exam 3, part 4 | CTE 3808 - CONS IN COM MKTPLC, Quizzes of Production and Operations Management

Download exam 3, part 4 | CTE 3808 - CONS IN COM MKTPLC and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 5 basic steps when making a decision DEFINITION 1 recognize the problemcollect info about alternative solutionsreview the alternativeschoose the best alternativeevaluate the decision TERM 2 review and evaluation process DEFINITION 2 1. figuring out the standards or guidelines on which to base a decision2. determining the importance of each standard or guideline3. prioritizing the alternatives TERM 3 brand equity DEFINITION 3 the "added value a brand name/identify brings to a product or service beyond the functional benefits provided TERM 4 marketers make it easier for the consumer DEFINITION 4 1. understand the differences among competing brands2. relate to and visualize the sizable improvements gained3. minimize the difficulty in decision making, the consumer can select much more easily and then buy the product or service TERM 5 putting marketing research to work DEFINITION 5 improve productsenhance relationships with consumershelp shape marketers message to consumerspinpoint the best communication vehicles for reaching target consumers TERM 6 comparative advertising DEFINITION 6 1971-is when the FTC issued guidelines allowing advertisers to compare a competitors product by name TERM 7 Saks online shopper DEFINITION 7 38-39 TERM 8 Saks in store shopper DEFINITION 8 49-50 TERM 9 non business entity DEFINITION 9 any group of two or more individuals1. not primarily concerned about making a profit2. received more then 10% of its revenues the prior year from contributions, gifts, or membership fees TERM 10 5 market forces DEFINITION 10 1. bargaining power of customers2. bargaining power of suppliers3. threat of new entrants4. threat of substitute products5. level of competition in an industry