BUS 135 Ch. 13, 14, 15, 16,17

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Which of the following describes a word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors?

Brand name

Which of the following statements about marketing is the most accurate?

Marketers recognize the need to learn as much as possible about customers and do everything possible to satisfy them.

A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests.


A firm that uses ___________ segmentation divides a market into groups based on life stage, race, or profession.


The most important technological change likely to affect the marketing success of many firms is the:

growth of consumer databases, blogs, and social networking.

Firms that adopt a relationship marketing strategy attempt to:

develop products that meet the specific requirements of individual customers.

The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras?

Production Era

__________ consists of information that has already been researched by others and is published in journals or books, or has been made available online.

Secondary Data

___________ is a process used to test consumer reactions about a product among potential users.

Test Marketing

__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.


Which of the following represents an example of demographic segmentation?

An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels.

The goal of __________ is to keep individual customers over time by offering them new products that exactly meet their requirements.

Relationship marketing

The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.

Marketing Concept

A consumer’s decision-making process is influenced by his/her _________, consisting of those people who help shape the consumer’s beliefs, attitudes, values or behavior.

reference group

The first step in the marketing research process is to:

define the problem and determine the present situation

A key element of customer relationship management is to:

learn as much as possible about customers

__________ consists of all the techniques sellers use to persuade consumers to buy their goods and services.


A ________ marketing strategy develops products and promotions designed to please large groups of people.


A firm that uses ___________ segmentation divides a market into groups based on age, income, or level of education.


A firm’s marketing mix refers to the combination of:

strategies regarding product, price, place, and promotion.

__________ marketers include manufacturers, intermediaries, institutions, and the government.


Which of the following would best benefit the development of niche marketing?

a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers

After years of using a mass marketing strategy, Digital Print Shops has responded to new competition from national chain stores by focusing on small market segments that have been ignored by their larger competitors. Digital believes that by offering these market segments personalized customer services it can attract a loyal group of customers willing to pay premium prices. Digital’s strategy to improve profits is known as:

niche marketing.

A firm gathers ___________ data by conducting surveys, interviewing customers, or mailing out questionnaires.


A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.


Compared to consumer markets, B2B markets:

rely less on marketing intermediaries.

Business-to-business markets tend to be:

geographically concentrated.

____________ is the process of identifying factors that can affect marketing success.

Environmental scanning

Andre is a real estate agent who has an idea for a software program that will help perform real estate appraisals more quickly and more accurately. He has worked with a buddy who is good at programming to develop a detailed description of what the software will do and how it differs from existing applications. Now Andre has taken this description and shown it to a number of fellow real estate agents to see if his idea appeals to them. Andre is engaging in:

concept testing.

People with unsatisfied wants and needs who have both the ability and the willingness to buy are:

a market.

The number of units of a product that must be sold for total revenue to equal total costs is called the:

break-even point

Which of the following products would most likely be classified as a specialty good or service?

a limited-edition print signed by the artist

According to the product life cycle model, sales are expected to peak in the _________ stage.


Department stores often use _________ pricing in which they have regular prices which are relatively high, but offer special sales where prices are set lower than competitors.


A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.


__________ goods and services represent those products that consumers are unaware of or haven’t thought of buying.


Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public.


Brand __________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name.


The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

total product offer.

Product screening is designed to:

reduce the number of new-product ideas being worked on at any one time.

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents:

demand-oriented pricing

Brand __________ refers to the linking of a brand to other favorable images, such as a celebrity.


A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.

price leadership

_______ costs are those costs that increase as the level of production increases.


The best product development strategy for most firms is to:

constantly monitor consumer wants and needs and be willing to develop new products and adapt policies and services as those consumer needs begin to change.

Products that carry the name of a distributor or a retailer instead of the manufacturer’s name are called:

dealer (private) brands

The _________ pricing strategy maintains low prices and avoids the use of special sales.

everyday low pricing (EDLP)

A brand that has been given exclusive legal protection, such as the McDonald’s golden arches is a:


Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

brand awareness

In marketing today, packaging carries the added responsibility of:

promotion and sales

___________ is the stage of new product development that involves promoting a product to distributors, and developing advertising and sales campaigns in order to generate and maintain consumer interest.


The product life cycle model helps marketers realize that:

different stages in the life cycle call for different marketing strategies.

Knockoff brands are ________ copies of national brand-name goods.


The purpose of __________ is to create real or perceived product differences.

product differentiation

A leading cause of new-product failure is:

product promises that are not delivered.

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

product line

A skimming pricing strategy:

establishes a high price in order to earn the highest possible profit while there is little competition.

Products that are used in the production of other goods and services are called ________ goods.


The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

brand loyalty

Sales of cell phones in the United States are still increasing, but the rate of growth has slowed. Sales are expected to peak somewhat soon in the U.S. Based on this information, cellular phones are in what stage of the product life cycle in the U.S.?


Direct mail, telemarketing, and catalog sales are all common examples of:

direct marketing.

___________ are merchant wholesalers who perform all of the distribution functions.

Full-service wholesalers

When firms manage the return of goods from consumers either because they are defective or for recycling purposes, they are involved in:

reverse logistics

__________ warehouses are used to gather and redistribute products.


_________ involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.


____________ put many small shipments together to create a single large shipment that can be transported more cost-efficiently to the final destination.

Freight forwarders

___________ means selling goods and services to ultimate consumers over the Internet.

Electronic retailing

Companies who send salespeople to customers’ homes or places of work are making use of __________ selling.


The types of utility commonly provided by marketing intermediaries include:

time, place, possession, information, and service.

A(n) ___________ distribution strategy distributes a product through only a preferred group of retailers in a given area.


Placing ads in newspapers and having knowledgeable salespeople to answer customers’ questions are ways marketing intermediaries can provide:

information utility

In a(n) __________ distribution system the producer manages all of the marketing functions at the retail level.


__________ deals with moving finished products and information to business buyers and ultimate consumers.

Outbound logistics

__________ manages the movement of raw materials, parts, work in progress, finished goods and related information throughout the supply chain, as well as managing the return of goods when necessary and the recycling of goods when appropriate.

Supply chain management

__________ warehouses are used to hold products for a relatively long time.


_________ utility adds value to goods by having them available where people want them.


A firm that wants to distribute its products as widely in a market as possible would use a(n) ___________ distribution strategy.


In multilevel marketing, independent contractors who sell a product can increase their own incomes by recruiting _________ to also sell the product.


____________ wholesalers are independently owned and take title to the goods they handle.


Which of the following activities would a drop shipper be most likely to perform?

Solicit orders from a retailer and arrange for the producer to make the deliveries

When marketing intermediaries perform the steps necessary to transfer ownership from one party to another, they are providing _________ utility.


__________ brings raw materials, packaging, other goods and services, and information from suppliers to producers.

Inbound logistics

__________ utility is usually provided by producers rather than marketers.


A _________ is a marketing intermediary that sells products to other organizations.


__________ is the term used to describe the use of outside firms to help move their goods through the supply chain.

Third party logistics

In a(n) ____________ distribution system all of the organizations in the channel of distribution are owned by one firm.


__________ is the value or want-satisfying ability that is added to products by organizations that make the product more useful or accessible to consumers.


Pipelines are used primarily to transport:

petroleum and petroleum products

A(n) ______________ distribution strategy uses only one retail outlet in a given geographic area.


A good public relations program recognizes that the:

firm must be willing to make changes in its policies and procedures.

Which of the following is required to build meaningful relationships with customers?

Tracking customer purchases

The use of promotional tools to persuade wholesalers and retailers to stock and sell merchandise represents a:

push strategy.

In evaluating the best advertising medium to reach a specific target market the clear choice is:

direct mail.

_________ refers to any paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.


When marketing to consumers in the global population, it’s important for companies to remember that promoting products:

calls for attention to cultural differences and possible translation problems.

The combination of advertising, personal selling, public relations, and sales promotion activities traditionally used by an organization represents its:

promotion mix.

Future promotional efforts will likely be:

custom-designed to reach smaller audiences

The activity that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance is called:

public relations.

________ refers to the face-to-face presentation and promotion of goods and services. This also includes searching for prospects and providing follow-up services.

Personal selling

Creating a positive brand image by using all the promotional tools in a comprehensive, unified promotional strategy is called:

integrated marketing communication

In terms of total dollars spent, the number one and two advertising media are:

broadcast and cable television along with direct mail

People with an unmet need, the authority to buy, and the willingness to listen to a sales message represent a firm’s:


Which of the following statements is most accurate?

Sales promotions are targeted both internally and externally.

The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities, such as trade shows, event sponsorships, and contests, is known as:

sales promotion.

The final step of the selling process involves:

follow up.

The distribution method for audio and video programs via the Internet that lets users subscribe to a number of files or feeds is called a:


Which of the following is a consumer sales promotion activity?


__________ refers to such tactics as paying people to say good things about a product on the Internet or setting up multilevel selling schemes that reward people for directing their friends to a company’s website.

Viral marketing

The primary purpose of a pull strategy is to:

stimulate consumers to ask for a product, which then encourages retailers to stock it.

Which of the following is a major strength of direct mail advertising?

Ability to accurately target specific markets

Interactive promotion:

attempts to create a dialogue between buyers and sellers.

Companies can implement global marketing by developing a product and promotional strategy that:

cam be implemented worldwide.

One way to see that publicity is handled well by the media is to:

establish a friendly relationship with media representatives.

Which of the following is a B2B sales promotion activity?


After prospects have been identified and qualified, the next step in the selling process is _________. This step requires the salesperson to learn as much as possible about the potential customers’ wants and needs.

the preapproach

The primary purpose of a push strategy is to:

push the product down the distribution channel to retail stores.

A _________ is an endorsement from a customer praising a firm’s product.


TV programs devoted exclusively to promoting goods and services are called:


________ advertising supports a particular view or position on an issue.


The area of accounting that provides managers inside the organization with information they need to make decisions is called:

Managerial accounting.

Rent, depreciation, and salaries are examples of:

Operating expenses

The "bottom line" of an income statement shows the firm’s:

Net income or net loss.

The financial ratios that measure a firm’s ability to pay its short-term debts are called:

liquidity ratios

Debts that are due in one year or less are classified on the Balance Sheet as:

Current liabilities

Patents and copyrights are classified as ___________ on the Balance Sheet.

Intangible assets

An accountant who works for a single business or government agency is referred to as a:

Private accountant

_________ refers to how quickly an asset can be converted into cash.


A(n) ___________ is an evaluation and unbiased opinion of the accuracy of a firm’s financial statements.

independent audit

The three important financial statements prepared by accountants are:

Balance sheet, income statement, and statement of cash flows.

A _________ summarizes all the data from the account ledgers to verify that they are correct and balanced.

trial balance

A firm’s ________ reports the profit or loss for the firm over a specified time period.

income statement

Leverage ratios indicate the extent to which ________ has been used to fund a business’s operations.


The current ratio is a type of ________ ratio.


Financial ratios that reflect the degree to which a firm relies on borrowed funds are called ________ ratios.


The _____ shows the assets, liabilities, and owners’ equity of a firm, at a specific point in time.

balance sheet

Net Profit refers to:

The net earnings after the deduction of all expenses, including tax expense.

The __________ is an accounting statement that reports the financial condition of a firm at a specific point in time.

balance sheet

The __________ is a six-step procedure that results in the preparation and analysis of the major financial statements.

accounting cycle

When companies owe money to creditors, suppliers, and others, these outstanding amounts are recorded on the balance sheet as _________.


A(n) _________ is a yearly published statement of the financial condition, progress and expectations of an organization.

annual report

Depreciation is a systematic write-off of the cost of a tangible asset that is listed on __________.

The Income Statement

The fundamental accounting equation states: Assets = _________.

liabilities plus owners’ equity

_______ refers to the value that stockholders or owners have in a company.

Owners’ equity

The use of computerized accounting systems _____________.

allows firms to generate financial information almost instantly and whenever the organization needs it.

__________ involves the review and evaluation of the records that are used to prepare the organization’s financial statements.


The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of:

Financial accounting

Earnings per share, return on sales, and return on equity are examples of:

profitability ratios

The accounting profession is divided into 5 key working areas, two of which are:

Auditing and managerial accounting.

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