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Marketing principles (deca) > Cluster Vocab > Flashcards

Cluster Vocab Flashcards

1
Q

Sampling plans

A

A course of action that obtains data or observations from a group

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2
Q

Marketing strategies

A

Identifies a target market and coordinated marketing mix selections to create sales.

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3
Q

Marketing plan

A

A formal document that specifies a company’s activities for a determined amount of time

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4
Q

Buying signals

A

Actions that a consumer does to indicate that they are ready to purchase

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5
Q

Signature

A

Name of the advertiser and/or logo that is the identification for a business in a promotional message

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6
Q

Market identification

A

The process of a marketer in identifying the most profitable areas to offer a new product or service

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7
Q

Product life cycle

A

The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline

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8
Q

Semantic differential scale

A

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

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9
Q

Professional development

A

Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/or advancement

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10
Q

Slogan

A

A catchy phrase or words that identify a product or business

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11
Q

External audience

A

Individuals or groups outside of an organization at whom its communications and promotional efforts are aimed

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12
Q

Personal selling

A

Any form of direct contact between a salesperson and customer to fulfill their wants and needs

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13
Q

Emotional motive

A

A feeling expressed by a consumer through association with a product

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14
Q

Product knowledge

A

Information about a good or service that can include its application, function, features, and use.

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15
Q

Bias

A

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

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16
Q

Error

A

A wrong action that can not be attributed to a lack of knowledge.

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17
Q

Selling policy

A

Decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission and legal and ethical issues

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18
Q

Casual research study

A

A study into an issue or topic that looks at the effect of one thing or variable on another

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19
Q

Headline

A

A phrase in an advertisement that grabs the consumer’s attention, creates interest and encourages them to read a promotional message

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20
Q

Word-of-mouth channels

A

Oral or written recommendation by a satisfies customer to the prospective customers of a good or service

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21
Q

Pricing

A

The value placed on a good or service

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22
Q

Feature benefit selling

A

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

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23
Q

Product mix

A

All of the different products and/or services a company makes or sells

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24
Q

Product life cycle

A

The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline

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25
Q

Objections

A

A concern or doubt that a consumer has for not making a purchase.

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26
Q

Clientele

A

All of the clients of a business

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27
Q

Non-response error

A

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.

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28
Q

Open-ended questions

A

A question that encourages the consumer to respond with more than a “Yes” or “No” answer

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29
Q

Exploratory research study

A

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

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30
Q

Trial close

A

An initial effort by a salesperson to close a sale.

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31
Q

Channel-member relationships

A

Refers to the interconnectedness of members within a channel of distribution

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32
Q

Suggestion selling

A

Selling additional goods or services to a customer

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33
Q

Promotional plan

A

An outline of the marketing tools, strategies and resources that a company intends to use to promote product or service

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34
Q

Internal audience

A

Individuals or groups within an organization.

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35
Q

Data collection instrument

A

To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications and trade association publications

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36
Q

Merchandise approach

A

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

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37
Q

Selling process

A

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

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38
Q

Distribution

A

The function of moving a selling goods from producer to consumer

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39
Q

Marketing information management

A

The process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business

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40
Q

Product bundling

A

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

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41
Q

Advertising

A

A form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media

42
Q

Standard

A

Used generally as an example or model to compare or measure the quality or performance of a practice or procedure

43
Q

Data collection method

A

The systematic process of gathering information

44
Q

Customer “Buzz”

A

Develops from a viral marketing technique used to get consumers talking about a product.

45
Q

Pre-approach

A

Observing a consumer prior to interaction

46
Q

Product service management

A

The process of creating and changing the information about a company’s catalog of offerings

47
Q

Service approach

A

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?”

48
Q

Advertising elements

A

The items found in an advertisement include Headline, Copy, Illustration and Signage.

49
Q

Channels of distribution

A

Refers to the path a product takes from producer to the final consumer.

50
Q

Marketing strategies

A

Identifies a target market and coordinated marketing mix selections to create sales.

51
Q

Which close

A

When a salesperson encourages a consumer to select between two products to close a sale

52
Q

Advertising media

A

The physical means of carrying a promotional message in words, speech and/or pictures; for example billboards, radio, newspapers, TV, magazines and the internet

53
Q

Sample design

A

The part of the research plan that specifies how and how many respondents will be selected for a study

54
Q

Primary research

A

Gathering data for the first time for a specific product, service and/or business

55
Q

Feature

A

A feature is a distinctive characteristic of a good or service that sets it apart from similar items

56
Q

Direct close

A

When a salesperson specifically asks for the purchase

57
Q

Market planning

A

The market planning process typically result in a marketing strategy that can be used to enhance sales for the business producing it

58
Q

Statistics

A

Numbers that represent a fact or presents a view of a situation.

59
Q

Mark-up pricing

A

The practice of adding a constant percentage to the price of an item to determine its selling price.

60
Q

Promotional mix

A

The combination of advertising, personal selling, sales promotion and public relations used to accomplish an overall marketing strategy

61
Q

Illustration

A

A photograph, drawing or other graphic that is used in a promotional message.

62
Q

Direct marketing channels

A

Advertising that sends a promotional message to a targeted group of prospects and customer rather that a mass audience

63
Q

Cost-plus pricing

A

This type of pricing includes the variable costs associated with goods, as well as portion of the fixed costs of operating the business

64
Q

Secondary research

A

Data that has been previously collected for non-marketing activity and is available for a business’ use

65
Q

Selling

A

When a buyer exchanges cash for a seller’s good or service, or the activity of trying to bring this about

66
Q

Closing the sale

A

When a salesperson gains an agreement to purchase from a consumer

67
Q

Standing room only close

A

When a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur

68
Q

Marketing tactics

A

Strategies used to promote a company’s products in order to increase sales.

69
Q

Sales forecast

A

The projection of future sales

70
Q

Market research

A

The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions

71
Q

Communication channels

A

The path a message travels

72
Q

Likert scale

A

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)

73
Q

Benefit

A

Desirable attribute of a good or service, which a customer perceives he or she will get from purchasing

74
Q

Warranty

A

A promise that is given to a consumer that a product will meet certain standards

75
Q

Trade show

A

Exhibit of products or services of interest to a specific industry

76
Q

Affinity partner relationships

A

Marketing relationships that occur when two compatible companies work together to increase brand awareness for one another

77
Q

Service close

A

When a salesperson encourages a consumer to purchase utilizing information regarding services available

78
Q

Promotion

A

Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers

79
Q

Public relations

A

Promotional activities that are designed to create a good image with the public

80
Q

Response error

A

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

81
Q

Customer service

A

The process of helping a customer purchase a product or service and/or provide assistance after a purchase has been made

82
Q

Competition oriented pricing

A

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand

83
Q

Channel management

A

A process that involves selecting and evaluating channel membersto monitor the movement of a product from producer or manufacturer to end user

84
Q

ROMI (return on marketing investment)

A

A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

85
Q

Market

A

All people who share the same wants and who have the ability to purchase a specific product or service.

86
Q

Corporate branding

A

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

87
Q

Data

A

Information in an unorganized form that have a relationship with current conditions, ideas or knowledge

88
Q

Business image

A

The public perception of a business

89
Q

Demand oriented pricing

A

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.

90
Q

Interviewer error

A

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

91
Q

Marketing research brief

A

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

92
Q

Target marketing

A

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

93
Q

Selling proposition

A

A benefit of a good or service that differentiates it from other products

94
Q

Copy

A

The selling message in a promotional message

95
Q

Sales promotion

A

All marketing activities other that advertising, public relations, and personal selling that are directed at a customer to increase sales

96
Q

Situation analysis

A

The study of internal and external factors that affect marketing strategy.

97
Q

Product positioning

A

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

98
Q

Behavior intention scale

A

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

99
Q

Descriptive research study

A

A statistical study to identify patterns or trends in a marketing situation.

100
Q

Customer relationship management

A

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

Marketing principles (deca) (1 decks)

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