Marketing Final

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Marketing Final
2014-12-12 01:49:10

Marketing Final Exam
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  1. What is a Target Market?
    The purchasers of an organization's products, the focal point of the marketing
  2. What is a competitive advantage?
    A way of satisfying customer needs better than our competitors, the place where opportunities, core competencies, and strategic windows meet.
  3. What is a sociocultural force?
    An influence in a society and its culture(s) which bring about changes in attitudes, beliefs, norms, customs, and lifestyles.
  4. What is the value of market research?
    The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities. IT IMPROVES DECISION MAKING
  5. What is the concentrated marketing strategy?
    One marketing mix for one specific segment. We specialize in the needs of one group of people -- can dominate a segment, but putting all eggs in one basket can be risky.
  6. Consumer problem solving strategies?
    Routinized response, limited problem solving, extended problem solving, impulse buying
  7. What are quotas?
    A limited, fixed number of imports a country allows.
  8. Recognize stages in product adoption
    1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption
  9. What is the first step in setting prices?
    The first step in setting prices is the development of pricing objectives
  10. Surival Objectivee
    Adjust price levels so the firm can increase sales volume to match organizational expenses
  11. Value focused customer
    Customer who is concerned about price and quality of a product
  12. Cost-plus pricing
    Adding a specific dollar amount to the seller's costs
  13. Demand based pricing
    Customers pay a higher price when demand for the product is strong and the lower price when the demand is weak
  14. Competition based pricing
    Pricing influences primarily by competitor's prices
  15. Price skimming
    Charging the highest possible price that buyers who most desire the product will pay. Price skimming can generate much-needed initial cash flows to help sizable development costs
  16. Penetration pricing
    Prices set below competing brands to penetrate market and gain market share quickly
  17. Captive pricing
    Basic product in a product line is low while related items are higher
  18. Bait pricing
    Low pricing on one item in line with intention of selling higher prices item in the line. "Doorbusters"
  19. What is the direction of the classic demand curve?
    Downward sloping
  20. What happens if you raise price when demand is inelastic?
    Total revenue will increase
  21. What does the Sherman Act prohibit?
    Prohibits conspiracies to control prices
  22. Who pays shipping with FOB factory?
    The buyer
  23. Pricing
    The value paid for a product in a marketing exchange
  24. Barter
    An exchange without using money
  25. Price elasticity
    A measure of the sensitivity of demand to changes in price
  26. Marginal analysis
    Examines what happens to a firm's costs and revenues when production changes by one unit
  27. Breakeven point
    The point at which the costs of producing a product equal the revenue made from selling the product
  28. Costs
    The value of money that has been used to produce something
  29. Internal reference price
    Develops in buyer's mind through experience with product
  30. External reference price
    Used when an individual does not have much experience with a given item
  31. Value-conscious consumers
    Concerned about price and quality of a product
  32. Prestige-conscious consumers
    Drawn to products that signify prominence and status
  33. Personal selling
    Paid personal communication that informs customers and persuades them to buy products in an exchange situation
  34. Prospecting
    Developing a list of potential customers, sources can  come form internal and external things, some examples are sales records, trade shows, commercial databases, newspaper announcements, public records, telephone directories, trade association directories, referrals
  35. Closing the sale
    The stage in the personal selling process when the salesperson asks the prospect to buy the product
  36. Follow up step
    After the purchase has been consummated, you call a few days later to see if the customer is happy with their purchase
  37. Order getter
    Sells to new customers and increases sales to current customers
  38. Order taker
    Primarily seeks repeat sales
  39. Team selling
    The use of a team of experts from all functional areas of a firm, led by a salesperson, to conduct the personal selling process
  40. Relationship selling
    The building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time