question

marketing

answer

a set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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value

answer

relative comparison of a product's benefits versus its costs

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utility

answer

ability of a product to satisfy a human want or need

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form utility

answer

providing products with features that customers want

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time utility

answer

providing products when customers will want them

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place utility

answer

providing products where customers will want them

question

possession utility

answer

transferring product ownership to customers by setting selling prices, setting credit payment terms, and providing ownership documents

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consumer goods

answer

physical products purchased by consumers for personal use

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industrial goods

answer

physical products purchased by companies to produce other products

question

services

answer

products having nonphysical features, such as information/expertise

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relationship marketing

answer

marketing strategy that emphasizes building lasting relationships with customers and suppliers

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customer relationship management

answer

organized methods that a firm uses to build better information connections with clients, so that strong company-client relationships are developed

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data warehousing

answer

the collection, storage, and retrieval of data in electronic files

question

data mining

answer

the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information

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political legal environment

answer

relationship between business and government, usually in form of government regulation of business

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sociocultural environment

answer

the customs, morals, values, and demographic characteristics of the society in which an organization functions

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technological environment

answer

all the ways by which firms create value for their constituents

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economic environment

answer

relevant conditions that exist in the economic system in which a company operates

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competitive environment

answer

the competitive system in which businesses compete

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substitute product

answer

product that is dissimilar from those of competitors, but can fulfull the same need

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brand competition

answer

competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

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international competition

answer

competitive marketing of domestic products against foreign products

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marketing plan

answer

detailed strategy for focusing marketing efforts on consumers' needs and wants

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marketing objectives

answer

the things marketing intends to accomplish in its marketing plan

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marketing strategy

answer

all the marketing programs and activities that will be used to achieve the marketing goals

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marketing manager

answer

manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer

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marketing mix

answer

combination of product, pricing, promotion, and distribution strategies used to market products

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product

answer

good, service, or idea that is marketed to fill consumers' needs and wants

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product differentiation

answer

creation of a product feature or product image that differs enough from existing products to attract customers

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pricing

answer

process of determining the best price at which to sell a product

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distribution

answer

part of the marketing mix concerned with getting products from producers to consumers

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promotion

answer

aspect of the marketing mix concerned with the msot effective techniques for communicating information about products

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advertising

answer

any form of paid non-personal communication used by an identified sponsor to persuade or inform potential buyers about a product

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sales promotion

answer

direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products

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public relations

answer

communication efforts directed at building goodwil and favorable attitudes in the minds of the public towad the organization and its products

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integrated market strategy

answer

strategy that blends together the 4 Ps of marketing to ensure their compatibility with one another and with the company's nonmarketing activities

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product, pricing, place (distribution), and promotion

answer

4 P's of marketing

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target market

answer

the particular group of people or organizations on which a firm's marketing efforts are focused

question

market segmentation

answer

process of dividing a market into categories of customer types, or "segments" having similar wants and needs and who can be expected to show interest in the same products

question

product positioning

answer

process of fixing, adopting, and communicating the nature of a product

question

geographic variables

answer

geographic units that may be considered in developing a segmentation strategy

question

geographic segmentation

answer

geographic units that may be considered in identifying different market segments in a segmentation strategy

question

demographic segmentation

answer

a segmentation strategy that uses demographic characteristics to identify different market segments

question

demographic variables

answer

characteristics of populations that may be considered in developing a segmentation strategy

question

geo-demographic segmentation

answer

using a combination of geographic nad demographic traits for identifying different market segments in a segmentation strategy

question

geo-demographic variables

answer

combination of geographic and demographic traits used in developing a segmentation strategy

question

psychographic segmentation

answer

a segmentation strategy that uses psychographic characteristics to identify different market segments

question

psychographic variables

answer

consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy

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behavioral segmentation

answer

a segmentation strategy that uses behavioral variables to identify different market segments

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behavioral variables

answer

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy

question

marketing research

answer

the study of what customers need and want and how best to meet those needs and wants

question

secondary data

answer

data that are already available from previous research

question

primary data

answer

new data that are collected from newly performed research

question

observation

answer

research method that obtains data by watchiong and recording consumer behavior

question

survey

answer

research method of collecting consumer datausing questionnaires, telephone calls, and interviews

question

focus group

answer

research method using a group of people from a larger population who are asked their attitudes, opinions, and beliefs about a product in an open discussion

question

experimentation

answer

research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products

question

consumer behavior

answer

study of the decision process by which people buy and consume products

question

psychological influences

answer

include an individual's motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior

question

personal influences

answer

include lifestyle, personality, and economic status that marketers use to study buying behavior

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social influences

answer

include family, opinion leaders, and such reference groups as friends, coworkers, and professional associates that marketers use to study buying behavior

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cultural influences

answer

include culture, subculture, and social class influences that marketers use to study buying behavior

question

brand loyalty

answer

pattern of repeated consumer purchasing based on satisfaction with a product's performance

question

evoked set

answer

aka consideration set, group of products consumers will consider buying as a result of information search

question

rational motives

answer

reasons for purchasing a product that are based on a logical evaluation of product attributes

question

emotional motives

answer

reasons for purchasing a product that are based on nonobjective factors

question

services companies market

answer

firms engaged in the business of providing services to the purchasing public

question

industrial market

answer

organizational market consisting of firms that buy goods that are either converted into products or used during production

question

reseller market

answer

organizational market consisting of intermediaries that buy and resell finished goods

question

institutional market

answer

organizational market consisting of such nongovermental buyers of goods and services as hospitals, churches, museums, and charitable organizations

question

social networking

answer

network of communications that flow among people and organizations interacting through an online platform

question

viral marketing

answer

type of marketing that relies on the internet to spread information like a "virus" from person to person about products and ideas

question

corporate blogs

answer

comments and opinions published on the Web by or for an organization to promote its activities

Business 1101 Ch11 – Flashcards

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