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Teaches the fundamental concepts, strategies, and techniques used in marketing, with an emphasis on consumer behavior, market research, and the marketing mix.
Designing the research is the first step in Marketing Research Process.
The producers of upscale products don't want the retailers to deeply discount their products. A resale price maintenance agreement is an agreement whereby a producer of a product restricts the price a retailer can charge for it.
Public relations (PR) helps improve and promote an organization's image and products by putting a positive spin on news stories. Public relations materials include press releases, publicity, product placement, and sponsorships.
You're watching television and an interesting product is shown. The announcer says, "Call now and receive a bonus package and free delivery for the first 50 callers is an example of ______________________.
The process of breaking down all consumers into groups of potential buyers with similar characteristics is called _________________________.
Opportunities in marketing in which some marketing personnel plan special events, orchestrating face-to-face conversations with potential and current customers in a special setting is called __________________________.
The company must also not enforce the policy and have procedures in place that make enforcement possible with regards to managing ethical practices.
The following are four types of salespeople except;
A dispute among channel members is called a channel conflict. Channel conflicts are not common.
The _________________________involves tailoring your product so that it stands out from the competition and people want to buy it. Example Amazon used this positioning statement back when it almost exclusively sold books: "For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over 1.1 million books. Unlike traditional book retailers, Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection."
Sales managers may face the same challenges in managing salespeople that all managers face. These include ensuring that hiring, compensation, and other management practices are not discriminatory; that sexual harassment finds no home in the workplace; and that employees are treated with dignity and respect.
Basic category of business buyers, ________________________ are companies that sell goods and services produced by other firms without materially changing them. They include wholesalers, brokers, and retailers.
Defining the problem is the first step in Marketing Research Process.
_____________________is a consumer buying behavior like experiencers, they are motivated by self expression but practical people who have constructive skills and value self-sufficiency.
Joint venture is a longer-term form of licensing that is extremely popular with service firms, such as restaurants/carts like Jollibee, Potato Corner, Master siomai, etc.
The marketing concept, a philosophy underlying all that marketers do, requires that marketers seek to satisfy customer wants and needs.
Establish short-term measures to evaluate your efforts is one of the steps in one-to-one marketing.
One result of social networking is viral marketing, or the spread of the company's message through the community.
Clickstream data is data generated about the number of people who visit a Web site and its various pages, how long they dwell there, and what they buy or don't buy.
So what happens if products end up broken or unusable as they travel through their supply chains? And what do companies do with scrap materials and other "junk" produced, such as packaging? Increasingly, firms now run products and materials such as these backward through the supply chain to extract value from them. The process is known as reverse logistics.
When Pedigree let people on Facebook use their page to be liked and shared by people who participated for a free dog food treat and will be delivered in your homes is an example of ________________________.
____________________________are miniature supermarkets. Many of them sell gasoline and are open twenty-four hours a day.
Product choice and purchase is one of the B2B Situations.
Strategic partner selling is one of the few selling strategies.
One of the characteristics of an attractive market is having the resources to compete in it.
Using water is one way to transport products physically to customers under Transportation or logistics.
One of the 4 Ps which is about the monetary amount charged for the product or exchange is _________________.
______________________are products and services designed to deliver value to customers- either to fulfill their needs, satisfy their "wants" or both.
Massage is being offered in SPA business is an example of ______________________.
A position in marketing who are responsible for studying markets and customers in order to understand what strategies or tactics might work best for firms is _______________________.
Air freight is the fastest way to ship goods. However, it is ten times more expensive as much to ship a product by air as by sea.
A coupon is a type of consumer sales promotion in which a small amount of a product that is for sale is given to consumers to try. It increases awareness, so the strategy encourages trial and builds awareness.
What is Marketing Mix?
Outsourcing work to companies abroad is called ___________________________.
A sample is a type of consumer sales promotion that provides an immediate price reduction off an item. The amount is later reimbursed to the retailer by the manufacturer. The retailer also gets a handling fee for accepting this. When the economy is weak, more consumers cut out this in newspapers or magazines and look for special bargains buy-one-get-one-free (BOGO).
____________________________is a shotgun approach in marketing or undifferentiated marketing.
Keep in mind to use active (not passive) voice when writing your Marketing Plan.
"Identifying the customers' needs" is one of the components of Marketing Plan
Another name for marketing channel is __________________________.
A typical sales process starts with the ________________________ and move through several stages to the close. Good salespeople continue with making sure the customer gets the product, uses it right, and is happy with it.
Creating is process of collaborating with suppliers and customers to create offerings that have value.
____________________________obtain large quantities of products from producers, store them, and break them down into cases and other smaller units more convenient for retailers to buy, a process called "breaking bulk."
Listening carefully to the complaint is one of the process in handling a customer complaint.
One of the basic elements of research report is the table of contents that explains what the report is about, when it was conducted and by whom, and who requested it.
Offering a solution is one of the process in handling the customer complaint.
__________________________________is type of selling strategy in which the seller uses special expertise to solve a complex problem in order to create a somewhat customized solution. For example, where a company that creates customized solutions to make office and industrial buildings more energy efficient. The company's salespeople work with their customers over the course of a year or longer, as well as with engineers and other technical experts, to produce a solution.
value = benefits received - [price + hassle]
The key to a successful ongoing marketing strategy is twofold: understanding causality and good marketing plan execution. Drawing the wrong conclusions about causality, or what actually causes a change in a company's sales performance, can lead to disastrous results. That's why companies investigate the causes by gathering market feedback and conducting market research
The firm's Objectives are what organizations want to accomplish-the end results they want to achieve-in a given time frame.
Under Pricing Approaches, when companies add a markup, or an amount added to the cost of a product, they are using a form of cost-plus pricing.
A type of segmentation bases that answers, what do our customers think about and value? How do they live their lives?
____________________ are the people and groups within the organization that actually use the product.
Promonition is one of the four P's of marketing.
Relaying customer and market information back to their organizations is what Salespeople do.
The process of breaking down all consumers into groups of potential buyers with similar characteristics is called _________________________________.
It's June and back to school sales are everywhere. Parents, who are in a budget after paying huge tuition fees, are going to Divisoria to buy school uniforms and school supplies for their children. This is an example of ________________________.
_____________________________also called criteria to classify buyers.
To help distinguish a product or pallet of products in a warehouse or distribution center, its manufacturer gives it its own identification number. This is called _________.
In Marketing Mix: Product is Communication the details or benefits about the product
You can learn how to more effectively create value, communicate and deliver that value to the receiver, and receive something in exchange, then we've achieved our purpose then that is evaluation.
All kinds advertising media have the same advantages and disadvantages.
Each sale is a separate exchange, and the two parties to it have little or no interest in maintaining an ongoing relationship. For example, when you fill up your car with gas, you might not care if it's gas from Exxon, Shell, or another company. You just want the best price. If one of these companies went out of business, you would simply do business with another. This type of sales relationship is called ________________________.
Sourcing is the process of evaluating and hiring individual businesses to supply goods and services to your business. If a firm can find a company that can add more value than it can to a function, it will often insource the task to that company.
One of the two basic types of data, where the information you collect yourself, using hands-on tools such as interviews or surveys, specifically for the research project you're conducting is the Secondary data.
A study is _____________if it actually tested what it was designed to test.
The first step for a company to safeguard or to manage ethical practices is to develop policies based on the company's mission and values that describe what is acceptable and what is not.
Affiliative selling relationships are less likely to occur when the buyer needs a significant amount of expertise needed from the seller and trust is an issue.
__________________________ is a type of B2B buyer, where companies that purchase goods and services that they transform into other products like General Motors needs steel and hundreds of thousands of other products to produce cars. McDonald's needs beef and potatoes. Delta Airlines needs fuel and planes. Your dentist needs drugs such as Novocain, oral tools, and X-ray machinery. Your local tattoo parlor needs special inks and needles and a bright neon sign that flashes "open" in the middle of the night.
A ________________________occurs when you run out of a product a customer wants to buy. Customers will simply look elsewhere to buy the product-a process the Internet has made easier than ever.
The point at which total costs equal total revenue is known as the ________________________For a company to be profitable, a company's revenue must be greater than its total costs. If total costs exceed total revenue, the company suffers a loss.
Horizontal marketing system is one of the three types of channel partners.
_____________________occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes. Like Apple has Iphone 6, 6s, 6plus .
Under Big five personality traits, Extraversion. How prone you are to negative mental states.
In a Strategic partnership, the level of commitment between the buyer and the seller is often likened to a marriage.
One of the 4 Ps which is about the getting the product to a point at which the customer can purchase it or by delivering it is __________________________.
An electronic product code (EPC) is similar to a __________________, only better, because the number on it is truly unique this are electronic product codes make it possible to distinguish between two identical packs or products. EPC technology can also be used to combat "fake" products, or knockoffs, in the marketplace.
Based on the situation analysis, organizations analyze their strengths, weaknesses, opportunities, and threats, or conduct what's called a qualitative analysis.
One of the basic elements of research report , Title Page outlines the major parts of the report, as well as any graphs and charts, and the page numbers on which they can be foun
Under Types of Sales Relationship, GE manufactures the engines that Boeing uses in the commercial planes it makes. Both companies work together to advance the state of engine technology because it gives them both an edge. Every time Boeing sells an airplane, GE sells one or more engines. A more fuel-efficient or faster engine can mean more sales for Boeing as well as GE. As a result, the engineers and other personnel from both companies work very closely in an ongoing relationship. This is an example of transactional relationship.
Billboards and movable promotions is an example of ________________________.
Cost reduction is definitely an important part of supply chain management, because they look at supply chains mainly in terms of the costs they can save and if your competitors can produce their products at a lower cost, they could put you out of business.
The goal of sales promotions is to persuade customers to take action quickly and make larger purchases.
Middlemen or resellers are also called ____________________________.
Sales people manages relationships.
The following are examples of Exploratory Research Technique except;
Domino's Pizza was forced to engage in damage control after two of its employees created a video doing disgusting things to pizzas and then posting it to YouTube. If the publicity is particularly bad, as it was for Domino's, a company might hold a press conference or prepare a speech for the top executive trying to manage the injury to Domino's business. This is an example of _________________________.
____________________ consumer buying behavior that are motivated by ideals. They are mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility.
________________________ materials include press releases, publicity, product placement, and sponsorships.
The firm's mission statement is the means to the ends, or what a firm's going to do to meet its objectives.
Under channel selection factors, Internet may not be the best marketing channel for certain types of product.
A_______________________ is a name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors' offerings.
Creating is one of the four activities that centers on customer value which marketing is composed of.
A type of segmentation bases that answers, How do the ages, races, and ethnic backgrounds of our customers affect what they buy?
________________________ is printed or digital material salespeople use to support their message. It can consist of brochures, position papers, case studies, clinical studies, market studies, and other documents.
Specifying the samples is one of the seven steps in Marketing Research Process.
Which customer question is answered by a company's value proposition?
Differentiated marketing or choosing select groups of people and organizations to sell to is called ________________________.
Surprising stimuli is also called ___________________.
Analyzing the data is one of the seven steps in Marketing Research Process.
"Evaluate whether the organization can meet those needs in some way that allows for profitable exchanges with customers to occur" is one of the components of Marketing Plan
A pull strategy is used when businesses are the target of sales promotions so that products may be pushed through the channel to final consumers.
__________________________is an effort to "move" a product to a different place in the minds of consumers
Missionary salesperson, type of sales position, who is responsible for ongoing business with a customer who uses a product.
A marketing plan's ________________________ should include a brief summary of the market, the product to be offered, the strategy behind the plan, and the budget, as well as any other important information. In this section of the plan, the planner describes the offering and a brief rationale for why the company should invest in it
A firm's competitor does not influence what composes its promotion mix.
Descriptive research design is one of the three types of research design.
_______________________________provide an approach designed to deliver one consistent message to buyers across an organization's promotions that may span all different types of media-TV, radio, magazines, the Internet, mobile phones, and so forth.
______________________________ is an important component in creating a marketing strategy which is the estimate of how much the company will actually sell.
Companies use a variety of tools for their public relations purposes, including annual reports, brochures and magazines for both employees and the public, Web sites to show good things they're doing, speeches, blogs, and podcasts. Some of the most commonly used PR tools include press releases, sponsorships, product placements, and social media.
Product is one of the four P's of Marketing.
Collateral is printed or digital material salespeople use to support their message. It can consist of brochures, position papers, case studies, clinical studies, market studies, and other documents.
Script based selling is one of the few selling strategies.
____________________ often called Competitive Intelligence.
A new type of retail store that turned up in the last few years and temporary stores. Category killers are small or can be kiosks or temporarily occupy unused retail space.
Organizations must plan their promotions based on availability of media.
A trade salesperson, a type of sales position, whose primary function is to find prospects, or potential customers. The potential customers have a need, but for any number of reasons, they are not actively looking for products to meet those needs-perhaps because they lack information about where to look for them or simply haven't had the time to do so. Prospectors often knock on a lot of doors and make a lot of phone calls, which is called cold calling because they do not know the potential accounts and are therefore talking to them "cold."
Panic shoppers, or people who act like customers, might visit competitors to learn about their customer service and their products. Imagine going to a competitor's restaurant and studying the menu and the prices and watching customers to see what items are popular and then changing your menu to better compete.
The following are steps in a marketing research process, except;
One of the 4 Ps which is about creating offerings is ____________________
Pricing decisions are affected by government or state regulations. Regulations are designed to protect consumers, promote competition, and encourage ethical and fair behavior by businesses. Price fixing, which occurs when firms get together and agree to charge the same prices, is _____________________.
_________________________, or agents, don't purchase the products they sell (take title to them). Their role is limited to negotiating sales contracts for producers.
____________________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
You're with a friend, but when you hear someone else say your name, you may pay more attention to the person talking about you than to your friend. The same thing happens when you watch a television show or read a magazine. You might be watching a show when the phone rings and then pay more attention to the person on the phone than to what is on the television; this is an example of ________________________.
______________________________is the set of activities designed to create a brand and position it in the minds of consumers. A successful strategy is one that accomplishes what Coke and Apple have done-it creates consumer recognition of what the brand (signified by its name, picture, design, symbol, and so forth) means.
Under transporting, Pipelines are generally used to transport oil, natural gas, and chemicals. Two-thirds of petroleum products are transported by pipeline, including heating oil, diesel, jet fuel, and kerosene. These are costly to build, but once they are constructed, they can transport products cheaply.
_____________________________teach the experience and process of actually doing marketing. It carries five dominant themes (Service-dominant logic, Sustainability, Ethics and social responsibility, Global coverage & Metrics) throughout in order to expose students to marketing in today's environment
The ___________________________ is the goal(s) the research is supposed to accomplish.
Under Forecasting Methods, Expert Opinion is similar to executive opinion except that the expert is usually someone outside the company and like executive opinion, expert opinion is a tool best used in conjunction with more quantitative methods. As a sole method of forecasting, however, these opinions are often very inaccurate.
Intermediaries- can help them sell the products better than they could working alone and they have some sort of capabilities the producer needs; contact with many customers or the right customers, marketing expertise, shipping and handling capabilities, and the ability to lend the producer credit are among the types of help a firm can get by utilizing a channel partner.
Communicating also means that customers get a chance to tell the company what they think, like some companies and even government agencies are now having twitter to provide quick response to concerns of the customers.
Marketing Delivers Value
A push strategy is one in which a manufacturer convinces wholesalers, distributors, or retailers to sell its products.
One of the steps in One-to-One Marketing is customizing your products and marketing messages to meet their needs.
___________________________also known as narrowcasting.
A promotion that's popular during weak economic times is called a _____________________________. It is a promotion in which a seller gives customers discount cards or coupons after purchasing.
Place is one of the four P's of Marketing.
Starbucks has done a good job in terms of locating its stores. You can scarcely drive a few miles down the road without passing a Starbucks store. You can also buy cups of Starbucks coffee at grocery stores and in airports -- virtually any place where there is foot traffic. This is an example of _________________________.
A ____________________________is a type of B2B situation in which a purchaser buys the same product in the same quantities from the same vendor. Nothing changes, in other words. Postpurchase evaluations are often skipped, unless the buyer notices an unexpected change in the offering such as a deterioration of its quality or delivery time.
A good customer complaint process involves following up, if appropriate.
The products in inventory can also become obsolete, deteriorate, spoil, or "shrink." Shrinkage is a term used to describe a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors, or supplier fraud
Interacting with your customers and targeting your best ones is one of the steps in One-to-one Marketing.
A _________________________is one in which a low initial price is set. Often, many competitive products are already in the market. The goal is to get as much of the market as possible to try the product and also used on many new food products, health and beauty supplies, and paper products sold in grocery stores and mass merchandise stores.
Hierarchy of Needs was developed by _______________________.
Under Big five personality traits, Conscientiousness. How open you are to new experiences.
Mostly marketers are interested in developing stronger relationships with large customers than smaller customers, even when the large customer receives quantity discounts because smaller customers are more costly in processing all their orders , dealing with their complaints is time consuming and costs money.
__________________________not only a company safeguard but also describe appropriate and inappropriate behaviors; they also describe the underlying principles. Not all ethical dilemmas can be listed in a policy, so by detailing the principles and values that make up the reasoning behind the policies, salespeople and sales managers will be more prepared to respond appropriately.
Why is service-dominant logic important?
Sales promotion influence promotion mix
Integrated marketing communications (IMC) provide an approach designed to deliver one consistent message to buyers across an organization's promotions that may span all different types of media-TV, radio, magazines, the Internet, mobile phones, and so forth.
When it comes to market intelligence don't neglect observing how customers are behaving. They can provide many clues, some of which you will be challenged to respond to
Sourcing is the process of evaluating and hiring individual businesses to supply goods and services to your business while _________________________is the process of actually purchasing those goods and services.
The simplest marketing channel consists of just two parties-a _______________ and a consumer.
One of the five factors that influence promotion mix is the amount of budget available.
A ________________________________states the specific benefits a product or service offering provides a buyer. It shows why the product or service is superior to competing offers
The following are the benefits of Market Segmentation except;
Convincing people that global warming is a real threat via advertisements and commercials is social marketing.
Salespeople do the following except;
One of the important components in measuring customer satisfaction is whether the organization was able to perform well enough to meet the customer's expectations.
Under Introductory Pricing Strategies, launching of products that have been introduced in the last decade and were priced when they first entered the market like the iPhone, was first introduced, its price was almost $700. Since then, the price has dropped considerably even for new models. The same is true many high-tech products. A ____________________________is when a company sets a high initial price for a product. The idea is to go after consumers who are willing to pay a high price (top of the market) and buy products early. This way, a company recoups its investment in the product faster.
_______________________ can distort marketing messages like poor reception, poor print quality, problems with a server, or a low battery can also interfere with your getting messages.
A ___________________ is a group of people who have the same social, economic, or educational status in society.
Marketing Benefits Society
A ________________________is a promise by the seller that an offering will perform as the seller said it would. The UCC makes a distinction and can be expressed or written or it may also be implied.
Delivering is one of the four activities that centers on customer value which marketing is composed of.
Being able to differentiate your customers is one of the characteristics of an attractive market.
Another aspect of outsourcing relates to the social responsibility and environmental sustainability companies exhibit in terms of how they manage their supply chains. Environmental sustainability is the idea that companies should manage their businesses not just to earn profits but to advance the well-being of society.
Product is a key element in a company's ________, which may, at one extreme, consist of pure tangible goods or, at the other extreme, pure services.
A key component in the effectiveness of salespeople is the _______________ and depicted by a funnel because not all the people and firms a salesperson talks to will become buyers.
Green Philippines involves marketing environmentally safe products and services in a way that is good for the environment.
Php 100.00 is the amount you paid for the carwash of SUV is an example of ______________________.
What Sales Does for Marketing? Salespeople talk to customers every day. They are the "eyes and ears" of their companies. More than anyone else in an organization, they know what customers want.
The marketing plan's ___________________section details the tactics the organization will use to develop, market, and sell the offering. When readers complete the strategy section, they should conclude that the proposed strategy is the best one available
Under share marketing and information, a nondisclosure agreement (NDA) is a contract that specifies what information is proprietary, or owned by the partner, and how, if at all, the partner can use that information.
A ____________________________is an agreement whereby a producer of a product restricts the price a retailer can charge for it.
Survey data can be collected by using combinations of ways and methods. The following are the basic methods except;
A type of sales mission, a _________________________salesperson calls on people who make decisions about products but don't actually buy them, and while they call on individuals, the relationship is business-to-business. For example, a pharmaceutical representative might call on a physician to provide the doctor with clinical information about a medication's effectiveness.
Purchasing a product with no planning or forethought is called ______________________.
Identify your customers is one of the steps in One-to-One Marketing
Shopping offerings is one of the four general categories of Consumer offerings.
Sponsorships are commonly not expensive, they are growing in popularity as corporations seek ways to strengthen their corporate image, increase their brand awareness, differentiate their products, and reach their target markets. Worldwide, corporations spent over $43 billion on sponsorships in 2008 in US.
_______________________is the process of collecting, analyzing, and reporting marketing information that can be used to answer questions or solve problems so as to improve a company's bottom line. Marketing research includes a wide range of activities.
Delivering is a broad term in marketing that means describing the offering and its value to your potential and current customers, as well as learning from customers what it is they want and like.
Communicating is one of the four activities that centers on customer value which marketing is composed of.
Apple has a Web page where consumers can fill out a form, print it, and ship it along with their old cell phones and MP3 players to Apple. Apple then pulls out the materials that are recyclable and properly disposes of those that aren't. By lessening the hassle associated with disposing of products, Office Depot and Apple add ________________to their product offerings.
_________________________is data generated about the number of people who visit a Web
The following are benefits of market targeting and segmenting EXCEPT;
Public relations personnel frequently prepare press releases in hopes that the news media will pick them up and disseminate the information to the public. However, there is no guarantee that the media will use a press release.
The general business environment, such as the economy, can also affect the marketing channels chosen for products. For example, think about what happens when the value of the dollar declines relative to the currencies of other countries. When the dollar falls, products imported from other countries cost more to buy relative to products produced and sold in the United States. Products "made in China" become less attractive because they have gotten cheaper.
Collecting the data is one of the seven steps in Marketing Research Process.
______________________ allows managers who are not computer experts to gather all kinds of different information from a company's databases-information not produced in reports regularly generated by the company.
The firm's Strategies states the purpose of the organization and why it exists. Both profit and nonprofit organizations have mission statements, which they often publicize.
Delivering is trading value for those offerings.
A marketing information system (MIS) is a way to manage the vast amount of information firms have on hand-information marketing professionals and managers need to make good decisions.
A marketing plan is influenced by environmental trends such as social responsibility, sustainability, service-dominant logic, the increased availability of data and effective metrics, and the global nature of the business environment
A _____________________ is the person responsible for all business decisions regarding offerings within one brand.
Consumers' media preferences do not affect promotion mix, hence they marketing research companies do not have to conduct a research about them.
A business firm is only selling Catsup/Ketchup but with varieties like tomato, banana, etc. This is an example of ____________________________.
The research design is your "plan of attack."
______________________ refers to the process by which consumers change their behavior after they gain information or experience a product.
A type of sales mission, a ____________________ salesperson is someone who calls on retailers and helps them display, advertise, and sell products to consumers.
A good marketing plan includes how the organization should respond to various scenarios if the market changes.
Promotion is one of the four P's of Marketing.
If you use any coupons or promotions when you buy a product, the advertiser knows which vehicle you used to get the information. Market research and warranty registration also provide __________________.
The________________________ of a business unit is likely to be responsible for the creation of its marketing plan.
Angel's burger makes the chicken burger sandwiches available on certain dates. This is an example of offering.
Under Types of Sales Relationship, when your kid wants to eat fried chicken with spaghetti and fries, you might not care if it's Jollibee, McDonalds or KFC, or another fastfood chain. You just want the best price or convenience or it's already near the area. If one of these companies went out of business, you would simply do business with another. This is an example of functional relationship.
Under Big five personality traits, Agreeableness. How easy you are to get along with.
Supermarkets are supercenters that sell products at a discount. They require people who shop with them to become members by paying an annual fee. S&R is an example.
Under the types of research design, Physiological measurements also fall into the category of causal research design. Physiological measurements measure people's involuntary physical responses to marketing stimuli, such as an advertisement.
______________________ is the inward drive we have to get what we need.
Apple's engineers began working on the iPod by looking at the available technology and thinking about how customers would like to have their music more available, as well as more affordable, through downloading, this only means everything starts with the _________________________.
__________________________ is a type of B2B buyer, where companies that sell goods and services produced by other firms without materially changing them. They include wholesalers, brokers, and retailers.
________________________is a process that helps an organization allocate its resources to capitalize on opportunities in the marketplace
_____________________________is the process of estimating how much of a good or service customers will buy from you. If you're a producer of a product, this will affect not only the amount of goods and services you have to produce but also the materials you must purchase to make them.
A ____________________________is a thirty-second "elevator speech" stating the specific benefits a product or service offering provides a buyer. It shows why the product or service is superior to competing offers.
_____________________consumer buying behavior motivated by the desire for achievement.
One of the basic elements of research report, the Executive summary should outline the course of action you think should be taken based on the findings of the research and the purpose of the project.
An ________________________ research design is useful when you are initially investigating a problem but you haven't defined it well enough to do an in-depth study of it.
Causal research design is one of the three types of research design.
_____________________ (a term that began as an acronym for special promotion incentive funds) are short-term bonus payments companies use to encourage salespeople to sell certain products.
________________________ involves promoting a product to middlemen, such as wholesalers and retailers, who then promote the product to consumers
_______________________refers to the physical flow of materials in the supply chain.
A key component in the effectiveness of salespeople is the sales cycle which can be measured in steps, in days or in months.
___________________________ is a broad term in marketing that means describing the offering and its value to your potential and current customers, as well as learning from customers what it is they want and like
You have probably also seen ads on the inside of subway cars, in trains and buses, and even in bathroom stalls. These are examples of telemarketing.
A marketing audit is an examination or a snapshot of the state of a company's marketing strategies as they are actually implemented. Complete and partial audits can be done internally or by a consulting firm in order to find areas for improvement.
We use the word offering a lot instead of the term product. That's because of service-dominant logic, the approach to business that recognizes that consumers want value no matter how it is delivered.
Trade promotion is one of the fastest-growing types of sponsorships. It occurs when a company supports a nonprofit organization in some way. For example, M&M's sponsors the Special Olympics and American Airlines raises money for breast cancer research with an annual celebrity golf and tennis tournament. The airline also donates frequent flier miles to the cause.
________________ is a stage in the B2B Buying Process wherein the RFPs are reviewed and the vendor or vendors selected.
Another name for channel leaders is channel supporters who are the strong channel partners often have the channel power.
Promotion or Communication mix consist of the following except;
It is not part of the salespeople's duties to create value for their firms' customers.
Using truck is one way to transport products physically to customers under Transportation or logistics.
Communicating is an offering that has value is much more than simply getting the product into the hands of the user; it is also making sure that the user understands how to get the most out of the product and is taken care of if he or she requires service later0
A black market is a market in which a producer hasn't authorized its products to be sold.
Marketing Enables Profitable Transactions to Occur
Business people focused on the development of products that could be mass produced cheaply. In other words, firms became ___________________, meaning that they believed the best way to capture market share was to create and manufacture better products at lower prices.
Functional sales relationships develop when a buyer continues to purchase a product from a seller out of habit, as long as his or her needs are met.
A ____________________________involves utilizing an existing brand name or brand mark for a new product category. An example is (frozen) Snickers Ice Cream Bars identified in our original Snickers bar is a shelf stable candy.
Trade shows, sponsorships, event marketing, and special incentives given to retailers, such as extra money, in-store displays, and prizes to market particular products and services is an example of _____________________.
Traditional media (magazines, newspapers, television) now compete with media such as the Internet, texting, and mobile phones; user-generated content such as blogs and YouTube.
Technology Platform is one of the product levels
What benefits do customers want, and how do they use the product? This is referred to as ____________________.
The marketing plan is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value
Under Big five personality traits, Neuroticism. How outgoing or shy you are.
Angel's burger sells them in its stores. This is an example of exchanging.
Exchanging is getting those offerings to the consumer in a way that optimizes value
These are products and services designed to deliver value to customers- either to fulfill their needs, satisfy their "wants," or both
A _________________________is a way to manage the vast amount of information firms have on hand-information marketing professionals and managers need to make good decisions.
A company's marketing plan flows from its_____________________. Both begin with a focus on customers. The essential components of the plan are understanding customers, creating an offering that delivers value, communicating the value to the customer, exchanging with the customer, and evaluating the firm's performance. A marketing plan is influenced by environmental trends such as social responsibility, sustainability, service-dominant logic, the increased availability of data and effective metrics, and the global nature of the business environment.
Marketing Costs Money
Under Feature Specification, _____________________is a process whereby a company begins with the customer's desired benefits and then designs an offering that delivers those benefits.
Firms operating with the marketing concept philosophy are said to be production oriented.
The ____________________ or undifferentiated marketing evolved along with volume production and involves selling the same product to everybody. You can think of this type of marketing as a shotgun approach: you blast out as many marketing messages as possible on every medium available as often as you can afford.
What is the personal value equation?
In Marketing Mix: Place is getting the product to a point at which the customer can purchase it (delivering).
"We find ways" is an example of ______________________.
When it comes to handling a customer complaint, it is important to acknowledge the customer's feelings.
_____________________________ is the approach to business that recognizes that consumers want value no matter how it is delivered
The following are the basic elements of a research report, except;
Transactional is one of the few types of sales relationships.
Air is one of the three types of channel partners.
When it comes to market intelligence neglect observing how customers are behaving.
Coke is an example of ________________.
Logistics, or the actual transportation and storage of materials and products, is the primary component of supply chain management, but there are other aspects of supply chain management that we will discuss later.
One must write the research report and present its findings as one of the seven steps in Marketing Research Process.
_______________________ occurs when the demand for one product increases the demand for another.
Oppurtunity risk is part of the product levels.
A __________________________involves paying a fee to have your name associated with different things, such as the venu, apparel, event, cause, mission, vehicle, etc.
A company faces a number of tradeoffs when it outsources an activity. The loss of control-particularly when it comes to product quality and safety-is one of them or they have experienced "frequent" and "serious" quality problems.
A prospect is someone with the budget, authority, need, and ____________ (BANT) to make a purchase. In other words, the person has the money to make the purchase and the authority to do so; the person also needs the type of product the salesperson is selling and is going to buy such a product soon.
Product Category is one of the two types under Idea Screening
_______________________ is an example of organizational objective.
__________________________ a target market strategy which can be a risky strategy because you really do have all of your eggs in one basket. Example of this strategy is when a manufacturer of Rolex watches has chosen to concentrate on the luxury segment of the watch market.
A ________ is a sales promotion in which a small amount of a product that is for sale is given to consumers to try. It increase awareness, so the strategy encourages trial and builds awareness.
When writing a Marketing Plan, it should be brief.
When a nonprofit organization engages in marketing activities, this is called nonprofit marketing.
Damage control is the process of countering the extreme negative effects a company gets when it receives bad publicity.
When consumers are very sensitive to the price change of a product-that is, they buy more of it at low prices and less of it at high prices-the demand for it is ________________________.
Porsche unveiled its new line of Panamera vehicles at a Shanghai car show. The car is a global model, but unlike Porsche's other cars, it's longer. Why? Because rich car buyers in China prefer to be driven by chauffeurs. This is an example of ___________________________.
Using visuals and bullet points is one of the tips for writing an effective Marketing Plan.
Direct response advertising includes an offer and a call to action
Writing the research report and present its findings is the last step in Marketing Research Process.
Marketing can be thought of as a set of business practices that for-profit organizations, nonprofit organizations, government entities, and individuals can utilize. When a nonprofit organization engages in marketing activities, this is called nonprofit marketing. Marketing conducted in an effort to achieve certain social objectives is called _________________________ .
Specialty stores are miniature supermarkets , often seen at gasoline stations and usually operates 24/7.
Price is one of the four P's of Marketing.
A ___________________________is the person responsible for all business decisions regarding offerings within one brand or decide what products are to be marketed and how.
An attractive market have neither been already swamped by competitors, nor have found a way to stand out in a crowd.
Porter's forces model that determines competitive power in a business situation
__________________________ a target market strategy which involves targeting an even more select group of consumers. For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox Sports target sports enthusiasts.
______________________ is an example of Primary Data Source.
Investment risk is part of the product levels.
The strategic plan is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value.
That entire bundle consisting of the tangible good, the intangible service, and the price is the company's offering.
Press releases, sponsorships, and product placements are three commonly used PR tools.
Marriott International is an example of a company that operates in a _______________________________. The company has fifteen different types of facilities designed to meet the needs of different types of market segments, including the following:
One of the characteristics of an attractive market is it should be growing.
Stage in product life cycle influence promotion mix.
"Pizza delivered in 30 minutes or it's free" is a good example of a _____________________________.
Sales promotion is an interactive, paid approach to marketing that involves a buyer and a seller. The interaction between the two parties can occur in person, by telephone, or via another technology.
______________________is how you interpret the world around you and make sense of it in your brain. You do so via stimuli that affect your different senses-sight, hearing, touch, smell, and taste.
Sustainability is an example of social responsibility and involves engaging in practices that do not diminish the earth's resources.
The firms a company partners with to actively promote and sell a product as it travels through its marketing channel to users are referred to by the firm as its channel members or _____________________.
Straight buy is part of the consumer buying process.
An attractive market should fit in with your firm's objectives and mission.
Specialty offerings is one of the four general categories of Consumer offerings.
_____________________is one of the components/activities of marketing which is trading value for those offerings.
The sales cycle starts with leads, some of whom become suspects. Some suspects become prospects, and some prospects become customers.
Radio frequency identification or RFID is similar to a barcode, only better, because the number on it is truly unique. Product codes make it possible to distinguish between two identical packs of product.
Henry Ford use supply chain management whereby taking ownership of the supply chains for his automobiles where he owned the foundries that converted raw iron ore to steel for his cars. He also owned the plantations from which rubber was extracted to produce his automobiles' tires, and the ships on which the materials and finished products were transported.
Prospector, another type of sales position, who calls on retailers and helps them display, advertise, and sell products to consumers.
A forecast is an educated guess, or estimate, of sales in the future. Accuracy is important because so many other decisions a firm must make depend on this, it has to consider market potential and sales potential and includes expert opinion, channel and customer surveys, sales force composites, time series data, and test markets.
A type of segmentation bases that answers, what benefits do customers want, and how do they use our product?
Record the complaint and resolution is under measuring customer satisfaction.
Personal selling involves delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, Internet, e-mail, telephone, or direct-response advertising.
______________________ considers the many reasons why -- personal, situational, psychological, and social -- people shop for products, buy and use them, and then dispose of them.
_________________________ occurs when a firm's new offering eats into the sales of one of its older offerings.
Marketing can be thought of as a set of business practices that for-profit organizations, nonprofit organizations, government entities, and individuals can utilize.
The _____________________ make the final purchasing decision.
Closely related to marketing research is market intelligence, which is often referred to as competitive intelligence.
________________________involves running the idea of the offering by potential consumers
__________________________is a process by which marketing personnel rate the leads to indicate whether a lead is hot (ready to buy now), warm (going to buy soon), or cold (interested but with no immediate plans to buy).
A sponsorship involves paying a fee to have your name associated with different things, such as the following except;
Product line is one of the product levels.
Under Marketing Research Process, the research objective is the goal(s) the research is supposed to accomplish while the research design is your "plan of attack." It outlines what data you are going to gather and from whom, how and when you will collect the data, and how you will analyze it once it's been obtained.
Under Pricing approaches, many stores use _____________________________, in which they take the cost of the product and then add a profit to determine a price and is very common. The strategy helps ensure that a company's products' costs are covered and the firm earns a certain amount of profit.
In handling a customer complaint, you do not have to determine the root cause of the problem.
Companies can determine how much to spend on promotion several different ways. The percent of sales method, in which companies use a set percentage of sales for their promotion, is often the easiest method to use.
The firms a company partners with to actively promote and sell a product as it travels through its marketing channel to users are referred to by the firm as its channel members (or partners).
A _______________________________is a warehouse or storage facility where the emphasis is on processing and moving goods on to wholesalers, retailers, or consumers.
A product's lead time is the amount of time it takes for a customer to receive a good or service once it's been ordered. Lead times also have to be taken into account when a company is forecasting demand.
Explanatory research design is one of the three types of research design.
Need recognition is part of the consumer buying process.
In reality, who, within an organization, is responsible for creating its marketing plans?
A ________________________ is a two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers
New buy is part of B2B Situation.
The marketing plan's __________________section of the plan should describe a firm's customers, competitors, any other organizations with which it will collaborate, and the climate of the market.
______________________ = benefits received - [price + hassle]
Firms that choose an intensive distribution strategy try to sell their products in as many outlets as possible; by contrast, selective distribution involves selling products at select outlets in specific locations while exclusive distribution involves selling products through one or very few outlets.
The simplest method for determining the promotion budget is often merely using a ________________________________________ .
A marketing channel consists of just two parties-a producer and a consumer. A channel such as this is an indirect channel.
You just sat down for dinner and the phone rings. It's a local charity calling to raise money. The calls always seem to come at dinner or at other inconvenient times is an example of ________________________
The different types of product and market entry strategies a firm can pursue in order to meet their objectives
A study is valid if it actually tested what it was designed to test. If you were to repeat the study, and get the same results (or nearly the same results), the research is said to be ___________________________.
The following are examples of Trade Promotions except;
_______________________ buy products from wholesalers, agents, or distributors and then sell them to consumers.
In buying centers, ___________________________ are groups of people within organizations who make purchasing decisions.
Issuing coupons, running contests and games, and offering rebates and mail-in offers are examples of _____________________________.
More common ways to transport products physically to customers under transportation or logstics is through Brokers.
A _____________________________is a marketing research company that doesn't conduct its own research and sell it. Instead, it buys research reports from other marketing research companies and then sells the reports in their entirety or in pieces to other firms.
Manufacturers' Sales Offices is one of the two marketing systems.
Hassle is the time and effort the consumer puts into the shopping process.
The strategic planning process includes conducting a situation analysis and developing the organization's mission statement, objectives, value proposition, and strategies.
Often used in exploratory research, a focus group is a group of potential buyers who are brought together to discuss a marketing research topic with one another. A moderator is used to focus the discussion, the sessions are recorded, and the main points of consensus are later summarized by the market researcher.
Merchant wholesalers is one of the three types of channel partners.
Another way to foster cooperation in a channel is to establish a vertical marketing system wherein channel members formally agree to closely cooperate with one another, by contrast, horizontal marketing system is where channel members have no affiliation with one another.
The process of asking questions to identify a buyer's problems and needs and then tailoring a sales pitch to satisfy those needs is called consultative selling.
Public relations are essential in promoting an organization's image and products.
Firms don't always embrace the marketing concept and a market orientation. Beginning with the Industrial Revolution in the late 1800s, companies were market oriented.
Who does the marketing?
Gaining agreement on the solution and communicate the process of resolution is one of the process in handling a customer complaint.
Under metrics used by salespeople, ___________________________measure how good a salesperson is at moving customers from one stage in the selling cycle to the next. For example, how many leads did the salesperson convert to suspects.
______________________________ or overhead expenses, are costs that a company must pay regardless of its level of production or level of sales. A company's expenses include items such as rent, leasing fees for equipment, contracted advertising costs, and insurance. As expense, you must pay your rent whether you stay there for the weekend or not.
Under marketing channel strategy, a pull strategy focuses on creating demand for a product among consumers so that businesses agree to sell the product.
Marketing research can help you with many tasks, except;
Under Feature Specification of New offering development process, ___________________________ is a process whereby a company begins with the customer's desired benefits and then designs an offering that delivers those benefits.
Unsought offerings is one of the two types under Idea Screening.
Some common price adjustments include ____________________________,which involves giving customers discounts for larger purchases.
Customers who are good at generating new product ideas or applications of products are called ___________________.
____________________________ occurs when the expectations people set for you differ from one another.
Under Organization's promotion objects the following is the composition of AIDA model except;
Total costs include both fixed costs and variable costs.
Boston Consulting Group Matrix is one of the most widely used portfolio planning approaches.
Basic category of business buyers, ________________________markets include non-profit organizations such as the Philippine Red Cross, churches, hospitals, charitable organizations, private colleges, civic clubs, and so on. Holding costs down is especially important to them because it enables them to provide their services to more people.
A rebate is type of consumer sales promotions designed to get repeat business. It includes things such as frequent flier programs, hotel programs, and shopping cards for grocery stores, drugstores, and restaurants. Sometimes point systems are used in conjunction with these programs.
Marketing Offers People Career Opportunities
__________________ are companies that sell goods and services produced by other firms without materially changing them.
Exchanging Value is one of the most widely used portfolio planning approaches.
Another investigative tool that can be used to research a drop in a company's sales performance is a ____________________________and is an examination or snapshot of the state of a company's marketing strategies as they are actually implemented.
Post purchase use and evaluation is part of the consumer buying process.
A marketing information system (MIS) is a way to manage the vast amount of information firms have on hand-information marketing professionals and managers need to make good decisions includes the following components except;
Some companies test the complete launch of a product's marketing plan to ensure that it reaches buyers, gets positive feedback, and generates sales of the product or service. This is called ____________________.
New offering development process under Idea Screening, where the offering must also have _____________________ which is the degree to which the company can actually make and service the product. Further, it affects financial feasibility. For example, many manufacturers make great looking faucets, yet one of your authors had to have the "guts" of one faucet replaced three times before it would work, only to find two other friends had the same experience with the same model. A great-looking design is really only great if it works right.
Having the customer's expectation is a process in handling a customer complaint.
Features, matter differently to different consumers based on each individual's needs. Further, the value equation, which is different for every customer.
Basic offerring is one of the four general categories of Consumer offerings.
Product information is part of the consumer buying process.
General Electric Approach is one of the four activities that centers on customer value which marketing is composed of.
WILCON Builders are _______________________________ in the retail construction-materials/products market.
Wholesalers is one of the common way to transport products physically under Transportation or logistics.
Angel's burger launches this in major television stations. This is an example of communicating.
Products have to be physically shipped. Logistics refers to the physical flow of materials in the supply chain. You might be surprised by some of physical distribution methods that companies use. (land, air, water, etc.)
The marketing concept emphasizes satisfying customer needs and _________________.
The best marketing decisions and supplier selections aren't enough if your company's demand forecasts are wrong. Demand planning is the process of estimating how much of a good or service customers will buy from you.
Communicating is describing those offerings, as well as learning from customers.
In Marketing Mix: Price is the monetary amount charged for the product (exchange).
Typically, a company pays a fee to have one of its products placed. But sometimes the company pays nothing if the product is needed for a show in some way or as part of the plot. FedEx did not pay for product placement in the movie Castaway.
Part of strategic planning process, a situation analysis must be conducted before a company can decide on specific actions. A situation analysis involves analyzing both the external (outside the organization) and the internal (company) environments.
"Develop a mission statement,strategy, and organization centered on those needs" is what marketing plan should do.
Under Big five personality traits, Openness. How diligent you are.
Vertical marketing system is one of the two marketing systems.
Political climate, Economic climate, Social and cultural environment and Technological environment
Many stores now place coupons next to products to encourage consumers to select a particular brand and products, this is an example of _______________________.
_________________________ involves tailoring your product so that it stands out from the competition and people want to buy it.
In Marketing Mix: Promotion are Goods and services (creating offerings)
A type of segmentation bases that answers, where are our customers located, and how can we reach them?
In addition to creating an offering, communicating its benefits to consumers, and delivering the offering, there is the actual transaction, or exchange, that has to occur.
Call to action involves direct marketing by phone.
Needs-satisfaction selling, the seller uses special expertise to solve a complex problem in order to create a somewhat customized solution.
Brokers is one of the three types of channel partners.
Convenience offerings is one of the four general categories of Consumer offerings.
From the 1920s until after World War II, companies tended to be selling oriented, meaning they believed it was necessary to push their products by heavily emphasizing advertising and selling.
When you are buying an air conditioner unit where you need to feel comfortable during summer season, the HP or horsepower is _____________________________ of the product or characteristic of the offering.
The strategic planning process includes conducting a situation analysis and developing the organization's mission statement, objectives, value proposition, and strategies
Under complaint management strategies, people who use every Internet site possible to bash a company are called verbal terrorists.
A value proposition is a thirty-second "elevator speech" stating the specific benefits a product or service offering provides a buyer. It shows why the product or service is superior to competing offers.
Which of the five major promotion tools includes building up a positive corporate image and handling unfavorable stories and events?
Consultative selling requires the seller to use special expertise to solve a complex problem in order to create a somewhat customized solution.
For many companies, the __________________________ to market a product determines what elements of the promotion mix are utilized that affects promotion reach and frequency.
Disposal of the product is part of the consumer buying process.
Organizations must determine promotion objectives, or what they want to accomplish with their promotions. For example, if a company has a new brand they may want to generate awareness or attention. Later, they may focus on persuading customers to buy their brand. Each brand needs to have a unique selling proposition (USP) for customers to remember and want their product.
Inventory control is the process of ensuring your firm has an adequate supply of products and a wide enough assortment of them meet your customers' needs. One of its goals is to avoid stockouts.
Angel's burger creates a new chicken burger sandwich for only P20.00. This is an example of delivering.
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