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Business- Chapter 12 > Definitions > Flashcards

Definitions Flashcards

0
Q

Marketing Concept

A

The idea that the whole firm is directed toward serving present and potential customers at a profit.

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1
Q

Marketing

A

An organizational function and a set of processes for creating, communicating. and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders.

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2
Q

Value

A

A relative comparison of a product’s benefits versus its costs.

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3
Q

Utility

A

The ability of a product to satisfy a human want or need.

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4
Q

Consumer Goods

A

Physical products purchased by consumers for personal use.

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5
Q

Industrial Goods

A

Physical products purchased by companies to produce other products.

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6
Q

Services

A

Products with non-physical features, such as information, expertise, or an activity that can be purchased.

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7
Q

Relationship Marketing

A

A marketing strategy that emphasizes building lasting relationships with customers and suppliers.

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8
Q

Customer Relationship Management (CRM)

A

Organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed.

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9
Q

Substitute Product

A

A competing product (which may be dissimilar in nature) that can fulfil the same need.

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10
Q

Brand Competition

A

Competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies.

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11
Q

International Competition

A

Competitive marketing of domestic products against foreign products.

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12
Q

Marketing Manager

A

A manager who plans and implements the marketing activities that result in the transfer of products.

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13
Q

Marketing Plan

A

A detailed strategy for focusing marketing efforts on consumers’ needs and wants.

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14
Q

Marketing Mix

A

A combination of product, pricing, promotion, and place (distribution) strategies used to market products.

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15
Q

Product

A

Good, service, or idea that is marketed to fill consumers’ needs and wants.

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16
Q

Product Differentiation

A

Creation of a product feature or product image that differs enough from existing products to attract customers.

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17
Q

Pricing

A

The process of determining the best price at which to sell a product.

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18
Q

Place (Distribution)

A

The part of the marketing mix concerned with getting products from producers to consumers.

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19
Q

Promotion

A

The aspect of the marketing mix concerned with the most effective techniques for communicating information about products.

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20
Q

Integrated Marketing Strategy

A

A strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s non-marketing activities as well.

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21
Q

Target Market

A

A group of people who have similar wants and needs and can be expected to show interest in the same products.

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22
Q

Market Segmentation

A

The process of dividing a market into categories of customer types or “segments”

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23
Q

Product Positioning

A

The process of fixing, adapting, and communicating the nature of a product.

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24
Q

Geographic Variables

A

Geographic units that may be considered in developing a segmentation strategy.

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25
Q

Demographic Variables

A

Characteristics of populations that may be considered in developing a segmentation strategy.

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26
Q

Market Research

A

The systematic study of what buyers need and how best to meet those needs.

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27
Q

Secondary Data

A

Information already available to market researchers as a result of previous research by the firm or other agencies.

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28
Q

Geo-Demographic Variables

A

A combination of geographic and demographic traits used in developing a segmentation strategy.

29
Q

Psychographic Variables

A

Consumer characteristics, such as lifestyles, opinions, interests, and sttitudes, that may be considered in developing a segmentation strategy.

30
Q

Behavioural Variables

A

Behavioural considerations, such as benefits sought, loyalty status, usage rate, user status, and occasion for use, that may be used in developing a segmentation strategy.

31
Q

4 P’s

A

Product
Place
Promotion
Price

32
Q

Primary Data

A

Information developed through new research by the firm or its agents.

33
Q

Observation

A

A market research technique involving viewing or otherwise monitoring consumer buying patterns.

34
Q

Survey

A

A market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices.

35
Q

Focus Group

A

A market research technique involving a small group of people brought together and allowed to discuss selected issues in depth.

36
Q

Expirimentation

A

A market research technique in which the reactions of similar people are compared under different circumstances.

37
Q

Consumer Behaviour

A

The study of the decision process by which people buy and consume products.

38
Q

Brand Loyalty

A

A pattern of regular consumer purchasing based on satisfaction with a product’s performance.

39
Q

Rational Motives

A

Reasons for purchasing a product that are based on a logical evaluation of product attributes.

40
Q

Emotional Motives

A

Reasons for purchasing a product that are based on non-objective factors.

41
Q

Industrial Market

A

An organizational market consisting of firms that buy goods that are either converted into products or used during production.

42
Q

Reseller Market

A

An organizational market consisting of intermediaries that buy and resell finished goods.

43
Q

Institutional Market

A

An organizational market consisting of such non-governmental buyers of goods an services as hospitals, churches, museums, and charitable organizations.

44
Q

Product Features

A

Tangible and intangible qualities that a company builds into its products.

45
Q

Value Package

A

A product marketed as a bundle of value-adding attributes, including reasonable cost.

46
Q

Convenience Good/Convenience Service

A

An inexpensive good or service purchased and consumed rapidly and regularly.

47
Q

Shopping Good/Shopping Service

A

A moderately expensive, infrequently purchased good or service.

48
Q

Specialty Good/Specialty Service

A

An expensive, rarely purchased good or service.

49
Q

Production Item

A

An industrial product purchased and used directly in the production process that created other goods or services.

50
Q

Expense Items

A

A industrial product purchased and consumed within a year by firms producing other products.

51
Q

Capital Item

A

An expensive, long-lasting, infrequently purchased industrial product, such as a building, or an industrial service, such as a long-term agreement for data-warehousing services.

52
Q

Product Mix

A

A group of products that a firm makes available for sale.

53
Q

Product Line

A

A group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways.

54
Q

Speed to Market

A

A strategy of introducing new products to respond quickly to customer or market changes.

55
Q

Product Life Cycle (PLC)

A

A series of stages in a product’s commercial life.

56
Q

Product Extension

A

The process of marketing an existing, unmodified product globally.

57
Q

Product Adaptation

A

The process of modifying a product to have greater appeal in foreign markets.

58
Q

Reintroduction

A

The process of reviving, for new markets, products that are obsolete in older ones.

59
Q

Branding

A

A process of using symbols to communicate the qualities of a product made by a particular producer.

60
Q

Brand Equity

A

The added value a brand name provides to a product beyond its basic functional benefits.

61
Q

Product Placement

A

A promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product with its brand visible to users.

62
Q

Buzz Marketing

A

Marketing that relies on word-of-mouth to spread “buzz” about a particular product or idea.

63
Q

Viral Marketing

A

Buzz that relies on social networking on the internet to spread information like a “virus” from person to person.

64
Q

Corporate Blog

A

Blogs run by major corporations for public relations, branding, and otherwise spreading messages that stimulate chat about products to target markets.

65
Q

National Brands

A

Products distributed by and carrying a name associated with the manufacturer.

66
Q

Licensed Brands

A

Selling the limited rights, to another company, to use a brand name on a product.

67
Q

Private Brands

A

Products promoted by and carrying a name associated with the retailer or wholesaler, not the manufacturer.

68
Q

Generic Brands

A

No-frills products sold under the general category name rather than a specific company name.

69
Q

Packaging

A

Physical container in which a product is sold, advertised, or protected.

70
Q

Label

A

That part of a product’s packaging that identifies the product’s name and contents and sometimes its benefits.

71
Q

Consumer Packaging and Labelling Act

A

A federal law that provides comprehensive rules for the packaging and labelling of consumer products.

Business- Chapter 12 (1 decks)

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