a situation that occurs when a product is produced but a customer is not ready to buy it. the study of human behavior in its natural context, involves observation of behavior and physical setting. Morality of business ethics, three levels. The attributes a consumer considers important about a certain product are referred to as, Research plan development is also sometimes called, A product that has new packaging different features and updated designs and functions is a, The group of customers toward which an organization has decided to direct its marketing efforts is called its. Can be divided into subcultures. This list is referred to as. study of exchange and it's facilitation (tangible and intangible items) Scope of marketing. the combination of media to be used for a promotional campaign. Needs thus are the starting point for marketing. implementation and organizational structure and contingency planning, The consumer protection agency for the United States in the. Level of service can be high or low. a distribution channel in which producers sell directly to consumers. John works for a consumer products company. Customers were then encouraged to fill out a comment card letting Ford know what their favorite model car was. Products that are typically new to the market and require significant marketing investment in promotion product management and distribution are classified as. a price tactic that uses odd numbered prices to connote bargains and even numbered prices to imply quality. What do you mean by the term marketing research? a method of determining what sales volume must be reached before total revenue equals total costs. net profit after taxes divided by total assets. Principles of Marketing Final Exam. a characteristic that can be assessed only after use. Which of the following is the correct definition of inflation? impersonal, one-way mass communication about a product or organization that is paid for by a marketer. Get … firms use the following strategies, in descending order of risk and profit: direct investment, joint venture, contract manufacturing, licensing and franchising, and exporting. Subject to federal and state laws. Which of the following is a demographic segmentation variable? the degree to which the benefits or other results of using the product can be observed by others and communicated to target customers. Final Exam Review - Flashcards. What was the purpose of the Wheeler' Lee Act (1938)? Marketing Management Final exam. Learn vocabulary, terms, and more with flashcards, games, and other study tools. question. According to your text social media can support the goal of building a successful brand in two main ways: by allowing the firm to develop deeper relationships with customers and by, Generating positive-word-of-mouth communication about the brand across social media networks, The customer relationship management process is described in your text as being. a philosophy that focuses on the internal capabilities of the firm rather than the desires and needs of the marketplace. Reception occurs if the message falls within the receiver's frame of reference. a confirmation of the quality or performance of a good or service. What do they buy? sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer. in business markets, demand is derived, price inelastic, joint and fluctuating. Researcher creates an overall research design to specify how primary data will be gathered and analyzed. a situation in which consumer demand is sensitive to changes in price. His job is to use information to identify and define marketing opportunities evaluate marketing actions and monitor marketing performance. The measure of total audience size for a given platform is determined by which metric? Consumer Product Safety Commission, Federal Trade Commission, and the Food and Drug Administration most involved. Cram.com makes it easy to get the grade you want! Marketing Final Exam Marketing concepts. Spell. They are asking customers to create a sundae take a picture of their creation and post it on their Facebook page as well as on Instagram so people can vote for their favorite. Marketing Essentials Final Exam. Fourth, the ethics of business buyers and sellers are often scrutinized. It does this because the weather is not as favorable for camping at this time. a company wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. Advertising increases awareness/knowledge, sales promotion is good when customers are in purchase stage, personal selling develops interest and desire. MKT 421 Final Exam - Know About The MKT 421 Final Exam. Which of the following is the focal point of all marketing efforts? Finance. There are three levels of relationship marketing: level 1 focuses on pricing incentives; level 2 uses pricing incentives and social bonds with customers; and level 3 uses pricing, social bonds and structural bonds to build long-term relationships. The item to be purchased is inexpensive and frequently purchased, is an item of limited risk, and requires little forethought. We'll review your answers and create a … Introduction to Marketing – Final Exam notes. A succinct description of the core target market to which a product is directed and a compelling picture of how the firm wants that core market to view the product is called a. The generic term used to describe a measurement device such as a survey test or questionnaire is the. Marketers seeking to reduce costs and the environmental impact of their activities typically pursue a strategy of, The perceived benefits both monetary and nonmonetary that a customer receives from a product compared to the cost associated with obtaining it is referred to as. a situation that occurs when one marketing channel member intentionally affects another member's behavior. All brands and product categories undergo a life cycle with four stages: introduction, growth, maturity, and decline. Encodes message, sends message through a channel of communication. the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement. production of uniform products that can be sold the same way all over the world. Marketing Final Exam. answer. PLAY. The goal of all three is to be sustainable. Sales-oriented, focuses on maintaining a percentage share of the market. a promotional display set up at the retailers location to build traffic, advertise the product, or induce impulse buying, a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers, Money offered to channel intermediaries to encourage them to "push" products that is to encourage other members of the channel to sell the products, Relationship Selling (consultative selling). Market factors—who are the customers? communications between customers and organizations that occur at the point of sale, normally in a store. six months after "regular distribution" according to FTC, a product can be considered new for ___ discontinuous innovation. At the end of the fair one comment card would be chosen by the company and that person would win the car of their choice. marketing two or more products in a single package for a special price. The pricing tactic Sunny Pines is using to encourage camping during these months is most likely, A company that outsources some or all of its logistics activities to other companies is engaged in, The three primary objectives of an advertising campaign are. all possible areas of a business where customers communicate with that business. the degree to which a product is perceived as superior to existing substitutes. Marketing Final Exam. Lily Taylor. a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle. Sales forecast, expense forecast, and break-even analysis. \ Marketing Management Final exam. Which of the following would be considered an upstream partner in the company’s supply chain? the difference between the amount of product produced and the amount an end user wants to buy. define target market, develop six variables of the retailing mix: product, place, promotion, price, presentation, personnel. a type of sponsorship involving the association of a for-profit company and a nonprofit organization; through the sponsorship, the company's product or service is promoted, and money is raised for the nonprofit. Exam Name – Google Digital Unlocked Fundamentals of Digital Marketing Certification. the marketing of goods and services to individuals and organizations for purposes other than personal consumption. Which of the following represents a threat? Awareness, interest, evaluation, trial, and adoption. A. What type of adopter is typically well respected by their peers and sought by marketers because they tend to be opinion leaders who are willing to talk to other people about their experiences with their purchases? Which term describes both the growth in information that inundates businesses each day and the complex tools used to analyze the data and derive meaningful insights. the price charged to customers multiplied by the number of units sold. Most companies are creating departments to target multicultural market segments. the number of product lines an organization offers. the cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for, the quantity of a product that will be sold in the market at various prices for a specified period. Which type of purchase occurs due to retailers' prompts to consumers while consumers are in the store? What type of human issue is shaped by personality culture or buying situation? a data manipulation technique that projects the future value of the customer over a period of years using the assumption that marketing to repeat customers is more profitable than marketing to first time buyers. Which of the following is not one of the stages in the new-product development process? Managers can use research findings to help keep current customers. that part of a brand that can be spoken, including letters, words and symbols. Which of the following is not considered to be a demographic characteristic? US excels in basic research and in recent years has improved track record in applied research. Fifth, customer service before, during, and after the sale plays a big role in business purchase decisions. The process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole. a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store. setting the price at a level that seems to the customer to be a good price compared to the price of other options. a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer. Step 1 define the problem and research objectives Step 2 develop a plan in collecting research data Step 3 implement research plans and analyze collected data Step 4 interpret and report findings 2. a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations, A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status. Incompatible products diffuse more slowly than compatible products. Write. Multinational companies are committed to working through the World Trade Org. a brand name owned by a wholesale or a retailer. ... (UK) » MKT - Marketing » 300 - MARKETING MANAGEMENT » Flash Cards. "Cookies" that are placed on consumers' browsers in order to trace which website they visited are a form of, Individuals who exert an unequal amount of influence on the decisions of others because they are considered knowledgeable about particular products are called, When a company evaluates each market segment to determine which segment or segments present the most attractive opportunity to maximize sales it is engaged in, A person's typical way of life as expressed by his or her activities interests and opinions is referred to as, Gathering data about what competitors are doing in the marketplace is, The fact that you see a Starbucks on practically every corner would indicate that Starbucks is most likely geographically segmenting based on, Nonpersonal promotional communication about goods services or ideas that is paid for by the firm identified in the communication is referred to as, Since consumers have the tendency to compare prices on almost everything they buy marketers setting prices should attempt to capitalize on this tendency by determining the price consumers will consider fair and reasonable for a product. Business analysis refers to the stage of the new-product development process. the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise. A comprehensive exam covering the Marketing Essentials courses. a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion. If luxury brands such as Versace clothing Lexus automobiles and Dom Perignon champagne wanted to promote an image of superior quality and exclusivity to customers they would most likely use which pricing tactic? Key federal laws are Sherman Act (limits cartels and monopolies), Clayton Act, Federal Trade Commission Act, Robinson-Patman Act, Wheeler-Lea amendment to the FTC act. Both qualitative and quantitative measurements should be used in the audit. most complex, unfamiliar, expensive product. What is the name of this demographic group?. a sales practice that involves building, maintaining and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships. the degree of difficulty involved in understanding and using a new product. a process that redefines and simplifies manufacturing by reducing inventory levels and delivering raw materials at the precise time they are needed on the production line. Shaped by political ideaology and such policies as tariffs, quotas, boycotts, exchange controls, trade agreements, and market groupings. First, buying is normally undertaken by a buying center, secondly, typically evaluate alternative products and suppliers based on quality, service and price. Summary Marketing - Roger Kerin, Steven Hartley, William Rudelius BSB126 Marketing Exam Notes Tutorial 1 Week 3 BSB126 Assignment CRA Marketing – Chapter 4 Marketing Final Exam Notes. The competitive environment encompasses the number of competitors a firm must face, the relative size of the competitors, and the degree of interdependence within the industry. Adopters in the diffusion process belong to five product categories: innovators, early adopters, the early majority, the late majority, and laggards. You have three hours to complete this exam so please take your time and double check all your answers once you are finished. a specially designed phone room used to conduct telephone interviewing. Which marketing mix element involves decisions regarding logistics and managing the supply chain? a product that requires comparison shopping because its usually more expensive than a convenience product and is found in fewer stores. When looking to advertise a new business online, what is one of the major benefits of display … Which of the following is NOT one of the 4 P's of the marketing mix? inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. Which of the following would you use if you were tasked with reviewing company data in order to look for trends in sales identify problems with elements of the marketing mix and provide quick feedback to managers concerning proposed marketing plans? he called David into his office and stated, "I just found out about the product life cycle curve in a strategy seminar. External is the process of seeking information in the outside environment. Retailers can be broadly differentiated as independent retailers, chain stores or franchise outfits. a manufacturer's or supplier's use of a third party to manage an entire function of the logistics system, such as the transportation, warehousing or order processing. 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