Intro to Business Chapters: 11, 12, ; 13 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing
answer
a group of activites designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.
question
Exchange
answer
the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
question
Value
answer
A customer's subjective assessment of benefits relative to costs in determining the worth of a product.
question
Marketing Concept
answer
The idea that an organization should try to satisfy customer's needs through coordinated activities that also allow it to achieve its own goals.
question
Market Orientation
answer
an approach requiring organizations to gather information about customers needs, share that info through the firm and use that information to help build long term relationships with customers.
question
Marketing Strategy
answer
a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.
question
Market
answer
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.
question
Target Market
answer
a specific group of consumers on whose needs and wants a company focuses its marketing efforts
question
Total-Market approach
answer
an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs
question
Market Segmentation
answer
A strategy whereby a firm divides the total market into groups of people who have similar product needs.
question
Market Segment
answer
A collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires.
question
Multisegment approach
answer
A market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each.
question
Marketing Mix
answer
The four marketing activities - product, price, promotion, and distribution - that the firm can control to achieve specific goals within a dynamic marketing environment.
question
Price
answer
a value placed on an object exchanged between a buyer and a seller
question
Distribution
answer
Making products available to customers in the quantities desired
question
Promotion
answer
A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas.
question
Marketing Research
answer
A systematic, objective process of getting information about potential customers to guide marketing decisions
question
Primary Data
answer
marketing information that is observed, recorded, or collected directly from respondents
question
Secondary Data
answer
information that is compiled inside or outside an organization for some purpose other than changing the current situation
question
Buying Behavior
answer
The decision processes and actions of people who purchase and use products
question
Perception
answer
The process by which a person selects, organizes, and interprets information received from his or her senses.
question
Motivation
answer
Inner drive that directs a person's behavior toward goals
question
Learning
answer
Changes in a person's behavior based on information and experience
question
Attitude
answer
Knowledge and positive or negative feelings about something
question
Personality
answer
The organization of an individual's distinguishing character traits, attitudes, or habits
question
Social Roles
answer
A set of expectations for individuals based on some position they occupy
question
Reference Groups
answer
Groups with whom buyers identify and whose values or attitudes they adopt
question
Social Classes
answer
a ranking of people into higher or lower positions of respect
question
Culture
answer
the integrated, accepted, pattern of human behavior, including thought, speech, beliefs, actions and artifacts
question
Test Marketing
answer
A trial mini launch of a product in limited areas that represent the potential market
question
Commercialization
answer
The full introduction of a complete marketing strategy and the launch of the product for commercial success
question
Consumer Products
answer
products intended for household or family use
question
Business Products
answer
Products that are used directly or indirectly in the operation or manufacturing processes of businesses
question
Product Line
answer
A group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use consideration.
question
Product mix
answer
All the products offered by an organization
question
Branding
answer
The process of naming and identifying products
question
Trademark
answer
A brand that is registered with the U.S. Patent and Trademark office and is thus legally protected from use by any other firm
question
Manufacturer Brands
answer
Brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
question
Private Distributor Brands
answer
Brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer
question
Generic Products
answer
Products with no brand name that often come in simple packages and carry only their generic name
question
Packaging
answer
The external container that holds and describes the product
question
Labeling
answer
The presentation of important information on a package
question
Quality
answer
The degree to which a good, service, or idea meets the demands and requirements of customers.
question
Price Skimming
answer
Charging the highest possible price that buyers who want the product will pay
question
Penetration Price
answer
A low price designed to help a product enter the market and gain market share rapidly
question
Psychological Pricing
answer
Encouraging purchases based on emotional rather than rational responses to the price
question
Discounts
answer
Temporary price reductions, often employed to boost sales
question
Marketing Channel
answer
A group of organizations that moves products from their producer to customers; also called a channel of distribution
question
Retailers
answer
Intermediaries who buy products from manufacturers and sell them to consumers for home and household use rather than for resale or for sue in producing other products
question
Wholesalers
answer
Intermediaries who buy from producers or from other wholesalers and sell to retailers
question
Intensive Distribution
answer
A form of market coverage whereby a product is made available in as many outlets as possible
question
Selective Distribution
answer
A form of market coverage whereby only a small number of all available outlets are used to expose products
question
Exclusive Distribution
answer
The awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory
question
Physical Distribution
answer
All the activities necessary to move products from producers to customers - inventory control, transportation, warehousing, and materials handling
question
Warehousing
answer
The design and operation of facilities to receive, store, and ship products
question
Materials Handling
answer
The physical handling and movement of products in warehousing and transportation
question
Integrated Marketing Communications
answer
Coordinating the promotion mix elements and synchronizing the promotion as a unified effort
question
Advertising
answer
A paid form of non personal communication transmitted through a mass medium, such as television commercials or magazine advertisements.
question
Advertising Campaign
answer
Designed a series of advertisements and placing them in various media to reach a particular target
question
Personal Selling
answer
Direct, two-way communications with buyers and potential buyers
question
Publicity
answer
Non-personal communication transmitted through the mass media but not paid for directly by the firm
question
Sales Promotion
answer
Direct inducements offering added value or some other incentive for buyers to enter into an exchange
question
Push Strategy
answer
An attempt to motivate intermediaries to push the product down to their customers
question
Pull Strategy
answer
The use of promotion to create consumer demand for a product so that consumers demand for a product so that consumers exert pressure on marketing channel members to make it available
question
Promotional Positioning
answer
The use of promotion to create and maintain an image of a product in buyers' minds
question
E-Business
answer
Carrying out the goals of business through utilization of the internet
question
Digital Media
answer
Electronic media that function using digital codes via computers, cellular phones, smart phone, and other digital devices that have been released in recent years
question
Digital Marketing
answer
Uses all digital media, including the Internet and mobile and interactive channels, to develop communication and exchange with customers
question
Addressability
answer
The ability of a business to identify customers before they make purchases
question
Interactivity
answer
Allows customers to express their needs and wants directly to the firm in response to its communications
question
Accessibility
answer
Allows consumers to find information about competing products, prices, and reviews and become more informed about a firm and the relative value of its products
question
Connectivity
answer
The use of digital networks to provide linkages between information providers and users
question
Control
answer
Consumers' ability to regulate the information they receive via the Internet, and the rate and sequence of their exposure to that information
question
Social Network
answer
A web-based meeting place for friends, family, co workers, and peers that lets users create a profile and connect with other users for a wide range of purposes
question
Blog
answer
A web based journal in which a writer can editorialize and interact with other Internet users
question
Wiki
answer
Software that creates an interface that enables users to add or edit the content of some types of websites
question
Viral Marketing
answer
A marketing tool that uses the Internet, particularly social networking and video sharing sights to spread a message and create brand awareness
question
Podcast
answer
An audio or video file that can be downloaded from the internet with a subscription that automatically delivers new content to listening devices or personal computers
question
Identity Theft
answer
When criminals obtain personal information that allows them to impersonate someone else in order to use their credit to access financial accounts and make purchases
question
Online Fraud
answer
Any attempt to conduct fraudulent activities online
