Chapter 11

Question 1

marketing

Answer 1

activity, set of institutions, and processes for creating, communicating, delivering, and enhancing offerings that have value for customers, clients, partners, and society at large

Question 2

value

Answer 2

relative cmoparision of a product’s benefits versus its costs

Question 3

utility

Answer 3

ability of a product to satisfy a human want or need

Question 4

consumer goods

Answer 4

physical products purchsed by consumers for personal use

Question 5

industrial goods

Answer 5

physical products purchased by companies to produce other products

Question 6

services

Answer 6

products having nonphysical fetures, such as informaiotn, expertise, or an activity that can be purchased

Question 7

relationship marketing

Answer 7

marketing strategy that empshasizes lasting relationships with customers and suppliers

Question 8

substitute product

Answer 8

product that is dissimilar from those of cmopetitors but that can fulfill the same need

Question 9

brand competition

Answer 9

competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

Question 10

international competition

Answer 10

competitive marketing of domestic products against foreign products

Question 11

marketing manager

Answer 11

manager who plans and implements the marketing activiites that result in the transfer of products from producer to consumer

Question 12

marketing plan

Answer 12

detailed strategy for focusing marketing efforts on consumer’s needs and wants

Question 13

marketing mix

Answer 13

combination of product, pricing, promotion, and distibution strategies used to market products

Question 14

product

Answer 14

good, service, or idea that is marketed to fill consumers’ needs and wants

Question 15

product differentiation

Answer 15

creating of product feature or product image that differs enough from existing products to attract customers

Question 16

pricing

Answer 16

process of determining the best price at which to sell a product

Question 17

distribution (place)

Answer 17

part of the markeitng mix concerned with getting products from producers to consumers

Question 18

promotion

Answer 18

aspect of the marketing mix concerned with the most effective techniquies for communicating informaiton about products

Question 19

integrated marketing strategy

Answer 19

strategy that ble4nds together the four Ps of marketing to ensure their compatability with one another and with the company’s non-marketing activities as well

Question 20

target market

Answer 20

group of people that have similar wants and needs and can be expected to show interest in the sane products

Question 21

market segmentation

Answer 21

process of dividing a market into categories of customer types, or “segments”

Question 22

production positioning

Answer 22

process of fixing, adapting, and communicating the nature of a product

Question 23

geographical variablese

Answer 23

geographic units that may be considered in developing a segmentation strategy

Question 24

demographic variables

Answer 24

characteristics of populations that may be considered in developing a segmentation strategy

Question 25

psychographic variables

Answer 25

consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy

Question 26

consumer behavior

Answer 26

study of the decision process by which people buy and consume products

Question 27

brand loyalty

Answer 27

pattern of regular consumer pruchasing based on satisfaction with a product's performance

Question 28

rational motives

Answer 28

reasons for purchasing a product that are based on logical evaluation of product attributes

Question 29

emotional motives

Answer 29

reasons for purchasing a product that are based on nonobective factors

Question 30

industrial market

Answer 30

organizational market consisting of firms that buy goods that are either converted into products or used during production

Question 31

reseller market

Answer 31

organizational market consisting of intermediaries that buy and resell finished goods

Question 32

institutional market

Answer 32

organizational market consisting of such nongovernmental buyers of goods and services, as hospitals, churches, museums, and charitable organizations

Question 33

product features

Answer 33

tangible and intangible qualities that a company builds into its products

Question 34

vale package

Answer 34

product marketed as a bundle of value-added attributes, including reasonable cost

Question 35

convenience good / convenience service

Answer 35

inexpensive good or service purchased and consumed rapidly and regularly

Question 36

shopping good / shopping service

Answer 36

moderately expensive, infrequently purchased good or service

Question 37

specialty good / specialty service

Answer 37

expensive, rarely purchased good or service

Question 38

expense item

Answer 38

industrial product purchased and consumed rapidly and regularly for daily operations

Question 39

capital item

Answer 39

expensive, long-lasting, infrequently purchased industrial good, such as a building, or industrial service, such as building maintenance

Question 40

product mix

Answer 40

group of products that a firm makes available for sale

Question 41

product line

Answer 41

group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways

Question 42

speed to market

Answer 42

strategy of introducing new products to respond quickly to customer or market changes

Question 43

product life cycle (PLC)

Answer 43

series of stages in product's commercial life

Question 44

branding

Answer 44

process of using symbols to communicate the qualities of a product made by a particular producer

Question 45

brand awareness

Answer 45

extent to which a brand name comes to mind when a consumer considers a particular category

Question 46

product placement

Answer 46

a promotional tactic for brand exposer in which characters in television, film, music, magazines, or video games use a real product with its brand visible to viewers

Question 47

buzz marketing

Answer 47

promotional method that relies on work of mouth to create buzz about products and ideas

Question 48

viral marketing

Answer 48

type of buzz marketing that relies on the internet to spread information like a "virus" from person to person about products and ideas

Question 49

corporate blogs

Answer 49

comments and opinions published on the web by or for an organization to promote its activities

Question 50

national brand

Answer 50

brand-name products produced by, widely distributed by, and carrying the name of a manufacturer

Question 51

licensed brand

Answer 51

brand-name product for whose name the seller has purchased the right from an organization or individual

Question 52

private brand (private label)

Answer 52

brand-name product that a wholesaler or retailer has commission from a manufacturer

Question 53

packaging

Answer 53

physical container in which a product is sold, advertised, or protected

Question 54

secondary data

Answer 54

data readily available as a result of previous research

Question 55

primary data

Answer 55

data developed through new research

Question 56

observation

Answer 56

market research technique that involves watching and recording consumer behavior

Question 57

survey

Answer 57

market research technique using a questionnaire that is either mailed to individuals or used as the basis of telephone or personal interviews

Question 58

focus group

Answer 58

market research technique in which a group of people is gathered, presented with an issue, and asked to discuss it in depth

Question 59

experimentation

Answer 59

market research technique that attempts to compare the responses of the same or similar people under different circumstances