Business Test: 13,14,15,16

What does it mean to “help the buyer buy”?
Making it easier for the buyer to make a quick decision
What are three parts of the marketing concept?
Customer Orientation
Service Orientation
Profit Orientation
What are the four P’s of the marketing mix?
Product
Price
Place
Promotion
What are the four steps in the marketing research process?
Define the question and determine the present situation , Collecting data, analyzing that data, finding the best solution and implementing it
What is environmental scanning?
Identifying factors that can affect the market success
What factors are included in environmental scanning?
Global, tech, sociocultural, competitive, economic influence
Define the term “consumer market”
Buying a product for personal use
Define the term “business-to-business market”.
Buying a product for industrial use
Name and define the five ways of segmentation of the consumer market.
Geographic, demographic (age, income, education), psychological (values, lifestyles, interests), benefits, volume (usage)
What is niche marketing and how does it differ from one-to-one marketing?
It identifies small but profitable market segments and designs/finds products for them. One-to-one marketing has a unique mix of something for everyone
What are the four key factors that make B2B marketing different from consumer markets?
B2B are a smaller market so to speak compared to 80 million people, they are rational/less emotional buyers, personal selling, and usually geographically concentrated
What value enhancers may be involved in a total product offer?
Reputation
Image
Speed of delivery
Price
Service
Brand name
Internet access
Convenience
What is the difference between a product line and a product mix?
A product line is a group of product physically similar or intended for similar market and a product mix is multiple product lines by one manufacturer
Name the four classes of consumer goods and services. Give examples.
Convenience goods (frequent and easy goods), shopping goods (target), speciality (expensive items), unsought goods (funeral services)
Describe the three types of industrial goods.
Installations
Capital items
Accessory equipment
What seven functions does packaging now perform?
Attract the buyers attention, protect the goods inside, be easy to open/use, give information about the product, explain benefits, warnings/warranties, price/value/uses
What the difference between a brand name and a trademark?
Recognition vs. exclusive legal protection of idea/design and name
What the difference between a manufacturer’s brand, a dealer brand, and a generic brand?
The national distributer name, the retail brand and none branded basic products
What are the key components of brand equity?
Loyalty, awareness, association, and management
What are the six steps in the new product development process?
The idea, product screening, product analysis, development, testing, commercialization
What is the difference between product screening and product analysis?
Reduces the focus to the most promising product idea vs. cost estimates for profitability
What are the two steps of commercialization?
Promoting for wide distribution and developing strong advertising for interest among consumers.
What is the theory of the product life cycle?
Introduction, growth maturity, and decline
List two short term and two long term pricing objectives. Are the two compatible?
What are the limitations of a cost based pricing strategy?
It has to take into consideration many things: expected costs of product updates, marketing objectives, and competitor prices
What is psychological pricing?
Pricing a product that make the product appear like it is less expensive than it actually is. ($45.99)
What is a channel of distribution?
A whole set of intermediaries that join to transport/store goods in their path from producer to consumer
What intermediaries participate in a channel of distribution?
Agents, brokers, wholesalers, and retailers
Why do we need intermediaries?
They provide a cheaper way to: transport, store, advertise, and relationship build for manufacturers
How do intermediaries create exchange efficiency?
They cut down the number of transactions needed for a deal between a manufacturer and the retailers
How do you defend intermediaries against someone who claims that getting rid of them would save consumers millions $?
Give examples of utilities created by intermediaries and how they provide them.
Form utility (raw materials into useful products), time utility (goods available at anytime), place utility (where people want them), possession utility (loans and credit), info utility , and service utility
Describe the activities rack jobbers and drop shippers.
Rack jobbers display merchandise vs. drop shippers that solicit orders from retail to wholesale. Producer to buyer
What kind of products are intensive?
Convenience
What kind of products are selective?
Shopping
What kind of products are exclusive?
Luxury
What four systems have evolved to tie together members of the channel of distribution?
Corporate systems, contractual systems, administered systems, and supply chains
How does logistics differ from distribution?
How it gets there vs. where it goes to.
What are inbound logistics?
Raw materials, info, packaging, good and service to the producer
What are outbound logistics?
Finished products to
What are reverse logistics?
Bring back products to manufacturer because of problems
What are the four traditional elements of the promotion mix?
Advertising, personal selling, public relations, sales promotion
What are the three most important advertising media in order of dollars spent?
TV
Direct mail
Digital
What are the seven steps of the B2B selling process?
Prospect and Quality
Pre-approach
Approach
Make a presentation
Answer objections
Close the sale
Follow up
How does the B2B selling process differ from the B2C selling process?
Approach
Ask questions
Make presentation
Close sale
Follow up
What are the three steps in setting up a public relations program?
Listen to the public
Change policy/procedure
Inform people you are responsive to their needs
What are the sales promotion techniques used to reach consumers?
contests, coupons, free samples, prizes, bogos, demonstrations, catalogs, displays
What are the sales promotion techniques used to reach businesses?
Trade shows
Portfolios
Displays
Conventions
Sponsorships
Contests
What is viral marketing?
Any strategy that supports the idea to pass on their marketing message to others, creating growth and influence
What is a push strategy?
Advertising and sales promotion towards wholesalers/retailers
What is a pull strategy?
Advertising and sales promotion towards consumers