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Customer value

answer

Buyers' benefits, including quality, convenience, on-time delivery, and before-and after-sale service at a specific price

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Environmental forces

answer

The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision

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Exchange

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The trade of things of value between a buyer and a seller so that each is better off

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Market

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People with both the desire and the ability to buy a specific offering

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Market orientation

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Focusing organizational efforts to collect and use information about customers' needs to create customer value

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Market segments

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Relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action

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Marketing

answer

The activity for creating and delivering offerings that benefit the organization, its stakeholders, and society.

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Marketing concept

answer

The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goal.

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Marketing mix

answer

The controllable factors -- product, price, promotion, and place -- that the marketing manager can use to solve a marketing problem

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Organizational buyers

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Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

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Product

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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

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Relationship marketing

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Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

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Societal marketing concept

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The view that organizations should discover and satisfy the needs of consumers in a way that also provides for society's well-being

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Target market

answer

One or more specific groups of potential consumers toward which an organization directs its marketing program

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Ultimate consumers

answer

The people who use the products and services purchased for a household

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Utility

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The benefits or customer value received by users of the product

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Business

answer

The underlying industry or market sector of an organization's offering

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Goals (objectives)

answer

Statements of an accomplishment of a task to be achieved, often by a specific time

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Market segmentation

answer

The aggregating of potential buyers into groups that have common needs and will respond similarly to a marketing action

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Market share

answer

Ratio of a firm's sales to the total sales of all firms in the industry

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Marketing dashboard

answer

The visual computer display of essential marketing information

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Marketing plan

answer

A road map for the marketing activities of an organization for a specified future time period

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Marketing strategy

answer

The means by which a marketing goal is to be achieved

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Mission

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A statement or vision of an organization's function in society

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Situation analysis

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Taking stock of where a firm or product has been recently, where it is now, and where it is headed

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Strategy

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An organization's long-term course of action that delivers a unique customer experience while achieving its goals

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SWOT analysis

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An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats

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Code of ethics

answer

A formal statement of ethical principles and rules of conduct

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Competition

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Alternative firms that could provide a product to satisfy a specific market's needs

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Demographics

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Description of a population according to characteristics such as age, gender, ethnicity, income and occupation

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Multicultural marketing

answer

Marketing programs that reflect unique aspects of different races

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Regulation

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Restrictions that state and federal laws place on business

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Self-regulation

answer

An alternative to government control, whereby an industry attempts to police itself

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Social forces

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The demographic characteristics and the culture of the population

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Social responsibility

answer

The idea that organizations are part of a larger society and are accountable to that society for their actions

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Technology

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Inventions or innovations from applied science or engineering research

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Attitude

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A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

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Beliefs

answer

A consumer's subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people

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Brand loyalty

answer

A favorable attitude toward and consistent purchase of a single brand over time

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Consumer behavior

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The actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions

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Family life cycle

answer

The distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors

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Opinion leaders

answer

Individuals who exert direct or indirect social influence over others

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Perceived risk

answer

The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

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Purchase decision process

answer

The five stages a buyer passes through in making choices about which products and services to buy: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post purchase behavior

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Reference groups

answer

People to whom an individual looks as a basis for self-appraisal or as a source of personal standards

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Subcultures

answer

Subgroups within the larger, or national , culture with unique values, ideas, and attitudes

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Buying center

answer

The group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision

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Derived demand

answer

The demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services

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e-marketplaces

answer

Online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services. Also called B2B exchanges of e-hubs

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North American Industry Classification System (NAICS)

answer

Provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the "North American Free Trade Agreement" (NAFTA)

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Organizational buying behavior

answer

The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers

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Data

answer

The fact and figures related to the project that are divided into two main parts: Secondary data and Primary data

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Information technology

answer

Involves operating computer networks that can store and process data

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Marketing research

answer

The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

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Measures of success

answer

Criteria or standards used in evaluating proposed solutions to the problem

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Observational data

answer

Facts and figures obtained by watching, either mechanically or in person, how people actually behave

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Primary data

answer

Facts and figures that are newly collected for the project

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Questionnaire data

answer

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

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Secondary data

answer

Facts and figures that have already been recorded prior to the project at hand

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80/20 rule

answer

A concept that suggest 80 percent of a firm's sales are obtained from 20 percent of its customers

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Market-product grid

answer

A framework to relate the market segments of potential buyers to products offered or potential marketing actions

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Product differentiation

answer

A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products

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Product positioning

answer

The place a product occupies in consumers' minds based on important attributes relative to competitive products

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Product repositioning

answer

Changing the place a product occupies in a consumer's mind relative to competitive products

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Business products

answer

Products organizations buy that assist in providing other products for resale. Also called "B2B products or industrial products"

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Consumer products

answer

Products purchased by the ultimate consumer

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Customer experience management (CEM)

answer

The process of managing the entire customer experience within the company

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Four I's of service

answer

The four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory

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new-product process

answer

The seven stages an organization goes through to identify opportunities and convert them into salable products or services

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Product item

answer

A specific product that has a unique brand, size, or price

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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

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Product mix

answer

Consists of all of the product lines offered by an organization

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Services

answer

Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value

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Brand equity

answer

The added value a brand name gives to a product beyond the functional benefits provided

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Brand name

answer

Any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller's products or services

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Branding

answer

A marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors

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Multibranding

answer

A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment

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Multiproduct branding

answer

A branding strategy in which a company uses one name for all its products in a product class

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off-peak pricing

answer

Charging different prices during different seasons of the year and different times of the day or during different days of the week to reflect variations in demand for the service

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Product life cycle

answer

Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

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Seven P's of services marketing

answer

An expanded marketing mix concept for services that includes the four Ps (product, price, promotion, and place or distribution) as well as people, physical environment, and process

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Break-even analysis

answer

A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

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Demand curve

answer

A graph that relates the quantity sold and price, showing the maximum number of units that will be sold at a given price

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Price elasticity of demand

answer

The percentage change in quantity demanded relative to a percentage change in price

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Total cost

answer

The total expense incurred by a firm in producing and marketing a product. Total cost is the sum of fixed cost and variable cost

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Total revenue

answer

The total money received from the sales of a product

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Value

answer

The rain of perceived benefits to price; or value = (Perceived benefits/Price)

question

Channel conflict

answer

Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals

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Customer service

answer

The ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience

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Disintermediation

answer

A source of channel conflict that occurs when a channel member bypasses another member and sells or buys products direct

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Dual distribution

answer

An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product

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Exclusive distribution

answer

A level of distribution density whereby only one retailer in a specific geographical area carries the firm's product

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Intensive distribution

answer

A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible

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Logistics

answer

Those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost

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Marketing channel

answer

Consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users

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Reverse logistics

answer

A process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution or disposal

question

Selective distribution

answer

A level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products

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Supply chain

answer

The various firms involved in performing the activities required to create and deliver a product or service to consumers or industrial users

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Vendor-managed inventory (VMI)

answer

An inventory management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items

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Vertical marketing systems

answer

Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact

question

Brokers

answer

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales

question

Category management

answer

An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category

question

Multichannel retailers

answer

Retailers that utilize and integrate a combination of traditional store formats and non store formats such as catalogs, television home shopping, and online retailing

question

Retail life cycle

answer

The process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages

question

Retailing mix

answer

The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise

question

Scrambled merchandising

answer

Offering several unrelated product lines in a single store

question

Telemarketing

answer

Using the telephone to interact with and sell directly to consumers

question

Wheel of retailing

answer

A concept that describes how new forms of retail outlets enter the market

question

Advertising

answer

Any paid form of non personal communication about an organization, product, service, or idea by an identified sponsor

question

Communication

answer

The process of conveying a message to others that requires six elements: a source, a message, a channel of communication, a receiver, and the processes of encoding and decoding

question

Direct marketing

answer

A promoton alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet

question

Direct orders

answer

The result of direct marketing offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction

question

Lead generation

answer

The result of a direct marketing offer designed to generate interest in a product or service and a request for additional information

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Personal selling

answer

The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision

question

Pull strategy

answer

Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product

question

Push strategy

answer

Directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product

question

Sales promotion

answer

A short-term inducement of value offered to arouse interest in buying a product or service

question

Order getter

answer

A salesperson who sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service

question

Order taker

answer

A salesperson who processes routine orders and reorders for products that were already sold by the company

question

Sales plan

answer

A statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed

question

Cross-channel shopper

answer

An online consumer who researches products online and then purchases them at a retail store

question

Viral marketing

answer

An Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs

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