MarketingManagementVocabulary Flashcards
Schools, hospitals, nursing homes, prisons and other institutions that provide goods and services to people in their care.
Institutional market
Direct marketing campaigns that use multiple vehicles and multiple stages to improve response rates and profits.
Integrated direct marketing
A physical distribution concept that recognizes the need for a firm to integrate its logistics system with those of its suppliers and customers. The aim is to maximize the performance of the entire distribution system.
Integrated logistics management
The concept under which a company carefully integrates and co-ordinates its many communications channels to deliver a clear, consistent, and compelling message about the organization arid its products.
Integrated marketing communications
Stocking the product in as many outlets as possible.
Intensive distribution
Marketing by a service firm that recognizes that perceived service quality depends heavily on the quality of buyer-seller interaction.
Interactive marketing
Distribution channel firms that help the company find customers or make sales to them, including wholesalers and retailers that buy and resell goods.
Intermediaries
An evaluation of the firm’s entire value chain.
Internal audit
Marketing by a service firm to train and effectively motivate its customer-con tact employees and all the supporting service people to work as a team to provide customer satisfaction.
Internal marketing
Information gathered from sources within the company to evaluate marketing performances and to detect marketing problems and opportunities.
Internal records information
A form of international marketing organization in which the division handles all of the firm’s international activities. Marketing, manufacturing, research, planning and specialist staff are organized into operating units according to geography or product groups, or as an international subsidiary responsible for its own sales and profitability.
International division
Buyers in other countries, including consumers, producers, resellers and governments.
International market
A vast global computer network that enables computers, with the right software and a modem (a telecommunications device that sends data across telephone lines), to be linked together so that their users can obtain or share information and interact with other users.
Internet (the Net)
The product life- cycle stage when the new product is first distributed and made available for purchase.
Introduction stage
A new technology or product that may or may not deliver benefits to customers.
Invention
A joint venture in which a company joins investors in a foreign market to create a local business in which the company shares joint ownership and control.
Joint ownership
Entering foreign markets by joining with foreign companies to produce or market a product or service.
Joint venturing
Managers whose primary responsibility is to orchestrate the company’s relationship with a major customer or prospective customer in order to achieve lasting and mutually beneficial exchange between the two parties.
Key account managers
Time series that change in the same direction but in advance of company sales.
Leading indicators
Changes in an individual’s behavior arising from experience.
Learning
A product or service using a brand name offered by the brand owner to the licensee for an agreed fee or royalty.
Licensed brand
A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market, offering the right to use a manufacturing process, trademark, patent, trade secret or other item of value for a fee or royalty
Licensing
Offering products or marketing approaches that recognize the consumer’s changing needs at different stages of their life.
Life-cycle segmentation
A person’s pattern of living as expressed in his or her activities, interests and opinions.
Lifestyle
Retailers that provide only a limited number of services to shoppers.
Limited-service retailers
Those who offer only limited services to their suppliers and customers.
Limited-service wholesalers
Using a successful brand name lo introduce additional items in a given product category under the same brand name, such as new flavors, forms, colors, added ingredients or package sizes.
Line extension
A plan that describes the principal factors and forces affecting the organization during the next several years, including long-term objectives, the chief marketing strategies used to attain them and the resources required.
Long-range plan
The firmer societal forces that affect the whole micro environment - demographic, economic, natural, technological, political and cultural forces.
Macro environment
A joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products.
Management contracting
A brand created and owned by the producer of a product or service.
Manufacturer’s brand (national brand)
The set of all actual and potential buyers of a product or service.
Market
A method used mainly by business products firms to estimate the market potential of a city, region or country based on determining all the potential buyers in the market and estimating their potential purchases.
Market-build-up method
A company that pays balanced attention to both customers and competitors in designing its marketing strategies.
Market-centered company
A runner-up firm in an industry that is lighting hard to increase its market share.
Market challenger
A strategy for company growth by identifying and developing new segments and markets for current company products.
Market development
A method used mainly by consumer products firms to estimate the market potential for consumer products.
Market-factor index method
A runner-up firm in an industry that wants to hold its share without rocking the boat.
Market follower
The firm in an industry wit h the largest market share; it usually leads other firms in price changes, new product introductions, distribution coverage and promotion spending.
Market leader
A firm in an industry that serves small segments that the other firms overlook or ignore.
Market nicher
A strategy for increasing sales of current products to current market segments. This is achieved by winning over competitors’ customers, acquiring a competitor and/or increasing product usage rate.
Market penetration
Setting a low price for a new product in order to attract large numbers of buyers and a large market share.
Market-penetration pricing
Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers - Formulating competitive positioning for a product and a detailed marketing mix.
Market positioning
A group of consumers who respond in a similar way to a given set of marketing stimuli.
Market segment
Dividing a market into distinct groups of buyers with different needs, characteristics or behavior, who might require separate products or marketing raises.
Market segmentation
Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales.
Market Skimming pricing
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Market targeting
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Marketing
A comprehensive, systematic, independent and periodic examination of a company’s environment, objectives, strategies and activities to determine problem areas and opportunities, and to recommend a plan of action to improve the company’s marketing performance.
Marketing audit
A section of the marketing plan that shows projected revenues, costs and profits.
Marketing budget
The marketing management philosophy which holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.
Marketing concept
The process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that marketing objectives are attained.
Marketing control
An organized set of data about individual customers or prospects that can be used to generate and qualify customer leads, sell products and services, and maintain customer relationships.
Marketing database
The actors and forces outside marketing that affect marketing management’s ability to develop and maintain successful transactions with its target customers.
Marketing environment
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Marketing implementation
People, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.
Marketing information system (MIS)
Everyday information about developments in the marketing environment that helps managers prepare and adjust marketing plans.
Marketing intelligence
Firms that help the company to promote, sell and distribute its goods to final buyers; they include physical distribution firms, marketing-service agencies and financial intermediaries.
Marketing intermediaries
The analysis, planning, implementation and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.
Marketing management
The set of controllable tactical marketing tools - product, price, place and promotion - that the firm blends to produce the response it wants in the target market.
Marketing mix
The process of (1) analyzing marketing opportunities; (2) selecting target markets; (3) developing the marketing mix; and (4) managing the marketing effort.
Marketing process
The function that links the consumer, customer and public to the marketer through information - information used to identify and define marketing opportunities and problems; to generate, refine and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process.
Marketing research
Marketing research firms, advertising agencies, media firms, marketing consulting firms and other service providers that help a company to target and promote its products to the right markets.
Marketing services agencies
The marketing logic by which the business unit hopes to achieve its marketing objectives.
Marketing strategy
A statement of the planned strategy for a new product that outlines the intended target market , the planned product positioning, and the sales, market share and profit goals for the first few years.
Marketing strategy statement
A site on the Web created by a company to interact with consumers for die purpose of moving them closer to a purchase or other marketing outcome. The site is designed to handle interactive communication initiated by the company
Marketing Web site
The difference between selling price and cost as a percentage of selling price or cost.
Mark- up, mark -down
Preparing individually designed products and communication on a large scale.
Mass customization
Using almost the same product, promotion and distribution for all consumers.
Mass marketing
Industrial products that enter the manufacturer’s product completely; including raw materials and manufactured materials and parts.
Materials and parts
The stage in the product life cycle where sales growth slows or levels off.
Maturity stage
The degree to which the size, purchasing power and profits of a market segment can be measured.
Measurability
Non-personal communications channels including print media (newspapers, magazines, direct mail); broadcast media (radio, television); and display media (billboards, signs, posters).
Media
The qualitative value of an exposure through a given medium.
Media impact
Specific media within each general media type, such as specific magazines, television shows or radio programs.
Media vehicles
Groups that have a direct influence on a person’s behavior and to which a person belongs.
Membership groups
Independently owned businesses that take title to the merchandise they handle.
Merchant wholesalers
The company, the brand name, the salesperson of the brand, or the actor in the ad who endorses the product.
Message source
The forces close to the company that affect its ability to serve its customers - the company, market channel firms, customer markets, competitors and publics.
Micro environment
A form of target marketing in which companies tailor their marketing programs to the needs and wants of narrowly defined geographic, demographic, psychographic or behavioral segments.
Micromarketing.