Business Chapter 11 Test Questions – Flashcards
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Marketing
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- 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
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Value
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- relative comparison of a product's benefits versus its costs
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Utility
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- ability of a product to satisfy a human want or need
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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, or an activity that can be purchased
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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 (CRM)
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- organized methods that a firm uses to build better information connections with clients, so that stronger 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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Political-Legal Environment
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- the relationship between business and government, usually in the form of government regulation of business
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Sociocultural Environment
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- the customs, mores, 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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Substitute Product
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- product that is dissimilar from those of competitors, but that can fulfill 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 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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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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Place (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 most 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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Personal Selling
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-person-to person sales
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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 goodwill and favorable attitudes in the minds of the public toward the organization and its products
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Integrated Marketing Strategy
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- strategy that blends together the Four Ps of marketing to ensure their compatibility with one another, as well as with the company's non-marketing activities
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Target Market
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- group of people who have similar wants and needs and can be expected to show interest in the same products
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Market Segmentation
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- process of dividing a market into categories of customer types, or "segments"
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Product Positioning
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- process of fixing, adapting, 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, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy
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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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Demographic Segmentation
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- a segmentation strategy that uses demographic characteristics to identify different market segment
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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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Geo-Demographic Segmentation
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- using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy
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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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Psychographic Segmentation
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- a segmentation strategy that uses psychographic characteristics 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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Behavioral Segmentation
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- a segmentation strategy that uses behavioral variables to identify different market segments
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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 want
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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 watching and recording consumer behavior
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Survey
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- research method of collecting consumer data using questionnaires, telephone calls, and face-to-face 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 (people whose opinions are sought by others), 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 regular consumer purchasing based on satisfaction with a product's performance
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Evoked Set (or Consideration Set)
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- 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 nongovernmental 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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Social Networking Media
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- websites or access channels, such as Facebook, Twitter, LinkedIn, and YouTube, to which consumers go for information and discussions
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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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International Products
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- some products can be sold abroad with virtually no changes
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International Pricing
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- marketers must consider the higher costs of transporting and selling products abroad
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International Distribution
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- companies with existing distribution systems often enjoy an advantage
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International Promotion
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- often U.S. promotional tactics do not succeed in other countries.
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Small-Business Products
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- product failures due to lack of market potential or marketing to the wrong target market segments
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Small-Business Pricing
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- losses due to pricing errors resulting from underestimating operating expenses
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Small-Business Distribution
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- poor location choice fails to attract customers
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Small-Business Promotion
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- careful promotion can reduce expenses
