Busn 201 - Chap 15 Word Scramble
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| Question | Answer |
| What are the four principles of marketing? | Product, Price, Promotion and Place. |
| Which of the following are variables considered when segmenting a market? | Product use variables, geographic, psycho-graphic, demographic. |
| ________ choices determine basic design of the product offered to consumers. | Product. |
| The buying process begins when the customer: | Identifies a need. |
| Assume that you went to a shopping mall to determine people's attitudes toward a new peanut butter and pickle flavour ice cream. You would be collecting ________ data. | Primary. |
| When is market research used most frequently? | When a new or altered product is being considered. |
| The information that Statistics Canada provides on the Canadian economy is an example of: | Secondary data |
| The Delivery Company has an extensive distribution network in Canada. They buy products directly from manufacturers and distribute them to small retailers at a nominal mark-up. What market do they belong to? | Reseller market. |
| What is a rational motive for the decision to make a purchase? | an evaluation of the attributes of the product, for example, cost, quality, usefulness. |
| To help you decide which new suit to purchase for your job interview, you ask a trusted friend to give you her opinion on each of the suits you're looking at. You are in the ________ stage. | Information. |
| What is the purpose of a marketing plan? | To focus strategy for gearing market activities to meet consumers needs and wants. |
| What is a marketing mix? | Otherwise known as the four P's. Product, price, promotion and place (distribution). |
| What is market segmentation? | Dividing the market into segments... Such as age, consumer attitude, product use, location. |
| What is the purpose and value of market research? | The study of what buyers need and how best to meet those needs. This can greatly improve accuracy and market segmentation. |
| What is primary data? | Information developed through NEW research. |
| What is secondary data? | Information already available to maker researchers as a result of previous research. |
| What are the key factors that influence the buying process? | - Need recognition - Information seeking - Evaluation of alternatives - Purchase decision - Post purchase evaluation |
| What is the industrial market? | It is the market that sells directly for production, either to be converted or used up during the process. |
| What is the reseller market? | Markets like department stores etc that use finished products and sell them. |
| What is the institutional market? | Non govn't orgs such as hospitals and churches. |
| What is an international marketing mix? | A strategy to support global business with international products, international pricing, international promotion and distribution. |
| What is a small business mix? | Using the marketing mix towards small business... Products (new, keep it simple), pricing (guesswork for small biz), promotion (less expensive promotion methods) and distribution (facility location is key). |
| What is a utility? | The ability to satisfy a human want or need. |
| What is the external environment? | Forces that influence the marketing strategy and decision making. |
| What are the different environments for marketing? | External, political/legal (laws and reg), social and cultural (values/beliefs), technological, economic (inflation, recession, interest rates) and competitive (persuading use of their product vs. another). |
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armigrrl
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