question

Marketing

answer

organizational function and a setof processes for creating communicating and delivering value to customers and for managing customer relationships in ways that benefit organization and its stakeholders

question

value

answer

relative comparison of a product benefits versus its cost

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utility

answer

ability of a product to satisfy a human want or need

question

consumer goods

answer

physical product purchased by customers for personal use

question

industrial goods

answer

physical product purchased by companies to produce other products

question

services

answer

products having non physical features such as information expertise or an activity that can be purchased

question

relationship marketing

answer

marketing strategy that emphasizes building lasting relationships with customers and suppliers

question

customer relationship management (CRM)

answer

organize method set a firm uses to build better information connections with clients so that's stronger company client relationships are developed

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substitute product

answer

product that is the dissimilar from those of competitors but can fulfill the same need

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brand competition

answer

competitive marketing that appeals to consumer perceptions of benefits of products offer by particular companies

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international competition

answer

competitive marketing of domestic product again foreign products

question

Marketing manager

answer

manager who plans and implements the marketing activities that result in the transfer a product from producer to consumer

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marketing plan

answer

detailed strategy for focusing marketing efforts on consumers' needs and wants

question

marketing mix

answer

combination of product pricing promotion and place (distribution) strategies used to market products

question

product

answer

good service or idea that is marketed to fill consumers needs and wants

question

product differentiation

answer

creation of a product feature or product image that differs enough from existing products to attract customers

question

pricing

answer

process of determining the best price at which to sell a product

question

place (distribution)

answer

part of the marketing mix concerned with getting products from producers to consumers

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promotion

answer

aspect of the marketing mix concerned with the most effective techniques for communicating information about products

question

Target Market

answer

group of people who have similar wants and needs and can be expected to show interest in the same products

question

Marketing Segmentation

answer

process of diving a market into categories of customer types, or "segments"

question

Product positioning

answer

process of fixing, adapting, and communicating the nature of a product

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Geographic Variables

answer

geographic units that may be considered in developing a segmentation strategy

question

demographic variables

answer

characteristics of populations that may be considered in developing a segmentation strategy

question

geo-demographic variables

answer

combination of geographic and demographic traits used in developing a segmentation strategy

question

Psychological variables

answer

consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy

question

Behavioral variables

answer

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy

question

Consumer behavior

answer

study of the decision process by which people buy and consume products

question

evoked set (consideration set)

answer

group of products consumer will consider buying as a result of information search

question

rational motives

answer

reasons for purchasing a product that are based on a logical evaluation of product attributes

question

emotional motives

answer

reasons for purchasing a product that are based on non objective factors

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Industrial Market

answer

organizational market consisting of firms that buy goods that are either converted into products of used during production

question

reseller market

answer

organizational market consisting of intermediaries that buy and resell finished goods

question

Institutional Market

answer

organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churched, museums, and charitable organizations

question

product features

answer

tangible and intangible qualities that a company builds into its products

question

value package

answer

product marketed as a bundle of value-adding attributes, including reasonable cost

question

shopping good/shopping service

answer

moderately expensive, infrequent purchased good or service

question

specialty good/specialty service

answer

expensive, rarely purchased good or service

question

production item

answer

industrial product purchased and used directly in the production process that creates other goods or services

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expense item

answer

industrial product purchased and consumed within a year by firms producing other products

question

capital item

answer

expensive, long lasting infrequent purchased industrial product, such as a building, or industrial service, such as a long term agreement for data warehousing services

question

product mix

answer

group of products that firm makes available for sale

question

product line

answer

group of products that are closely related because they function in similar manner or are sold to the same customer group who will use them in similar ways

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speed to market

answer

strategy of introducing new products to respond quickly to customer of market changes

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product life cycle (PLC)

answer

series of staged in a product's commercial life

question

branding

answer

process of using symbols to communicate the qualities of a product made by a particular producer

question

brand awareness

answer

extent to which a brand names comes to mind when a consumer considers a particular product category

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product placement

answer

a promotional tactic for brand exposure in which characters in televised, film, music, magazines, or video games use a real product with its brand visible to viewers

question

buzz marketing

answer

promotional method that relies on work of mouth to create buzz about products and ideas

question

viral marketing

answer

type of buzz marketing that relies on the Internet to spread information like a "virus" from person to person about product and ideas

question

corporate blogs

answer

comments and opinions published on the web by or for an organization to promote its activities

question

national brand

answer

brand name product produced by, widely distributed by, and carrying the name of a manufacture

question

brande extension

answer

a company's use of a national brand on several additional related products

question

licensed brand

answer

brand name product for whose name the seller has purchased the right from an organization or individual

question

private brand (private label)

answer

brand name product that a wholesaler or retailer has commissioned from a manufacture

question

packaging

answer

physical containers in which a product in sold, advertised, or protected

question

Form utility

answer

providing products when with features that customers want

question

Time utility

answer

providing products when customers will want them

question

Place utility

answer

providing products where customer will want them

question

Possession utility

answer

transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, & providing ownership documents

question

Data Warehousing

answer

the collection, storage, & retrieval of data in electronic files

question

Data Mining

answer

the application of electronic technologies for searching, sifting, & reorganizing pools of data to uncover useful information

question

Political-Legal Environment

answer

relationship between business & government, usually in the form of government regulation of business

question

Sociocultural Environment

answer

the customs, mores, values, & demographic characteristics of the society which an organization functions

question

Technological Environment

answer

all the ways by which firms create value for their constituents

question

Economic Environment

answer

relavant conditions that exist in the economic system in which a company operates

question

Competitive Environment

answer

the competitive system in which businesses compete

question

Marketing Objectives

answer

the things marketing intends to accomplish in its marketing plan

question

Marketing Strategy

answer

all the marketing programs & activities that will be used to achieve the marketing goals

question

Advertising

answer

any form of paid non-prsonal communication used by an identified sponsor to persuade or inform potential buyers about a product

question

Personal Selling

answer

person-to person sales

question

Sales Promotion

answer

direct inducements such as premiums, coupons, & package inserts to tempt consumers to buy products

question

Public Relations

answer

is a strategic communication process that builds mutually beneficial relationships between organizations and their publics

question

Integrated Marketing Strategy

answer

Strategy aimed at unifying different marketing methods such as mass marketing, one-to-one marketing, and direct marketing

question

Geographic Segmentation

answer

Collecting and analyzing information according to the physical location of the customer or other data source

question

Demographic Segmentation

answer

a segmentation strategy that uses demographic characteristics to identify different market segments

question

Geo-Demographic Segmentation

answer

using a combination of geographic & demographic traits for identifying different market segments in a segmentation strategy

question

Psychographic Segmentation

answer

a segmentation strategy that uses psychographic characteristics to identify different market segments

question

Behavioral Segmentation

answer

a segmentation strategy that uses behavioral variables to identify different market segments

question

Marketing Research

answer

the study of what customers need & want & how to meet those needs & wants

question

Secondary Data

answer

data already available from previous research

question

Primary Data

answer

new data that are collected from newly performed research

question

Observation

answer

research method that obtains data by watching & recording consumer behavior

question

Survey

answer

research method of collecting consumer data using questionnaires, telephone calls, & face to face interviews

question

Focus group

answer

A method of gauging public opinion by observing a small number of people brought together to discuss specific issues, usually under the guidance of a moderator.

question

Experimentation

answer

research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products

question

Psychological Influences

answer

include an individual's motivations, perceptions, ability to learn, & attitudes that marketers use to study buying behavior

question

Personal influences

answer

influence in decision making that includes... age, economic situation, lifestyle, personality

question

Social influences

answer

The actions, reactions, and thoughts of an individual are influenced by other people or groups

question

Cultural Influences

answer

include culture, subculture, & social class influences that marketers use to study buying behavior

question

Brand Loyalty

answer

pattern of repeated consumer purchasing based on satisfaction with a product's performance

question

Service Companies Market

answer

firms engaged in the business of providing services to the purchasing public

question

Social networking Media

answer

online platforms or internet-based resources that allow users to create profiles, post information, and/or socialize with others using various technologies.

Business Essentials – Chapter 11 – Flashcards

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