question

Marketing

answer

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

question

Customer Value

answer

the unique combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery, and both before-sale and after-sale service. perceived benefits/ cost

question

Types of utility

answer

Ways to distinguish your product vs. the competition: time place form prosession

question

Exchange

answer

the trade of things of value between a buyer and a seller so that each is better off after the exchange.

question

The Marketing Mix

answer

the set of controllable factors of Product, Price, Place & Promotion used by marketing managers

question

Marketing Program

answer

a plan that integrates the marketing mix to provide a product, service, or idea to prospective customers

question

Marketing Share

answer

the ratio of the firm's sales revenue to total industry sales revenue, including the firm.. the key indicator of a successful marketing program

question

MS(Brand)=

answer

Sale$/Total$= Share(%)

question

"STP" Marketing

answer

Segmentation Targeting Positioning

question

Environmental Scanning

answer

the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

question

Core Values

answer

the fundamental, passionate, and enduring principles that guide its conduct over time

question

Demographics

answer

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

question

Generation X

answer

includes the 50 million people born between 1965 and 1976. This period is also known as the baby bust, because during this time the number of children born each year was declining. This is a generation of consumers who are self-reliant, supportive of racial and ethnic diversity, and better educated than any previous generation. They are not prone to extravagance and are likely to pursue lifestyles that are a blend of caution, pragmatism, and traditionalism.

question

Generation Y

answer

Includes the 72 million Americans born between 1977 and 1994. Increasing births, which resulted from baby boomers having children, and it is often referred to as the echo-boom or baby boomlet. They exert influences on music, sports, computers, video games, and all forms of communication and networking. Interested in distinctive, memorable, and personal experiences and are very adept at managing their lives to create a work-life balance. They are strong-willed, passionate about the environment, and optimistic. This is also a group that is attracted to purposeful work where they have control. The Making Responsible Decisions box describes how millennials' interest in sustainability is influencing colleges, graduate schools, and employers.

question

Metropolitan Statistical Area

answer

has at least one urbanized area of 50,000 or more people and adjacent territory that has a high degree of social and economic integration.

question

Micropolitan Statistical Area

answer

has at least one urban cluster of at least 10,000 but less than 50,000 people and adjacent territory that has a high degree of social and economic integration.

question

Value Consciousness

answer

The concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior for many products at all price levels.

question

What are some of the most dramatic technological changes occurring now?

answer

Connectivity will grow to include all customers, homes, vehicles, appliances, and mobile devices to create the "Internet of Things." Computers will develop all five senses to create intelligent data collection and personalized predictive capabilities. Green technologies such as smart grid electricity services, online energy management, and consumer-generated energy (e.g., home solar systems) will gain widespread acceptance among American consumers. 3D technologies will move from movie theaters and televisions to many new and useful applications.

question

Marketspace

answer

an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offerings

question

Electronic Commerce

answer

the activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services.

question

Intranet

answer

a way to communicate within the organization, and extranets

question

Extranet

answer

a way to communicate with suppliers, distributors, and other partners such as advertising agencies.

question

What are the four different types of competition?

answer

pure competition monopolistic competition oligopoly pure monopoly

question

Pure Competition

answer

there are many sellers and they each have a similar product. Companies that deal in commodities common to agribusiness (for example, wheat, rice, and grain) often are in a pure competition position in which distribution (in the sense of shipping products) is important but other elements of marketing have little impact.

question

Monopolistic Competition

answer

many sellers compete with substitutable products within a price range. For example, if the price of coffee rises too much, consumers may switch to tea. Coupons or sales are frequently used marketing tactics.

question

Oligopoly

answer

a common industry structure, occurs when a few companies control the majority of industry sales. The wireless telephone industry, for example, is dominated by four carriers that serve more than 95 percent of the U.S. market. Verizon, AT&T, Sprint, and T-Mobile have 131, 120, 55, and 55 million subscribers, respectively.

question

Pure Monopoly

answer

The final point on the continuum occurs when only one firm sells the product. They are common for producers of products and services considered essential to a community: water, electricity, and cable service. Typically, marketing plays a small role because it is regulated by the state or federal government.

question

Regulation

answer

consists of restrictions state and federal laws place on business with regard to the conduct of its activities

question

Sherman Antitrust Act (1890)

answer

This act forbids (1) contracts, combinations, or conspiracies in restraint of trade and (2) actual monopolies or attempts to monopolize any part of trade or commerce.

question

Clayton Act (1914)

answer

This act forbids certain actions that are likely to lessen competition, although no actual harm has yet occurred.

question

Robinson-Patman Act (1936)

answer

This act makes it unlawful to discriminate in prices charged to different purchasers of the same product, where the effect may substantially lessen competition or help to create a monopoly.

question

Digital Millennium Copyright Act (1998)

answer

This act was created to improve protection of copyrighted digital products.

question

Consumerism

answer

a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

question

Lanham Act (1946)

answer

This act provides for registration of a company's trademarks.

question

Better Business Bureau (BBB)

answer

uses moral suasion to get members to comply with its standards.

question

Federal Trade Commission (FTC)

answer

monitors advertising. If it deems an ad to be false or misleading, it can issue a cease-and desist order.

question

Food and Drug Administration (FDA)

answer

supervises the safety of food, tobacco, and other drugs.

question

Consumer Confidence Index

answer

tracks consumers expectations based on responses to specific questions

question

Greenwashing

answer

occurs when companies overstate their green claims in an attempt to appeal to customers who respond well to such things.

question

Marketing Research

answer

is a set of activities that provides information for marketing decision making.

question

Demand Forecasting

answer

gives a firm an idea of how much of a product it will sell.

question

What do Demand levels determine?

answer

production scheduling the firm's approach to the marketplace

question

Segmentation

answer

the use of research to divide the market into smaller subgroups of consumers that are each more homogeneous than the overall market.

question

How can marketers be segmented?

answer

age ethnic group location income

question

Market Tracking

answer

follows sales over time to see how a product is selling and to determine if adjustments are needed.

question

Nielson

answer

one of the largest market research firms in the world

question

What are some services that help companies with Ad Pretesting

answer

Ipsos ASI Google AdWords Facebook's AdExpresso

question

What is the formal five-step approach to marketing research?

answer

1. Define the problem 2. Develop a research plan 3. Collect relevant information by specifying 4. Develop findings and recommendations 5. Take marketing actions and evaluate results

question

Marketing Information System (MIS)

answer

an integrated, ongoing decision support system that organizes data used in decision making.

question

Cross Tabulation

answer

is a method of presenting and analyzing data involving two or more variables to discover relationships in the data

question

Sales Forecasting

answer

refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

question

lost-horse forecast

answer

nvolves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.

question

Syndicated

answer

firms that gather information and produce reports for sale to other organizations

question

Four kinds of data found in marketing information systems:

answer

look at matrix: Internal/ External & Primary/ Secondary

question

Secondary Data

answer

those that are pre-existing; they were originally gathered for a purpose other than the one at hand.

question

Primary Data

answer

gathered specifically for the task at hand.

question

Internal Data

answer

gathered from within the organization. For example, information coming from the firm's sales or billing records.

question

External Data

answer

gathered from outside the firm. For example, conducting surveys with consumers.

question

Internal, Secondary Data

answer

Data produced within the firm for some reason other than marketing.

question

What is an example of internal, secondary data?

answer

Amazon customers' purchase histories. It is internal because they exist within the firm. It is secondary because they were developed for reasons other than marketing (such as keeping records for refunds).

question

Internal, Primary Data

answer

Data gathered for a specific purpose within the firm.

question

What is an example of internal, primary data?

answer

Asking employees for new product ideas. i.e. Kraft requesting employee input to name a new Jell-O product, generating over 100 ideas within the first 24 hrs.

question

External, Secondary Data

answer

Data gathered by an external organization for some reason other than a specific firm's marketing efforts.

question

What is an example of external, secondary data?

answer

Trade publications, in which companies are allowed access to data collected by industry trade groups.

question

External, Primary Data

answer

comes from the "classic" marketing research that firms use to gather information about customers.

question

What is an example of external, primary data?

answer

Snapple contracting with an outside research firm that does marketing research in a different way in order to better understand declining sales.

question

What are three basic types of external, primary data?

answer

exploratory descriptive casual research

question

What happens to the research as you move from exploratory to casual?

answer

it becomes more sophisticated and expensive

question

Exploratory Research

answer

used during the first stage of an investigation, in which markets are trying to define a problem. marketers observe what's going on in the marking through observation, depth interviews, or focus groups. Data tends to be qualitative used to formulate marketing questions rather than answer them

question

Firms use this to capture consumers "in their native habit" -in the real world

answer

exploratory research observation

question

Consumer ethnography

answer

an approach to observation that involves immersing oneself in the consumer's world by going to where he or she lives or shops

question

probably the most widely used form of exploratory research

answer

focus groups

question

This is led by a moderator who is trained but does not have to be a clinical psychologist

answer

focus groups

question

Depth interview

answer

A one-on-one approach to exploratory research in which a trained researcher sits down with an individual consumer and has a conversation with him or her about a particular product category or advertisement.

question

What is a common technique used in in depth interviews?

answer

Laddering

question

Give an example of laddering

answer

A researcher asked a customer why he enjoys Haagen-dazas and the customer says he enjoys the "excellent flavor". The researcher then continues to ask questions on why this is a desirable attribute and finds that it feels like an "affordable luxury". The researcher continues to ask why and found that excellent flavor represents this customer's sense of accomplishment. Laddering helps make connections between basic product attributes to the symbolic meaning of the product to the customer.

question

Descriptive Research

answer

this involves taking a "snapshot" of the marketplace by developing an accurate description of consumers and the market.

question

This involves a larger number of people and a more systematic, precise, quantitative recording of their responses.

answer

descriptive research observation

question

Personal Observation

answer

involves a large number of people, whose behavior is recorded much more systematically.

question

What is an example of personal observation in descriptive research?

answer

cameras watching how customers behave while they navigate through a mall department store

question

Examples of Electronic Observation in descriptive research:

answer

Smartphone apps that connect to Bluetooth "beacons," which are tiny wireless sensors that identify customers and track their personal location while in the store. Data can be scaled and analyzed more easily this way.

question

What are the four basic kinds of surveys in descriptive research?

answer

mail surveys phone surveys personal interviews web surveys

question

Mail Surveys

answer

a questionnaire that is mailed out to a sample of people and asks them to each fill it out and return it and sometimes they include a small incentive so people will fill them out.

question

What is a problem associated with mail surveys?

answer

many people don't take the time to fill them out and mail them back in which causes the response rates to be very low.

question

Phone Surveys

answer

These surveys used to be the "backbone" of the marketing research industry and received high response rates. However, today, they are much less effective.

question

What is a problem associated with phone surveys?

answer

they are very biased because many people scan their calls and won't pick up from an unfamiliar number and the people who do respond may not a representative sample of the target population

question

Personal Interviews

answer

these surveys involve a live, one-on-one interaction with a consumer.

question

What is an example of a personal interview?

answer

A mall intercept survey

question

What are mall intercept surveys?

answer

surveys performed by interviewers who intercept shoppers while they are walking from store to store in the mall. They are useful in the sense that they allow consumers to physically interact with new products.

question

What is a problem associated with mall intercept surveys?

answer

they don't usually involve a representative sample of the overall population.

question

Web Surveys

answer

These surveys are rapidly growing and allow for much more representative samples than they did before. They can produce huge samples at a relatively low cost and allow marketers to see results instantaneously. They can use geo-targeting to find respondents on the basis of their location to result in more relevant samples.

question

What are some of the key factors in descriptive research?

answer

population sample response rate representativeness error (bias) questionnaire design error

question

Population

answer

the group of interest to the firm or organization. It is often broader than the market segment a firm is trying to target, and can be difficult to define.

question

Sample

answer

A subset of the population. It is usually impossible and expensive to survey the entire population, so we survey a representative group to draw conclusions about the population as a whole. Must be random and response rate must be high

question

Response Rate

answer

The percentage of people who actually agree to participate in the research.

question

Representativeness

answer

measures how accurately the sample actually reflects the population. The firm needs to have a sample that is random and large in order to have this.

question

Error (bias)

answer

low response rates or poor samples that are not representative of the population can cause this. It is inaccuracy in predicting consumer response.

question

Sample Error

answer

results from selecting a sample that is either biased or too small.

question

What is an example of sampling error?

answer

If survey respondents have disproportionately higher income than the population of interest.

question

Interviewer Error

answer

Interviews can inadvertently impact survey responses through their body language and voice inflection leading to responses that might be different based on whether the interviewers gender and/or physical features.

question

Questionnaire Design Error

answer

The questions themselves might either intentionally or unintentionally make the respondent more likely to answer in a particular way. Push pools are an example of this.

question

What would a free recall question be for how memorable a Super Bowl commercial was?

answer

"What commercials do you remember seeing during the Super Bowl?"

question

What would a cued recall question be for how memorable a Super Bowl commercial was?

answer

"Do you remember seeing any commercials about pickup trucks during the Super Bowl?"

question

What would a recognition question be for how memorable a Super Bowl commercial was?

answer

Showing the commercial to participants and asking them, "Do you remember seeing a commercial for the Chevy Silverado during the Super Bowl?"

question

Causal Research

answer

addresses why something happens in the marketplace. Firms conducting this research are looking for explanations of various phenomena. This research tries to determine what influences consumer behavior through experiments. Most expensive but also more powerful

question

What is the goal of causal research?

answer

to manipulate the experimental independent variable while controlling for all extraneous independent variables, and then measure the response of the dependent variable.

question

What are two essential elements of causal research?

answer

Manipulation and control

question

Manipulation

answer

Marketers should change only one experimental independent variable to see what impact it has on the ultimate response.

question

Control

answer

All extraneous variables should be controlled, or help constant, wile single independent variable of importance is being manipulated.

question

What are two major kinds of experiments that are used in causal research?

answer

laboratory experiments test marketing (field experiments)

question

Laboratory Experiments

answer

These experiments use data from people who are brought into a lab environment and asked to answer questions about a product. These experiments manipulate one variable and control all others so that marketers can try to establish a cause for changes in the dependent variable. These experiments are good at controlling internal validity. These experiments are bad at controlling external validity.

question

Test Marketing (Field Experiments)

answer

conducted in the field, where marketers see whether a product will sell in a "real world" environment.

question

What are some issues that marketers must consider when conducting field experiments (or test marketing)?

answer

cost competition timing repurchase rate fine-tuning

question

Cost

answer

test marketing is extremely expensive so they are usually only used when marketers face a big decision

question

Competition

answer

competitors may interfere with a test market by lowering their prices or offering incentives in the test market which makes it difficult to attribute the results of the test market to the firm's intended independent variable.

question

Timing

answer

The period of time during which a company does a test market may not be representative of how the product will perform in the future.

question

Repurchase Rate

answer

a critical variable in measuring a new product's success.

question

Fine- Tuning

answer

Test marketing can be used to adjust aspects of a firm's marketing program, including product formulations, advertising campaigns, pricing points, and packing.

question

AB Testing

answer

When firms are increasingly testing two or more alternative marketing programs. Testing in separate regions with different income levels, etc.

question

Scanner Panel

answer

This looks at household data across time. The same people answer a survey periodically so that a firm can understand more about how a person or household is trying new products, if they are repeating purchases, the frequency of their purchases, and how much they purchase.

question

Elastic Demand

answer

exists when a 1 percent decrease in price produces more than a 1 percent increase in quantity demanded, thereby actually increasing total revenue

question

Inelastic

answer

Products and services considered to be necessities

question

Cognitive Dissonance

answer

post purchase anxiety

question

Word- of- mouth

answer

the most powerful and authentic information source for consumers because it typically involves friends viewed as trustworthy.

question

Consumer Socialization

answer

The process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers

question

What are the three largest racial/ethnic subcultures in the United States?

answer

Hispanics African Americans Asian Americans

question

What are the four main types of Utility?

answer

Time Place Form Possession

question

Time

answer

wanting a product as close to when it will be used as possible

question

Place

answer

wanting a product as close to where it will be used as possible

question

Form

answer

multiple uses for a product

question

Possession

answer

getting a product without fully paying upfront for it

question

Customer Relationship Management (CRM)

answer

the overall process of building and maintaining profitable relationships through delivering superior value and superior satisfaction.

question

Value Proposition

answer

the set of benefits it promises to deliver to the customers. For example, BMW promises an "ultimate driving machine" which keeps a company focused and different from its competitors.

question

Marketing Orientation

answer

the focus is on satisfying consumer wants and needs

question

Market Orientation

answer

all departments in a firm are worried about providing customer value

question

What is the difference between marketing orientation and market orientation?

answer

the main difference is that the focus of all departments in a firm with providing customer value but in a firm with a marketing orientation, only the marketing department is focused on providing customer value.

question

Macro Trends

answer

have a broad influence on all of the firms in an economy. i.e.: demographic, cultural, economic, technological, regulatory, and natural trends

question

Micro Trends

answer

narrower and have a more specific impact on one particular firm. i.e.: industry-specific, regional, customer, competitor, stakeholder, supplier, channel, and internal trends.

question

Stakeholder

answer

an individual or group that is affected by the firm in any way.

question

Supplier

answer

the organizations that provide the firm with the inputs it needs to operate. i.e.: groups of employees, who provide valuable labor services

question

Channel

answer

include distributors, wholesalers, and retailers who are involved in getting the product from the manufacturer to the customer.

question

Internal

answer

refer to the trends within the firm itself.

question

What does the marketing environment do?

answer

it sets boundaries for what a firm can or cannot do.

question

Multigenerational Households

answer

households with members of more than one generation

question

Psychographics

answer

includes the activities, interests, and opinions of consumers. They give marketers insight into customers' perceptions of brands and the importance of various product attributes.

question

Ethics

answer

the moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justly when faced with moral dilemmas

question

What does the right to be informed mean?

answer

marketers have an obligation to give consumers complete and accurate information about products and services.

question

Laws

answer

Society's values and standards that are enforceable in the courts.

question

caveat emptor

answer

The legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960s.

question

What are the two most common types of unethical behavior?

answer

economic espionage and bribery

question

Where is economic espionage most prevalent?

answer

in high-technology industries, such as electronics, specialty chemicals, industrial equipment, aerospace, and pharmaceuticals, where technical know-how and trade secrets separate industry leaders from followers

question

Economic Espionage

answer

the clandestine collection of trade secrets or proprietary information about a company's competitors

question

Code of Ethics

answer

a formal statement of ethical principles and rules of conduct

question

Whistle-Blowers

answer

employees who report unethical or illegal actions of their employers

question

What are the two prominent personal moral philosophies that have direct bearing on marketing practice?

answer

moral idealism and utilitarianism

question

Moral Idealism

answer

is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

question

Social Responsibility

answer

organizations are part of a larger society and are accountable to that society for their actions

question

Utilitarianism

answer

a personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior

question

What are three concepts of social responsibility?

answer

profit responsibility, stakeholder responsibility, and societal responsibility

question

Profit responsibility

answer

holds that companies have a simple duty: to maximize profits for their owners or stockholders

question

Stakeholder responsibility

answer

focuses on the obligations an organization has to those who can affect achievement of its objectives. These constituencies include consumers, employees, suppliers, and distributors

question

Societal responsibility

answer

refers to obligations that organizations have to the preservation of the ecological environment and to the general public. Emphasis is placed on the triple-bottom line—recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.

question

The societal marketing concept

answer

is the view that an organization should satisfy the needs of consumers in a way that provides for society's well-being

question

Green marketing

answer

marketing efforts to produce, promote, and reclaim environmentally sensitive products—takes many forms

question

Cause Marketing

answer

occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

question

Sustainable Development

answer

involves conducting business in a way that protects the natural environment while making economic progress

question

Social Audit

answer

a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility.

question

What are the five steps that a social audit consists of?

answer

1. Recognition of a firm's social expectations and the rationale for engaging in social responsibility endeavors. 2. Identification of social responsibility causes or programs consistent with the company's mission. 3. Determination of organizational objectives and priorities for programs and activities it will undertake. 4. Specification of the type and amount of resources necessary to achieve social responsibility objectives. 5. Evaluation of social responsibility programs and activities undertaken and assessment of future involvement.

question

What are the five situational influences have an impact on the purchase decision process?

answer

the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states

question

What are the sociocultural influences?

answer

personal influence, reference groups, family, social class, culture and subculture

question

What are the psychological influences?

answer

motivation and personality, perception, learning, values, beliefs, and attitudes, and lifestyle

question

Motivation

answer

the energizing force that stimulates behavior to satisfy a need

question

Physiological needs

answer

are basic to survival and must be satisfied first.

question

Safety needs

answer

involve self-preservation as well as physical and financial well-being

question

Social needs

answer

are concerned with love and friendship

question

Personal needs

answer

include the need for achievement, status, prestige, and self-respect.

question

Self-actualization

answer

needs involve personal fulfillment

question

Perception

answer

the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

question

Perceived Risk

answer

represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

question

Word of mouth

answer

The influencing of people during conversations

question

cognitive learning

answer

involves making connections between two or more ideas or simply observing the outcomes of others' behaviors and adjusting your own accordingly

question

Opinion leaders

answer

are considered to be knowledgeable about or users of particular products and services, so their opinions influence others' choices

question

What is the most powerful and authentic information source for consumers because it typically involves friends viewed as trustworthy?

answer

word of mouth

question

Brand Community

answer

is a specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use

question

Business to business marketing

answer

is the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products and services that they can produce and market to others

question

Organizational Buyers

answer

are those manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and government agencies that buy products and services for their own use or for resale.

question

industrial firms

answer

in some way reprocess a product or service they buy before selling it again to the next buyer

question

Resellers

answer

Wholesalers and retailers that buy physical products and resell them again without any reprocessing

question

Government units

answer

are the federal, state, and local agencies that buy goods and services for the constituents they serve.

question

North American Industry Classification System (NAICS)

answer

provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA)

question

Explain the parts of the six digit coding system that the NAICS uses.

answer

The first two digits designate a sector of the economy The third digit designates a subsector The fourth digit represents an industry group. The fifth digit designates a specific industry and is the most detailed level at which comparable data are available for Canada, Mexico, and the United States. The sixth digit designates individual country-level national industries.

question

Derived demand

answer

means that the demand for industrial products and services is driven by, or derived from, demand for consumer products and services

question

What are the most commonly used criteria?

answer

price ability to meet the quality specifications required for the item ability to meet required delivery schedules technical capability warranties and claim policies in the event of poor performance past performance on previous contracts production facilities and capacity

question

Organizational Buying Criteria

answer

the objective attributes of the supplier's products and services and the capabilities of the supplier itself.

question

Organizational buying behavior

answer

is the decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers

question

Reciprocity

answer

is an industrial buying practice in which two organizations agree to purchase each other's products and services

question

Traditional Auction

answer

a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other. As more would-be buyers become involved, there is an upward pressure on bid prices

question

Reverse Auction

answer

a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.

question

Mass Marketing

answer

"one-size fits all"

question

organizational synergy

answer

the increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently.

question

Head-to-head positioning

answer

involves competing directly with competitors on similar product attributes in the same target market

question

cannibalization

answer

When the increased customer value involves adding new products or a new chain of stores, the product differentiation-market segmentation trade-off raises a critical issue

question

Product Positioning

answer

refers to the place a product occupies in consumers' minds based on important attributes relative to competitive products

question

Product Repositioning

answer

changing the place a product occupies in a consumer's mind relative to competitive products.

question

Differentiation positioning

answer

involves seeking a less-competitive, smaller market niche in which to locate a brand

question

Hedonic consumption

answer

is defined as the multisensory, fantasy, and emotional aspects of consumers' interactions with products.

question

Bounded Rationality

answer

We are what we wear, We are what we drink, We are what we drive, self concept, Hedonic Consumption

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