Business 1101 Ch11 – Flashcards
73 test answers
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time utility
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providing products when customers will want them
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place utility
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providing products where customers will want them
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possession utility
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transferring product ownership to customers by setting selling prices, setting credit payment terms, and providing ownership documents
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consumer goods
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physical products purchased by consumers for personal use
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industrial goods
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physical products purchased by companies to produce other products
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services
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products having nonphysical features, such as information/expertise
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relationship marketing
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marketing strategy that emphasizes building lasting relationships with customers and suppliers
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customer relationship management
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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
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the collection, storage, and retrieval of data in electronic files
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data mining
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the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information
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political legal environment
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relationship between business and government, usually in form of government regulation of business
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sociocultural environment
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the customs, morals, values, and demographic characteristics of the society in which an organization functions
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technological environment
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all the ways by which firms create value for their constituents
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economic environment
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relevant conditions that exist in the economic system in which a company operates
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competitive environment
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the competitive system in which businesses compete
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substitute product
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product that is dissimilar from those of competitors, but can fulfull the same need
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brand competition
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competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
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international competition
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competitive marketing of domestic products against foreign products
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marketing plan
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detailed strategy for focusing marketing efforts on consumers' needs and wants
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marketing objectives
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the things marketing intends to accomplish in its marketing plan
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marketing strategy
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all the marketing programs and activities that will be used to achieve the marketing goals
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marketing manager
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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
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combination of product, pricing, promotion, and distribution strategies used to market products
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product
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good, service, or idea that is marketed to fill consumers' needs and wants
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product differentiation
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creation of a product feature or product image that differs enough from existing products to attract customers
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pricing
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process of determining the best price at which to sell a product
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distribution
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part of the marketing mix concerned with getting products from producers to consumers
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promotion
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aspect of the marketing mix concerned with the msot effective techniques for communicating information about products
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advertising
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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
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direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products
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public relations
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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
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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
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4 P's of marketing
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target market
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the particular group of people or organizations on which a firm's marketing efforts are focused
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market segmentation
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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
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product positioning
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process of fixing, adopting, and communicating the nature of a product
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geographic variables
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geographic units that may be considered in developing a segmentation strategy
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geographic segmentation
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geographic units that may be considered in identifying different market segments in a segmentation strategy
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demographic segmentation
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a segmentation strategy that uses demographic characteristics to identify different market segments
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demographic variables
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characteristics of populations that may be considered in developing a segmentation strategy
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geo-demographic segmentation
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using a combination of geographic nad demographic traits for identifying different market segments in a segmentation strategy
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geo-demographic variables
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combination of geographic and demographic traits used in developing a segmentation strategy
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psychographic segmentation
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a segmentation strategy that uses psychographic characteristics to identify different market segments
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psychographic variables
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consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy
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behavioral segmentation
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a segmentation strategy that uses behavioral variables to identify different market segments
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behavioral variables
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behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy
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marketing research
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the study of what customers need and want and how best to meet those needs and wants
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secondary data
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data that are already available from previous research
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primary data
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new data that are collected from newly performed research
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observation
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research method that obtains data by watchiong and recording consumer behavior
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survey
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research method of collecting consumer datausing questionnaires, telephone calls, and interviews
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focus group
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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
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experimentation
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research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products
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consumer behavior
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study of the decision process by which people buy and consume products
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psychological influences
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include an individual's motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior
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personal influences
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include lifestyle, personality, and economic status that marketers use to study buying behavior
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social influences
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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
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include culture, subculture, and social class influences that marketers use to study buying behavior
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brand loyalty
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pattern of repeated consumer purchasing based on satisfaction with a product's performance
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evoked set
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aka consideration set, group of products consumers will consider buying as a result of information search
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rational motives
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reasons for purchasing a product that are based on a logical evaluation of product attributes
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emotional motives
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reasons for purchasing a product that are based on nonobjective factors
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services companies market
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firms engaged in the business of providing services to the purchasing public
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industrial market
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organizational market consisting of firms that buy goods that are either converted into products or used during production
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reseller market
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organizational market consisting of intermediaries that buy and resell finished goods
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institutional market
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organizational market consisting of such nongovermental buyers of goods and services as hospitals, churches, museums, and charitable organizations
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social networking
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network of communications that flow among people and organizations interacting through an online platform
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viral marketing
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type of marketing that relies on the internet to spread information like a "virus" from person to person about products and ideas
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corporate blogs
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comments and opinions published on the Web by or for an organization to promote its activities
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