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ownership > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

advertising

A

mass communication that allows companies to reach a broad audience through TV, radio, newspaper, Internet, magazines, and outdoor ads

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2
Q

brand

A

image a company promotes and the connotations it fosters of itself and its products

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3
Q

brand advocate

A

someone who is a fan of your products and passes on the word to others

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4
Q

brand strategy

A

image a company conveys to its customers

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5
Q

bundling

A

bundle of products that is discounted to encourage customers to buy in bulk

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6
Q

causal research

A

identification of cause-and effect-relationships between two or more variables

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7
Q

close

A

step in the sales process in which the salesperson asks for and gets the sale

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8
Q

conjoint analysis

A

survey tool in which respondents must rank, choose, or a rate a number of “conjoint,” or linked, features or benefits

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9
Q

cost-led pricing

A

easiest way to price a product by taking the cost of making the product and marking it up to create profit

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10
Q

customer-led pricing

A

pricing led by what the customer is willing to pay

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11
Q

digital marketing

A

online marketing

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12
Q

direct mail

A

connecting to consumers via email or through printed mailed pieces

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13
Q

entrepreneurial marketing

A

set of unconventional practices that can help start-ups and younger firms survive in competitive markets

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14
Q

ethnographic research

A

use of personal observation of the subject by being immersed in the subject’s environment

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15
Q

executive summary

A

initial section of a business plan document that summarizes the key elements of the entire plan

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16
Q

expeditionary marketing

A

marketing designed to move established companies and their products into new markets and territories

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17
Q

focus group

A

gathering of people, typically six to twelve participants, who come together to discuss a topic presented by a moderator, who usually poses questions and collects qualitative data that can be used to answer questions or define research further

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18
Q

guerrilla marketing

A

creative approaches to marketing that seek to gain maximum exposure through unconventional means

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19
Q

introductory offers

A

using lower initial prices to attract new customers and build a customer base before prices return to their standard amount

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20
Q

Jingle short

A

song or sound that brands a product or company and helps to promote it

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21
Q

loss leader pricing

A

using a below-standard price to attract customers in the hope that they will purchase other, more profitable goods and services

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22
Q

market analysis

A

analysis of the overall interest in the product or service within the industry by its target market

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23
Q

market opportunity

A

unmet need within a target demographic

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24
Q

market research

A

collection and analysis of data related to a business’s target market

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25
Q

Marketing umbrella

A

term given to those activities that companies use to identify consumers and convert them into buyers

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26
Q

marketing mix

A

basic set of possible strategies and approaches that marketers use to reach their target market

27
Q

marketing plan

A

formal business document that used as blueprint for how a company will achieve its marketing and business goals

28
Q

marketing strategy

A

company’s game plan for how it will reach consumers and convert them into paying customers

29
Q

odd numbers strategy

A

psychological pricing strategy that uses odd numbers in the prices to make a product’s price point more attractive to consumers

30
Q

penetration pricing

A

pricing below that of a competitor’s price

31
Q

People

A

company’s human resources

32
Q

personal selling

A

using face-to-face interactions to communicate and influence a customer to make a purchase

33
Q

physical environment

A

where a service takes place or a product is manufactured

34
Q

Place

A

channels or locations—physical or digital—where products can be found by customers

35
Q

Positioning

A

(or value proposition) statement of how you want the customer to perceive your company, good, or service

36
Q

premium pricing

A

charging a price above a competitor’s price

37
Q

Price

A

value that must be exchanged in order for a customer to receive a product or service

38
Q

primary research

A

research that involves gathering new data

39
Q

Process

A

chain of procedures and/or activities required to provide the product to the customer

40
Q

Product

A

good or a service that creates value by fulfilling a customer need or desire

41
Q

profit margin

A

amount by which revenue exceeds costs, typically described as a percent

42
Q

Promotion

A

process of communicating value to customers in a way that encourages them to buy

43
Q

Public relations

A

marketing that focuses on connecting with constituents by developing goodwill

44
Q

qualitative research

A

use of open-ended techniques such as observation, focus groups, and interviews to gain an understanding of customers’ basic reasons, opinions, and motivations

45
Q

quantitative research

A

generation of numerical data through techniques such as surveys and questionnaires

46
Q

real-time marketing

A

seeks to turn immediately available sales data into actionable and timely strategies that target the shifting landscape of consumer tastes and trends

47
Q

relationship marketing

A

creates customer loyalty through personal interaction and strives for long-term engagement

48
Q

sales promotion

A

incentives such as coupons and discounts that help attract customers and help them take action

49
Q

sales strategy

A

plan that the entrepreneur uses to identify and engage a consumer, from prospecting to securing the sale and beyond

50
Q

Sample

A

group of people participating in market research

51
Q

secondary research

A

research that uses existing data

52
Q

Segmenting

A

separating the total population by homogeneous groups of people that have similar tastes, backgrounds, lifestyles, demographics, and culture

53
Q

serviceable available market (SAM)

A

portion of the market that a business can serve based on its products, services, and location

54
Q

situation analysis

A

examination of the internal and external circumstances relevant to a particular business

55
Q

Skimming

A

high-pricing strategy that leverages the newness of a product in order to “skim” the most profits off the top at the beginning of a sale

56
Q

social media

A

online communication tool for entrepreneurs to connect with consumers, especially younger demographics

57
Q

Tagline

A

short and catchy positioning statement that quickly communicate some core aspect of the brand to the consumer

58
Q

target market

A

specific group of consumers for which a company seeks to provide a good or service

59
Q

Targeting

A

selecting a customer group based on their ability and willingness to buy

60
Q

total available market (TAM)

A

total perceived demand for a product or service within the marketplace

61
Q

Validation

A

act of verifying that a product can be successful with a target audience

62
Q

viral marketing

A

marketing that uses engaging content in the hopes that viewers will share it on their personal and social media networks

63
Q

word-of-mouth (WOM) marketing

A

promotion in which a satisfied customer tells others about their positive experience with a good or service

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