others. |
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| What is "discretionary income?" |
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Definition
| What is left of disposable income after paying for necessities. |
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Definition
| A social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society. |
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Definition
| Exhanges between individuals or organizations based on applications of information technology. |
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