Marketing Galossary Flashcards

Question

Customer lifetime value 👴🛒🛍

Answer 1

The value of the entire stream of purchases that the customer makes over a lifetime of *patronage. *Patronage - the financial support or business provided to a store, hotel, or the like, by customers, clients, or paying guests.

Answer 2

The extent to which a products perceived performance matches buyers expectations.

Answer 3

Setting price based on buyers perceptions of value rather than on the sellers cost.

Answer 4

People in an organisations buying centre who have formal or informal power to select or approve the final suppliers.

Answer 5

Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity and generation.

Answer 6

A market-coverage strategy in which a firm targets several market segments and designs separate offers for each.

Answer 7

Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.

Answer 8

The cutting out of marketing channel *intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries. Intermediaries - a person who acts as a link between people in order to try and bring about an agreement; a mediator.

Answer 9

1 - Developing strategies and practices that create a world economy that the planet can support indefinitely. 2 - A management approach that involve developing strategies that both sustain the environment and produce profits for the company.

Answer 10

Graphical representation that shows the decrease in average labour cost in repetitive operations as the employees obtain more learning. Experience curve depicts the overall cost saving as the production grows in volume.

Answer 11

Fixed overhead costs are costs that do not change even while the volume of production activity changes. Fixed costs are fairly predictable and fixed overhead costs are necessary to keep a company operating smoothly.

Answer 12

Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service or organisation. The interviewer "focuses" the group discussion on important issues.

Answer 13

A gatekeeper, most commonly a secretary, an executive assistant, or an associate to the decision-maker, is a person who can grant or block access to key decision-makers, or control flow of information to others.

Answer 14

Dividing a market into different segments based on gender.

Answer 15

People born between 1965 and 1976 in the "birth dearth" following the baby boom.

Answer 16

People born after 2000, who make up the "kids, tweens and teens" market

Answer 17

Dividing market into different geographical units, such as nations, states, regions, counties, cities or even neighborhoods.

Answer 18

Offering the right combination of quality and good service at a fair price.

Answer 19

Dividing a market into different income segments.

Answer 20

Tailoring products and marketing programmes to the needs and preferences of individual customers - also called one-to-one marketing, mass customisation and markets-of-one marketing.

Answer 21

Carefully integrating and coordinating the company’s many communication channels to deliver a clear, consistent and compelling message about an organisation and its products.

Answer 22

Forming segments of consumers who have similar needs and buying behaviour even though they are located in different countries.

Answer 23

A persons pattern of living as expressed in his or her activities, interests and opinions.

Answer 24

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

Answer 25

Company growth by increasing sales of current products to current market segments without changing the product.

Answer 26

The upper limit of market demand.

Answer 27

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

Answer 28

Company sales divided by market sales.

Answer 29

Evaluating each market segments attractiveness and selecting one or more segments to serve.

Answer 30

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

Answer 31

A philosophy in which achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Answer 32

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure the objectives are achieved.

Answer 33

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

Answer 34

The set of tactical marketing tools - product, price, place and promotion - that the firm blends to produce the response it wants in the target market.

Answer 35

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. Businesses will do better in the long term if they concentrate on meeting the utility of a product or good, rather than just trying to sell their products.

Answer 36

The return from a marketing investment divided by the costs of the marketing investment.

Answer 37

A pricing approach in which the producer sets a high introductory price to attract buyers with a strong desire for the product and the resources to buy it, and then gradually reduces the price to attract the next and subsequent layers of the market.

Answer 38

The children of the baby boomers, born between 1977 and 2000).

Answer 39

Marketing both through stores and other traditional offline channels and through digital, online, social media and mobile channels.

Answer 40

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase or use the purchased item.

Answer 41

Creating a seamless cross-channel buying experience that integrates in-store, online and mobile shopping.

Answer 42

The process by which people select, organise and interpret information to form a meaningful picture of the world.

Answer 43

The process by which people select, organise and interpret information to form a meaningful picture of the world.

Answer 44

Products that give high immediate satisfaction but may hurt consumers in the long term.

Answer 45

Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers. Positioning built on meaningful differentiation, supported by appropriate strategy and implementation, can help a company build competitive advantage.

Answer 46

A statement that summarises company or brand positioning. It takes this form: To (target segment and need) our (brand) is (concept) that (point of difference).

Answer 47

A measure of the sensitivity of demand to changes in price.

Answer 48

The course of a products sales and profits over its lifetime.

Answer 49

The way a product is defined by consumers on important attributes - the place it occupies in consumers minds relative to competing products.

Answer 50

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

Answer 51

Dividing a market into different segments based on lifestyle or personality characteristics.

Answer 52

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

Answer 53

The percentage of a customer's purchase that a firm receives in exchange for its goods.

Answer 54

The process of developing an maintaining a strategic fit between the organisations goals and capabilities and its changing marketing opportunities.

Answer 55

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

Answer 56

The sum of the fixed and variable costs for any given level of production.

Answer 57

The total volume that would be bought by a defined consumer group, in a defined geographic area, in a defined time period, in a defined marketing environment, under a defined level and mix of industry marketing effort.

Answer 58

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Answer 59

The amount that each unit contributes to covering fixed costs - the difference between price and variable costs.

Answer 60

The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firms products.

Answer 61

The full positioning of a brand - the full mix of benefits on which it is positioned.

Answer 62

Costs that vary directly with the level of production

Marketing Galossary Flashcards

First Marketing & Cl exam