Chapter 9
Teaching employees’ new jobs, skills, and more effective ways of doing their present jobs is called
Employee Training
The process of shipping fresh flowers from California to Texas gives ____ utility to the flowers.
Place
What are the three primary utilities used in marketing?
What is Place, Location and Possession.
___ is a group of similar products that differ only in relatively minor characteristics.
Product Line
____ is the marketing and financial value associated with a brand’s strength in a market.
Brand Equity.
Periodically, employees at Southwest Airlines complete satisfaction surveys that management uses to improve employee job satisfaction. This is an example of
Employee Relations
The amount of a product an organization expects to sell during a certain period of time, based on a specified level of marketing effort, is called a
sales forecast
CLV stands for
Customer Lifetime Value
___ consists of all the products the firms offer for sale.
Product Mix
The theory in which motivation is based on the premise that people are motivated to obtain and preserve equitable treatment for themselves.
Equity
A computerized data bank containing information on the skills and experience of all employees is called
skills inventory
One underlying assumption of Theory Y
people dislike work
The major components of a market plan
resources, objectives, marketing, strategy, and implementation and control effects
The seven phases of new-product development are
Idea generation, screening, concept testing, business analysis, product development, test marketing, commercialization
A firm attempting to reduce the size of its workforce may use several approaches. The approach most likely to be saved as a last resort is
firing
The reinforcement theory says that people are motivated by
receiving rewards or punishment based on their behavior
The five different levels in Maslow’s hierarchy of needs are
(physiological, safety, social, esteem and self-actualization)
__ consist of purchasers and/or household members who intend to consume or benefit from the purchased products and who do not buy products to make profits.
Consumer Markets
____ is a brand owned by a manufacturer.
Manufacturer
___ is a group of similar products that differ only in relatively minor characteristics
Product Line
A firm emphasizing long-term employment, collective decision making, individual responsibility, slow evaluation and promotion, informal control, moderately specialized career paths, and a holistic concern for employees is known as
Type Z
Mike has an annual income of $1 million. Fernanda has an annual income of $100,000. Their buying behaviors differ because of their ability to buy, called their ___, which is largely determined by income.
Buying Power
The effects of economic conditions on customers ability and willing to buy is an example of environmental forces
Economic forces
The five categories of pricing strategies
new-product strategies, differential pricing, psychological pricing, product-line pricing, and promotional pricing
The six steps involved with the marketing research process
define the problem, make a preliminary investigation, plan the research, gather factual information, interpret the information, and reach a conclusion