question

Marketing

answer

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

question

Needs

answer

States of felt deprivation

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Wants

answer

The form human needs take as they are shaped by culture and individual personality

question

Demands

answer

Human wants that are backed by buying power

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Market Offerings

answer

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

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Marketing Myopia

answer

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

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Exchange

answer

The act of obtaining a desired object from someone by offering something in return

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Market

answer

The set of all actual and potential buyers of a product or service

question

Marketing Management

answer

The art and science of choosing target markets and building profitable relationships with them

question

Production Concept

answer

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

question

Product Concept

answer

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

question

Selling Concept

answer

The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

question

Marketing Concept

answer

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

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Societal Marketing Concept

answer

The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

question

Customer Relationship Management

answer

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

question

Customer-Perceived Value

answer

The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

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Customer Satisfaction

answer

The extent to which a product's perceived performance matches a buyer's expectations

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Customer-Managed Relationships

answer

Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands

question

Consumer-Generated Marekting

answer

Brand exchanges created by consumers themselves--both invited and uninvited--by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

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Partner Relationship Management

answer

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers

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Customer Lifetime Value

answer

The value of the entire stream of purchases a customer makes over a lifetime of patronage

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Share of Customer

answer

The portion of the customer's purchasing that a company gets in its product categories

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Customer Equity

answer

The total combined customer lifetime values of all of the company's customers

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Internet

answer

A vast public web of computer networks that connects users of all types all around the around to each other and to an amazingly large information repository

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Strategic Planning

answer

The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

question

Mission Statement

answer

A statement of the organization's purpose--what it wants to accomplish in the larger environment

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Business Portfolio

answer

The collection of businesses and products that make up the copmany

question

Portfolio Analysis

answer

The process by which management evaluates the products and businesses that make up the company

question

Growth-Share Matrix

answer

A portfolio-planning method that evaluates a company's Strategic Business Units (SBU) in terms of market growth rate and relative market share

question

Product/Market Expansion Grid

answer

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

question

Market Penetration

answer

Company growth by increasing sales of current products to current market segments without changing the product

question

Market Development

answer

Company growth by identifying and developing new market segments for current company products

question

Product Development

answer

Company growth by offering modified or new products to current market segments

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Diversification

answer

Company growth through starting up or acquiring businesses outside the company's current products and markets

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Value Chain

answer

The series of internal departments that carry out value-creating activities to design, product, market, deliver, and support a firm's products

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Value Delivery Network

answer

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system

question

Marketing Strategy

answer

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

question

Marketing Segmentation

answer

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

question

Market Segment

answer

A group of consumers who respond in a similar way to a given set of marketing efforts

question

Market Targeting

answer

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter

question

Positioning

answer

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

question

Differentiation

answer

Actually differentiating the market offering to create superior customer value

question

Marketing Mix

answer

The set of tactical marketing tools--product, price, place, and promotion--that the firm blends to produce a response it wants in the target market

question

SWOT Analysis

answer

An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T)

question

Marketing Implementation

answer

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

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Marketing Control

answer

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

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Return on Marketing Investment (Marketing ROI)

answer

The net return from a marketing investment divided by the costs of the marketing investment

question

Marketing Environment

answer

The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

question

Microenvironment

answer

The actors close to the company that affect its ability to serve its customers--the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

question

Macroenvironment

answer

The larger societal forces that affect the microenvironment--demographic, economic, natural, technological, political, and cultural forces

question

Marketing Intermediaries

answer

Firms that help the company to promote, sell, and distribute its goods to final buyers

question

Public

answer

Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

question

Demography

answer

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

question

Baby Boomers

answer

The 78 million people born during the years following World War II and lasting until 1964

question

Generation X

answer

The 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom

question

Millennials (Gen Y)

answer

The 83 million children of the baby boomers born between 1977 and 2000

question

Economic Environment

answer

Economic factors that affect consumer purchasing power and spending patterns

question

Natural Environment

answer

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

question

Environmental Sustainability

answer

Developing strategies and practices that create a world economy that the planet can support indefinitely

question

Technological Environment

answer

Forces that create new technologies, creating new product and market opportunities

question

Political Environment

answer

Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

question

Cultural Environment

answer

Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors

question

Customer Insights

answer

Fresh understandings of customers and the marketplace derived form marketing information that become the basis for creating customer value and relationships

question

Marketing Information System (MIS)

answer

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

question

Internal Databases

answer

Electronic collections of consumer and market information obtained from data sources within the company framework

question

Competitive Marketing Intelligence

answer

The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

question

Marketing Research

answer

The systematic design, collection, analysis, and reporting of data relevant to specific marketing situation facing an organization

question

Exploratory Research

answer

Marketing research to gather preliminary information that will help define problems and suggest hypotheses

question

Descriptive Research

answer

Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers

question

Casual Research

answer

Marketing research to test hypotheses about cause-and-effect relationships

question

Secondary Data

answer

Information that already exists somewhere, having been collected for another purpose

question

Primary Data

answer

Information collected for the specific purpose at hand

question

Observational Research

answer

Gathering primary data by observing relevant people, actions, and situations

question

Ethnographic Research

answer

A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments"

question

Survey Research

answer

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior

question

Experimental Research

answer

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

question

Focus Group Interviewing

answer

Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues

question

Online Marketing Research

answer

Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior

question

Online focus groups

answer

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behaviors

question

Sample

answer

A segment of the population selected for marketing research to represent the population as a whole

question

Customer Relationship Management (CRM)

answer

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

question

Consumer Buyer Behavior

answer

The buying behavior of final consumers--individuals and households that buy goods and services for personal consumption

question

Consumer Market

answer

All the individuals and households that buy or acquire goods and services for personal consumption

question

Culture

answer

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

question

Subculture

answer

A group of people with shared value systems based on common life experiences and situations

question

Social Class

answer

Relatively permanent and ordered divisions in a society whose members share similiar values, interests, and behaviors

question

Word-Of-Mouth Influence

answer

The impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

question

Opinion Leader

answer

A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

question

Online Social Networks

answer

Online social communities--blogs, social networking Web sites, and other online communities--where people socialize or exchange information and opinions

question

Lifestyle

answer

A person's pattern of living as expressed in his or her activities, interests, and opinions

question

Personality

answer

The unique psychological characteristics that distinguish a person or group

question

Motive (drive)

answer

A need that is sufficiently pressing to direct the person to seek satisfaction of the need

question

Perception

answer

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

question

Learning

answer

Changes in an individual's behavior arising from experience

question

Belief

answer

A descriptive thought that a person holds about something

question

Complex Buying Behavior

answer

Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

question

Dissonance-Reducing Buying Behavior

answer

Consumer buying behavior in situations characterized by high involvement buy few perceived differences among brands

question

Habitual Buying Behavior

answer

Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences

question

Variety-Seeking Buying Behavior

answer

Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences

question

Need Recognition

answer

The first stage of the buying decision process, in which the consumer recognizes a problem or need

question

Information Search

answer

The stage of the buyer decision process in which the consumer is motivated to search for more information

question

Alternative Evaluation

answer

The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set

question

Purchase Decision

answer

The buyer's decision about which brand to purchase

question

Postpurchase Behavior

answer

The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction

question

Cognitive Dissonance

answer

Buyer discomfort caused by postpurchase conflict

question

New Product

answer

A good, service, or idea that is perceived by some potential customers as new

question

Adoption Process

answer

The mental process through which an individual passes from first hearing about an innovation to final adoption

question

Business Buyer Behavior

answer

The buying behavior of organizations that buy goods and service for use in the production of other products and services that are sold, rented, or supplied to others

question

Business Buying Process

answer

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands

question

Derived Demand

answer

Business demand that ultimately comes from (derives from) the demand for consumer goods

question

Supplier Development

answer

Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

question

Straight Rebuy

answer

A business buying situation in which the buyer routinely reorders something without any modifications

question

Modified Rebuy

answer

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

question

New Task

answer

A business buying situation in which the buyer purchases a product or service for the first time

question

Systems Selling (or Solutions Selling)

answer

Buying a packaged solution to a problem from a single seller, thus avoiding all separate decisions involved in a complex buying decision

question

Buying Center

answer

All the individuals and units that play a role in the purchase decision-making process

question

Users

answer

Members of the buying organization who will actually use the purchased product or service

question

Influencers

answer

People in an organization's buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives

question

Buyers

answer

People in an organization's buying center who make an actual purchase

question

Deciders

answer

People in an organization's buying center who have formal or informal power to select or approve the final suppliers

question

Gatekeepers

answer

People in an organization's buying center who control the flow of information to others

question

Problem Recognition

answer

The stage of the business buying process in which the company recognizes a problem or need that can be met by acquiring a good or a service

question

General Need Description

answer

The stage in the business buying process in which a buyer describes the general characteristics and quantity of a needed item

question

Product Specification

answer

The stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics needed for them

question

Supplier Search

answer

The stage of the business buying process in which the buyer tries to find the best vendors

question

Proposal Solicitation

answer

The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals

question

Supplier Selection

answer

The stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers

question

Order-Routine Specification

answer

The stage of the business buying process in which the buyer writes the final order with the chosen supplier(s), listing the technical specifications, quantity needed, expected time of delivery, return policies, and warranties

question

Performance Reveiw

answer

The stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement

question

E-Procurement

answer

Purchasing through electronic connections between buyers and sellers--usually online

question

Institutional Market

answer

Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care

question

Government Market

answer

Government units--federal, state, and local--that purchase or rent goods and services for carrying out the main functions of government

question

Market Segmentation

answer

Dividing the market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

question

Market Targeting (Targeting)

answer

Evaluating each market segment's attractiveness and selecting one or more segments to enter

question

Differentiation (Strategy)

answer

Differentiating the market offering to create superior customer value

question

Positioning (Strategy)

answer

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

question

Geographic Segmentation

answer

Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

question

Demographic Segmentation

answer

Dividing the market into segments based on variables such as age, life cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

question

Age and Life-Cycle Segmentation

answer

Dividing a market into different age and life-cycle groups

question

Gender Segmentation

answer

Dividing a market into different segments based on gender

question

Income Segmentation

answer

Dividing a market into different income segments

question

Psychographic Segmentation

answer

Dividing a market into different segments based on social class, lifestyle, or personality characteristics

question

Behavioral Segmentation

answer

Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product

question

Occasion Segmentation

answer

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

question

Benefit Segmentation

answer

Dividing the market into segments according to the different benefits that consumers seek from the product

question

Intermarket (Cross-Market) Segmentation

answer

Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

question

Target Market

answer

A set of buyers sharing common needs or characteristics that the company decides to share

question

Undifferentiated (mass) Marketing

answer

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

question

Differentiated (segmented) Marketing

answer

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

question

Concentrated (niche) marketing

answer

A market-coverage strategy in which a firm goes after a large share of one or a few semgents or niches

question

Micromarketing

answer

Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

question

Local Marketing

answer

Tailoring brands and marketing to the needs and wants of local customer segments--cities, neighborhoods, and even specific stores

question

Individual Marketing

answer

Tailoring products and marketing programs to the needs and preferences of individual customers

question

Product Position

answer

The way a product is defined by consumers on important attributes--the place the product occupies in consumers' minds relative to competing products

question

Competitive Advantage

answer

An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

question

Value Proposition

answer

The full positioning of a brand--the full mix of benefits on which it is positioned

question

Positioning Statement

answer

A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)

question

Product

answer

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

question

Service

answer

Any activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

question

Consumer Product

answer

A product bought by final consumers for personal consumption

question

Convenience Product

answer

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort

question

Shopping Product

answer

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style

question

Speciality Product

answer

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

question

Unsought Product

answer

A consumer product that the consumer either does not know about or knows about but does not normally consider buying

question

Industrial Product

answer

A product bought by individuals and organizations for further processing or for use in conducting a business

question

Social Marketing

answer

The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society

question

Product Quality

answer

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

question

Brand

answer

A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one selling or group of sellers and differentiates them from those of competitiors

question

Packaging

answer

the activities of designing and producing the container or wrapper for a product

question

Product Line

answer

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

question

Product Mix (or Product Portfolio)

answer

The set of all product lines and items that a particular seller offers for sale

question

Service Intangibility

answer

Services cannot be seen, tasted, felt, heard, or smelled before they are bought

question

Service Inseparability

answer

Services are produced and consumed at the same time and cannot be separated from their providers

question

Service Variability

answer

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided

question

Service Perishability

answer

Services cannot be stored for later sale or use

question

Service Profit Chain

answer

The chain that links service firm profits with employee and customer satisfaction

question

Internal Marketing

answer

Orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction

question

Interactive Marketing

answer

Training service employees in the fine art of interacting with customers to satisfy their needs

question

Brand Equity

answer

The differential effect that knowing the brand name has on customer response to the product or its marketing

question

Store Brand

answer

A brand created and owned by a reseller of a product or service

question

Co-Branding

answer

The practice of using the established brand names of two different companies on the same product

question

Line Extension

answer

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category

question

Brand Extension

answer

Extending an existing brand name to new product categories

Principles of Marketing Chapters 1-8 – Flashcards

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