question

4 Ps

answer

Product, Price, Place, Promotion

question

goods

answer

can be physically touched

question

services

answer

intangible customer benefits

question

B2C

answer

business to consumer

question

B2B

answer

business to business

question

C2C

answer

consumer to consumer

question

value

answer

reflects the relationship of benefits to cost- what you get for what you give

question

value cocreation

answer

customers can act as collaborators to create the product or service

question

relational orientation

answer

method of building a relationship with customers based on the philosophy that buyers and sellers should have a long term relationship

question

market strategy

answer

a firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage

question

sustainable competitive advantage

answer

advantage over competition, not easily copied, maintained for a long time

question

customer excellence

answer

focuses on retaining loyal customers and excellent customer service

question

operational excellence

answer

efficient operations and excellent supply chain and human resource management

question

product excellence

answer

having products with high perceived value and effective branding

question

locational excellence

answer

having a good physical location and internet presence

question

marketing plan

answer

1. planning phase 2. implementation phase (segmenting, targeting, positioning) 3. evaluate situation 4. use 4 Ps 5. control phase

question

mission statement

answer

what type of business are we? what do we need to do to accomplish our goals and objectives?

question

situation analysis

answer

SWOT- strengths, weaknesses, opportunities, threats

question

CDSTEP factors

answer

cultural, demographic, social, technological, economic, political forces

question

market positioning

answer

process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents

question

metric

answer

measuring system that quantifies a trend, dynamic, or characteristic

question

relative market share

answer

a measure of the product's strength in a particular market, defined as the sales of the focal product divided by sales achieved by largest firm in the industry

question

market penetration strategy

answer

growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers

question

market segmentation

answer

process of dividing the market into groups of customers with different needs, wants, or characteristics

question

marketing development strategy

answer

employs the existing marketing offering to reach new market segments, whether domestic or international

question

product development strategy

answer

offers a new product or service to a firm's current target market

question

diversification strategy

answer

growth strategy whereby a firm introduces a new product or service to a market not currently served

question

related diversification

answer

strategy whereby the current target market and/or marketing mix shares something in common with new opportunity

question

unrelated diversification

answer

strategy whereby a new business lacks any common elements with present business

question

social media

answer

content distributed through online and mobile technologies to facilitate interpersonal interactions

question

4 E framework

answer

excitement, education, experience, engagement

question

creators

answer

hip, cool contributors who are on the cutting edge and plan to stay there. social media give them new ways to post and share their clever ideas

question

bonders

answer

social butterflies who use social media to enhance and expand their relationships

question

professionals

answer

people who are constantly on the go, busy, and want to appear efficient, , so they use social media to show how smart they are

question

sharers

answer

use social media sites and want to help by being constantly well informed, so they can provide genuine insights to others

question

professional blogs

answer

written by people who review and give recommendations on products and services

question

microblog

answer

short sentences, short videos, individual images

question

gamification

answer

process of building customer loyalty through the offering of free apps

question

sentiment analysis

answer

technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products

question

hits

answer

total requests per page

question

page views

answer

number of times a page is visited

question

bounce rate

answer

percentage of times a visitor leaves a site almost immediately

question

conversion rates

answer

percentage of visitors or potential customers who act as the marketer hopes, whether by clicking, buying, or donating

question

social reach

answer

how many people a person influences (like friends on FB)

question

business ethics

answer

moral or ethical dilemmas that might arise in a business setting

question

marketing ethics

answer

examines ethical problems that are specific to the domain of marketing

question

ethical climate

answer

set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior

question

corporate social responsibility

answer

voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders

question

decision making process (ethics)

answer

1. identify issues 2. gather information and identify stakeholders 3. brainstorm alternatives 4. choose a course of action

question

locational privacy

answer

person's ability to move normally in public spaces with the expectation that his or her location will not be recorded for subsequent use

question

macroenvironmental factors

answer

aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situation, and political environment

question

culture

answer

shared meanings, beliefs, morals, values, customs of a group

question

country culture

answer

entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences

question

demographics

answer

characteristics of human populations and segments, especially those used to identify consumer markets

question

generational cohort

answer

a group of people in the same generation who typically have similar purchase behaviors because they have shared experiences and are in the same stage of life

question

Gen Z

answer

the digital natives. born into a world that was already full of electronic gadgets and digital technologies such as the internet and social networks. born between 2001-2014

question

Gen Y

answer

millenials. born between 1977-2000. strong work/life balance.

question

Gen X

answer

born between 1965-1976. get married later than other generations.

question

baby boomers

answer

born between 1946-1964 after WWII. individualistic.

question

green marketing

answer

strategic effort by firms to supply customers with environmentally friendly merchandise

question

greenwashing

answer

exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goa of gaining public approval and sales

question

interest rates

answer

cost to borrow money

question

political/regulatory environment

answer

compromises political parties, government organizations, and legislation and laws

question

need recognition

answer

beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state

question

wants

answer

goods or services that are not necessarily needed but are desired

question

functional needs

answer

pertain to the performance of a product or service

question

psychological needs

answer

pertain to the personal gratification consumers associate with a product or service

question

internal search for information

answer

buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences

question

external search for information

answer

buyer seeks information outside his or her personal knowledge base to help make the buying decision

question

internal locus of control

answer

refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities

question

external locus of control

answer

consumers believe that fate ot other external factors control all outcomes

question

performance risk

answer

involves the perceived danger inherent in a poorly performing product or service

question

financial risk

answer

risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service

question

social risk

answer

fears that consumers suffer when they worry others might not regard their purchases positively

question

physiological risk

answer

fear of an actual harm should the product not perform properly

question

psychological risk

answer

associated with the way people will feel if the product or service does not convey the right image

question

universal sets

answer

includes all possible choices for a product-category

question

retrieval sets

answer

brands or stores that can be readily brought forth from memory

question

evoked set

answer

comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision

question

evaluative criteria

answer

consist of a set of salient, or important, attributes, about a particular product

question

determinant attributes

answer

product or service features that are important to the buyer and on which competing brands or stores are perceived to differ

question

consumer decision rule

answer

the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives

question

multi-attribute model

answer

a compensatory model of customer decision making based on the notion that customers see a product as a collection of attributes. Model uses a weighted average score based on the importance of various attributes and performance on those ideas

question

noncompensatory decision rule

answer

at work when consumers choose a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes

question

conversion rate

answer

percentage of consumers who buy a product after viewing it

question

postpurchase cognitive dissonance

answer

an internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior

question

negative word of mouth

answer

occurs when consumers spread negative information about a product, service, or store

question

motive

answer

a need or want that is strong enough to cause the person to seek satisfaction

question

maslow's hierarchy of needs

answer

when basic needs are fulfilled, people turn to satisfying their higher-lever human needs (social and personal)

question

physiological needs

answer

basic necessities: food, water, rest, shelter

question

safety needs

answer

pertain to protection and physical well being

question

love needs

answer

needs expressed though interactions with others

question

esteem needs

answer

allow people to satisfy their inner desires

question

self actualization

answer

when a person is completely satisfied with his or her life

question

attitude

answer

a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea. 3 components

question

cognitive component of attitude

answer

reflects what a person believes to be true

question

affective component of attitude

answer

reflects what a person feels about the issue at hand (like or dislike of something)

question

behavioral component of attitude

answer

comprises the actions a person takes with regard to the issue at hand

question

perception

answer

the process by which we select, organize, and interpret information to form a meaningful picture of the world

question

learning

answer

refers to a change in a person's thought process or behavior that arises from experience and takes place throughout the consumer decision process

question

lifestyle

answer

refers to the way consumers spend their time and mony to live

question

reference group

answer

one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors

question

involvement

answer

consumer's interest in a product or service

question

extended problem solving

answer

when customer perceives that the purchase decision entails a lot of risk

question

limited problem solving

answer

when a purchase decision calls for, at most, a moderate amount of effort and time

question

impulse buying

answer

buying decision made on the spot

question

habitual decision making

answer

purchase decision process in which consumers engage in little conscious effort

question

business to business marketing

answer

the process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for the resale by wholesalers and retailers

question

derived demand

answer

linkage between consumers' demand for a company's output and its purchase of necessary inputs to manufacture or assemble that particular output

question

resellers

answer

marketing intermediaries that resell manufactured products without significantly altering their form

question

wholesalers

answer

those firms engaged in buying, taking title to, often storing, and physically handling goods in large quantities, then reselling the goods to retailers or industrial or business users

question

distributors

answer

a type of reseller or marketing intermediary that resells manufactured products without significantly altering their form

question

request for proposals (RFP)

answer

process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications

question

web portal

answer

internet site whose purpose is to be a major starting point for users when they connect to the web

question

buying center

answer

group of people typically responsible for the buying decisions in large organizations

question

initiator

answer

person who first suggests buying the particular product or service

question

influencer

answer

person whose views influence other members of the buying center in making the final decision

question

decider

answer

person who ultimately determines any part of or the entire buying decision- whether to buy, what to buy, how to buy, or where to buy

question

buyer

answer

person who handles the paperwork of the actual purchase

question

user

answer

person who consumes or uses product or service

question

gatekeeper

answer

person who controls information or access, or both, to decision makers and influencers

question

organizational culture

answer

reflects the set values, traditions, and customs that guide a firm's employees' behavior

question

autocratic buying center

answer

buying center in which one person makes the decision alone, though there may be multiple participants

question

democratic buying center

answer

buying center in which the majority rules

question

consensus buying center

answer

buying center in which all members of the team must reach a collective agreement that they can support a particular purchase

question

consultative buying center

answer

buying center in which one person makes the decision but he or she solicits input from others before doing so

question

new buy

answer

in a b2b setting, a purchase of a good or service fro the first time; the buying decision is likely to be quite involved because the buyer or the buying organization does not have experience with the item

question

modified rebuy

answer

refers to when the buyer has purchased a similar product in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, options, or so forth

question

straight rebuys

answer

when the buyer or buying organization simply buys additional units of products that had previously been purchased

question

globalization

answer

refers to the process by which goods, services, capital, people, information, and ideas flow across national borders

question

trade deficit

answer

a country imports more than it exports

question

trade surplus

answer

occurs when a country has a higher level of exports than imports

question

gross domestic product (GDP)

answer

defined as the market value of the goods and services produced by a country in a year; most widely used standardized measure of output

question

gross national income

answer

consists of GDP plus the net income earned from the investments abroad (minus any payments made to nonresidents who contribute to the domestic economy)

question

purchasing power parity

answer

a theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, if expressed in the same currecny

question

infrastructure

answer

the basic facilities, services, and installations needed for a community or society to function, such as transportation and communications systems, water and power lines, and public institutions like schools, post offices, and prisons

question

tariff (duty)

answer

a tax levied on a good imported into a country

question

quota

answer

designates the maximum quantity of a product that may be brought into a country during a specified time period

question

exchange control

answer

refers to the regulation of a country's currency exchange rate

question

exchange rate

answer

the measure of how much one currency is worth in relation to another

question

trade agreements

answer

intergovernmental agreements designed to manage and promote trade activities for specific regions (ex: EU)

question

trading bloc

answer

consists of those countries that have signed a particular trade agreement

question

power distance

answer

willingness to accept social inequality as natural

question

uncertainty avoidance

answer

extent to which the society relies on orderliness, consistency, structure, and formalized procedures to address situations that arise in daily life

question

individualism

answer

perceived obligation to and dependence on groups

question

masculinity

answer

extent to which dominant values are male oriented

question

time orientation

answer

short vs. long term orientation

question

exporting

answer

producing goods in one country and selling them in another

question

franchising

answer

a contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor

question

strategic alliances

answer

a collaborative relationship between independent firms, though the partnering firms do not create an equity partnership; that is, they do not invest in one another

question

joint venture

answer

formed when a firm entering a market pools its resources with those of a local firm ownership, control, and profits are shared

question

direct investment

answer

when a firm maintains 100% ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsidiaries

question

glocalization

answer

process of firms standardizing their products globally, but using different promotional campaigns to sell them

question

reverse innovation

answer

when companies initially develop products for niche or underdeveloped markets, and then expand them into their original or home markets

question

geographic segmentation

answer

organizes customers into groups on the basis of where they live

question

demographic segmentation

answer

groups consumers according to easily measured, objective characteristics such as age, gender, income, and education

question

psychographics

answer

used in segmentation; delves into how consumers describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices

question

self-values

answer

goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life

question

self-concept

answer

the image a person has of him/herself

question

lifestyles

answer

refers to the way a person lives his or her life to achieve goals

question

Value and Lifestyle Survey, VALS

answer

a psychographic tool developed by SRI Consulting Business Intelligence; classifies consumers into eight segments: innovators, thinkers, believers, achievers, strivers, experiences, makers, or survivors

question

benefit segmentation

answer

groups consumers on the basis of the benefits they derive from products or services

question

behavioral segmentation

answer

divides customers into groups on the basis of how they use the product or service

question

occasional segmentation

answer

based on when a product or service is purchased or consumed

question

loyalty segmentation

answer

strategy of investing in loyalty initiatives to retain the firm's most profitable customers

question

geodemographic segmentation

answer

the grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics

question

segment profitability

answer

(segment size x segment adoption % x purchase behavior x profit margin %) - fixed costs

question

undifferentiated targeting strategy (mass marketing)

answer

a marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups

question

differentiated targeting strategy

answer

a strategy through which a firm targets several market segments with a different offering for each

question

concentrated targeting strategy

answer

a marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market's needs

question

micromarketing (one-to-one marketing)

answer

an extreme form of segmentation that tailors a product or service to suit an individual customer's wants or needs

question

cookies

answer

small text files a website to stores in a visitor's browser to get identifying information

question

value proposition

answer

unique value that a product or service provides to its customers and how it is better than and different from those of competitiors

question

perpetual map

answer

displays, in two or more dimensions, the position of products or brands in the consumer's mind

question

ideal points

answer

the position at which a particular market segment's ideal product would lie on a perpetual map

question

marketing research

answer

a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas

question

secondary data

answer

pieces of information that have been collected prior to the start of the focal research project

question

primary data

answer

collected to address specific research needs

question

data

answer

raw numbers or other factual information that, on their own, have limited value to marketers

question

information

answer

organized, analyzed, interpreted data that offer value to marketers

question

syndicated data

answer

data available for a fee from commercial research firms such as Information Resources Inc., National Purchase Diary Panel, and ACNielsen

question

scanner data

answer

type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at check-out counters

question

panel data

answer

information collected from a group of consumers, organized into panels, over time

question

data mining

answer

the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in the databases or relationships among variables

question

churn

answer

the number of consumers who stop using a product or service divided by the average number of consumers of that product or service

question

qualitative research

answer

informal research methods, including observation, following social media sites, in-depth interviews, focus groups, and projective techniques

question

quantitative research

answer

structured responses that can be structurally tested to confirm insights and hypotheses generated via qualitative research or secondary data

question

observation

answer

an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny

question

sentiment mining

answer

data gathered by evaluating customer comments posted through social media sites such as Twitter and Facebook

question

in-depth interview

answer

an exploratory research technique in which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue

question

focus group interview

answer

a research technique in which a small group of persons (usually 8-12) comes together for an intensive discussion about a particular topic, with the conversations guided by a trained moderator using an unconstructed method of inquiry

question

survey

answer

a systematic means of collecting information from people that generally uses a questionnaire

question

questionnaire

answer

a form that features a set of questions designed to gather information from respondents and thereby accomplish the researchers' objectives; questions can be either unstructured or structured

question

unstructured questions

answer

open-ended questions that allow respondents to answer in their own words

question

structured questions

answer

close-ended questions for which a discrete set of responses alternatives, or specific answers, is provided for respondents to evaluate

question

biometric data

answer

digital scanning of the physiological or behavioral characteristics of individuals as a means of identification

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