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Comm 102 > Chapter 13 > Flashcards

Chapter 13 Flashcards

1
Q

marketing

A

the process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations

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2
Q

product

A

in marketing, any good or service, along with its perceived attributes and benefits, that creates value for the customer

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3
Q

exchange

A

the process in which two parties give something of value to each other to satisfy their respective needs

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4
Q

core value proposition

A

a statement of the tangible results a customer receives from using your products

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5
Q

marketing concept

A

identifying consumer needs, and then producing the goods or services that will satisfy them while making a profit for the organization

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6
Q

production orientation

A

an approach in which a company works to lower production costs without a strong desire to satisfy the needs of customers

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7
Q

customer value

A

the ratio of benefits to the sacrifices necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to buy a product

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8
Q

customer satisfaction

A

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

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9
Q

relationship marketing

A

a strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction

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10
Q

customer relationship management (CRM)

A

the processes used by organizations to track and organize information about current and prospective customers

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11
Q

environmental scanning

A

the process by which a company continually collects and evaluates information about its external environment

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12
Q

target market

A

the specific group of consumers toward which a company directs its marketing efforts

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13
Q

competitive advantage

A

a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition; also called differential advantage

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14
Q

cost competitive advantage

A

a company’s ability to produce a product or service at a lower cost than all other competitors in an industry while maintaining satisfactory profit margins

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15
Q

differential competiteve advantage

A

a company’s ability to provide a unique product or service with a set of features that the target market perceives as important and better than the competitor’s

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16
Q

niche competitive advantage

A

a company’s ability to target and effectively serve a single segment of the market within a limited geographic area

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17
Q

marketing mix

A

the blend of product offering, pricing, promotional methods, and distribution system that brings a specific group of consumers superior value

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18
Q

four Ps (4Ps)

A

product, price, promotion, and place (distribution), which together make up the marketing mix

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19
Q

product strategy

A

taking the good or service and selecting a brand name, packaging, colours, a warranty, accessories, and a service program

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20
Q

pricing strategy

A

setting a price based on the demand and cost for a good or service

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21
Q

distribution strategy

A

creating the means by which products flow from the producer to the consumer

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22
Q

promotion strategy

A

the unique combination of personal selling, advertising, publicity, and sales promotion to stimulate the target market to buy a product or service

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23
Q

social marketing

A

the application of marketing techniques to social issues to social issues and causes; used to convince customers of ideas, attitudes, and behaviours

24
Q

buyer behaviour

A

the actions people take in buying and using goods and services

25
Q

culture

A

the set of values, ideas, attitudes, and other symbols created to shape human behaviour

26
Q

reference groups

A

formal and informal groups that influence buyer behaviour

27
Q

opinion leaders

A

those who influence others

28
Q

socialization process

A

the passing down of cultural norms and values to children

29
Q

personality

A

a way of organizing and grouping how and individual reacts to situations

30
Q

self-concept

A

how people perceive themselves

31
Q

ideal self-image (normative)

A

the way an individual would like to be

32
Q

real self-image (descriptive)

A

how an individual actually perceives him- or herself

33
Q

perception

A

the process by which we select, organize, and interpret stimuli into a meaningful and coherent picture

34
Q

selective exposure

A

the process of deciding which stimuli to notice and which to ignore

35
Q

belief

A

an organized pattern of knowledge that an individual holds as true about the world

36
Q

attitude

A

learned tendency to respond consistently toward a given object, idea, or concept

37
Q

involvement

A

the amount of time and effort a buyer invests in the searches, evaluations, and decision processes of consumer behaviour

38
Q

routine response behaviour

A

purchase of low-cost, frequently bought items with little search or decision making

39
Q

limited decision making

A

the situation in which a consumer has previous product experience but is unfamiliar with the current brands available

40
Q

extensive decision making

A

purchasing an unfamiliar, expensive, infrequently bought item

41
Q

market segmentation

A

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

42
Q

demographic segmentation

A

the differentiation of markets through the use of categories such as age, education, gender, income, and household size

43
Q

geographic segmentation

A

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

44
Q

psychographic segmentation

A

the differentiation by personality or lifestyle

45
Q

benefit segmentation

A

the differentiation of markets based on what a product will do rather than on customer characteristics

46
Q

volume segmentation

A

the differentiation of markets based on the amount of the product purchased

47
Q

marketing research

A

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

48
Q

survey research

A

a marketing research method in which data are collected from respondents in person, by telephone, by mail, at a mall or through the Internet to obtain facts, opinions, and attitudes

49
Q

observation research

A

a marketing research method in which the investigator monitors respondents’ actions without interacting directly with the respondents; for example, by using cash registers with scanners

50
Q

experiment

A

a marketing research method in which the investigator changes one or more variables - price, packaging, design, shelf space, advertising theme, or advertising expenditures - while observing the effects of these changes on another variable (usually sales)

51
Q

primary data

A

information collected directly from the original source to get more information about an opportunity or to solve a problem

52
Q

secondary data

A

information that has already been collected for a project, other than the current one, that can help to understand a situation or solve a problem

53
Q

green marketing

A

the process of selling products based on their environmental benefits

54
Q

loyalty cards

A

cards issued by a manufacturer, service organization, or retailer that give discounts to loyal and frequent shoppers

55
Q

cognitive dissonance

A

the condition of having beliefs or knowledge that are internally inconsistent or that disagree with one’s behaviour

Comm 102 (17 decks)

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