question

marketing

answer

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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value

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relative comparison of a product's benefits versus its costs. value=benefits/costs

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utility

answer

ability of a product to satisfy a human want or need

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form utility

answer

providing products with features that customers want

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time utility

answer

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

answer

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

answer

physical products purchased by consumers for personal use

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industrial goods

answer

physical products purchased by companies to produce other products

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services

answer

products having nonphysical features, such as information, expertise, or an activity that can be purchased

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relationship marketing

answer

marketing strategy that emphasizes building lasting relationships with customers and suppliers

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customer relationship management (CRM)

answer

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

answer

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

answer

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

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brand competition

answer

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

answer

the things marketing intends to accomplish in its marketing plan

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marketing strategy

answer

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 (the 4 P's)

answer

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

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product

answer

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

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product differentiation

answer

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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place (distribution)

answer

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

answer

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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target market

answer

the particular group of people or organizations on which a firm's marketing efforts are focused

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market segmentation

answer

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

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

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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

answer

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

answer

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

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behavioral variables

answer

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy (halloween is the second biggest holiday) (its better to buy in bulk, costco, sams club)

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marketing research

answer

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

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secondary data

answer

data that are already available from previous research

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primary data

answer

new data that are collected from newly performed research

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observation

answer

research method that obtains data by watching and recording consumer behavior

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survey

answer

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

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focus group

answer

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

answer

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 decision process by which people buy and consume products

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psychological influences

answer

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

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personal influences

answer

include lifestyle, personality, and economic status that marketers use to study buying behavior

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social influences

answer

include family, opinion leaders (people whose opinions are sought out 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 (or consideration set)

answer

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 non-objective 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

answer

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 communications that flow among people and organizations interacting through an online platform

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social networking media

answer

websites or access channels, such as Facebook, Twitter, Linked In, and YouTube, to which consumers go for information and discussions

question

viral marketing

answer

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

answer

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

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