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MKTG 400 > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products and services they can produce and market to others

A

business-to-business marketing

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2
Q

those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or resale

A

organizational buyer

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3
Q

markets of organizational buyers

A

industrial, reseller, government

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4
Q

who makes the product?

A

industrial market

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5
Q

wholesalers and retailers are

A

reseller market

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6
Q

who buys equipment?

A

government market

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7
Q

industrial products and services; few customers with large purchases

A

market characteristics

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8
Q

products or services are technical and purchased on the basis of specifications. many goods are raw or semi finished (ex. lumber). emphasis on delivery time, technical assistance, and post-sale service

A

product or service characteristics

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9
Q

technically qualified buyers follow established purchase policies and procedures. objectives and criteria are spelled out. multiple buying influences, multiple parties, online buying is widespread

A

buying process characteristics

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10
Q

characteristics involving the four P’s. direct selling to organizational buyers, distribution is important

A

marketing mix characteristics

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11
Q

the demand for industrial products is derived from the demand of consumer products and services (ex. fidget spinners)

A

derived demand

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12
Q

objective buying attributes of the supplier’s products and services and the capabilities of the supplier itself

A

organizational buying criteria

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13
Q

the deliberate effort by organizational buyers to build relationships that shape supplier’s products, services, and capabilities to shape a buyer’s needs and those of its customers

A

supplier development

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14
Q

an industrial buying practice in which two organizations agree to purchase each other’s products and services

A

reciprocity

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15
Q

when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumers

A

supply partnership

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16
Q

the decision making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers

A

organizational buying behavior

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17
Q

the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision

A

buying center

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18
Q

consists of three types of organizational rebuy: straight, modified, and new buy

A

buy classes

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19
Q

online trading communities that bring together buyer and supplier organizations to make possible the real-time exchange of information, money, products, and services

A

e-marketplaces

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20
Q

in an e-marketplace, an online auction in which a seller puts up an item for sale and would-be buyers are invited to bid in competition with each other

A

traditional auction

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21
Q

in an e-marketplace, an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

A

reverse auction

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22
Q

the practice of using barter rather than money for making global sales

A

countertrade

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23
Q

the monetary value of all products and services in a country during one year

A

gross domestic product (GDP)

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24
Q

who accounts for 2/3 of world trade?

A

US, China, Japan, Western Europe, and Canada

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25
Q

how much money does economic espionage cost US firms per year?

A

$600B

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26
Q

the difference between the monetary value of a nation’s exports and imports

A

balance of trade

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27
Q

the focus on creating economic, cultural, political, and technological interdependence among individual nation institutions and economies

A

globalization

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28
Q

the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs and quotas

A

protectionism

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29
Q

government taxes on products or services entering a country that primarily serve to raise prices on imports

A

tariff

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30
Q

a restriction placed on the amount of a product allowed to enter or leave a country

A

quota

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31
Q

types of companies

A

international, multinational, transnational

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32
Q

uses the same marketing strategy from their home country in others

A

international firm

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33
Q

utilizes different marketing strategies in different countries

A

multinational firm

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34
Q

mostly the same globally, with cultural tweaks based on the country

A

transnational firm

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35
Q

a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs

A

global brand

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36
Q

the studies of similarities and differences among consumers in two or more nations or societies

A

cross-cultural analysis

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37
Q

the clandestine collection of trade secrets or proprietary information about a company’s competitors

A

economic espionage

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38
Q

personally or socially shared modes of conduct or states of existence that tend to persist over time

A

values

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39
Q

what is considered normal and expected about the way people do things in a specific country

A

customs

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40
Q

things that represent ideas and concepts in a specific culture

A

cultural symbols

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41
Q

the practice where a translated word or phrase is retranslated into the original translation by a different interpreter to catch errors

A

back translation

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42
Q

the belief that aspects of one’s culture are superior to another’s

A

cultural ethnocentricity

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43
Q

the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products

A

consumer ethnocentrism

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44
Q

assessment of economic infrastructure, measurement of consumer income, recognition of currency exchange rates

A

economic considerations

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45
Q

a country’s communication, transportation, financial, and distribution systems

A

economic infrastructure

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46
Q

the price of one country’s currency expressed in terms of another country’s currency

A

currency exchange rates

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47
Q

exporting, licensing, joint venture, direct investment

A

means of market entry

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48
Q

a global market-entry strategy in which a company produces products in one country and sells them in another country

A

exporting

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49
Q

when a firm sells its domestically produced products in a foreign country through an intermediary

A

indirect exporting

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50
Q

when a firm sells its domestically produced products in a foreign country without an intermediary

A

direct exporting

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51
Q

a company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for royalty or fee

A

licensing

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52
Q

a global-market strategy in which a foreign company and local firm invest together to create a local business in order to share ownership, control, and profits of the new company

A

joint venture

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53
Q

entails a domestic firm actually investing in and owning a foreign subsidiary or division

A

direct investment

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54
Q

ways a product can be sold

A

product extension, product adaptation, product invention

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55
Q

in the same form as home market

A

product extension

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56
Q

in the same form as home market with adaptations

A

product adaptation

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57
Q

a totally new product from the one sold at the home market

A

product invention

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58
Q

when a firm sells a product in a foreign country below its domestic price or below its actual cost

A

dumping

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59
Q

a situation where products are sold through unauthorized channels of distribution

A

gray market

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60
Q

What question did we ask in class about the Pepsi Challenge?

A

Which one did you prefer?

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61
Q

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

A

marketing research

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62
Q

define the problem, develop the research plan, collect relevant information, develop findings, take marketing actions

A

marketing approach

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63
Q

step one of the marketing approach

A

define the problem

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64
Q

types of research

A

exploratory, descriptive, casual

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65
Q

what happens in step one of the marketing approach?

A

have a clear research purpose, set objectives

66
Q

criteria or standards used in evaluating proposed solutions to the problem

A

measures of success

67
Q

step two of the marketing approach

A

develop the research plan

68
Q

in a decision, the restrictions placed on potential solutions to a problem

A

constraints

69
Q

what happens in step two of the marketing approach?

A

specify constraints, identify data needed, determine how to collect data

70
Q

step three of the marketing approach

A

collect relevant information

71
Q

the facts and figures

A

data

72
Q

already exists

A

secondary data

73
Q

newly collected

A

primary data

74
Q

data coming from inside the organization needing research

A

internal secondary data

75
Q

data coming from outside the organization needing research

A

external secondary data

76
Q

time savings and inexpensive

A

pros of secondary data

77
Q

out of date, definitions/categories not right, not specific enough

A

cons of secondary data

78
Q

facts and figured obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods

A

observational data

79
Q

technologies used to study the brain

A

neuromarketing

80
Q

the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

A

questionnaire data

81
Q

a sample of consumers or stores from which researchers take a series of measurements

A

panels

82
Q

offer a product for sale in a small geographic area to help evaluate potential marketing actions

A

test market

83
Q

a vague term generally used to describe large amounts of data collected from a variety of sources and analyzed with an extremely sophisticated set of technologies

A

big data

84
Q

includes all of the computing resources that collect, store, and analyze data

A

information technology (IT)

85
Q

the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions

A

data mining

86
Q

more flexible, more specific to the problem

A

pros of primary data

87
Q

expensive, time consuming

A

cons of primary data

88
Q

step four of the marketing approach

A

develop findings

89
Q

what happens in step four of the marketing approach?

A

analyze data, present findings in an understandable way

90
Q

step five of the marketing approach

A

take marketing actions

91
Q

what happens in step five of the marketing approach?

A

make action recommendations, implement action recommendations, evaluate results (the decision itself, the decision process)

92
Q

the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

A

sales forecast

93
Q

involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action

A

market segmentation

94
Q

a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive a product as being different and better than competing products

A

product differentiation

95
Q

a framework to relate to the market segments of potential buyers to products offered or potential marketing actions

A

market-product grid

96
Q

one product and multiple segments, multiple products and multiple segments, segments of one “mass customization”

A

market segmentation strategies

97
Q

example of one product and mulitiple segments

A

harry potter

98
Q

example of multiple products and multiple segments

A

cars

99
Q

example of mass customization

A

nike shoes

100
Q

all consumers get what they want

A

mass customization

101
Q

the increased customer value involves adding new products or a chain of stores, but it takes customers away from the older stores

A

cannibalization

102
Q

the increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently

A

organizational synergy

103
Q

geographic, demographic, psychographic, behavioral

A

ways to segment consumer markets

104
Q

segmenting based on location

A

geographic segmentation

105
Q

segmenting based on objective attributes

A

demographic segmentation

106
Q

segmenting based on personality and lifestyle

A

psychographic segmentation

107
Q

segmenting based on product features and usage rate

A

behavioral segmentation

108
Q

character description of a typical customer in the form of fictional character narratives, complete with images that capture the personalities, values, attitudes, beliefs, demographics, and expected interactions with a brand

A

personas

109
Q

identify and label the markets and product groupings

A

forming a market-product grid

110
Q

in a market-product grid, what row is the markets

A

horizontal rows

111
Q

in a market-product grid, what row is the product groupings

A

vertical rows

112
Q

simplicity and cost-effectiveness, potential for profit, similarity of needs of buyers in segment, difference of needs of buyers among segments, potential of a marketing action to reach a segment

A

criteria for forming segments

113
Q

market size, expected growth, competitive position, cost of reaching the segment, organizational compatibility

A

criteria to select target market

114
Q

the place a product occupies in consumers’ minds based on important attributes relative to competitive products

A

product positioning

115
Q

changing the place a product occupies in a consumer’s mind relative to competitive products

A

product repositioning

116
Q

a means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand

A

perceptual map

117
Q

how many products do most consumers buy consistently?

A

150

118
Q

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers’ needs and is received in exchange for money or something else of value

A

product

119
Q

tangible attributes that a consumer’s five senses can perceive

A

good

120
Q

an item consumed in one or a few uses

A

nondurable good

121
Q

example of nondurable good

A

fuel, food

122
Q

usually lasts over many uses

A

durable good

123
Q

example of a durable good

A

car, smartphone

124
Q

intangible activities or benefits than an organization provides to satisfy consumers’ needs in exchange for money or something else of value

A

services

125
Q

a thought that leads to a product or action

A

idea

126
Q

examples of an idea

A

telling people to vote

127
Q

products purchased by the ultimate consumer

A

consumer products

128
Q

the type of consumer product varies based on

A

the effort, the attributes, the frequency

129
Q

items the consumer purchases frequently, conveniently, and with a minimum of shopping effort

A

conveinence products

130
Q

items for which the consumer compares several alternatives on criteria such as price, quality, or style

A

shopping products

131
Q

items the consumer makes a special effort to search out and buy

A

specialty products

132
Q

items the consumer does not know about or knows about but does not initially want

A

unsought products

133
Q

products organizations buy that assist in providing other products for resale

A

business products

134
Q

different forms within the product class

A

product forms

135
Q

a specific item that has a unique brand, size, or price

A

product items

136
Q

a group of product or service lines that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range

A

product line

137
Q

consists of all product lines offered by an organization

A

product mix

138
Q

if a product is functionally different from existing products

A

newness

139
Q

customers don’t need to know new behaviors

A

continuous innovation

140
Q

minor changes in customer behavior

A

dynamically continuous innovation

141
Q

making the consumer learn entirely new consumption patterns to use the product

A

discontinuous innovation

142
Q

six months after the product enters regular distribution

A

legality of “new”

143
Q

a statement that, before the product will be and do to satisfy customers identifies a well-defined target market, specific customers needs, wants, and preferences, and what the product will be and do to satisfy customers

A

protocol

144
Q

protocol is the most important thing in…

A

new product failure

145
Q

insignificant point of difference, incomplete market and product protocol, failure to satisfy customer needs on critical factors, bad timing, no economical access to buyers, poor execution of the marketing mix, too little market attractiveness, poor product quality

A

marketing reasons for new product failure

146
Q

groupthink, avoiding “not invented here,” open innovation

A

organizational inertia in new product failures

147
Q

the seven stages an organization goes through to identify opportunities and convert them to salable products or services

A

new product development process

148
Q

new product strategy development, idea generation, screening and evaluation, business analysis, development, market testing, commercialization

A

steps to the new product development process

149
Q

the stage of the new product development process that defines the role for a new product in terms of the firm’s overall objectives

A

new product strategy development

150
Q

the stage of the new product development process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results

A

idea generation

151
Q

the stage of the new product development process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort

A

screening and evaluation

152
Q

the process of managing the entire customer experience within the company

A

customer experience management (CEM)

153
Q

the stage of the new product development process that specifies the features of the product or service and the marketing strategy needed to bring it to the market and make financial projections

A

business analysis

154
Q

the stage of the new product development process that turns the idea on paper into a prototype

A

development

155
Q

the stage of the new product development process that exposes actual products to prospective customers under realistic purchase conditions to see if they will buy

A

market testing

156
Q

a company tries to sell a new product in normal distribution channels

A

standard market testing

157
Q

contracting test program to an outside service

A

controlled market testing

158
Q

replicates full-scale test markets

A

simulated market testing

159
Q

the stage of the new product development process that positions and launches a new product in full-scale productions and sales

A

commercialization

160
Q

example of business buyers

A

JCPenny’s

161
Q

example of a cultural symbol

A

Parthenon

MKTG 400 (2 decks)

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