Podcast
Questions and Answers
Which of the following is NOT a major influence on Business Buyer Behavior?
Which of the following is NOT a major influence on Business Buyer Behavior?
What is the most popular basis for segmenting customer groups?
What is the most popular basis for segmenting customer groups?
Which method involves screening a large number of product ideas against an organization's objectives?
Which method involves screening a large number of product ideas against an organization's objectives?
What does behavioral segmentation divide buyers based on?
What does behavioral segmentation divide buyers based on?
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What is the term for the way a product is perceived in the minds of consumers?
What is the term for the way a product is perceived in the minds of consumers?
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Which of the following describes psychographic segmentation?
Which of the following describes psychographic segmentation?
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What is the definition of the term 'product' in marketing?
What is the definition of the term 'product' in marketing?
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What does intensive distribution mean?
What does intensive distribution mean?
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What is the purpose of the international monetary system?
What is the purpose of the international monetary system?
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Which currency was considered the most important from 1821 to 1918?
Which currency was considered the most important from 1821 to 1918?
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What does the term 'trade' refer to in an economic context?
What does the term 'trade' refer to in an economic context?
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What are limitations of exporting often constrained by?
What are limitations of exporting often constrained by?
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What does the eclectic paradigm argue regarding foreign direct investment?
What does the eclectic paradigm argue regarding foreign direct investment?
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What was the view of Anglo-Saxon countries regarding the relationship between the state, market, and civil society?
What was the view of Anglo-Saxon countries regarding the relationship between the state, market, and civil society?
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Which economic theory refers to the government promoting exports and discouraging imports to accumulate wealth?
Which economic theory refers to the government promoting exports and discouraging imports to accumulate wealth?
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What does the term 'self-reference criterion' imply in decision-making?
What does the term 'self-reference criterion' imply in decision-making?
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What is the concept that describes a country exporting goods and services for which it is more productive than other countries?
What is the concept that describes a country exporting goods and services for which it is more productive than other countries?
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Which theory was developed by Eli Heckscher and Bertil Ohlin regarding a country's comparative advantage?
Which theory was developed by Eli Heckscher and Bertil Ohlin regarding a country's comparative advantage?
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What describes a firm's approach to address social or environmental problems by doing the minimum required legally?
What describes a firm's approach to address social or environmental problems by doing the minimum required legally?
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Which term refers to the costs associated with negotiating, monitoring, and enforcing a contract?
Which term refers to the costs associated with negotiating, monitoring, and enforcing a contract?
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What occurs when a firm directly invests in new facilities to produce or market in a foreign country?
What occurs when a firm directly invests in new facilities to produce or market in a foreign country?
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Which concept refers to knowledge spillovers when companies in the same industry are located in close proximity?
Which concept refers to knowledge spillovers when companies in the same industry are located in close proximity?
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What term is used to describe an unconscious reference to one's own cultural values when making decisions?
What term is used to describe an unconscious reference to one's own cultural values when making decisions?
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Which term describes the evolution of marketing strategies over time?
Which term describes the evolution of marketing strategies over time?
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Study Notes
Marketing Management
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New Market Development:
- Influences on Business Buyer Behavior: International is NOT a major influence.
- E-commerce: Means by which products are sold online to business customers.
- Channel Length: Number of levels in a distribution channel.
- Demographic Segmentation: Most popular method, segments based on needs, wants, and usage.
- Psychographic Segmentation: Dividing by social class, lifestyle, or personality characteristics.
- Product Positioning: How consumers perceive a product relative to competitors.
- Behavioral Segmentation: Dividing based on consumer knowledge, attitudes, uses, or responses.
- Product: Anything offered to a market to satisfy needs and wants.
- New Product Development: Creating original products or improvements.
- Idea Screening: Eliminating product ideas based on objectives, policies, feasibility, and financial viability.
- Behavioral Segmentation Determinants: Marital status is NOT a determinant.
- Concept Testing: Presenting the product concept to consumers for feedback.
- Segmentation: Dividing market into segments with distinct needs, typically requiring separate marketing strategies.
- Intermediaries: Experts in displaying, merchandising, and providing convenient shopping locations.
- Intensive Distribution: Using all available outlets to distribute a product.
International Marketing
- Ethics: Individual's beliefs about right or wrong decisions.
- Corporate Social Responsibility (CSR): Obligations an organization has to protect and enhance society.
- International Monetary System: Rules for valuing and exchanging currencies.
- Balance of Payments: Records of international transactions, indicating a country's economic health.
- Gold Standard: Countries agree to trade currencies for gold.
- British Pound: Most important currency between 1821 and 1918.
- Anglo-Saxon Approach: State, market, and civil society are viewed separately and competitively.
- Trade: Voluntary exchange of goods, services, or money.
- International Trade: Trade between residents of different countries.
- Limitations of Exporting: Transportation costs and trade barriers can limit exporting strategies.
- Internationalization Theory: Market imperfections and related issues constrain exporting.
- Eclectic Paradigm: Additional factors influencing foreign direct investment alongside traditional factors.
- Offshore Production: Home country concerns about negative economic effects of international production.
- Self-Reference Criterion: Unconsciously using one's own culture as a standard for judgment.
- Mercantilism: Promote exports, discourage imports to increase gold holdings.
- Protectionists: Advocates of mercantilist policies.
- Absolute Advantage: Focus on exporting products where a country has higher productivity.
- Comparative Advantage: Focus on exporting products in which a country has a greater relative productivity than other countries.
- Heckscher-Ohlin Theory: Country comparative advantage is due to relative factor endowments.
- Product Life Cycle Theory: Describes the evolution of marketing strategies.
- New Product Stage: Firm introduces a new product in the domestic market that fulfills a need.
- Obstructionist: Minimum corporate social responsibility.
- Defensive: Meet legal requirements and focuses on profit generation.
- Accommodative: Meets ethical and legal requirements and may exceed minimum expectations.
- Corporate Social Audit: Thorough analysis of company social performance.
- Transaction Costs: Costs associated with negotiating, monitoring, and enforcing contracts.
- Foreign Direct Investment (FDI): Investment in facilities for production/marketing in a foreign country
- Gross Fixed Capital Formation: Summary of capital invested in infrastructure (factories, etc).
- Externalities: Knowledge spillovers from companies sharing a geographic location.
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Description
This quiz focuses on key concepts in marketing management, particularly in new market development. It covers topics such as buyer behavior influences, e-commerce, various segmentation methods, and product positioning strategies. Test your knowledge on how to effectively develop and position new products in the market.
