Chapter 11.3

Question 0

Product strategy

Answer 0

Designing a good or service with needed attributes. Also includes decisions about package design, brand names, trademarks, warranties, product image, new product development, and customer service.

Question 1

Marketing mix

Answer 1

Blends the four strategies to fit the needs and preferences of a specific target market.

Question 2

Promotional strategy

Answer 2

Blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions.

Question 3

Pricing strategy

Answer 3

The most difficult areas of marketing decision making in setting profitable and justifiable prices for the firms product offerings.

Question 4

Distribution strategy

Answer 4

Ensures that customers receive their purchases in the proper quantities at the right times and locations.

Question 5

Standardization

Answer 5

Deciding whether to offer the same marketing mix in every market.

Question 6

Adaptation

Answer 6

To develop a unique mix to fit each market.

Question 7

Mass customization

Answer 7

Allows a firm to mass produce goods and services while adding unique features to individual or small groups of orders.

Question 8

Internal data

Answer 8

Firms generate within their organizations.

Question 9

External data

Answer 9

Researchers gather from outside sources, including previously published data.

Question 10

Secondary data

Answer 10

Previously published data, are low cost and easy to obtain.

Question 11

Primary data

Answer 11

Data collected firsthand through such methods as observation and surveys.

Question 12

Focus group

Answer 12

Gathers 8-12 people in a room or over the internet to discuss a particular topic.

Question 13

Marketing research

Answer 13

Is the process of collecting and evaluating information to help marketers make effective decisions.