final exam definitions

Question 1

Agency

Answer 1

Marketing services firm that assists companies in planning, preparing, implementing, evaluating their advertising programs.

Question 2

Execution style

Answer 2

Style, tone, approach, format used to present an ad

Question 3

Personal selling process

Answer 3

Personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships

Question 4

Consumer promotions (13) (2 components)

Answer 4

Sales promotion tools used to boost
short-term customer buying and
engagement or enhance long-term
customer relationships.

Question 5

Trade promotions (13)

Answer 5

Sales promotion tools used to persuade
resellers to carry a brand, give it shelf
space, promote it in advertising, and
push it to consumers.

Question 6

Push promotion (13)

Answer 6

A promotion strategy that calls
for using the sales force and trade
promotion to push the product through
channels. The producer promotes the
product to channel members who in
turn promote it to final consumers

Question 7

Pull promotion (13)

Answer 7

A promotion strategy that calls for
spending a lot on consumer advertising
and promotion to induce final
consumers to buy the product, creating
a demand vacuum that “pulls” the
product through the channel.

Question 8

Segmentation (5)

Answer 8

Dividing a market into distinct groups of buyers who have different needs, characteristics, behaviors and who might require separate marketing strategies

Question 9

Value proposition (5)

Answer 9

Set of benefits a company promises to deliver to customers to satisfy needs

Question 10

Targeting (5)

Answer 10

Selecting one or more segments and developing solutions (products/services) to meet those needs

Question 11

Marketing information system

Answer 11

People and procedures that assess info needs, develop needed info, and help decision makers use info to generate actionable insights

Question 12

Marketing research

Answer 12

Systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization

Question 13

Advertising (12)

Answer 13

Paid form of nonpersonal presentational and promotion of ideas, goods, or services by an identified sponsor

Question 14

Brand

Answer 14

A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

Question 15

Image differentiation

Answer 15

Company or brand image should convey a product’s distinct benefits or positioning.

Question 16

Positioning

Answer 16

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

Question 17

Market offering (1)

Answer 17

Some combination of products, services, information or experiences offered to satisfy a need or want

Question 18

Exchange (1)

Answer 18

The act of obtaining a desired object
from someone by offering something
in return

Question 19

Market (1)

Answer 19

Set of all actual and potential buyers in the market

Question 20

Marketing concept (1)

Answer 20

Achieving organizational goals depends on knowing
the needs and wants of target markets
and delivering the desired satisfactions
better than competitors do.

Question 21

Marketing mix

Answer 21

Set of tools a firm uses to implement its marketing strategy

Question 22

Marketing

Answer 22

The process by which companies
engage customers, build strong
customer relationships, and create
customer value in order to capture
value from customers in return.

Question 23

Political environment

Answer 23

Laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

Question 24

Culture

Answer 24

The set of basic values, perceptions,
wants, and behaviors learned by a
member of society from family and
other important institutions.

Question 25

Subculture

Answer 25

A group of people with shared value systems based on common life experiences and situations

Question 26

Product line

Answer 26

Group of products that are closely related due to smilar functions, price ranges, or marketing outlets

Question 27

Microenvironment

Answer 27

The actors close to the company that
affect its ability to engage and serve its
customers—the company, suppliers,
marketing intermediaries, customer
markets, competitors, and publics.

Question 28

Marketing Intermediaries

Answer 28

Firms that help the company to
promote, sell, and distribute its
products to final buyers.

Question 29

Publics

Answer 29

Any group that has an actual or
potential interest in or impact on an
organization’s ability to achieve its
objectives.

Question 30

Exploratory research

Answer 30

Marketing research to gather
preliminary information that will
help define problems and suggest
hypotheses.

Question 31

Descriptive research

Answer 31

Marketing research to better describe
marketing problems, situations, or
markets, such as the market potential
for a product or the demographics and
attitudes of consumers

Question 32

Causal research

Answer 32

Marketing research to test hypotheses
about cause-and-effect relationships

Question 33

Survey research

Answer 33

Gathering primary data by asking
people questions about their
knowledge, attitudes, preferences, and
buying behavior.

Question 34

Customer relationship management

Answer 34

Managing detailed information about
individual customers and carefully
managing customer touch points to
maximize customer loyalty

Question 35

Integrated marketing communications

Answer 35

Carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its brands

Question 36

Promotion mix

Answer 36

The specific blend of promotion tools
that the company uses to engage
customers, persuasively communicate
customer value, and build customer
relationships

Question 37

Sales promotion

Answer 37

Short-term incentives to encourage
the purchase or sale of a product or a
service.

Question 38

Direct and digital marketing

Answer 38

Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships (i.e. direct mail, catalogs, online and social media, mobile marketing)

Question 39

Advertising Objective

Answer 39

A specific communication task to be
accomplished with a specific target
audience during a specific period
of time
Inform, persuade, remind

Question 40

Advertising strategy

Answer 40

The strategy by which the company
accomplishes its advertising objectives.
It consists of two major elements:
creating advertising messages and
selecting advertising media.

Question 41

Business promotions

Answer 41

Sales promotion tools used to generate
business leads, stimulate purchases,
reward customers, and motivate
salespeople.

Question 42

Three research objectives

Answer 42

Exploratory, descriptive, causal

Question 43

Types of primary data

Answer 43

Experimental, survey, observational

Question 44

Customer value based pricing

Answer 44

Setting price based on buyers’ perceptions of value rather than on the
seller’s cost.

Question 45

Cost-based pricing

Answer 45

Setting prices based on the costs of producing, distributing, and selling the
product plus a fair rate of return for effort and risk.

Question 46

Differentiation

Answer 46

distinguishing the firm’s market offering to create superior customer value

Question 47

Strategic planning

Answer 47

maintaining a strategic fit between organizational goals and changing marketing opportunities