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89 Multiple choice questions

  1. Form of marketing in which companies ask customers or potential customers for permission to contact them or send them marketing materials.
  2. Branding strategy in which a manufacturer sells one or more products under its own brand names.
  3. Value of a brand generated by a favorable consumer experience with a product.
  4. Sales approach in which a company provides an incentive for potential customers to buy something.
  5. Marketing consulting firm that develops and executes promotional campaigns for clients.
  6. Practice of setting a price artificially high to foster the impression that it is a product of high quality.
  7. Pricing strategy that bases the selling price of a product on its cost plus a reasonable profit.
  8. Product with no branding information attached to it except a description of its contents.
  9. Pricing strategy that bases the price of a product on how much people are willing to pay for it.
  10. SBA program in which a businessperson needing advice is matched with a member of a team of retired executives working as volunteers.
  11. Group of businesses that compete with one another to market products that are the same or similar.
  12. Pricing strategy in which a seller generates early profits by starting off charging the highest price that customers will pay.
  13. Activity needed to get a product from where it was manufactured to the customer.
  14. Company's portion of the market that it has targeted.
  15. Method of determining the level of sales at which the company will break even (have no profit or loss).
  16. Physical model of a new product.
  17. Group of buyers or potential buyers who share a common need that can be met by a certain product.
  18. Process of dividing consumers by behavioral variables, such as attitude toward the product, user status, or usage rate.
  19. Buyers who want a product for use in making other products.
  20. Plan for selecting a target market and creating, pricing, promoting, and distributing products that satisfy customers.
  21. Entire range of activities involved in delivering value to customers.
  22. Process of dividing a market according to such variables as climate, region, and population density.
  23. Form of business ownership in which a franchiser (a seller) grants a franchisee (a buyer) the right to use a brand name and to sell its products or services.
  24. Information used in marketing decisions that has already been collected for other purposes.
  25. Wholesaler or retailer who helps move products from their original source to the end user.
  26. Grant of the exclusive right to produce or sell a product, process, or invention.
  27. The practice of including social media as part of a company's marketing program.
  28. Building used for the temporary storage of goods.
  29. Three factors that customers consider in determining the value of a product: quality, service, and price.
  30. All businesses whose primary purpose is to provide a service rather than make tangible goods.
  31. Flow that begins with the purchase of raw materials and ends in the sale of a finished product to an end user.
  32. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
  33. Process of integrating all the activities in the supply chain.
  34. Intermediaries who buy goods from producers and sell them to consumers.
  35. Narrowly defined group of potential customers with a fairly specific set of needs.
  36. Intermediaries who buy goods from suppliers and sell them to businesses that will either resell or use them.
  37. Information on the package of a product that identifies the product and provides details of the package contents.
  38. Costs that vary, in total, as the quantity of goods sold changes but stay constant on a per-unit basis.
  39. Paid, nonpersonal communication designed to create an awareness of a product or company.
  40. Formal document describing a proposed business concept, description of the proposed business, industry analysis, mission statement and core values, a management plan, a description of goods or services, a description of production processes, and marketing and financial plans.
  41. Decision process that individuals go through when purchasing or using products.
  42. Individual who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.
  43. Container that holds a product and can influence a consumer's decision to buy or pass it up.
  44. All activities involved in getting the right quantity of a product to the right customer at the right time and at a reasonable cost.
  45. Practice of pricing products a few cents (or dollars) under an even number.
  46. One-on-one communication with customers or potential customers.
  47. Combination of product, price, place, and promotion (often called the four Ps) used to market products.
  48. Individuals from different functional areas assigned to work together throughout the product development process.
  49. All businesses whose primary purpose is to produce tangible goods.
  50. Word, letter, sound, or symbol that differentiates a product from similar products on the market.
  51. Pricing strategy that determines how much to invest in a product by figuring out how much customers will pay and subtracting an amount for profit.
  52. SBA program in which centers housed at colleges and other locations provide free training and technical information to current and prospective small business owners.
  53. Government agency that helps prospective owners set up small businesses, obtain financing, and manage ongoing operations.
  54. Buyers who want a product for personal use.
  55. Basic philosophy of satisfying customer needs while meeting organizational goals.
  56. Word, symbol, or other mark used to identify and legally protect a product from being copied.
  57. Statement describing an organization's purpose or mission—its reason for existence—and telling stakeholders what the organization is committed to doing.
  58. Excess of revenue per unit over variable cost per unit.
  59. Something that can be marketed to customers because it provides a benefit and satisfies a need.
  60. Process of physically moving or carrying goods during production, warehousing, and distribution.
  61. Stage in the product development process during which employees are trained in necessary production processes and new products are tested.
  62. Marketing that interrupts people to get their attention (with the hope they will listen to the ad), such as TV advertising.
  63. Process of dividing the market into groups based on such variables as age and income.
  64. According to the SBA, a business that is independently owned and operated, is organized for profit, and is not dominant in its field.
  65. Amount that a company earns on each unit sold.
  66. Specific group of customers who should be interested in your product, have access to it, and have the means to buy it.
  67. Product made by a manufacturer and sold to a retailer who in turn resells it under its own name.
  68. Four stages that a product goes through over its life: introduction, growth, maturity, and decline.
  69. Overview emphasizing the key points of a business plan to get the reader excited about the business's prospects.
  70. Number of sales units at which net income is zero.
  71. Factors external to the firm that present threats and opportunities and that require shifts in marketing plans.
  72. Pricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share.
  73. Costs that don't change when the amount of goods sold changes.
  74. Consumer preference for a particular brand that develops over time based on satisfaction with a company's products.
  75. Process of classifying consumers on the basis of individual lifestyles as reflected in people's interests, activities, attitudes, and values.
  76. Location where products are received from multiple suppliers, stored temporarily, and then shipped to their final destinations.
  77. Form of promotion that focuses on getting a company or product mentioned in a newspaper, on TV, or in some other news media.
  78. Series of activities by which a product idea is transformed into a final product.
  79. The practice of sending out messages to a vast audience of anonymous people.
  80. Description of what a new product will look like and how it will work.
  81. System for reducing inventories and costs by requiring suppliers to deliver materials just in time to go into the production process.
  82. Statement of fundamental beliefs describing what's appropriate and important in conducting organizational activities and providing a guide for the behavior of organization members.
  83. Strategy for retaining customers by gathering information about them, understanding them, and treating them well.
  84. Various ways to communicate with customers, including advertising, personal selling, sales promotion, and publicity.
  85. Newly collected marketing information that addresses specific questions about the target market.
  86. Process of collecting and analyzing data that's relevant to a specific marketing situation.
  87. Communication activities undertaken by companies to garner favorable publicity for themselves and their products.
  88. Group of individuals brought together for the purpose of asking them questions about a product or marketing strategy.
  89. Group of potential customers with common characteristics that influence their buying decisions.