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marketing

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

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utility

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Ability of a product to satisfy a human want or need.

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form utility

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Providing products with features that customers want.

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time utility

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Providing products when customers will want them.

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place utility

answer

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 terms for customer credit payments, 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, or an activity that can be purchased.

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relationship marketing

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Marketing strategy that emphasizes building lasting relationships between 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 stronger company-client relationships are developed.

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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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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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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 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 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

answer

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 place 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

answer

Process of determining the best price at which to sell a product.

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price (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 for 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 P's of marketing to ensure their compatibility with one another and with the company's non-marketing activities as well.

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product positioning

answer

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

answer

geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy.

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demographic segmentation

answer

A segmentation strategy that uses demographic characteristics to identify different market segments.

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demographic variables

answer

Characteristics of populations that may be considered in developing a segmentation strategy.

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geo-demographic segmentation

answer

Using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy.

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geo-demographic variables

answer

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

answer

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 that are used in developing a segmentation strategy.

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secondary data

answer

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

answer

Study of the decision process by which people buy and consume products.

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psychological influences

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Includes 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 after 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

answer

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

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evoked set

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Or consideration set; a group of products consumers will consider buying as a result of information search.

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rational motives

answer

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

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emotional motives

answer

Reasons for purchasing a product that are based on nonobjective factors.

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services companies market

answer

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

answer

Organizational market consisting of intermediaries that buy and resell finished goods.

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institutional market

answer

Organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations.

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social networking

answer

Network of communiations that flow among people and organizations interacting through an online platform.

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social networking media

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Facebook, Twitter, LinkedIn, YouTube

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viral marketing

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Type of marketing relying on Internet to spread information like a 'virus'

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corporate blogs

answer

Comments and opinions published on the Web by or for an organization to promote its activities.

Business Essentials, Chapter 11: Marketing Processes and Consumer Behavior – Flashcards

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