BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE
Marketing
the activity, set of institutions and processes for creating, communicating, delivering,
and exchanging offerings with value for customers, clients, and society
The Production Era
Produce as much as you can, because there is a limitless market for it, limited
production capability=high demand
Selling Era
business philosophy went from producing to selling, placing an emphasis on selling and
advertising to persuade customers to buy products
Marketing Concept Era
After WWII, a consumer spending boom developed. Businesses knew they needed to
be responsive to consumers if they wanted their business.
customer orientation
meet customers' needs, find out what they want and provide it
service orientation
customer satisfaction by everyone in the organization
Customer Relationship Era
Learning as much as you can about customers and doing what you can to satisfy or
exceed their expectations
The Emerging Mobile/On-Demand Marketing Era
consumers are demanding relevant information exactly when they want it, without all
unwanted messages
marketing mix
four factors that go into a marketing program
Product, Place, Price, Promotion
What are four factors that go into a marketing program?
Concept testing
developing an accurate description of your product and asking people if they like the
idea
test marketing
process of testing products among potential
brand name
a word, letter, or group of words or letters that differentiates one seller's goods and
services from those of competitors
promotions
consists of all the techniques sellers use to inform people about and motivate them to
buy their products or services
marketing research
analyzing markets to determine opportunities and challenges, and to find the
information they need to make good decisions
secondary data
information that has already been compiled by others and made available through
books, journals, and online sources
, environmental scanning
process of identifying factors that can affect marketing success
consumer market
all the individuals or households that want goods and services for personal consumption
or use and have the resources to buy them
Business-to-business (B2B)
consists of all the individuals and organizations that want goods and services to use in
producing other goods and services to sell
marketing segmentation
process of dividing the total market into groups with similar characteristics
target marketing
selecting which groups an organization can serve profitably
geographic segmentation
focusing on one or two regions where you can successfully sell your product, dividing a
market by cities, counties, regions, or states
demographic segmentation
dividing the market by age, income, education level, race, population, religion,
occupation, gender
psychographic segmentation
dividing the market by studying the group's values, attitudes, interests, personalities,
motives, lifestyles, (ex: cliques-jocks and nerds)
benefit segmentation
dividing the market into segments according to the different benefits that consumers
seek from the product: determining which products benefit's your target market's
preferences and using those benefits to promote a product
niche marketing
identifying small but profitable market segments and designing or finding products for
them
one-to-one marketing
developing a unique mix of goods and services for each individual customer
relationship marketing
keeping individual customers over time by offering them new products that exactly meet
their requirements
distributed product development
handing off various parts of your innovation process-often to a company overseas
total product offer
consists of everything consumers evaluate when deciding whether to buy something
product line
a group of products that are physically similar or intended for a similar market
product mix
the combination of all product lines offered by a manufacturer
product differentiation
the creation of real or perceived product differences
convenience goods
products the consumer wants to purchase frequently and with minimal effort( candy,
gum, snacks)
Marketing
the activity, set of institutions and processes for creating, communicating, delivering,
and exchanging offerings with value for customers, clients, and society
The Production Era
Produce as much as you can, because there is a limitless market for it, limited
production capability=high demand
Selling Era
business philosophy went from producing to selling, placing an emphasis on selling and
advertising to persuade customers to buy products
Marketing Concept Era
After WWII, a consumer spending boom developed. Businesses knew they needed to
be responsive to consumers if they wanted their business.
customer orientation
meet customers' needs, find out what they want and provide it
service orientation
customer satisfaction by everyone in the organization
Customer Relationship Era
Learning as much as you can about customers and doing what you can to satisfy or
exceed their expectations
The Emerging Mobile/On-Demand Marketing Era
consumers are demanding relevant information exactly when they want it, without all
unwanted messages
marketing mix
four factors that go into a marketing program
Product, Place, Price, Promotion
What are four factors that go into a marketing program?
Concept testing
developing an accurate description of your product and asking people if they like the
idea
test marketing
process of testing products among potential
brand name
a word, letter, or group of words or letters that differentiates one seller's goods and
services from those of competitors
promotions
consists of all the techniques sellers use to inform people about and motivate them to
buy their products or services
marketing research
analyzing markets to determine opportunities and challenges, and to find the
information they need to make good decisions
secondary data
information that has already been compiled by others and made available through
books, journals, and online sources
, environmental scanning
process of identifying factors that can affect marketing success
consumer market
all the individuals or households that want goods and services for personal consumption
or use and have the resources to buy them
Business-to-business (B2B)
consists of all the individuals and organizations that want goods and services to use in
producing other goods and services to sell
marketing segmentation
process of dividing the total market into groups with similar characteristics
target marketing
selecting which groups an organization can serve profitably
geographic segmentation
focusing on one or two regions where you can successfully sell your product, dividing a
market by cities, counties, regions, or states
demographic segmentation
dividing the market by age, income, education level, race, population, religion,
occupation, gender
psychographic segmentation
dividing the market by studying the group's values, attitudes, interests, personalities,
motives, lifestyles, (ex: cliques-jocks and nerds)
benefit segmentation
dividing the market into segments according to the different benefits that consumers
seek from the product: determining which products benefit's your target market's
preferences and using those benefits to promote a product
niche marketing
identifying small but profitable market segments and designing or finding products for
them
one-to-one marketing
developing a unique mix of goods and services for each individual customer
relationship marketing
keeping individual customers over time by offering them new products that exactly meet
their requirements
distributed product development
handing off various parts of your innovation process-often to a company overseas
total product offer
consists of everything consumers evaluate when deciding whether to buy something
product line
a group of products that are physically similar or intended for a similar market
product mix
the combination of all product lines offered by a manufacturer
product differentiation
the creation of real or perceived product differences
convenience goods
products the consumer wants to purchase frequently and with minimal effort( candy,
gum, snacks)
