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60 Multiple choice questions

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