Marketing
The core of the market concept
What is Customer Satisfaction?
The process of classifying people who form a given market into smaller groups.
What is market segmentation?
What is charged for something that is a product or a service
What is price?
The manufacturing of a product, using raw materials is an example of _______ utility.
What is form?
Another name for place which involves the physical distribution of a good
What is logistics?
The four P's of the Marketing Mix
What are Product, Price, Place, and Promotion?
Cajun gumbo soup for Louisiana and nacho cheese soup for Texas are examples of this type of segmentation.
What is geographic segmentation?
This type of price policy tries to sell the top of the demand curve utilizing a high price, before aiming at more price-sensitive consumers
What is price skimming?
The first step in undertaking a market research project
What is define the problem?
The order of physical distribution from manufacturer to consumer
What is manufacturer to wholesaler to retailer to consumer?
What is positioning?
A store that segments its market based on gender, income and occupation describes this type of segmentation.
What is demographic segmentation?
The formula for calculating retail price
What is cost+markup=retail price?
When total revenues go down if the price goes down the demand curve is
What is inelastic?
Prior to consumption by a final consumer, the last member in an indirect channel is:
What is the retailer?
Targeting several market segments and designing separate offers for each
What is differentiated marketing?
Segmenting a market by looking at beliefs, personality, lifestyle and interests is known as this type of segmentation.
What is psychographic segmentation?
Austin is selling a new shirt to his friend for $100. The shirt costs $40. The markup is:
What is $60?
This involves product and brand identification, protection of the product and the consumer, and containment
What is packaging?
To position and offer a product in the market place
What is commercialization?
The first step in the consumer decision making process
What is need (problem) recognition?
If a firm obtains information about light, medium and heavy users of a product to segment their market, the firm is practicing this type of segmentation.
What is behavioral segmentation?
If a firm is using penetration pricing, the firm is most likely trying to achieve this pricing objective.
What is market share maximization?
The hierarchy of needs by Maslow happens in this order
What is: Physiological needs, Safety needs, Love and belonging, Esteem needs and Self-actualization?
The stage of the product life cycle characterized by overcapacity, intense competition, and the eventual elimination of weaker competitors
What is the maturity stage?