question

Marketing

answer

an organizational function and set processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

question

Exchange

answer

the trade of things of value between the buyer and the seller so that each is better off as a result

question

Marketing Mix (Four Ps)

answer

Product, price, place, and promotion - the controllable set of activities that a firm uses to respond to the wants of its target markets

question

B2C (Business-to-consumers) Marketing

answer

the process in which businesses sell to consumers

question

B2B (business-to-business) Marketing

answer

the process of selling merchandise or serves from one business to another

question

C2C Marketing

answer

the process in which consumers sell to other consumers

question

Customer Relationship Management (CRM)

answer

a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers

question

Supply Chain

answer

the group of firms that make and deliver a given set of goods and services

question

Marketing Strategy

answer

(1) a firm's target market, (2) marketing mix, (3) and method of obtaining a sustainable competitive advantage

question

Marketing Segment

answer

a group of consumers who respond similarly to a firm's marketing efforts

question

Marketing Segmentation

answer

the process of dividing the market into groups of customers with different needs, wants, or characteristics - who therefore might appreciate products or services geared especially for them

question

Marketing Positioning

answer

involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

question

Strategic Business Unit (SBU)

answer

a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have different mission or objectives

question

Market Share

answer

percentage of a market accounted for by a specific entity

question

Exhibit 2.7 - Study and Know it!

answer

Exhibit 2.7 - Study and Know it!

question

Market development Strategy

answer

a growth strategy that employs the existing marketing offering to reach new market segments, wether domestic or international

question

Business Ethics

answer

refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce

question

Marketing Ethics

answer

refers to those ethical problems that are specific to the domain of marketing

question

Ethical Climate

answer

the set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior

question

Corporate Social Responsibility

answer

refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operating and the concerns of its stakeholders

question

Know all 11 Scenarios!

answer

Know all 11 Scenarios!

question

Macroenvironmental Factors

answer

aspects of the external environment that affect a company's business, such as the culture, demography, social issues, technological advances, economic situation, and political/regulatory environment

question

Demographics

answer

information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education

question

Generational Cohort

answer

a group of people of the same generation - typically have similar purchase behaviors because they have shared experiences and are in the same stage of life

question

Senior

answer

America's fast-growing generational cohort; people aged 55 to 64 years

question

Baby Boomers

answer

generational cohort of people born after World War II, Between 1946 and 1964

question

Generation X (Gen X)

answer

Generational cohort of people born between 1965 and 1976

question

Generation Y (Gen Y)

answer

generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boom

question

Millennials

answer

consumers born between 1977 and 2000 and the children of the Baby boomers

question

Inflation

answer

refers to the persistent increase in the prices of goods and services

question

Foreign Currency Fluctuations

answer

changes in the value of a country's currency relative to the currency of another country; can influence consumer spending

question

Interest Rates

answer

these represent the cost of borrowing money

question

Psychological Needs

answer

pertains to the personal gratification consumer associate with a product or service

question

Decision Heuristics

answer

metal shortcuts that help consumers narrow down choices; example include price, brand, and product presentation

question

Postpurchase Cognitive Dissonance

answer

the psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyers' remorse

question

Maslow's Hierarchy of Needs

answer

a paradigm for classifying people's motives. It argues that when lower-level, more basic needs (physiological and safety) are fulfilled, people turn to satisfying their higher-level human needs (social and personal); Exhibit 5.5

question

perception

answer

the process by which people select, organize, and interpret information to form a meaningful picture of the word

question

Learning

answer

refers to a change in a person's thought process or behavior that arise from experience and takes place throughout the consumer decision process

question

Lifestyle

answer

a component of psychographics: refers to the way a person lives his or her life to achieve goals

question

Reference Group

answer

one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behavior

question

Extended Problem Solving

answer

a purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives that the purchase decision entails a lot of risk

question

Limited Problem Solving

answer

occurs during a purchase decision that calls for, at most, a moderate amount of effort and time

question

Impulse Buying

answer

a buying decision made by customers on the spot when they see the merchandise

question

Derived Demand

answer

the linkage between consumers' demand for a company's output and its purchase of necessary inputs to manufacture or assemble that particular output

question

Request for Proposals (RFP)

answer

a process through which buying organizations invite alternative suppliers to bid on supplying their required components

question

Organizational Culture

answer

reflects the set of values, traditions, and customs that guide a firm's employees' behavior

question

New Buying

answer

in a B2B setting, a purchase of a good or service for the first time; the buying decision is likely to be quite involved because the buyer or the buying organization does not have any experience with the item

question

Modified Rebuy

answer

Refers to when the buyer has purchased a similar product in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, options, or so forth

question

Straight Rebuy

answer

refers to when the buyer or buying organization simply buys additional units of products that have previously been purchased

question

Globalization

answer

refers to the processes by which goods, services, capital, people, information, and ideas flow across national borders

question

Offshoring (Globalization of production)

answer

refers to manufactures' procurement of goods and services from around the globe to take advantage of national differences in the cost and quality of various factors of production

question

General Agreement of Tariffs and Trade (GATT)

answer

organization established to lower trade barriers, such as high tariffs on imported goods and restrictions on the number and types of imported products that inhibited the free flow of goods across borders

question

World Bank Group

answer

a development bank that provides loans, policy advice, technical assistance, and knowledge-sharing services to low- and middle-income countries in an attempt to reduce poverty in the developing world

question

Gross Domestic Product (GDP)

answer

defined as the market value of the goods and services produced by a country in a year; the most widely used standardize measure of output

question

Gross National Income (GNI)

answer

consists of GDP plus the net income earned from investments abroad (minus any payments made to nonresidents who contribute to the domestic economy)

question

Purchase Power Party (PPP)

answer

a theory that states if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency

question

Infrastructure

answer

the basic facilities, services, and installations needed for a community or society to function, such as transportation and communications systems, water and power lines, and public institutions like schools, post offices, and prisons

question

Tariffs

answer

a tax levied on a good imported into a country; also called duty

question

Dumping

answer

the practice of selling a good in a foreign market at a price that is lower than its domestic price or below its cost

question

Quota

answer

designates the maximum quantity of a product that may be brought into a country during a specified time period

question

Exporting

answer

producing goods in one country and selling them in another

question

Joint Venture

answer

formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared

question

Geography Segmentation

answer

the grouping of consumers on the basis of where they live

question

Demographic Segmentation

answer

the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education

question

Psychographics

answer

used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices

question

self-value

answer

goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life

question

Self-concept

answer

the image a person has of him- or herself; a component of psychographic

question

Lifestyles

answer

a component of psychographics; refers to the a person lives his or her to achieve goals

question

VALS

answer

a psychographic tool develop by SRI Consulting Business Intelligence; classifies consumers into eight segments: innovators, thinkers, believers, achievers, striver, experiencers, makers, or survivors.

question

Undifferentiated targeting Strategy

answer

a marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups

question

Differentiated Targeting Strategy

answer

a strategy through which a firm targets several market segments with a different offering for each

question

Concentrated Targeting Strategy

answer

a marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market's needs

question

micromarketing

answer

an extreme form of segmentation that tailor a product or service to suit an individual customer's wants or needs; also one-to-one marketing

question

Perceptual Map

answer

displays, in two or more dimensions, the position of products or brands in the consumer's mind

question

Marketing Research

answer

a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas

question

Secondary Data

answer

pieces of information that have already been collected from other sources and usually are readily available

question

Primary Data

answer

data collected to address specific research needs

question

External Secondary Data

answer

data collected from sources outside of the firm

question

Syndicated Data

answer

data available for a fee from commercial research firms such as Information Resources Inc. (IRI). National Purchase Dairy Panel, and ACNelsen

question

Internal Secondary Data

answer

Data collected from a firm's own data taken from their day-to-day operations

question

Data Mining

answer

the use of a variety of statistical analysis tools to uncover preciously unknown patterns in the data stored in databases or relationships among variables

question

Survey

answer

a systematic means of collecting information from people that generally uses a questionnaire

question

Sample

answer

a group of customers who represent the customers of interest in research study

Marketing Midterm Review (Ch.1-9) – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards