review – fall 2013 true/false in business, a marketing concept will list information such as...

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