Ch. 10
this type of consumer buying decision is made without any thought, planning or research
What is impulse?
the price that is published in a catalog or on a website
What is list price?
non-personal communication with potential customers of the target market
What is advertising?
the type of approach that starts with a simple "Good morning!" or "How are you today?"
What is greeting?
T/F: the price of a product must cover production and selling costs, be reasonable for customers, and generate a worthy level of profit.
What is TRUE?
breaking customer groups into smaller sections in order to determine the characteristics of your target market
What is marketing segmentation?
elements of products than can be added on to the product and do not come standard
What are options?
the type of marketing in which customers are expected to interact in some way
What is participatory?
face-to-face conversations with customers in hopes of making a sale
What is personal selling?
T/F: The three elements of the marketing concept are customer satisfaction, profit, and total industry approach.
What is FALSE? (total COMPANY approach)
the four Ps of marketing
What is product, price, place, promotion?
a characteristic of services, where each service may be done differently for each customer that is being served
What is variable?
the three things promotions are used to do
What is inform, persuade, and remind?
trying to build loyalty with customers by being friendly and reliable through multiple transactions, especially with B2B customers
What is relationship selling?
T/F: A direct channel of distribution is from the retailer to the consumer.
What is FALSE? (producer to consumer)
for consumers, this type of influence can come from the weather or one's mood, however this type of influence in businesses comes from the economy and laws
What is situational?
the four stages of the product life cycle (in order)
What is introduction, growth, maturity, decline?
the words that make up the acronym AIDA
What is Attention, Interest, Desire, Action?
the three ways to determine what a customer needs or wants
What is observe, question, listen?
T/F: Behavioral segmentation is based off of how customers act in their daily lives and what their preferences of choice are.
What is FALSE? (EITHER psychographic segmentation OR how customers interact with products)
the process of gathering information about markets and customers, the analyzing it to find trends
What is market information management?
a company that organizes shipments of products domestically or internationally
What is freight forwarder?
a combination of multiple elements of the promotional mix that have a common theme with a unified message
What is integrated marketing communications?
the customer service mindset
What is "the customer always comes first?"
T/F: The pre-approach to the sales process includes extensive product training and identifying prospects.
What is TRUE?