Chapter Five: Marketing in Small Business

<p>The Societal Marketing Concept (A)</p> Signup and view all the answers

<p>Define the problem and research objectives (B)</p> Signup and view all the answers

<p>Unsought goods (C)</p> Signup and view all the answers

<p>It emphasizes brand loyalty. (B)</p> Signup and view all the answers

<p>Understanding and meeting consumer needs is crucial. (C)</p> Signup and view all the answers

<p>To quickly increase market share (C)</p> Signup and view all the answers

<p>Competition oriented pricing (B)</p> Signup and view all the answers

<p>Define the problem and research objectives (D)</p> Signup and view all the answers

<p>Mark-up pricing (C)</p> Signup and view all the answers

<p>Primary data (A)</p> Signup and view all the answers

<p>The plan is implemented correctly (C)</p> Signup and view all the answers

<p>Distribution channels for products (C)</p> Signup and view all the answers

<p>To extract important findings (C)</p> Signup and view all the answers

<p>Psychological perception of pricing (D)</p> Signup and view all the answers

<p>Zero level channel (D)</p> Signup and view all the answers

<p>Present the findings (A)</p> Signup and view all the answers

<p>Price skimming (C)</p> Signup and view all the answers

<p>Pre-Start-Up Phase (C)</p> Signup and view all the answers

<p>A combination of geographic, demographic, psychographic, and behavioral factors (B)</p> Signup and view all the answers

<p>Access to more extensive market reach (D)</p> Signup and view all the answers

<p>Ensuring product accessibility to customers (A)</p> Signup and view all the answers

<p>Increasing sales of existing products in the current market (C)</p> Signup and view all the answers

<p>Introducing completely new products (C)</p> Signup and view all the answers

<p>Expanding into new market segments while maintaining focal products (D)</p> Signup and view all the answers

<p>The process of determining a value for products or services exchanged (A)</p> Signup and view all the answers

<p>Engaging with competitive pricing to attract customers (A)</p> Signup and view all the answers

<p>To compare products, prices, channels, and promotions with those of competitors (B)</p> Signup and view all the answers

<p>Pricing is one of the 4P's that is most flexible (A)</p> Signup and view all the answers

<p>Entering an industry unrelated to the current one (B)</p> Signup and view all the answers

<p>Collecting everyday information about marketing environment changes (C)</p> Signup and view all the answers

<p>The willingness of customers to pay and costs (A)</p> Signup and view all the answers

<p>Local customer service feedback (A)</p> Signup and view all the answers

<p>To identify weaknesses in competitors and develop stronger marketing campaigns (D)</p> Signup and view all the answers

<p>Taking over a function previously provided by a supplier (B)</p> Signup and view all the answers

<p>A plan outlining how a new venture will compete within its market niche (B)</p> Signup and view all the answers

<p>Strategies focusing on a narrow market niche and enhancing market share within that space (A)</p> Signup and view all the answers

<p>Gaining control over supply chain processes by taking over a supplier’s functions (D)</p> Signup and view all the answers

<p>To identify and satisfy customers’ needs and wants. (A)</p> Signup and view all the answers

<p>Wants for specific products supported by the ability and willingness to buy. (A)</p> Signup and view all the answers

<p>The Production Concept (C)</p> Signup and view all the answers

<p>The consumer's estimate of a product’s capacity to satisfy needs. (C)</p> Signup and view all the answers

<p>Production techniques (A)</p> Signup and view all the answers

<p>Wants are specific desires shaped by social influences, while needs refer to basic satisfactions. (D)</p> Signup and view all the answers

<p>The Product Concept (A)</p> Signup and view all the answers

<p>The total expenditure required to produce and deliver a product. (C)</p> Signup and view all the answers

The effort to identify and satisfy customers' needs and wants. This involves understanding your target audience, their needs, wants, pricing, and competitive landscape.

A state of deprivation of some basic satisfaction. This could be a lack of food, clothing, shelter, safety, etc.

A desire for specific satisfiers of needs, often shaped by social influences. These involve preferences and are not essential for survival.

Wants for specific products that are backed by the willingness and ability to buy them. This means there is a market demand.

Anything that can be offered to satisfy a need or want. Products can be tangible (like a phone) or intangible (like a service).

A consumer's assessment of a product's overall capacity to satisfy their needs.

The amount of money spent on acquiring a product or service.

The act of obtaining a desired product from someone by offering something in return. This usually involves an exchange of value.

A marketing philosophy focused on producing high-quality products, assuming customers value quality and can discern it.

A marketing philosophy that prioritizes marketing and selling efforts, assuming customers need to be persuaded to purchase.

A marketing philosophy centered on fulfilling the needs and wants of target markets better than competitors, prioritizing customer satisfaction.

A marketing philosophy that considers not only customer satisfaction but also the well-being of society and the environment.

The systematic process of collecting, analyzing, and reporting data relevant to specific marketing issues facing a company.

The first step in the marketing research process involves defining the problem and setting specific objectives to be achieved through research.

The second step involves developing a detailed plan to gather the necessary information to address the research objectives.

The third step entails gathering the information based on the planned approach, using various techniques like surveys, interviews, and observations.

Involves gathering and analyzing information to understand the market, identify opportunities, and make informed decisions. This process helps businesses to identify their target market, understand customer needs, and develop effective marketing strategies.

Developing a research plan involves outlining the methodology, data collection techniques, and budget for the research. This plan ensures that the research is conducted in a systematic and efficient manner.

Secondary data refers to pre-existing information that has been collected for other purposes. This data can be readily available from sources like government publications, industry reports, or online databases. This data provides a foundation for understanding the market context.

Primary data is original data collected specifically for the current research purpose. This data is gathered through methods like surveys, interviews, focus groups, or experiments. This data provides insights directly relevant to the research question.

A segment of the market is identified based on characteristics like demographics, geographic location, psychographics, or behavioral patterns. This segmentation strategy helps businesses target their marketing efforts effectively to specific groups of customers.

Understanding the geographic location of potential customers is crucial. This information helps businesses determine the most effective distribution channels and marketing strategies for reaching customers in specific areas.

The final step involves analyzing the collected data, drawing conclusions, and presenting the findings to management. The data provides actionable insights that inform decision-making and guide marketing strategies.

The process of studying competitors to identify their strengths and weaknesses.

The task of gathering and analyzing information that helps managers understand their marketing environment and adjust marketing plans. It includes daily information about developments in the market.

A comprehensive plan outlining how a new business will compete in its chosen market niche. It covers aspects like products, pricing, channels, and promotion.

A type of growth strategy where a company expands by taking over functions previously handled by suppliers or distributors.

A type of vertical growth where a company takes over the functions of its suppliers.

A type of vertical growth where a company takes over the functions of its distributors.

Gathering information and analyzing it to understand market opportunities, penetration strategies, and market development metrics.

Information sources for market intelligence can include existing competitors, trade publications, reports from financial analysts, government data, and potential customers.

The highest possible price a seller can charge for a product.

Setting a lower price than competitors to gain market share and attract customers.

Adding a specific amount to the unit cost to determine the selling price.

Setting a price based on a percentage added to the unit cost.

Considering competitors' pricing strategies as the primary factor in determining the selling price.

A psychological pricing strategy where prices are set slightly below a whole number (e.g., $4.99 instead of $5.00)

The distribution strategy that focuses on getting the product to the customer.

All the activities used to inform and persuade customers about a product or service.

A marketing strategy that focuses on existing products in existing markets, aimed at encouraging current customers to buy more or expanding the market through aggressive marketing efforts.

A growth strategy that expands a firm's products or services into new geographic locations or offers new products/services to existing markets.

A diversification strategy that involves venturing into a new industry related to the current one.

Developing new products or services closely related to existing offerings, targeting the same customer segment.

Expanding your customer base or niche to include new market segments, while maintaining your existing product/service.

A diversification strategy that involves moving into completely unrelated industries.

The actual value assigned to a product or service in an exchange.

A marketing strategy that focuses on setting a price for a product or service, considering factors like cost, customer willingness to pay, and competitor pricing.