Comprehensive Business Review Fall 2013: Marketing Concepts and Economic Utilities
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
This review covers various aspects of business and marketing concepts from the Fall of 2013, including discussions on market segmentation, understanding consumer needs, economic utilities, and discretionary income expenditures. Key topics such as market definition, market segmentation, and economic utilities are explored through true/false statements.
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Presentation Transcript
Review Fall 2013 True/False In business, a marketing concept will list information such as ethnic background, age, income & geographic location.
True/False People who share similar needs and wants and who can purchase your products are called a market.
Understanding ethnic backgrounds and household income is part of market segmentation.
Which economic utility increased when fast food restaurants began accepting credit cards?
Which of the utilities is not directly related to marketing?
Which of the following purchases would most likely be made with discretionary income? a. fruits and vegetables c. underwear and socks a three- bedroom house b. magazine subscriptions d.
Informing, persuading, or reminding potential customers about a product or service is called ____________________.
Retailers offer their customers installment or layaway plans in order to increase the ____________________ utility of their products.
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.
After conducting market research, Whole Breads Inc. decides to introduce a new low carb muffin to increase their sales. What basic marketing strategy applies? ____________________
When demand and production for a product increases in the world of Marketing, what usually decreases? ____________
A combination of geographic, demographic and psychographic data about a group of people can be used to create a customer ____________________.
Information about the values and attitudes that shape consumers' lifestyles is called ____________________.
Expectations that reflect a marketing plans objectives is called a(n) _________________________.
Political, economic, socio-cultural and technological are four areas that make up the _________________________.
The current state of the ____________________ is of interest to all businesses because it will shape both business costs and consumer spending.
Percentage of total sales generated by competing companies
