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BUSML 3250 Final Exam Vocab Questions with Latest Update
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BUSML 3250 Final Exam Vocab Questions with Latest Update
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BUSML 3250 Final Exam VocabQuestions with Latest Update
advertising - Answer-any paid form of non personal communication about an
organization, product, service, or idea by an identified sponsor
product advertisement - Answer-advertisements that focus on selling a product or
service and which take three forms 1) pioneering (or informational) 2) competitive (or
persuasive) and 3) reminder
institutional advertisements - Answer-advertisements designed to build goodwill or an
image for an organization rather than promote a specific product or service
frequency - Answer-the average number of times a person in the target audience is
exposed to a message or an advertisement
gross rating points (GRPs) - Answer-a reference number used by advertisers that is
obtained by multiplying reach (expressed as a percentage of the total market) by
frequency
Cost per thousand (CPM) - Answer-the cost of reaching 1,000 individuals or households
with the advertising message in a given medium
infomerical - Answer-program-length advertisements that take an educational approach
to communication with potential customers
mobile marketing - Answer-the broad set of interactive messaging options that enable
organizations to communicate and engage with customers through any mobile device
pretests - Answer-tests conducted before an advertisement is placed in any medium to
determine whether it communicates the intended message or to select among
alternative versions of the advertisement
full-service agency - Answer-an advertising agency that provides the most complete
range of services, including marketing research, media selection, copy development,
artwork, and production
limited-service agencies - Answer-advertising agencies that specialize in one aspect of
the advertising process, such as providing creative services to develop the advertising
copy, buying previously unpurchased media space, or providing Internet services
in-house agencies - Answer-consist of the company's own advertising staff, who may
provide full services or a limited range of services
,posttests - Answer-tests conducted after an advertisement has been shown to the target
audience to determine whether it accomplished its intended purpose
consumer-oriented sales promotion - Answer-Sales tools used to support a company's
advertising and personal selling directed to ultimate consumers. Also called consumer
promotions.
product placement - Answer-a consumer sales promotion tool that uses a brand-name
product in a movie, television show, video game, or a commercial for another product
trade-oriented sales promotions - Answer-sales tools used to support a company's
advertising and personal selling directed to wholesalers, distributors, or retailers
cooperative advertising - Answer-advertising programs whereby a manufacturer pays a
percentage of the retailer's local advertising expense for advertising the manufacturer's
products
publicity tools - Answer-methods of obtaining non personal presentation of an
organization, product, or service without direct cost, such as news releases, news
conferences, and public service announcements (PSAs)
product - Answer-a good, service, or idea consisting of a bundle of tangible and
intangible attributes that satisfies consumers' needs and is received in exchange for
money or something else of value
services - Answer-intangible activities or benefits that an organization provides to satisfy
consumers' needs in exchange for money or something else of value
consumer products - Answer-products purchased by the ultimate consumer
business products (B2B or industrial products) - Answer-products organizations buy that
assist in providing other products for resale
convenience products - Answer-items that the consumer purchases frequently,
conveniently, and with a minimum of shopping effort
shopping products - Answer-items for which the consumer compares several
alternatives on criteria such as price, quality, or style
specialty products - Answer-items that the consumer makes a special effort to search
out and buy
unsought products - Answer-items that the consumer does not know about or knows
about but does not initially want
product item - Answer-a specific product that has a unique brand, size, or price
, product line - Answer-a group of product or service items that are closely related
because they satisfy a class of needs, are used together, are sold to the same customer
group, are distributed through the same outlets, or fall within a given price range
product mix - Answer-consists of all the product lines offered by an organization
continuous innovation - Answer-customers don't need to learn new behaviors
dynamically continuous innovation - Answer-only minor changes in behavior are
required for customers
discontinuous innovation - Answer-involves making the customer learn entirely new
consumption patterns to use the product
protocol - Answer-A statement that, before product development begins, identifies: (1) a
well-defined target market; (2) specific customers' needs, wants, and preferences; and
(3) what the product will be and do to satisfy consumers.
open innovation - Answer-practices and processes that encourage the use of external
as well as internal ideas as well as internal and external collaboration when conceiving,
producing, and marketing new products and services
new-product development process - Answer-the seven stages an organization goes
through to identify opportunities and convert them into salable products or services
new-product strategy development - Answer-the stage of the new-product process that
defines the role for a new product in terms of the firm's overall objectives
idea generation - Answer-the stage of the new-product development process that
develops a pool of concepts to serve as candidates for new products, building upon the
previous stage's results
screening and evaluation - Answer-the stage of the new-product development process
that internally and externally evaluates new-product ideas to eliminate those that
warrant no further effort
business analysis - Answer-The stage of the new-product development process that
specifies the features of the product and the marketing strategy needed to bring it to
market and make financial projections.
development - Answer-the stage of the new-product development process that turns the
idea on paper into a prototype
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