Midterm

Question 1

Business tool that assesses 4 key considerations when determining the right marketing strategy and helps marketers evaluate the potential risk and reward involved

Answer 1

Ansoff Matrix

Question 2

Consists of four elements , called the 4 Ps

Answer 2

Marketing Mix

Question 3

4 characteristics that distinguish services from product

Answer 3

The i(s) of Service

Question 4

4 stages that products and services pass through in life cycle of product category

Answer 4

Product Life Cycle Stages

Question 5

Information collected directly from the researcher’s own efforts in order to answer specific questions

Answer 5

Primary Data

Question 6

Narrows the market by characteristics of possible consumers. These include age, gender, income, ethnicity, educational status, occupation, religion, life stage, marital status, household size, and birth era

Answer 6

Demographic Segmentation

Question 7

Purchases that involve previously purchased goods or services that are subjected to change, typically involving pricing or volume on behalf of organizations

Answer 7

Modified Rebuy

Question 8

Group made up of people the consumer associates with

Answer 8

Reference Groups

Question 9

Research data already collected by the firm or another organization

Answer 9

Secondary Data

Question 10

The Marketing Mix

Answer 10

The Four Ps

Question 11

Viewed through 4 lenses: situational, personal, sociocultural, and psychological

Answer 11

Consumer Behavior

Question 12

A marketing technique to visually display perceptions of consumers to product compared to similar products

Answer 12

Perceptual Map

Question 13

Business model that involves creating value and satisfying consumer needs

Answer 13

Marketing Concept

Question 14

Consumer will ignore or pay attention to information or advertisements based on a specific interest or need

Answer 14

Selective Exposure

Question 15

Elements of marketing mix plus physical evidence, people, and process

Answer 15

The 7 Ps

Question 16

Four Is: intangibility, inseparability, inconsistency, and inventory

Answer 16

Characteristics of Services

Question 17

Marketing strategy used to influence how consumers perceive a product in comparison to competitors

Answer 17

Product Positioning

Question 18

Process of analyzing data about a company’s product or service

Answer 18

Marketing Research

Question 19

Reference group one desires to be a part of

Answer 19

Aspiration Memberships

Question 20

Reference group one desires to not be a part of

Answer 20

Dissociative

Question 21

A high level plan of action designed to promote and sell a product or service. Not be confused with tactics

Answer 21

Marketing Strategy

Question 22

Analytical tool for identification and categorization of internal and external factors

Answer 22

SWOT/SWOTT

Question 23

Defined as open-ended research meant to better understand consumer reasoning and behavior, used for gleaning thoughts, opinions, self-expressive qualities, and similar qualitative data

Answer 23

Qualitative Research

Question 24

Factors: regulatory, social, economic, competitive- considered in SWOT analysis

Answer 24

Environmental Forces, Scan

Question 25

Group of people who will be questioned about product or advertisement characteristics

Answer 25

Interview Panels

Question 26

Measures brand effectiveness of brand with a specified market segment compared to its performance with all consumers

Answer 26

BDI

Question 27

Measures brand effectiveness within a category of products compared to average performance in the product category

Answer 27

CDI

Question 28

Provides 3 main functions: ease of identification for consumer, protection, and information

Answer 28

Packaging

Question 29

Strategy to influence or change a consumer’s prior perceptions of a brand

Answer 29

Product Repositioning

Question 30

The individual that will eventually make use of the product

Answer 30

Ultimate Consumer

Question 31

The way in which consumers receive, understand, and retain information

Answer 31

Selective Perception

Question 32

A small group of recent car buyers gathered to elicit responses regarding products or services

Answer 32

Focus Group

Question 33

Consumer process of paying attention to what is important or relevant

Answer 33

Selective Retention

Question 34

Consumers may be classified as light, average, or heavy users of a product

Answer 34

Usage Segmentation

Question 35

Intangibility, inseparability, inconsistency, and inventory

Answer 35

The i(s) of Service

Question 36

Narrows segments of the market by how consumers act and think

Answer 36

Psychographic Segmentation

Question 37

Physical setting where services are produced, delivered, and consumed

Answer 37

Serviscape

Question 38

Segments the market by what consumers do

Answer 38

Behavioral Segmentation

Question 39

Step in purchasing decision making process where alternatives are assessed

Answer 39

Evaluate Criteria

Question 40

Those that procur product or service on behalf of an organization

Answer 40

Organizational Buyers

Question 41

Why an organization would make a purchase, usually to increase sales and revenues or to reduce costs

Answer 41

Buying Objectives

Question 42

Within organizational group of people responsible for making purchase decisions; may include buyer, engineer, marketing, legal

Answer 42

Buying Center