Retail Management Quiz #1 Pt 1

Front 1

Marketing

Back 1

Is about identifying and meeting human and social needs.

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Marketing

Back 2

defined as "meeting needs profitably".

Front 3

Marketing

Back 3

Is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Front 4

Managers

Back 4

Sometimes think of marketing as " the art of selling products".

Front 5

Peter Drucker

Back 5

Famed management theorist put marketing as " the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Front 6

Goods

Back 6

Physical goods constitute the bulk of most countries productionand marketing efforts.

Front 7

Services

Back 7

As economies advance, a growing proportion of their activitiesfocuses on the production of services.

As economies advance, a growing proportion of their activitiesfocuses on the production of services.

Front 8

Events

Back 8

Marketers promote time-based events, such as major trade shows, artistic performance, and company anniversaries.

Front 9

Experiences

Back 9

By orchestrating several services and goods, a firm can create, stage, and market experiences.

Front 10

Persons

Back 10

Artists, musicians, CEO5s, physicians, high profile lawyers and financiers, and other professionals often get help from marketers.

Front 11

Places

Back 11

Cities, states, regions, and whole nations compete to attract tourists,residents, factories, and company headquarters.

Front 12

Properties

Back 12

are intangible rights of ownership to either real property (realestate) or financial property (stocks and bonds).

Front 13

Organizations

Back 13

Museums, performing arts organizations, and non-profits all use marketing to boost their public images and compete for audiences and funds.

Front 14

Information

Back 14

Is essentlally what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities.

Front 15

Ideas

Back 15

Every market offering includes a basic idea.

Front 16

Marketer

Back 16

is someone who seeks a response - attention, a purchase, a vote, a donation - from anotherparty, called the prospect.

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Negative Demand

Back 17

Consumers dislike the product and may even pay to avoid it.

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Non - existent Demand

Back 18

Consumers may be unaware of or uninterested in the product.

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Latent Demand

Back 19

Consumers may share a strong need that cannot be satisfied by an existing product.

Front 20

Declining Demand

Back 20

Consumers begin to buy the product less frequently or not at all.

Front 21

Irregular Demand

Back 21

Consumers purchases vary on a seasonal, monthly, weekly, daily,or even hourly basis.

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Full Demand

Back 22

Consumer are adequately buying all products put into the market place.

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Overfull Demand

Back 23

More consumers would like to buy the product than can be satisfied.

Front 24

Unwholesome Demand

Back 24

Consumers may be attracted to products that have undesirable social consequences.

Front 25

Consumer Markets

Back 25

Companies selling mass consumer goods and services such as juices, cosmetics, athletic shoes, and air travelestablish a strong brand image by developling a superior product orservice, ensuring Its availability, and backing it with engaging communications and reliable performance.

Front 26

Business Markets

Back 26

Companies selling business goods and services often face wee-informed professional buyers skilled atcompetitive offerings. Advertising and Web sites can play a role but the sales force, the price, and the seller's reputation may play a greater one.

Front 27

Global Markets

Back 27

Companies in the global marketplace navigate cultural, language, legal, and political differences while deciding which countries to enter, how to enter each (as exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer), how to adapt productand service features to each country, how to set prices, and how tocommunicate in different cultures.

Front 28

Nonprofit and Governmental Markets

Back 28

Companies selling to non-profit organizations with limited purchasing power such as churches, universities, charitable organizations, and government agencies need to price carefully. Much government purchasing requires bids; buyers often focus on practical solutions and favourthe lowest bid, other things equal.

Front 29

Needs

Back 29

are the basic human requirements such as for air, food, water, clothing, and shelter.

Front 30

Wants

Back 30

when directed to specific objects that might satisfy the need

Front 31

Demands

Back 31

are wants for specific products backed by an ability to pay.

Front 32

Value proposition

Back 32

a set of benefits that satisfy those needs.

Front 33

Offering

Back 33

can be a combination of products, services, information, andexperiences.

Front 34

Brand

Back 34

is an offering from a known source.

Front 35

Distribution channels

Back 35

helps display, sell, or deliver the physical product or service(s) tothe buyer or user.

Front 36

Communication Channels

Back 36

deliver and receive messages from target buyers and includenewspapers, magazines, radio, television, mail, telephone, smart phone, billboards, posters, fliers, CDs, audiotapes, and the internet.

Front 37

Service Channels

Back 37

that which include warehouses, transportation companies, banks, and insurance companies.

Front 38

Paid Media

Back 38

include TV, magazine anddisplay ads, paid search, andsponsorships, all of which allowmarketers to show their ad or brand for a fee.

Front 39

Owned Media

Back 39

are communication channelsmarketers actually own, like a company or brand brochure, Web site, blog, Facebook page, or Twitter account.

Front 40

Earned Media

Back 40

are streams in which consumers, the press, or other outsiders voluntarily communicate something about the brand via word of mouth, buzz, or viralmarketing methods.

Front 41

Impression

Back 41

which occur when consumers view a communication, are useful metric for tracking the scope or breadth of a communication's reach that can also be compared across all communicationtypes.

Front 42

Engagement

Back 42

is the extent of a customer'sattention and active involvement with communication. It reflects a much more active response than a mere impression and is more likely to create value for the firm.

Front 43

Satisfaction

Back 43

reflects a person's judgment of a product's perceived performance in relationship to expectations.

Front 44

Value

Back 44

the sum of the tangible and intangible benefits and costs.

Front 45

Customer Value Triad

Back 45

Is primarily a combination of quality, service, and price (qsp).

Front 46

Supply Chain

Back 46

ls a channel stretching from raw materials to components to finished products carried to final buyers.

Front 47

Competition

Back 47

includes all the actual and potential rival offerings and substitutes a buyer might consider.