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marketing > test > Flashcards

test Flashcards

1
Q

What is the process of dividing a market into various segments?

A

Market segmentation

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2
Q

What are the steps for a customer driven marketing strategy?

A
  1. segmentation
  2. targeting
  3. differentiation
  4. positioning
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3
Q

What type of market segmentation occurs when a company looks to sell luxury items?

A

Income segmentation

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4
Q

What sets the highest limit for product pricing?

A

Consumer’s perception of value

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5
Q

What is the definition of positioning?

A

Consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of consumers

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6
Q

What is behavioral segmentation?

A

Divides buyers into segments based on their knowledge, attitudes, or responses concerning a product

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7
Q

What is occasion segmentation?

A

Segmentation in which buyers are grouped according to when they get an idea to buy and actually make their purchases for an event or occasion

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8
Q

What is benefit segmentation?

A

Requires finding the major benefits people look for in a product class, and the major brands that deliver each benefit

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9
Q

What is a service?

A

A form of product that consists of activities, benefits, or satisfactions offered for sale that are intangible

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10
Q

What is a convenience product?

A

Consumer products and services that customers usually buy frequently and with minimal comparison and buying effort

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11
Q

What is a specialty product?

A

Consumer products and services with unique characteristics or brand identifications for which a significant group of buyers is willing to make a special purchase effort

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12
Q

What is an example of a tangible product?

A

Car, computer, or cellphone

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13
Q

What is a shopping product?

A

Less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and style

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14
Q

What is an example of a specialty product?

A

Specific brand of car(Subaru), specific brand of shoe(Nike)

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15
Q

What is social marketing?

A

Consists of using traditional business marketing concepts and tools to create behaviors that will create individual and societal well being

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16
Q

What are the steps in the new product development process?

A
  1. Idea generation
  2. Idea screening
  3. Concept development
  4. Marketing strategy development
  5. Business analysis
  6. Product development
  7. Test marketing
  8. Commercialization
17
Q

What is product depth mix?

A

The number of versions offered for each product in the line

18
Q

What program has businesses asking their employees to generate new ideas for the company?

A

Entrepreneurial program

19
Q

What is crowdsourcing?

A

When a company invites broad communities of people-customers, employees, independent scientists and researchers into the innovation process

20
Q

What is a product concept?

A

Its a detailed version of the idea stated in meaningful consumer terms

21
Q

What is concept testing?

A

Calls for testing new product concepts with groups of target consumers

22
Q

What is business analysis?

A

Involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company’s objectives

23
Q

What is price?

A

The amount of money charged for a product or a service

24
Q

What is concept development?

A

A process in which marketers attempt to obtain feedback about their ideas from external and internal stakeholders

25
Q

If a product passes both the concept and product test phases, what will most likely be the next step?

A

The concept development stage

26
Q

What sets the limit for product pricing?

A

The product cost

27
Q

What is customer value based pricing?

A

Uses buyers perceptions of value as the key to pricing

28
Q

What is cost based pricing?

A

Involves setting prices based on the costs of producing, distributing, and selling the product

29
Q

What is fixed cost?

A

Costs that do not vary with production or sales level

30
Q

What is variable cost?

A

Costs that vary directly with the level of production

marketing (6 decks)

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