Review – Fall 2013 True/False In business, a marketing concept will list information - PowerPoint Presentation

Review – Fall 2013 True/False In business, a marketing concept will list information such as ethnic background, age, income & geographic location.

False

True/False People who share similar needs and wants and who can purchase your products are called a market.

True

Understanding ethnic backgrounds and household income is part of market segmentation.

True

Buy one – get one – example of distribution

False

Miniature Golf provides ?

service

Which economic utility increased when fast food restaurants began accepting credit cards?

possession utility

Which of the utilities is not directly related to marketing?

Form

Which of the following purchases would most likely be made with discretionary income? a. fruits and vegetables c. underwear and socks b. magazine d . a three- subscriptions bedroom house

magazine subscriptions

Informing, persuading, or reminding potential customers about a product or service is called ____________________.

promotion

Retailers offer their customers installment or layaway plans in order to increase the ____________________ utility of their products.

possession

The employees of a home improvement warehouse are expert craftspeople who enjoy giving their customers advice about do-it-yourself projects. The employees' advice increases the ____________________ utility of their goods.

information

After conducting market research, Whole Breads Inc. decides to introduce a new low carb muffin to increase their sales. What basic marketing strategy applies? ____________________

product planning

When demand and production for a product increases in the world of Marketing, what usually decreases? ____________

prices

A combination of geographic, demographic and psychographic data about a group of people can be used to create a customer ____________________.

profile

Information about the values and attitudes that shape consumers' lifestyles is called ____________________.  

psychographics

Expectations that reflect a marketing plans objectives is called a(n) _________________________.

performance standard

Political, economic, socio-cultural and technological are four areas that make up the _________________________.

environmental scan

The current state of the ____________________ is of interest to all businesses because it will shape both business costs and consumer spending.

economy

Businesses that buy products for use in their operations

industrial market

Deciding how much to charge for goods and services

pricing

Percentage of total sales generated by competing companies

market share

Providing customers with goods and services they want

selling

The added value of a product in economic terms

utility

Deciding how goods get into customers hands

channel management

Obtaining, developing, or improving a product

product/service management

Product, price, place, promotion

marketing mix

brief overview of entire marketing plan

executive summary

characteristics such as age, gender, ethnic background, income

demographics

a combination of four strategies used to market a product

marketing mix

separating large groups into smaller groups based on characteristics

market segmentation

information about where people live

geographics

product information gathered from Internet use

Research

putting a market plan into action and managing it

implementation

money left after taking out taxes

disposable income

What system involves finding customers and keeping them satisfied?

customer relationship management

During which step of the sale should you learn what the retail customer is looking for in a good or service?

determining needs

During a presentation, what is the maximum number of items a salesperson should show a customer at one time?

three

A customer in a computer store tells the salesperson, “I can’t buy this software program. I don’t understand the directions.” The salesperson’s replies, “Let’s read over the directions together. What is the first direction you find confusing?” What method of handling objections is the salesperson using?

question

When a customer is having difficulty making a buying decision, what should the salesperson do

. stop showing additional merchandise

Questions that require more than a “yes” or “no” answer are called ____________________ questions

Open-ended

Based on the dependability of her last Volkswagen automobile, Selena decided to buy a new one. So she had a(n) ________________ motive for her purchase.

Rational

A technique that addresses objections by showing the customer how to operate a product is called the ____________________ method.

Demonstration

help customers make satisfying buying decisions with ongoing relationship

selling

direct contact between a salesperson and a customer

personal selling

little or no previous experience with an item

extensive decision making

sales exchanges between two or more companies

organizational selling

phone solicitation to make a sale

telemarketing

companies in touch with customers via Facebook and Twitter

social media

locating potential customers without checking leads

cold canvassing

logical reason for making a purchase

rational motive

matching product with customer’s needs and wants

feature-benefit selling

a product feature that benefits the customer

selling point

way to determine needs

observe

“how may I help you?”

service approach

concerns, hesitations, doubts

objections

recommending a different product

substitution method

a neutral person or previous customer

third party

overcoming objection based on misinformation

denial

vocabulary used with industrial buyers

jargon

words that average customers can understand

layman’s terms

Finding customers and keeping them satisfied

CRM

suggesting related merchandise

suggestion selling

can be used when the price of a product will soon increase

standing-room-only close

used when the buying signal is strong

direct close

a first attempt to get a customer’s agreement to buy

trial close

offering a customer a payment plan for a purchase

service close

What is a special price discount that is given as an incentive to wholesalers and retailers?

promotional allowance

The business often has the least control over which type of promotion?

publicity

An elaborate display of utensils and various pans needed for cooking a Thanksgiving meal would be what type of display?

related-merchandise display

Score Sporting Goods always has a display with mannequins engaged in actual season-appropriate sports. How would you describe the settings for such displays?

realistic

What part of the store layout includes the aisles?

the selling space

What is an ad layout?

sketch showing a general arrangement of ad

A promotional ____________________ is a cost-effective combination of strategies designed to reach a company’s goals.

Mix

Sales promotion activities targeted for manufacturers, wholesalers, and retailers are called ____________________ promotions

trade

____________________ selling involves communicating with customers directly through meetings, demonstrations, e-mail, or telephone communication

personal

The primary purpose of visual merchandising is to coordinate all of a business’s physical elements in order to project a particular ____________________ to customers.

Image

Store space that is devoted to lounges, restaurants, and seating areas is called ____________________

customer

The store IKEA provides many ____________________ displays that show model kitchens, bedrooms, and living rooms.

Architectural

Green, yellow-green, and yellow are known as ____________________ colors because they are next to each other in the color wheel.

Adjacent

Radio and television are both considered ____________________ media, but Web sites are not

Broadcast

A(n) ____________________ ad is an advertisement that appears as a rectangle or various shapes and sizes at the top, bottom, or side of a Web page.

Banner

An advertisement for Armstrong flooring includes the following phrase in its headline: “The Height of Fashion Right At Your Feet.” The headline is an example of the use of ____________________

paradox

An advertising agency that performs research, selects media, and develops copy and art for a business is called a(n) ____________________ agency.

full-service

An advertising ____________________ shows exactly how an ad will appear when printed.

proof

incentives that encourage customers to buy products or services

sales promotion

money a manufacturer pays a retail chain to place a product on store shelves

slotting allowance

a story sent to the media which is written by and about a company or organization

news release

interactive electronic media for people with similar interests

social media

convince a retailer to stock products being promoted

push policy

positive communication about a business

institutional promotion

an item such as a coupon or factory pack that is free to consumers as a condition of purchase

premium

negotiated right to use logos and names on retail products

sponsorship

a display case, counter, or bench

fixture

the physical outline of a display

shape

a spot that attracts attention first

focal point

found on opposite sides of a color wheel, they create contrast

complimentary colors

the relationship between and among objects in an arrangement

proportion

the combination of entrances, window awnings, and other exterior building characteristics

storefront

stand-alone structures that serve as promotion devices

POPs

fee paid to a newspaper that can guarantee advertising space during a specific period

contract rate

ads combined with animation, video, sound, interactivity

internet advertising

type of print media that can be restricted in certain locations

billboard

printed posters on subways, buses, and trains

transit advertising

advertising designed to increase sales

promotional advertising

publication targeted for professionals with an interest in a particular field

trade magazine

process of selecting appropriate advertising media

media planning

useful products imprinted with an advertiser’s name

specialty media

a rough draft to sketch

ad layout

selling message of a written advertisement

copy

a business’s identification symbol; a logo

signature

repeated initial consonant sounds

alliteration

humorous use of word suggesting two or more of its meanings

pun

an entire collection of advertisements as a coordinated plan

ad campaign

phrase that attracts readers’ attention

headline

catch phrase that identifies a product

slogan

form of non-personal promotion

advertising

news presentations that create awareness of an organization in the market place

publicity

the sign showing a business’ name

marquee