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Intro to Business > Chapter 11 > Flashcards

Chapter 11 Flashcards

1
Q

Marketing; “Right” Principle

A

the process of communicating the value of a product/service to customers so that it sells

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2
Q

Exchange

A

takes place when two parties give something of value to each other to satisfy their respective needs or wants

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3
Q

Sales

A

incorporates actually selling the company’s products/services to its customers

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4
Q

Marketing Concept

A

the use of marketing data to focus on the needs & wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also accomplish the goals of the organization

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5
Q

Customer Value

A

the ratio of benefits for the customer to the sacrifice necessary to obtain those benefits

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6
Q

Customer Satisfaction

A

the customer’s feeling that a product has met or exceeded expectations

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7
Q

Relationship Marketing

A

a strategy that focuses on forging long-term partnerships with customers

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8
Q

Product

A

something offered in exchange & for which marketing actions are taken & marketing decisions made

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9
Q

Price

A

something given in exchange for a product (monetary or nonmonetary)

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10
Q

Place

A

some method of getting the product from the creator to the customer

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11
Q

Promotion

A

methods for informing & influencing customers to buy the product; not related to marketing

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12
Q

People

A

methods of utilizing organization employees to support the marketing strategies of the company

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13
Q

Environmental Scanning

A

collecting & evaluating environmental information to identify current & future market opportunities & threats

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14
Q

Convergence

A

means that the digital industry will merge together with entertainment

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15
Q

Target Market

A

specific group of customers towards which a firm directs its marketing efforts

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16
Q

Competitive Advantage (Differential)

A

a set of unique features of a company and its products that are perceived by the target market(s) as significant and superior to those of the competition

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17
Q

Cost Competitive Advantage

A

a firm can produce a product or service at a lower cost than all its competitors while maintaining satisfactory profit margins

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18
Q

Product Differential Competitive Advantage

A

the durability can be more successful for the long-term viability of the company

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19
Q

Service Differentiation Competitive Advantage

A

the ability to create the service product, continually refine the service process, & interact with customers is crucial

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20
Q

Niche Competitive Advantage

A

a company targets & effectively serves a single segment of the market

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21
Q

Marketing Mix

A

based on the 5P’s, brings a specific group of consumers a product with superior value

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22
Q

Product Strategy

A

involves choosing a brand name, packaging, colors, a warranty, accessories, and a service program

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23
Q

Pricing Strategy

A

based on demand for the product & the cost of producing that product

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24
Q

Place (Distribution) Strategy

A

creating the means (the channel) by which a product flows from the producer to the consumer

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25
Q

Promotion Strategy

A

promotional selling is called promotional mix

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26
Q

E-Commerce

A

the use of the company website to support and expand the marketing strategies of the 5 P’s

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27
Q

Buyer Behavior

A

the actions people take with regard to buying and using products

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28
Q

Culture

A

the set of values, ideas, attitudes, & symbols created to shape human behavior

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29
Q

Social Factors (reference group)

A

all the formal & informal groups that influence the buying behavior of an individual

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30
Q

Individual Influences

A

personal characteristics unique to each individual that affects a person’s buying decisions

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31
Q

Psychologicla influences

A

an individual’s buying decisions are further influenced by psychological factors such as perception, beliefs, & attitudes

32
Q

Market Segmentation

A

process of separating, identifying, and evaluating the layers of a market to identify a target market

33
Q

Demographic Segmentation

A

uses categories such as age, education, gender, income, & household size to differentiate among markets

34
Q

Geographic Segmentation

A

segmenting markets by region of the country, city or county size, market density, or climate

35
Q

Market Density

A

the number of people or businesses within a certain area

36
Q

Psychographic Segmentation

A

market segmentation by personality or lifestyle

37
Q

Benefit Segmentation

A

based on what products will do rather than on consumer characteristics

38
Q

Volume Segmentation

A

based on the amount of the product purchased

39
Q

Business Market Segmentation

A

may segment based on geography,volume, & benefit

40
Q

Marketing Research

A

the process of planning, collecting, and analyzing data relevant to a marketing decision

41
Q

Primary Data

A

where the organization actually gets the data and analyzes it

42
Q

Secondary Data

A

where the organization uses data that has already been developed and published by another entity & the organization is able to utilize the data for its own purposes

43
Q

Survey Research

A

data is gathered from respondents to obtain facts, opinions, and attituds

44
Q

Observation Research

A

research that monitors respondents’ actions without direct interaction

45
Q

PPM

A

Portable People Meter

46
Q

Experiment Research

A

measures causality

47
Q

Consumer Products

A

products that are bought by the end user

48
Q

Consumer Non-Durables

A

consumer products that get used up such as Lay’s potato chips, Nexxus shampoo

49
Q

Consumer Durables

A

consumer products that last for a long time such as Whirlpool washing machines

50
Q

Unsought Products

A

products unplanned by the potential buyer or known products that the buyer does not actively seek

51
Q

Convenience Products

A

relatively inexpensive products that require little shopping effort

52
Q

Shopping Products

A

bought only after a brand-to-brand and store-to-store comparison to the price, suitability, and style

53
Q

Specialty Products

A

products for which consumers search long and hard and for which they refuse to accept substitutes

54
Q

Capital Products

A

usually large, expensive items with a long lifespan

55
Q

Expense Items

A

typically smaller, less expensive items that usually have a lifespan of less than a year

56
Q

Line Extension

A

a new flavor, size, or model using an existing brand name in an existing category

57
Q

Focus Group

A

consists of 8-12 participants led by a moderator in an in-depth discussion on one particular topic/concept

58
Q

Test Marketing

A

testing the product among potential users

59
Q

Rollout

A

market introduction, requires a lot of logistical coordination

60
Q

Product Manager

A

develops and implements a complete strategy and marketing program for a specific product or brand of product

61
Q

Product Life Cycle

A

Introduction - Growth - Maturity - Decline (death)

62
Q

Perceived Value

A

the perception of the product’s value at the time of the transaction

63
Q

Barter (trade)

A

when products are exchanged for each other

64
Q

Gross Revenue

A

the prices charged customer * the number of units sold

65
Q

Price Skimming

A

the practice of introducing a new product on the market at a high price & then lowering the price over time

66
Q

Penetration Pricing

A

a company offers new products at low prices in hopes of achieving a large sales volume

67
Q

Leader Pricing

A

pricing products below the normal markup or even below cost to attract customers to a store where they wouldn’t otherwise shop

68
Q

Loss Leader

A

a product priced below costs

69
Q

Dynamic Pricing

A

uses computer algorithms to analyze demand & automatically raises prices as demand increases

70
Q

Bundling

A

grouping 2 or more related products together and pricing them as a single product

71
Q

Odd-Even Pricing (Psychological Pricing)

A

the strategy of setting a price at an odd number to connote bargain & at an even number to imply quality

72
Q

Prestige Pricing

A

the strategy of raising the price of a product so consumers will perceive it as being of higher quality, status, or value

73
Q

One-to-One Marketing

A

creating a unique marketing mix for every consumer

74
Q

Marketing Database

A

a computerized file of customers’ and potential customers’ profiles and purchase patterns

75
Q

Database Marketing (Micromarketing)

A

can get a customized, individual message to everyone simultaneously through direct mail or through the internet

Intro to Business (12 decks)

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