Marketing Basics
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Marketing Basics
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25 Questions

1. The overall feelings or attitude a person has about a product after purchasing it

2. A product that consumers perceive to be new and different form existing products

3. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures

4. A pricing tactic in which the seller absorbs the total cost of transportation

5. An arrangement unique to business marketing in which two organizations agree to buy from each other

6. The seller fine tunes the marketing effort with info from a detailed customer database

7. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income

8. A change in beliefs or actions as a reaction to real or imagined group pressure

9. A pricing tactic in which customers in different geographic zones pay different transportation rates

10. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition

11. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition

12. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs

13. The process by which a consumer or business customer begins to buy and use a new good - service - or idea

14. A means of characterizing consumers based on the different family stages they pass through as they grow older

15. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it

16. When a percentage change in price results in a larger percentage change in the quantity demanded

17. An aggregating process - clustering people with similar needs into a "market segment"

18. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri

19. Those who adopt an innovation early in the diffusion process but later than the innovators

20. A pricing tactic of charging reduced prices for larger quantities of product

21. What is left of disposable income after paying for necessities

22. A pricing strategy that considers the lifetime cost of using the product

23. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm

24. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information

25. Manufactured goods or subassemblies of finished items that organizations need to complete their own product

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