Cluster Vocab Flashcards
Sampling plans
A course of action that obtains data or observations from a group
Marketing strategies
Identifies a target market and coordinated marketing mix selections to create sales.
Marketing plan
A formal document that specifies a company’s activities for a determined amount of time
Buying signals
Actions that a consumer does to indicate that they are ready to purchase
Signature
Name of the advertiser and/or logo that is the identification for a business in a promotional message
Market identification
The process of a marketer in identifying the most profitable areas to offer a new product or service
Product life cycle
The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline
Semantic differential scale
A method used to measure satisfaction on a scale and the responent is asked to circle a number where 0 is neutral and one moves outwards from it towards the extremes of goodness and badness
Professional development
Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/or advancement
Slogan
A catchy phrase or words that identify a product or business
External audience
Individuals or groups outside of an organization at whom its communications and promotional efforts are aimed
Personal selling
Any form of direct contact between a salesperson and customer to fulfill their wants and needs
Emotional motive
A feeling expressed by a consumer through association with a product
Product knowledge
Information about a good or service that can include its application, function, features, and use.
Bias
Inaccuracy in data due to the characteristics of the process employed in the creation, collection, manipulation, and presentation of data, or due to faulty sample design
Error
A wrong action that can not be attributed to a lack of knowledge.
Selling policy
Decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission and legal and ethical issues
Casual research study
A study into an issue or topic that looks at the effect of one thing or variable on another
Headline
A phrase in an advertisement that grabs the consumer’s attention, creates interest and encourages them to read a promotional message
Word-of-mouth channels
Oral or written recommendation by a satisfies customer to the prospective customers of a good or service
Pricing
The value placed on a good or service
Feature benefit selling
Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
Product mix
All of the different products and/or services a company makes or sells
Product life cycle
The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline
Objections
A concern or doubt that a consumer has for not making a purchase.
Clientele
All of the clients of a business
Non-response error
Occurs when selected subjects fail to respond to a questionnaire. This can happen due to defective questionnaire wording and format, interviewer errors and/or inputting errors.
Open-ended questions
A question that encourages the consumer to respond with more than a “Yes” or “No” answer
Exploratory research study
A study into a problem that provides details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining information
Trial close
An initial effort by a salesperson to close a sale.
Channel-member relationships
Refers to the interconnectedness of members within a channel of distribution
Suggestion selling
Selling additional goods or services to a customer
Promotional plan
An outline of the marketing tools, strategies and resources that a company intends to use to promote product or service
Internal audience
Individuals or groups within an organization.
Data collection instrument
To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications and trade association publications
Merchandise approach
When a salesperson first interacts with a consumer by making a comment or asks a question about a product that a consumer is showing interest in
Selling process
The step-by-step process in which a salesperson advises a customer about products that suit his/her needs, leading through the decision to make a purchase
Distribution
The function of moving a selling goods from producer to consumer
Marketing information management
The process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business
Product bundling
Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices
Advertising
A form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media
Standard
Used generally as an example or model to compare or measure the quality or performance of a practice or procedure
Data collection method
The systematic process of gathering information
Customer “Buzz”
Develops from a viral marketing technique used to get consumers talking about a product.
Pre-approach
Observing a consumer prior to interaction
Product service management
The process of creating and changing the information about a company’s catalog of offerings
Service approach
When a salesperson first interacts with a consumer by offering assistance, often in the form of an open-ended question like “How may I help you?”
Advertising elements
The items found in an advertisement include Headline, Copy, Illustration and Signage.
Channels of distribution
Refers to the path a product takes from producer to the final consumer.
Marketing strategies
Identifies a target market and coordinated marketing mix selections to create sales.
Which close
When a salesperson encourages a consumer to select between two products to close a sale
Advertising media
The physical means of carrying a promotional message in words, speech and/or pictures; for example billboards, radio, newspapers, TV, magazines and the internet
Sample design
The part of the research plan that specifies how and how many respondents will be selected for a study
Primary research
Gathering data for the first time for a specific product, service and/or business
Feature
A feature is a distinctive characteristic of a good or service that sets it apart from similar items
Direct close
When a salesperson specifically asks for the purchase
Market planning
The market planning process typically result in a marketing strategy that can be used to enhance sales for the business producing it
Statistics
Numbers that represent a fact or presents a view of a situation.
Mark-up pricing
The practice of adding a constant percentage to the price of an item to determine its selling price.
Promotional mix
The combination of advertising, personal selling, sales promotion and public relations used to accomplish an overall marketing strategy
Illustration
A photograph, drawing or other graphic that is used in a promotional message.
Direct marketing channels
Advertising that sends a promotional message to a targeted group of prospects and customer rather that a mass audience
Cost-plus pricing
This type of pricing includes the variable costs associated with goods, as well as portion of the fixed costs of operating the business
Secondary research
Data that has been previously collected for non-marketing activity and is available for a business’ use
Selling
When a buyer exchanges cash for a seller’s good or service, or the activity of trying to bring this about
Closing the sale
When a salesperson gains an agreement to purchase from a consumer
Standing room only close
When a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur
Marketing tactics
Strategies used to promote a company’s products in order to increase sales.
Sales forecast
The projection of future sales
Market research
The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions
Communication channels
The path a message travels
Likert scale
A method developed by Dr. Rensis Likert that attributes quantitative value to qualitative data, to make it easier to analyze. Anumber is assigned to each potential choice and a mean figure for all the responses is computed at the end of the evaluation or survey. Likert scales usually have five potential choices (strongly agree, agree, neutral, disagree, strongly disagree)
Benefit
Desirable attribute of a good or service, which a customer perceives he or she will get from purchasing
Warranty
A promise that is given to a consumer that a product will meet certain standards
Trade show
Exhibit of products or services of interest to a specific industry
Affinity partner relationships
Marketing relationships that occur when two compatible companies work together to increase brand awareness for one another
Service close
When a salesperson encourages a consumer to purchase utilizing information regarding services available
Promotion
Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers
Public relations
Promotional activities that are designed to create a good image with the public
Response error
Occurs when respondents do not reveal their true opinions on a subject. They may misunderstand the question, fail to understand their opinions, lie, or try to present themselves in a favorable light
Customer service
The process of helping a customer purchase a product or service and/or provide assistance after a purchase has been made
Competition oriented pricing
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand
Channel management
A process that involves selecting and evaluating channel membersto monitor the movement of a product from producer or manufacturer to end user
ROMI (return on marketing investment)
A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers
Market
All people who share the same wants and who have the ability to purchase a specific product or service.
Corporate branding
Strategy that encourages a new product to be associated with a well-established company name. Can be used with any product that a business sells or a brand that represents the entire business
Data
Information in an unorganized form that have a relationship with current conditions, ideas or knowledge
Business image
The public perception of a business
Demand oriented pricing
A pricing method in which the price of a product is changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak.
Interviewer error
Occurs when mistakes are made by the interviewer. These may include influencing the respondent in some way, asking questions in the wrong order, or using slightly different phrasing (or tone of voice) than other interviewers. It can also include intentional errors such as cheating and fraudulent data entry
Marketing research brief
A written document that includes a market and strategic overview, background information, role of research, objectives, suggested approach and research target, reporting requirements, timing, budget and existing research or other information related to the study
Target marketing
The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic and psychographic characteristics
Selling proposition
A benefit of a good or service that differentiates it from other products
Copy
The selling message in a promotional message
Sales promotion
All marketing activities other that advertising, public relations, and personal selling that are directed at a customer to increase sales
Situation analysis
The study of internal and external factors that affect marketing strategy.
Product positioning
A strategy that either emphasizes features or image to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer
Behavior intention scale
A method used to collect information on the likelihood that people will demonstrate some type of predictable behavior regarding the purchase of a product or service
Descriptive research study
A statistical study to identify patterns or trends in a marketing situation.
Customer relationship management
At a minimum, this is a database of customer contacts, purchase history and technical support. Additional elements can include profiles of potential clients, understanding and leveraging the needs of current customers, and enhanced customer service based on data analysis
