Marketing Vocab Quiz 1 Ch. 1-3

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marketing
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The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large pg. 5
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exchange
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The trade of things of value between a buyer and a seller so that each is better off after the trade The key to achieving the two objectives of 1. to discover the needs and wants of prospective customers and 2. satisfy them. pg. 5
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market
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People with both the desire and the ability to buy a specific offering. All ____s ultimately are people. pg. 9
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target market
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One or more specific groups of potential consumers toward which an organization directs its marketing program pg. 10
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marketing mix
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The marketing manager’s controllable facts— product, price, promotion, and place– that can be used to solve a marketing problem pg. 10
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customer value proposition
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A cluster of benefits that an organization promises customers to satisfy their needs Designing an effective marketing mix conveys to potential buyers a clear _____ pg. 10
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environmental forces
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The ____ that affect a marketing decision consist of social, economic, technological, competitive, and regulatory forces pg. 11
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customer value
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The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before sale and after-sale service at a specific price. pg. 11
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relationship marketing
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Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. The hallmark of developing and maintaining effective customer relationships pg. 12
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marketing program
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A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. pg. 12
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market segments
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Relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing actions pg. 12
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marketing concept
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The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization’s goals pg. 15
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market orientation
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Focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value. pg. 15
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customer relationship management (CRM)
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The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace pg. 15
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customer experience
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The foundation of customer relationship management The internal response that customers have to all aspects of an organization and its offering. pg. 16
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societal marketing concept
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The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. pg. 17
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product
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A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. pg. 18
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ultimate consumers
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The people who use the products and services purchased for a household pg. 18
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organizational buyers
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Those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale pg. 18
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utility
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Marketing creates ____, the benefits or customer value received by users of the product pg. 19
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profit
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The money left after a for-profit organization subtracts its total expenses from its total revenues and is the regard for the risk it undertakes in marketing its offerings. pg. 26
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strategy
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An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals pg. 26
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core values
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The fundamental, passionate, and enduring principles that guide its conduct over time. pg. 29
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mission
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A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies pg. 29
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organizational culture
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The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization pg. 30
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business
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Describes the clear, broad, underlying industry or market sector of an organization’s offering pg. 30
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goals (objectives)
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Statements of an accomplishment of a task to be achieved, often by a specific time pg. 31
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market share
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The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself pg. 31
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marketing dashboard
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The visual computer display of the essential information related to achieving a marketing objective pg. 32
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marketing plan
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A road map for the marketing actions of an organization for a specified future time period, such as one year or five years pg. 32
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marketing metric
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A meaure of the quantitative value or trend of a marketing action or result pg. 32
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business portfolio analysis
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A technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments pg. 35
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diversification analysis
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A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products pg. 38
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strategic marketing process
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Whereby an organization allocates its marketing mix resources to reach its target markets. This process is divided into three phases: planning, implementation, and evaluation pg. 39
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situation analysis
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Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it pg. 39
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SWOT analysis
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An effective summary of a situation analysis is a ____, an acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. pg. 39
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market segmentation
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Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action pg. 40
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points of difference
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Those characteristics of a product that make it superior to competitive substitutes. pg. 41
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marketing strategy
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The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. pg. 44
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marketing tactics
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A detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies. pg. 44
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environmental scanning
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The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends pg. 66
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social forces
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The ____ of the environment include the demographic characteristics of the population and its culture. Changes in these can have a dramatic impact on marketing strategy. pg. 68
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demographics
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Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation pg. 68
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baby boomers
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The generation of children born between 1946 and 1964 pg. 69
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Generation X
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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. pg. 69
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Generation Y
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Includes the 72 million Americans born between 1977 and 1994. This was a period in increasing births, which resulted from baby boomers having children, and it is often referred to as the echo-boom or baby boomlet pg. 70
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blended family
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The majority of divorced people eventually remarry, which has created the ___, one formed by merging two previously separated units into a single household pg. 70
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multicultural marketing
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Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races pg. 72
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culture
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A social force which incorporates the set values, ideas, and attitudes that are learned and shared among the members of a group pg. 73
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value consciousness
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The concern for obtaining the best quality, features, and performance of a product or service for a given price Is driving consumption behavior for many products at all price levels pg. 75
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economy
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Pertains to the income, expenditures, and resources that affect the cost of running a business and household pg. 75
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gross income
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The total amount of money made in one year by a person, household, or family unit pg. 76
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disposable income
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The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation pg. 76
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discretionary income
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The money that remains after paying for taxes and necessities pg. 77
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technology
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Refers to inventions or innovations from applied science or engineering research The third environmental force pg. 78
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marketspace
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An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings pg. 80
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electronic commerce
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An activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of products and services pg. 80
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competition
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Refers to the alternative firms that could provide a product to satisfy a specific market’s needs pg. 80
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barriers to entry
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Business practices or conditions that make it difficult for new firms to enter the market pg. 81
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regulation
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Consists of restrictions state and federal laws place on business with regard to the conduct of its activities pg. 82
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consumerism
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A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. pg. 83
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self-regulation
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An alternate to government control is ____, where an industry attempts to police itself pg. 85

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