Product Classification
A product purchased to satisfy personal and family needs.
Consumer product.
What are the 4 P's of Marketing?
Product, Price, Promotion, Place(ment)
During the _________________ stage of a product's life, sales increase but the rate of increase slows and eventually declines.
Maturity
By Abram's Company buying products to use in the manufacture of other products, it has demonstrated that it is part of the _________________ .
Producer Market
Name, term, symbol, design, or any other combination that identifies a seller's products and distinguishes it from other seller's products, is called _______.
Brand
Behavior modification as applied to business management stems from research related to _______.
reinforcement theory
_____________ is basic material that becomes part of a physical product.
Raw Material
A pair of shoes is given _________________ when it is shipped from a factory to a department store.
Place utility
A(n) _________________ is a group of similar products that differ only in relatively minor characteristics.
Product Line
This is not an obtainable goal for a pricing strategy?
Profit Maximization
When a person goes to a grocery store to purchase toilet paper and buys the package that is labeled "Toilet Tissue" with no other designations, what brand of toilet tissue did the person purchase?
Generic Brand
Job enrichment gives employees more variety, and responsibility, which tends to increase their motivation and satisfaction. This relates most to _______.
Herzberg’s motivation-hygiene theory
Facilitation of production and operation, but does not become part of the product, is called _________.
Supply
The purpose of a _________________ is to establish a unified vision for an organization and to communicate this vision among the firm's employees.
Marketing Plan
When business people discuss all of the products a firm has to offer for sale, what are they referring to...
Product Mix
This type of pricing strategy is used when a company includes the cost of delivery in the pricing strategy.
Geographic Pricing
The presentation of information on a product or its package is called _______ .
A corporate culture is generally defined as the _______.
inner rituals, traditions, processes, and values of a firm
A relatively inexpensive, frequently purchased item for which buyers only exert minimal effort to procure.
Convenience Product
When considering the external marketing environment, organizations must consider _________________ , which is the actions of competitors who are in the process of implementing their own marketing plans.
Competitive Forces
When Apple changed the iPhone from an iPhone 5c, to iPhone 5s, to iPhone 6, and iPhone 7, it was doing this, to extend the life of the iPhone.
Product Modification
_________________ is an important step of the marketing process because it involves collecting and analyzing data on what consumers want and need, their consumption habits, trends, and changes in the marketing environment.
Marketing Research
When a customer is searching for their preferred or familiar product brand in a store and cannot find it, they will often purchase an alternate brand that they are aware of due to _________________ .
Brand Recognition
This theory contends that employees are motivated to achieve goals that they and their managers establish together.
Goal-setting theory
_________________ is standardized equipment used in a firm's production or office activities and is usually purchased routinely with less negotiation.
Accessory Equipment
Managers rely on _________________ to purchase raw materials, schedule production, secure financial resources, consider plant or equipment purchases, plan inventory levels, and hire personnel, therefore they must be accurate.
Sales Forecasts
The stage of the product life-cycle is the product in when customers' acceptance and awareness of a product are low but sales rise gradually as a result of promotion and distribution.
Introduction
When one unit within an organization sells a product to another unit and bases the price charged on the cost of the product plus other costs, the seller is using this type of pricing.
Transfer Pricing
When determining the _________________ a company considers cost, then number of units per package, consistency, promotional value, the needs of intermediaries (such as shippers), and environmental concerns.
Package Design
The theory that employees are motivated to achieve and receive rewards that are proportionate to their contribution is called _______.
equity
A kind of product a buyer considers purchasing when the item is expensive and for personal use, and the buyer reviews brochures for the product, searches information about the product on-line, compares products, and reviews warranties between different stores and brands.
Shopping product
A business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives is most often called the _________________ .
Marketing Concept
The creation of a new product goes through several stages. At the _________________ phase, a product idea is presented to a sample of potential buyers through a written or oral description to determine their attitudes and initial buying intentions.
Concept Testing
When a company wants to obtain the highest possible profits while its product is new and novel, it will often maximize the price of the product; using this pricing strategy.
Price Skimming
A brand name or brand mark that is registered with the U.S. Patent and Trademark Office, and thus legally protected from use by anyone except the owner is called _________.
Trademark
Under Herzberg's theory, when _______ exist in the work environment, they reduce dissatisfaction; when they are lacking, they do function as dissatisfiers.
hygiene factors