60 Multiple choice questions
name, term, design, symbol or any other feature that identifies your
product as different from those of other products or companies in the
- dividing customers up by the benefit they get from using the product or service.
product that takes little thought, is routine, purchased often, appeals
to a large target market, the consumer purchases with little planning
and has wide spread availability (gum, candy, soda)
- to break the market into sections by climate, density, market size, world or states (snow shovels, wave runners, etc)
- a type of product that requires consumer research and comparison of brands
- when a company uses a strategy to showcase why their product characteristics are superior to their competition (kia soul)
- Convenience, shopping, speciality & unsought (CSSU)
- a process that affects potential customers' perception of a brand, product or company.
- dividing customers by how much of the product is used or consumed
- the place a product, company or brand occupies in consumers' minds relative to the competition's offerings
- capital goods such as large machines, mainframe computers and buildings (personal selling)
words or terms that help customers and prospects understand why they
should use the product and the company values, or what the company
- The amount of profit, or how profitable a product is
where consumers are concerned with brand image and the quality of their
purchases (price is usually higher: Harley-Davidson, BMW)
- Age, income, gender, ethnic background and family life cycle
- a principle holding that 20 percent of all customers generate 80 percent of the demand
- buy finished products and then resell them for a profit
- warranties, packaging, after-sales follow-up material, et cetera.
- the world's largest customer with over 600 million purchases made a year
- a series of stages determined by a combination of age, marital status and the number of children in a household.
- to target based on every individual factor available.
- size, product use, location & type of company (sult)
- substantial, identifiable, measurable, accessible and responsive (simar)
- the improvement of existing products or the introduction of new products into a market.
customers who research all supplies through bid proposals and then make
a careful decision (must spend more time and expense convincing
- it allows a business to precisely reach a consumer with specific needs and wants.
are perceived by consumers as very similar in nature and the final
purchase is usually determined on the lowest price. (appliances)
the ages of 9 and 12 and have enormous spending potential due to their
parents providing them with a large disposable income.
- a products purchased to satisfy individual wants or needs.
- products that the buyer does not actively seek out to purchase (life insurance)
- to ensure they can continually penetrate existing markets and potentially enter new one
- marketing of goods and services to individuals and companies for reasons other than personal consumption
- targeting everyone
- born after baby boomer; many in this segment are not loyal to brands and are turned off by most media advertising.
- determine if the development of the product is worth the return by evaluate the efficiency or attractiveness of an investment.
- the commercial value that can be put on a brand.
comparison shop, not just for the lowest price, but for the brand or
image that works for them (brands, features and quality are important;
that are usually inexpensive and need to be purchased frequently like
paper towels, pencils, paper and staples.(price is key)
in manufacturing other products but need to undergo some type of
processing, like corn syrup and plastics (high quality price &
- how the company buys goods and services
subgroup of people or organizations that have one or more
characteristics in common that cause them to have the same product
- finished items (or products close to being finished) that are used to make other products like car tires
- unprocessed or agricultural products such as corn, fruit, veggies and fish. (fixed prices)
- the marketing strategy is dependent upon targeting an entire mass market.
organizations take a competitor's product and bring it into their
offices to directly compare it to the products they produce
- change consumers' perceptions in relation to the competition
- products that are less expensive, and examples include copy machines or power tools (standardized offering & good ads)
- business customers who place an order with the first satisfactory supplier. (must act quick to get sale)
- people born between the years of 1946 and 1964.
- segmenting a market based on personality, motives and lifestyles
organizations that purchase goods and services to produce other
products, to incorporate into other products or to facilitate the daily
operation of the company.
- people or organizations who have the ability to purchase a product or service.
companies to gather answers to specific questions about their product
and the product segment so they can improve their products where needed
(get tabulated data)
- how companies use a product
- graphical way of representing two or more dimensions or variables that are represented in customers' minds
- original equipment manufacturers
- expense items that usually do not end up as part of the final product (consulting, legal)
- the amount of the market a specific product has as it relates to units sold.
- a product used to manufacture other goods or services to resell.