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Business > Chapter 12: Building Customer Relationships Through Effective Marketing > Flashcards

Chapter 12: Building Customer Relationships Through Effective Marketing Flashcards

1
Q

Ch 12

marketing mix

A

a combination of product, price, distribution, and promotion developed to satisfy a particular target market

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1
Q

Ch 12

place utility

A

utility created by making a product available at a location where customers wish to purchase it

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1
Q

Ch 12

sales orientation

A

marketing approach from 1920-1950s; characterized by increased advertising, enlarged sales forces, and occasionally, high-pressure selling techniques

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1
Q

Ch 12

possession utility

A

utility created by transferring title (or ownership) of a product to a buyer

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1
Q

Ch 12

business buying behavior

A

the purchasing of products by producers, resellers, governmental units, and institutions

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1
Q

Ch 12

online information services

A

a tool that allows marketers the ability to communicate online with customers, suppliers, and employees that improves the capability of a firm’s marketing information system and helps track its customers’ changing desires and buying habits

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1
Q

Ch 12

marketing

A

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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1
Q

Ch 12

market

A

a group of individuals and/or organizations that need products in a given category and that have the ability, willingness, and authority to purchase such products

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1
Q

Ch 12

pricing ingredient

A

controllable element of the marketing mix concerned with both base prices and discounts of various kinds in order to achieve particular goals

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1
Q

Ch 12

consumer market

A

market consisting of purchasers and/or household members who intend to consume or benefit from the purchased products and who do not buy products to make profits

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2
Q

Ch 12

technological forces

A

technological changes that can create new marketing opportunities or cause products to become obsolete almost overnight

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3
Q

Ch 12

utility

A

the ability of a good or service to satisfy a human need

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4
Q

Ch 12

legal and regulatory forces

A

laws that protect consumers and competition and government regulations that affect marketing

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4
Q

Ch 12

disposable income

A

personal income less all additional personal taxes

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4
Q

Ch 12

customer relationship management (CRM)

A

using information about customers to create marketing strategies that develop and sustain desirable customer relationships

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4
Q

Ch 12

producer market

A

market consisting of individuals and business organizations that buy certain products to use in the manufacturing of other products

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4
Q

Ch 12

undifferentiated approach

A

directing a single marketing mix at the entire market for a particular product

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4
Q

Ch 12

market segment

A

a group of individuals or organizations within a market that share one or more common characteristics

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5
Q

Ch 12

governmental market

A

market consisting of federal, state, county, and local governments, who buy goods and services to maintain internal operations and to provide citizens with such products as highways, education, water, energy, and national defense

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6
Q

Ch 12

promotion ingredient

A

controllable element of the marketing mix that focuses on providing information to target markets

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8
Q

Ch 12

buying behavior

A

the decisions and actions of people involved in buying and using products

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9
Q

Ch 12

marketing strategy

A

a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

10
Q

Ch 12

marketing information system

A

a system for managing marketing information that is gathered continually from internal and external forces

11
Q

Ch 12

form utility

A

utility created by converting production inputs into finished products

11
Q

Ch 12

internal sources

A

data sources consisting of sales figures, product and marketing costs, inventory levels, and activities of the sales force

12
Q

Ch 12

differentiated market segmentation

A

type of market segmentation where multiple marketing mixes are focused on multiple market segments

17
Q

Ch 12

single-source data

A

information provided by a single firm on household demographics, purchases, television viewing behavior, and responses to promotions such as coupons and free samples

18
Q

Ch 12

relationship marketing

A

establishing long-term, mutually satisfying buyer-seller relationships

18
Q

Ch 12

market segmentation

A

the process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market

19
Q

Ch 12

institutional market

A

market consisting of churches, not-for-profit private schools and hospitals, civic clubs, fraternities and sororities, charitable organizations, and foundations

21
Q

Ch 12

consumer buying behavior

A

the purchasing of products for personal or household use, not for business purposes

24
Q

Ch 12

database

A

collection of information arranged for easy access and retrieval used in marketing research

26
Q

Ch 12

competitive forces

A

the actions of competitors, who are in the process of implementing their own marketing plans

27
Q

Ch 12

marketing mix

A

the combining of a product, price of product, the means of distribution, and the promotion of a product in a way that reaches the firm’s target market

28
Q

Ch 12

marketing plan

A

a written document that specifies an organization’s resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group

29
Q

Ch 12

production orientation

A

marketing approach in early 1900s; emphasis was placed on increased output and production efficiency

29
Q

Ch 12

marketing concept

A

a business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allow the firm to achieve its objectives

30
Q

Ch 12

customer lifetime value

A

a measure of a customer’s worth (sales minus cost) to a business over one’s lifetime

32
Q

Ch 12

concentrated market segmentation

A

type of market segmentation where a single marketing mix is directed at a single market segment

33
Q

Ch 12

time utility

A

utility created by making a product available when customers wish to purchase it

35
Q

Ch 12

marketing research

A

the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem

36
Q

Ch 12

business-to-business market (aka industrial market)

A

broad marketing group for those who purchase specific kinds of products for use in making other products for resale or for day-to-day operations

38
Q

Ch 12

personal income

A

the income an individual receives from all sources less the Social Security taxes the individual must pay

39
Q

Ch 12

sales forecast

A

an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort

42
Q

Ch 12

distribution ingredient

A

controllable element of the marketing mix involving transportation, storage, and selection of intermediaries

45
Q

Ch 12

economic forces

A

the effects of economic conditions on customers’ ability and willingness to buy

46
Q

Ch 12

political forces

A

influences that arise through the actions of elected and appointed officials

47
Q

Ch 12

product ingredient

A

controllable element of the marketing mix which includes decisions about its design, brand name, packaging, warranties, etc.

49
Q

Ch 12

discretionary income

A

disposable income less savings and expenditures on food, clothing, and housing

50
Q

Ch 12

sociocultural forces

A

influences in a society and its culture that result in changes in attitudes, beliefs, norms, customs, and lifestyles

51
Q

Ch 12

external sources

A

data sources relating to the organization’s suppliers, intermediaries, and customers; competitors’ marketing activities; and economic conditions

52
Q

Ch 12

marketing environment

A

the external and generally uncontrollable forces that affect a firm’s marketing activities and influence decisions about marketing-mix ingredients

53
Q

Ch 12

target market

A

a group of individuals and/or organizations for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group

54
Q

Ch 12

reseller market

A

market consisting of intermediaries such as wholesalers and retailers, who buy finished products and sell them for a profit

Business (4 decks)

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