question

accounting procedures that can quantify the true profitability of different activities by identifying their actual costs.

answer

Activity based costing

question

when consumers arrive at an initial judgment and then make adjustments of their first impressions based on additional information.

answer

Anchoring and adjustment heuristic

question

groups a person hopes or would like to join.

answer

Aspirational groups

question

a conceptual representation that views memory as consisting of a set of nodes and interconnecting links where nodes represent stored information or concepts and links represent the strength of association between this information or concepts.

answer

Associative network memory model

question

a person's enduring favourable or unfavourable evaluation, emotional feeling, and action tendencies toward some object or idea.

answer

Attitudes

question

when consumers base their predictions on the quickness and ease with which a particular example of an outcome comes to mind.

answer

Availability heuristics

question

the set of consumers who have interest, income, and access to a particular offer.

answer

Available market

question

a descriptive thought that a person holds about something.

answer

Belief

question

all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node."

answer

Brand associations

question

the specific mix of human traits that may be attributed to a particular brand.

answer

Brand personality

question

complete information about business customers' past purchases; past volumes, prices, and profits.

answer

Business database

question

all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others.

answer

Business market

question

programs open to everyone who purchases a product or service, or limited to an affinity group of those willing to pay a small fee.

answer

Club membership programs

question

groups of individuals born during the same time period who travel through life together.

answer

Cohorts

question

the company's estimated share of market demand at alternative levels of company marketing effort in a given time period.

answer

Company demand

question

the expected level of company sales based on a chosen marketing plan and an assumed marketing environment.

answer

Company sales forecast

question

the sales limit approached by company demand as company marketing effort increases relative to that of Competitors.

answer

Company sales potential

question

the consumer sets a minimum acceptable cut-off level for each attribute and chooses the first alternative that meets the minimum standard for all attributes.

answer

Conjunctive heuristic

question

the study of how individuals, groups, and organizations elect, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

answer

Consumer behaviour

question

an organized movement of citizens and government to strengthen the rights and powers of buyers in relation to sellers.

answer

Consumerist movement

question

the belief systems that underlie consumer attitudes and behaviour, and that determine people's choices and desires over the long term.

answer

Core values

question

the shared experiences, stories, beliefs, and norms that characterize an organization.

answer

Corporate culture

question

stimuli that determine when, where, and how a person responds.

answer

Cues

question

high customer defection.

answer

Customer churn

question

an organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for marketing purposes.

answer

Customer database

question

the net present value of the stream of future profits expected over the customer's lifetime purchases.

answer

Customer lifetime value

question

a set of names, addresses, and telephone numbers.

answer

Customer mailing

question

the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

answer

Customer perceived value

question

how well the company is doing year after year on particular customer-based measures.

answer

Customer performance scorecard

question

a means of assessing and ranking customer profitability through accounting techniques such as activity-based costing (ABC).

answer

Customer profitability analysis

question

the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize loyalty.

answer

Customer relationship management

question

report of the company's strengths and weaknesses relative to various competitors.

answer

Customer value analysis

question

the extracting of useful information about individuals, trends, and segments from the mass of data.

answer

Data mining

question

a collection of current data captured, organized, and stored in a company's contact centre.

answer

Data warehouse

question

the process of building, maintaining, and using customer databases and other databases for the purpose of contacting, transacting, and building customer relationships.

answer

Database marketing

question

the process of recognizing differences in sets of similar stimuli and adjusting responses accordingly.

answer

Discrimination

question

those groups whose values or behaviour an individual rejects.

answer

Dissociative groups

question

a strong internal stimulus impelling action.

answer

Drive

question

situation in which the consumer compares brands on an attribute selected probabilistically, and brands are eliminated if they do not meet minimum acceptable cut-off levels.

answer

Elimination by aspects heuristic

question

a challenge posed by an unfavourable trend or development that would lead to lower sales or profit.

answer

Environmental threat

question

a particular observational research approach that uses concepts and tools from anthropology and other social science disciplines to provide deep cultural understanding of how people live and work.

answer

Ethnographic research

question

consumers evaluate products and services by combining their brand beliefs—positive and negative— according to their weighted importance.

answer

Expectancy value model

question

the most scientifically valid research designed to capture cause-and-effect relationships by eliminating competing explanations of the observed findings.

answer

Experimental research

question

a craze that is unpredictable, short-lived, and without social, economic, and political significance.

answer

Fad

question

parents and siblings.

answer

Family of orientation

question

spouse and children.

answer

Family of procreation

question

the art of anticipating what buyers are likely to do under a given set of conditions.

answer

Forecasting

question

designed to provide rewards to customers who buy frequently and in substantial amounts.

answer

Frequency programs

question

the process of developing specific goals for the planning period.

answer

Goal formulation

question

when people have a general tendency to attribute success to themselves and failure to external causes.

answer

Hedonic bias

question

rules of thumb or mental shortcuts in the decision process.

answer

Heuristics

question

a concept based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies.

answer

Holistic marketing concept

question

an element of holistic marketing, is the task of hiring, training, and motivating able employees who want to serve customers well.

answer

Internal marketing

question

changes in an individual's behaviour arising from experience.

answer

Learning

question

a consumer choosing the best brand on the basis of its perceived most important attribute.

answer

Lexicographic heuristic

question

a permanent repository of information.

answer

Long term memory

question

a commitment to rebuy or repatronize a preferred product or service.

answer

Loyalty

question

various groups of customers.

answer

Market

question

the total volume of a product that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program.

answer

Market demand

question

the market demand corresponding to the level of industry marketing expenditure.

answer

Market forecast

question

the process of investigating the hierarchy of attributes consumers examine in choosing a brand if they use phased decision strategies.

answer

Market partitioning

question

a comparison of the current level of market demand to the potential demand level.

answer

Market penetration index

question

a higher level of selective demand for a product.

answer

Market share

question

identifying all the potential buyers in each market and estimating their potential purchases.

answer

Market-buildup method

question

someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the prospect."

answer

Marketer

question

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

answer

Marketing

question

is to find not the right customers for your products, but the right products for your customers

answer

Marketing concept

question

a coordinated collection of data, systems, tools, and techniques with supporting software and hardware by which an organization gathers and interprets relevant information from business and the environment and turns it into a basis for marketing action.

answer

Marketing decision support system

question

identifies the percentage of the potential target market at each stage in the decision process, from merely aware to highly loyal.

answer

Marketing funnel

question

diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers.

answer

Marketing insights

question

a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment.

answer

Marketing intelligence system

question

the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

answer

Marketing management

question

the set of measures that helps firms to quantify, compare, and interpret their marketing performance.

answer

Marketing metrics

question

the company and its supporting stakeholders, with whom it has built mutually profitable business relationships.

answer

Marketing network

question

an area of buyer need and interest in which there is a high probability that a company can profitably satisfy that need.

answer

Marketing opportunity

question

written document that summarizes what the marketer has learned about the marketplace, indicates how the firm plans to reach its marketing objectives, and helps direct and coordinate the marketing effort.

answer

Marketing plan

question

the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.

answer

Marketing research

question

the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment.

answer

Market potential

question

large social, economic, political, and technological changes that are slow to form, and once in place, have an influence for seven to ten years or longer.

answer

Megatrend

question

groups having a direct influence on a person.

answer

Membership groups

question

how and where information gets into memory.

answer

Memory encoding

question

how and from where information gets out of memory.

answer

Memory retrieval

question

the manner by which consumers code, categorize, and evaluate financial outcomes of choices.

answer

Mental accounting

question

statements that organizations develop to share with managers, employees, and (in many cases) customers.

answer

Mission statements

question

in consumer choice, when consumers do not simultaneously consider all positive and negative attribute considerations in making a decision.

answer

Noncompensatory models

question

the person in informal, product-related communications who offers advice or information about a specific product or product category.

answer

Opinion leader

question

a company's structures, policies, and corporate culture.

answer

Organization

question

the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

answer

Organizational buying

question

activities the firm undertakes to build mutually satisfying long-term relations with key partners such as suppliers, distributors, ad agencies, and marketing research suppliers.

answer

Partner relationship management

question

the set of consumers who are buying a company's product.

answer

Penetrated market

question

understanding the financial and nonfinancial returns to business and society from marketing activities and programs.

answer

Performance marketing

question

a set of distinguishing human psychological traits that lead to relatively consistent responses to environmental stimuli.

answer

Personality

question

the set of consumers who profess a sufficient level of interest in a market offer.

answer

Potential market

question

groups with which a person interacts continuously and informally, such as family, friends, neighbours, and co-workers.

answer

Primary groups

question

proposes that consumers favour products offering the most quality, performance, or innovative features.

answer

Product concept

question

the percentage of ownership or use of a product or service in a population.

answer

Product penetration percentage

question

holds that consumers prefer products that are widely available and inexpensive.

answer

Production concept

question

a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling, and servicing that customer.

answer

Profitable customer

question

a purchase, a vote, or a donation by a prospective client.

answer

Prospect

question

a scale to measure the probability of a buyer making a particular purchase.

answer

Purchase probability scale

question

the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

answer

Quality

question

a set of questions presented to respondents.

answer

Questionnaire

question

all the groups that have a direct or indirect influence on a person's attitudes or behaviour.

answer

Reference groups

question

building mutually satisfying long-term relationships with key parties, in order to earn and retain their business.

answer

Relationships marketing

question

when consumers base their predictions on how representative or similar an outcome is to other examples.

answer

Representativeness heuristic

question

a method by which possible rates of returns and their probabilities are calculated by obtaining estimates for uncertain variables affecting profitability.

answer

Risk analysis

question

the activities a person is expected to perform.

answer

Role

question

a conservative estimate of the expected volume of sales, used for making current purchasing, production, and cash flow decisions.

answer

Sales budget

question

the sales goal set for a product line, company division, or sales representative.

answer

Sales quota

question

a person's feelings of pleasure or disappointment resulting from comparing a product's perceived performance or outcome in relation to his or her expectations.

answer

Satisfaction

question

groups that tend to be more formal and require less interaction than primary groups, such as religious, professional, and trade-union groups.

answer

Secondary groups

question

the mental process of screening out certain stimuli while noticing others.

answer

Selective attention

question

good points about a product that consumers like are remembered and good points about competing products are forgotten.

answer

Selective retention

question

holds that consumers and businesses, if left alone, won't buy enough of the organization's products.

answer

Selling concept

question

a comparison of a company's current market share to its potential market share.

answer

Share-penetration index

question

a temporary repository of information.

answer

Short term memory

question

homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behaviour.

answer

Social classes

question

a measure to track the satisfaction of various constituencies who have a critical interest in and impact on the company's performance.

answer

Stakeholder performance scorecard

question

one's position within his or her own hierarchy or culture.

answer

Status

question

a single business or collection of related businesses that can be planned separately from the rest of the company, with its own set of competitors and a manager who is responsible for strategic planning and profit performance.

answer

Strategic business units

question

firms pursuing the same strategy directed to the same target market.

answer

Strategic group

question

laying out the target markets and the value proposition that will be offered, based on analysis of the best market opportunities.

answer

Strategic market plan

question

a company's game plan for achieving its goals.

answer

Strategy

question

subdivisions of a culture that provide more specific identification and socialization, such as nationalities, religions, racial groups, and geographical regions.

answer

Subcultures

question

receiving and processing subconscious messages that affect behaviour.

answer

Subliminal perception

question

marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service."

answer

Tactical market plan

question

the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image.

answer

Total customer benefit

question

the bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychic costs.

answer

Total customer cost

question

the maximum sales available to all firms in an industry during a given period, under a given level of industry marketing effort and environmental conditions.

answer

Total market potential

question

a direction or sequence of events that has some momentum and durability.

answer

Trend

question

a tool for identifying ways to create more customer value.

answer

Value chain

question

all the expectancies the customer will have on the way to obtaining and using the offering.

answer

Value delivery system

question

the whole cluster of benefits the company promises to deliver.

answer

Value proposition

Marketing Management Definitions CH 1-7 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards