Chapter 11

Question 1

Affinity Program

Answer 1

marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities.

Question 2

Big Data

Answer 2

information collected in massive amounts and at unprecedented speed from both traditional and digital sources that is used in business decision making; complex structured or unstructured sets of information that traditional processing applications are unable to analyze.

Question 3

Business (B2B) Product

Answer 3

good or service purchased to be used, either directly or indirectly, in the production of other goods for resale.

Question 4

Business Intelligence

Answer 4

activities and technologies for gathering, storing, and analyzing data to make better competitive decisions.

Question 5

Cobranding

Answer 5

cooperative arrangement in which two or more businesses team up to closely link their names on a single product.

Question 6

Comarketing

Answer 6

cooperative arrangement in which two businesses jointly market each other’s products.

Question 7

Consumer (B2C) Product

Answer 7

good or service that is purchased by end users.

Question 8

Consumer Behavior

Answer 8

actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.

Question 9

Data Mining

Answer 9

the task of using computer-based technology to evaluate data in a database and identify useful trends.

Question 10

Data Warehouse

Answer 10

customer database that allows managers to combine data from several different organizational functions.q

Question 11

Demographic Segmentation

Answer 11

distinguishes markets on the basis of various demographic or socioeconomic characteristics.

Question 12

End-Use Segmentation

Answer 12

marketing strategy that focuses on the precise way a B2B purchaser will use a product.

Question 13

Environmental Scanning

Answer 13

analysis of external environmental factors by marketers to understand how they impact business and marketing decisions.

Question 14

Exchange Process

Answer 14

activity in which two or more parties give something of value to each other to satisfy perceived needs.

Question 15

Frequency Marketing

Answer 15

marketing initiative that rewards frequent purchases with cash, rebates, merchandise, or other premiums.

Question 16

Geographical Segmentation

Answer 16

dividing a market into homogeneous groups on the basis of their locations.

Question 17

Lifetime Value of a Customer

Answer 17

revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer.

Question 18

Marketing

Answer 18

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 19

Marketing Concept

Answer 19

company-wide consumer orientation to promote long-run success.

Question 20

Marketing Mix

Answer 20

blending of the four elements of marketing strategy—product, distribution, promotion, and pricing—to fit the needs and preferences of a specific target market.

Question 21

Marketing Research

Answer 21

collecting and evaluating information to help marketers make effective decisions.

Question 22

Market Segmentation

Answer 22

process of dividing a total market into several relatively homogeneous groups.

Question 23

Ownership Utility

Answer 23

orderly transfer of goods and services from the seller to the buyer; also called possession utility.

Question 24

Place Utility

Answer 24

availability of a product in a location convenient for customers.

Question 25

Product-Related Segmentation

Answer 25

dividing consumer markets into groups based on buyers’ relationships to the good or service.

Question 26

Psychographic Segmentation

Answer 26

dividing consumer markets into groups with similar psychological characteristics, values, and lifestyles.

Question 27

Relationship Marketing

Answer 27

developing and maintaining long-term, cost-effective exchange relationships with partners.

Question 28

Target Market

Answer 28

group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.

Question 29

Time Utility

Answer 29

availability of a good or service when customers want to purchase it.

Question 30

Utility

Answer 30

power of a good or service to satisfy a want or need.