question

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

answer

Marketing

question

the ability of goods and services to satisfy consumer "wants"

answer

Utility

question

form, time, place, ownership

answer

forms of utility

question

people, place, event, idea

answer

marketing strategies

question

production, selling, marketing, relationship

answer

eras

question

the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value

answer

Customer relationship management (CRM)

question

a customer perception that a product has a better relationship that its competitors between the cost and the benefits

answer

Value

question

you also must help customers believe that your product is uniquely qualified to meet their needs

answer

Simply creating value isn't enough;

question

when customers perceive that goods or service delivers value above and beyond their expectations

answer

Customer satisfaction

question

when customers buy a product from the same supplier again and again - sometimes paying even more for it than they would for a competitive product

answer

Customer loyalty

question

a formal document that defines marketing objectives and the specific strategies for achieving those objectives

answer

Marketing plan

question

dividing potential customers into groups of similar people, or segments

answer

Market segmentation

question

the group of people who are most likely to buy a particular product

answer

Target market

question

Size, Profitability, Accessibility, Limited competition

answer

A well-chosen target market embodies the following characteristics

question

marketers who direct their efforts towards people who are buying products for personal consumption

answer

Consumer markets (B2C)

question

marketers who direct their efforts to-ward people who are buying products to use either directly or indirectly to produce other products

answer

Business marketers (B2B)

question

dividing the market into smaller groups based on measurable characteristics about people, such as age, income, ethnicity, and gender

answer

Demographic segmentation

question

dividing the market into smaller groups based on where consumers live. This process can incorporate countries, cities, or population density as key factors

answer

Geographic segmentation

question

dividing the market into smaller groups based on consumer attitudes, interests, values, and lifestyles

answer

Psychographic segmentation

question

dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how customers use the products

answer

Behavioral segmentation

question

the blend of marketing strategies for product, price, distribution, and promotion

answer

Marketing mix

question

Product, Pricing, Distribution, Promotion

answer

types of strategy

question

the process of continually collecting information from the external marketing environment

answer

Environmental scanning

question

the percentage of a market controlled by a given marketer

answer

Market share

question

description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior also explores the reasons behind people's actions

answer

Consumer behavior

question

consumer discomfort with a purchase decision, typically for a higher-priced item

answer

Cognitive dissonance

question

describes how people act when they are buying products to use either directly or indirectly to produce other products

answer

business buyer behavior

question

the process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions

answer

Marketing research

question

existing data that marketers gather or purchase for a research project

answer

Secondary data

question

new data that marketers compile for a specific research project

answer

Primary data

question

marketing research that does not require the researcher to interact with the research subject

answer

Observation research

question

marketing research that requires the researcher to interact with the research subject

answer

Survey research

question

the development and promotion of products with ecological benefits

answer

Green marketing

question

the creation of products tailored for individual consumers on a mass basis

answer

Customization

question

anything that an organization offers to satisfy consumer needs and wants, including both goods and services

answer

Products

question

products that do not include any services

answer

Pure goods

question

products that do not include any goods

answer

Pure services

question

products purchased for personal use or consumption

answer

Consumer products

question

products purchased to use either directly or indirectly in the production of other products

answer

Business products

question

Convenience products, Shopping products, Specialty products, Unsought products

answer

Consumer product categories

question

the attributes that make a good or service different from other products that complete to meet the same or similar customer needs

answer

Product differentiation

question

how well a product performs its core functions

answer

Quality level

question

how reliably a product delivers its promised level or quality

answer

Product consistency

question

the specific characteristics of a product

answer

Product features

question

the advantage that a customer gains from specific product features

answer

Customer benefit

question

a group of products that are closely related to each other, either in terms of how they work, or the customers they serve

answer

Product line

question

the total number of product lines and individual items sold by a single firm

answer

Product mix

question

when a producer offers a new product that takes sales away from its existing products

answer

Cannibalization

question

a product's identity - including product name, symbol, design, reputation, and image - that sets it apart from other players in the same category

answer

Brand

question

the overall brand to an organization

answer

Brand equity

question

similar products offered under the same brand name

answer

Line extensions

question

a new product, in a category, introduced under an existing brand name

answer

Brand extensions

question

purchasing the right to use another company's brand name or symbol

answer

Licensing

question

when established brands from different companies join forces to market the same product

answer

Cobranding

question

brands that the producer owns and markets

answer

National brands

question

brands that the retailer both produces and distributes (also called private-label brands)

answer

Store brands

question

a pattern of sales and profits that typically changes over time

answer

Product life cycle

question

marketing communication designed to influence consumer purchase decisions through information, persuasion, and reminders

answer

Promotion

question

the coordination of marketing messages through every promotional vehicle to communicate a unified impression about a product

answer

Integrated marketing communication

question

a brief statement that articulates how the marketer would like the target market to envision a product relative to the competition

answer

Positioning statement

question

specific marketing communication vehicles, including traditional tools, such as advertising, sales promotion, direct marketing, and personal selling, and newer tools such as product placement, advergaming, and internet minimovies

answer

Promotional channels

question

the paid integration of branded products into movies, television, and other media

answer

Product placement

question

a relatively new promotional channel that involves integrating branded products and advertising into interactive games

answer

Advergaming

question

the active stimulation of word-of-mouth via unconventional, and often relatively low-cost, tactics. Other terms for buzz marketing are "guerrilla marketing" and "viral marketing"

answer

Buzz marketing

question

a deep association between a marketer and a partner (usually a culture or sporting event), which involves promotion of the sponsors in exchange for either payment or the provision of goods

answer

Sponsorship

question

paid, nonpersonal communication, designed to influence a target audience with regard to a product, service, organization, or idea

answer

Advertising

question

marketing activities designed to stimulate immediate sales activity through specific short-term programs aimed at either consumers or distributors

answer

Sales promotion

question

marketing activities designed to generate immediate consumer sales, using tools such as premiums, promotional products, samples, coupons, rebates, and displays

answer

Consumer promotion

question

marketing activities designed to stimulate wholesalers and retailers to push specific products more aggressively over the short term

answer

Trade promotion

question

the ongoing effort to create positive relationships with all of the firms different "publics", including customers, employees, suppliers, the community, the general public, and the government

answer

Public relations (or PR)

question

unpaid stories in the media that influence the perceptions about a company or its products

answer

Publicity

question

the person-to-person presentation of products to potential buyers

answer

Personal selling

question

a marketing approach that involves motivating distributors to heavily promote - or "push" - a product to the final consumer, usually through heavy trade promotion and personal selling

answer

Push strategy

question

a marketing approach that involves creating demand from the ultimate consumers so that they "pull" your products through the distribution channels by actively seeking them

answer

Pull strategy

question

relationship, marketing, selling, production

answer

focus of marketing

question

product, pricing, promotion, distribution

answer

marketing mix

question

cultural, social, personal, psychological

answer

Elements that Influence the Consumer Decision-Making Process

question

false

answer

the three basic types of utility are product utility perception utility, and placement utility

question

true

answer

the evolution of marketing includes the production era and the selling era

question

true

answer

the recent years, marketing has focused on developing long-term relationships with customers

question

false

answer

stray rescue is not-for-profit organizations, Since the organization is not profit driven, it has no need to focus on marketing.

question

true

answer

companies use event marketing when they sponsor sporting, cultural, or charitable events

question

false

answer

Henry Ford was committed to offering consumers the ability to purchase an automobile by using mass production. His perspective on marketing products was highlighted during the selling era

question

true

answer

customer relationship management is the on-going process of acquiring, maintaining, and growing profitable relationships by delivering unmatched value

question

false

answer

the process of dividing an overall market into groups of customers who are similar to each other but different from everyone else is known as market aggregation

question

place marketing

answer

the successful marketing campaign "What happens in Vegas stays in Vegas" is an example of

question

the marketing concept

answer

stresses customer satisfaction as the central focus of the entire organization

question

false

answer

the stages of a product life cycle includes expansion, peak, contraction, and trough

question

true

answer

once a product enters the maturity phase of the product life cycle, increases in the sales of one firm typically come at the expense of other firms

question

true

answer

changing the marketing mix or finding new uses for the product can often extend the period of time a product remains profitable during its life cycle

question

true

answer

network television and personal computers are both in the maturity stage of their product life cycle in the united states

question

false

answer

great promotion has the ability to get consumers to continue buying products that they view as being inferior

question

false

answer

marketers have more control over publicity than they do over advertising

question

true

answer

effective promotion will build a relationship between customers and companies that results in repeat purchases

question

false

answer

most consumers seek only one source of information when buying products and services

question

perishable

answer

marketers concerned with :____ products know that they cannot be stored for long periods of time

question

a core benefit

answer

at the most fundamental level a consumer buys a product to obtain

business ch. 11 and 12 – Flashcards

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