CUSTOMER
When you split a larger population into more specific (smaller) customer groups this is referred to as Market S______________
Segmentation
Name the two largest and most direct competitors in the soda market.
Coke and Pepsi
What is the name of the company that decided to use nail polish as a brand extension.
Kentucky Fried Chicken
The use of mass media to send a message about a product or service is referred to as ______________
Advertising
When a company distributes its product in as many places as possible this is referred to as: ______ distribution.
Intensive
When someone purchases a diamond engagement ring, their buying motive would likely be classified as: _________________
Emotional Motive
What is it called when a marketer creates a visual display of their company according to two attributes that are important to the consumers of their product? A ____________ ____________
Perceptual Map
What did Burger King call its new vegan burger?
The Impossible Burger
Which Jet Manufacturer has had their planes grounded due to software problems and two related crashes?
Boeing
When a company prices its products at 9.99 or 11.99, this is referred to as __________ pricing.
Psychological
In the consumer decision-making process, the groups or organizations from which you get your values are referred to as __________ groups.
Reference
What does the S W O T stand for in SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
In class we discussed a new Dyson product. What was the product called? The Dyson
_________________ ________________
Supersonic Hairdryer
Which product manufacturer used a lot of dachshunds in their 2016 Superbowl ad which we watched?
Heinz
The final business organization in an indirect channel of distribution for consumer products is referred to as a ________________
Retailer
Name the 5 steps in the consumer decision making process IN ORDER
1) Need Recognition, 2) Information Search, 3) Alternative Evaluation, 4) Purchase, 5) Post-Purchase Evaluation
We watched an advertisement for Budweiser called "Not Backing Down" where Clydesdale (large horses) and heavy bass music were used. What was the NAME of the primary competitive positioning strategy USED in this ad?
Product User Positioning
In class we saw a new product by Pedigree (wearable technology for dogs). What was this product called? The ____________ ________________
"Posting Tail"
NAME the 4 elements of the PROMOTIONAL mix.
1) Advertising, 2) Personal Sales, 3) Sales Promotion, 4) Publicity
A product's price is increased by 10% and the firm's total revenue increases by 15%. So demand for this product must be ______________ (specific terminology from price unit)
Inelastic
Name the 5 levels of Maslow's Hierarchy IN ORDER.
1) Physiological, 2) Safety/Security, 3) Social/Love, 4) Esteem/Status, 5) Self Actualization
NAME and (briefly) describe the 3 main SEGMENTATION strategies used to split up a larger market.
1) Geographic (based on where you live), 2) Demographic (based on age, income, gender, etc.), 3) Psychographic (based on personality, hobbies, interests)
Name and describe (briefly) the "3 levels of product".
1) Basic Product = undifferentiated from other products a burger and a bun
2) Enhanced Product = the basic product plus features, options, packaging, branding = special sauce, attractive package, et.
3) Extended Product = complementary products and services = fries, etc.
Name the 7-steps of the communication process IN ORDER (1 of the steps does not have to be in order because it can go in multiple places)
1) Sender, 2) Encoding, 3) Channel, 4) Receiver, 5) Decoding, 6) Feedback, 7) Noise (anytime after channel)
What is the name of the DRUG whose price was increased by 5000%, subsequently resulting in a federal antitrust lawsuit against the manufacturer?
Daraprim