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Terms in this set (56)... ... Inappropriate or impractical new product ideas will be rejected during the _____ phase idea screening idea screening In this phase, a marketing manager should look at the organization's resources and objectives and assess the firm's ability to produce and market the product. Business analysis is a basic assessment of a product's compatibility in the marketplace and its potential profitability. Both the size of the market and competing products are often studied at this point. ... ... Business analysis is a basic assessment of a product's compatibility in the marketplace and its potential profitability. Both the size of the market and competing products are often studied at this point. commercialization is the full introduction of a complete marketing strategy and the launch of the product for commercial success. promoting a product to distributors retailer and consumers test marketing is a trial minilaunch of a product in limited areas that represent the potential market. It allows a complete test of the marketing strategy in a natural environment, giving the organization an opportunity to discover weaknesses and eliminate them before the product is fully launched Consumer products are for household or family use; they are not intended for any purpose other than daily living. They can be further classified as convenience products, shopping products, and specialty products on the basis of consumers' buying behavior and intentions. convenience products such as beverages, granola bars, gasoline, and batteries, are bought frequently, without a lengthy search, and often for immediate consumption. Consumers spend virtually no time planning where to purchase these products and usually accept whatever brand is available. Shopping products, such as computers, smartphones, clothing, and sporting goods, are purchased after the consumer has compared competitive products and "shopped around." Price, product features, quality, style, service, and image all influence the decision to buy. Specialty products such as motorcycles, designer clothing, art, and rock concerts, require even greater research and shopping effort. Consumers know what they want and go out of their way to find it; they are not willing to accept a substitute. maturity If sales of a product peak and begin to decline along with declining profits due to severe competition and heavy expenditures Introduction exemplified by low sales, limited consumer awareness, and negative profits. Growth Sales increase rapidly and profits peak, then start to decline decline sales decline profit declines Products that are used for the operation of an organization or for the production of other products are referred to as ________ products. business A group of closely related products that are treated as a unit because they use a similar marketing strategy are referred to as a ______. product line Profits begin to decline during the growth stage because ______. competitors enter the market and drive prices downward The Great Value brand is found only at Walmart and is often less expensive than other brands carried by the store. Great Value is an example of a ______. private distributor brand List the four steps for calculating the value of a product, starting with step one. 1. identify target customer All of the following information is typically presented on a product's label EXCEPT ______. product classification price skimming charging highest possible on items for people who will buy them Price Penetration It sets a low initial price for a product in order to gain quick acceptance a segment of the market The group of organizations that move products from the producer to consumers is a ______. marketing channel The use of nonpersonal media to communicate products and information and offer consumers the opportunity to purchase from that media is referred to as ______. direct marketing Merchant wholesaler Takes title to the goods, assume risks, and sells to other wholesalers, business customers, or retailers Agent Negotiate sales, do not own products, and perform a limited number of functions in for comission ____________ _________ management involves long-term partnerships among marketing channel members working together to reduce costs, waste, and unnecessary movement in the entire marketing channel to satisfy customers. supply chain _____ distribution makes a product available in as many outlets as possible. intensive Why are distribution decisions considered one of the least flexible marketing mix decisions? Distribution decisions often commit resources. The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort is called _______. integrated marketing communication True or false: Although personal selling has many advantages it is one of the most costly forms of promotion. true The promotional strategy in which the producer uses wholesaler discounts, personal selling, sales promotion contests, and other promotional tools to convince wholesalers and retailers to stock and sell its merchandise is known as a _________ strategy. push ________ is the full introduction of a complete marketing strategy and the launch of a product Commercialization
Earth-moving equipment, stamping machines, and robotic equipment used on auto assembly lines are examples of major equipment. A trial minilaunch of a product in a limited area that represents the potential market is referred to as test marketing. What activity is associated with identifying products and is also used to help position a product appropriately for its target market? branding David's Deli, a nationwide deli shop chain, introduces a new sandwich in the Northeast to try out its marketing strategy before offering the product across the country. Thus, this deli shop is in the ________ stage of the product development process. test marketing Which key element of the marketing mix directly relates to the generation of revenue and profits? price The financial value placed on an object involved in an exchange between a buyer and a seller is known as its price Choice Motors produces luxury cars with heated leather seats, sleek design features, and expensive technology that includes giving drivers a 360-degree view of the exterior of the car while they are driving. The pricing strategy that would most likely be associated with these cars is price skimming It took Time Out Video years to develop its new videogame, establish channels through which to distribute this game, and design and implement its advertising campaign for the game. However, the game's price can be set or changed in a few minutes. This reflects the fact that price is the most flexible variable in the marketing mix. Since many services require the customer's presence and participation, they are usually distributed through direct marketing channels. When a company creates time and place utility by focusing on making products available when they are wanted, with adequate service and at minimum cost, it is engaged in physical distribution Since business customers like to communicate directly with the producers of their products to gain the technical assistance and personal assurances that only the producer can offer, more than half of all business products are sold through direct marketing channels. Special Moments Inc. markets its themed wedding favors, table numbers, and decor via its catalog and website. This is an example of direct marketing To maintain customer satisfaction in selling its luxury cars, Upscale Motors provides salesperson assistance, technical advice, warranties, and repair services. Most of its customers buy these cars after shopping and comparing price, quality, and style. Upscale Motors uses ________ distribution. selective Pete's Popcorn tries to make its popcorn available at all locations where a consumer might desire to purchase it, including grocery stores, gas stations, office vending machines, and transportation hubs. Thus, Pete's Popcorn is distributing its popcorn intensively
Jolene markets kitchen accessories, such as can openers, garlic presses, and apple corers and slicers, by going to people's homes and giving face-to-face sales presentations. This is known as direct selling. Fancy Footwear buys shoes for men, women, and children from a large producer and sells them directly to end users. In this scenario, Fancy Footwear is a retailer Elements of the Promotional Mix advertising, public relations, personal selling, sales promotion personal selling to marketing channel members indicates a ________ strategy. push A department store offers its customers weekly mobile coupons for specific products. This is an example of sales promotion To promote its new computer, Data Strategies seeks out trendsetters in communities and gets them to "talk up" the computer to their friends, family, co-workers, and others. By doing this, Data Strategies is trying to create a trend or acceptance of its product. This is called buzz marketing The most typical objective for promotion is to increase demand for a product. Which promotion mix variable is best for promoting large, expensive products with specialized uses, such as houses and cars? personal selling Students also viewedch. 1271 terms Abbyc_ Chapter 12: Dimensions of Marketing Strategy109 terms coycraincwccwc test 2 business81 terms CHAPARROJOEYPlus BA test 259 terms mialeighhw Sets found in the same folderintro to buiness70 terms soncee_hewettPlus module 2 chapter 1172 terms soncee_hewettPlus module 2 chapter 747 terms soncee_hewettPlus chapter 4\3 terms soncee_hewettPlus Other sets by this creatorinvestments test 234 terms soncee_hewettPlus BLAW Exam 2 (Pleasant TTU)115 terms soncee_hewettPlus BLAW Pleasant Exam 1 TTU171 terms soncee_hewettPlus quiz 1 & 220 terms soncee_hewettPlus Verified questions
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algebra **Use the matrices below. Perform the indicated operations.** $$ A=\left[\begin{array}{rrr} 2 & 5 & 4 \\ 1 & 4 & 3 \\ 1 & -3 & -2 \end{array}\right] \quad B=\left[\begin{array}{rrr} -1 & 2 & 1 \\ -5 & 8 & 2 \\ -7 & 11 & -3 \end{array}\right] $$ $$ I=\left[\begin{array}{lll}1 & 0 & 0 \\ 0 & 1 & 0 \\ 0 & 0 & 1\end{array}\right] \quad C=\left[\begin{array}{rrr}3 & 0 & 4 \\ 1 & 7 & -1 \\ 3 & 0 & 4\end{array}\right] $$ $$ D=\left[\begin{array}{rrr}4 & 4 & -8 \\ -1 & -1 & 2 \\ -3 & -3 & 6\end{array}\right] \quad F=\left[\begin{array}{rrr}0 & 1 & 2 \\ 0 & 0 & -4 \\ 0 & 0 & 0\end{array}\right] $$ $$ Z=\left[\begin{array}{ccc} 0 & 0 & 0 \\ 0 & 0 & 0 \\ 0 & 0 & 0 \end{array}\right] $$ $$ ZCI $$ Verified answer
algebra Use the Tables discussed before to find the premiums. $$ \begin{array}{} \begin{array}{} \text{Assesed}\\\text{property}\\ \text{Value}\end{array}& \begin{array}{} \text{Expenses to be}\\\text{funded by}\\ \text{property tax}\end{array}& \begin{array}{} \text{Tax per}\\\text{amount of}\\ \text{Assesed value}\end{array}\\ \\ \$2,412,500,000 & \$86,529,807& \$100\\\end{array} $$ Verified answer Recommended textbook solutions Business Math17th EditionMary Hansen 3,734 solutions Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions
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Mathematics with Business Applications5th EditionMcGraw-Hill Education 3,755 solutions Other Quizlet setsChapter 10 Marketing32 terms jls30881 mktg 351 test 3 cousley53 terms benton_owen Marketing Test 2117 terms Rachel_Dye7 MKTG 320 Chapter 1024 terms tmatzoll What are the key elements of the marketing mix directly relates to the generation of revenue and profits?Pricing is the only revenue-generating element in the marketing mix (the other three elements are cost centres—that is, they add to a company's cost).
Which of the following is an element of a marketing mix quizlet?The marketing mix is the combination of product, price, place and promotion for any business venture.
What four main elements does the marketing mix contain quizlet?A combination of the four elements of marketing: product, price, place, and promotion. Each of the elements affect the others. The philosophy that businesses take on that states all business activities should be aimed toward satisfying customer's wants and needs while achieving company goals.
What are the five main elements in a marketing mix quizlet?"Recipe" for reaching and keeping customers that combines five marketing elements called the Five P's: people, product, place, price, and promotion.
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Which key element of the marketing mix directly relates to the generation of revenue and profits quizlet?
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