Marketing Research Quiz: Chapters 13-15

A marketing strategy focusing on understanding and satisfying customer needs over time.

A marketing process where a product idea is presented to potential customers for feedback on its appeal.

A series of steps involved in gathering and analyzing data to solve marketing problems.

The combination of factors (product, price, place, promotion) a firm uses to market its products.

The benefits a product provides minus its cost.

A business philosophy based on customer satisfaction, service, and profit.

A historical marketing era (early 1900s) focused on production efficiency.

Define the problem and determine the current situation.

All the factors that consumers consider when deciding whether to buy a good or service, including features, price, packaging, brand image, and service.

Making your product stand out from the competition by offering unique features, benefits, or experiences.

Factors like supply, demand, and competition that influence consumer buying decisions.

Products that consumers buy frequently and with minimal effort, often purchased at a convenience store.

Products that consumers are willing to spend extra effort to find and purchase, often due to their uniqueness or high quality.

Products that consumers are unaware of or haven't thought of buying, often requiring marketing effort to create interest.

Continuously monitor and adapt products, policies, and services based on evolving customer needs and desires.

Packaging plays a crucial role in marketing by promoting sales and influencing consumer choices.

When consumers intend to purchase a product, they weigh the benefits it offers, considering its features, quality, and price, and its intangible aspects like brand reputation and satisfaction.

A shopping good or service is one that consumers compare prices and features of different brands before purchasing, such as appliances, clothing, or travel services.

Packaging is used to attract the attention of the buyer, making the product visually appealing and highlighting its features and benefits.

A specialty good or service is one that consumers are willing to go to great lengths to find and purchase, often because it has unique features or a strong brand reputation.

A wholesaler is a marketing intermediary that purchases products from manufacturers and resells them to other businesses, such as retailers.

A retailer is a marketing intermediary that sells products directly to ultimate consumers, such as grocery stores, department stores, or online retailers.

Organizations that assist in the flow of goods and services from producers to consumers, such as wholesalers, retailers, distributors, and agents.

A channel of distribution is the path that products take as they move from producers to final users, including all the intermediaries involved in the process.

A form of advertising where companies pay to place advertisements in specialized industry magazines to reach target audiences.

Shifting from a transactional customer approach to building strong relationships with customers by focusing on their needs and providing value.

Direct, face-to-face interaction with potential customers to present and promote products or services.

A potential customer who has a need for a product or service, the authority to buy, and is willing to listen to a sales message.

Identifying and qualifying potential customers in the B2B selling process.

The stage in the selling process where a salesperson gathers information about a potential customer's wants and needs.

The initial contact with a potential customer, aiming to build rapport and establish credibility.

Successful selling involves building long-term relationships with customers by understanding their needs and providing value.

Retailers sell directly to consumers for personal use, while wholesalers sell to businesses or other retailers who then sell to consumers.

Form utility refers to the value added to a product by changing its physical characteristics to make it more useful or desirable for consumers.

Merchant wholesalers independently own and take ownership of the goods they handle.

Discount stores are a type of retail store that offer lower prices by keeping operating costs low and selling products at a lower margin.

Outlet stores often sell discontinued or flawed merchandise directly from the manufacturer at a discount.

Selective distribution involves selling products through a chosen group of retailers in a specific area, rather than all possible retailers.

Online retailing involves selling goods and services directly to consumers through the internet.

The strategic process of managing communication between an organization and its publics to build and maintain mutually beneficial relationships.

The process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information.

Any event that changes the financial position of a business, involving an exchange of value.

To provide useful financial information for decision-making by stakeholders, including owners, managers, creditors, and investors.

Accounting information benefits various stakeholders, such as managers, owners, creditors, employees, and government agencies.

Accountants not only record and analyze data but also interpret the results to provide meaningful insights.

The final step in a sales process where a customer commits to purchasing a product or service.

Addressing customer concerns and doubts during the sales process to overcome resistance and secure agreement.