MarketingManagementVocabulary Flashcards
1
Q
Schools, hospitals, nursing homes, prisons and other institutions that provide goods and services to people in their care.
A
Institutional market
2
Q
Direct marketing campaigns that use multiple vehicles and multiple stages to improve response rates and profits.
A
Integrated direct marketing
3
Q
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.
A
Integrated logistics management
4
Q
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.
A
Integrated marketing communications
5
Q
Stocking the product in as many outlets as possible.
A
Intensive distribution
6
Q
Marketing by a service firm that recognizes that perceived service quality depends heavily on the quality of buyer-seller interaction.
A
Interactive marketing
7
Q
Distribution channel firms that help the company find customers or make sales to them, including wholesalers and retailers that buy and resell goods.
A
Intermediaries
8
Q
An evaluation of the firm’s entire value chain.
A
Internal audit
9
Q
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.
A
Internal marketing
10
Q
Information gathered from sources within the company to evaluate marketing performances and to detect marketing problems and opportunities.
A
Internal records information
11
Q
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.
A
International division
12
Q
Buyers in other countries, including consumers, producers, resellers and governments.
A
International market
13
Q
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.
A
Internet (the Net)
14
Q
The product life- cycle stage when the new product is first distributed and made available for purchase.
A
Introduction stage
15
Q
A new technology or product that may or may not deliver benefits to customers.
A
Invention
16
Q
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.
A
Joint ownership
17
Q
Entering foreign markets by joining with foreign companies to produce or market a product or service.
A
Joint venturing
18
Q
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.
A
Key account managers
19
Q
Time series that change in the same direction but in advance of company sales.
A
Leading indicators
20
Q
Changes in an individual’s behavior arising from experience.
A
Learning
21
Q
A product or service using a brand name offered by the brand owner to the licensee for an agreed fee or royalty.
A
Licensed brand
22
Q
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
A
Licensing
23
Q
Offering products or marketing approaches that recognize the consumer’s changing needs at different stages of their life.
A
Life-cycle segmentation
24
Q
A person’s pattern of living as expressed in his or her activities, interests and opinions.
A
Lifestyle
25
Retailers that provide only a limited number of services to shoppers.
Limited-service retailers
26
Those who offer only limited services to their suppliers and customers.
Limited-service wholesalers
27
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
28
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
29
The firmer societal forces that affect the whole micro environment - demographic, economic, natural, technological, political and cultural forces.
Macro environment
30
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
31
A brand created and owned by the producer of a product or service.
Manufacturer's brand (national brand)
32
The set of all actual and potential buyers of a product or service.
Market
33
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
34
A company that pays balanced attention to both customers and competitors in designing its marketing strategies.
Market-centered company
35
A runner-up firm in an industry that is lighting hard to increase its market share.
Market challenger
36
A strategy for company growth by identifying and developing new segments and markets for current company products.
Market development
37
A method used mainly by consumer products firms to estimate the market potential for consumer products.
Market-factor index method
38
A runner-up firm in an industry that wants to hold its share without rocking the boat.
Market follower
39
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
40
A firm in an industry that serves small segments that the other firms overlook or ignore.
Market nicher
41
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
42
Setting a low price for a new product in order to attract large numbers of buyers and a large market share.
Market-penetration pricing
43
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
44
A group of consumers who respond in a similar way to a given set of marketing stimuli.
Market segment
45
Dividing a market into distinct groups of buyers with different needs, characteristics or behavior, who might require separate products or marketing raises.
Market segmentation
46
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
47
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market targeting
48
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
49
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
50
A section of the marketing plan that shows projected revenues, costs and profits.
Marketing budget
51
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
52
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
53
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
54
The actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customers.
Marketing environment
55
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Marketing implementation
56
People, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.
Marketing information system (MIS)
57
Everyday information about developments in the marketing environment that helps managers prepare and adjust marketing plans.
Marketing intelligence
58
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
59
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
60
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
61
The process of (1) analyzing marketing opportunities; (2) selecting target markets; (3) developing the marketing mix; and (4) managing the marketing effort.
Marketing process
62
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
63
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
64
The marketing logic by which the business unit hopes to achieve its marketing objectives.
Marketing strategy
65
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
66
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
67
The difference between selling price and cost as a percentage of selling price or cost.
Mark- up, mark -down
68
Preparing individually designed products and communication on a large scale.
Mass customization
69
Using almost the same product, promotion and distribution for all consumers.
Mass marketing
70
Industrial products that enter the manufacturer's product completely; including raw materials and manufactured materials and parts.
Materials and parts
71
The stage in the product life cycle where sales growth slows or levels off.
Maturity stage
72
The degree to which the size, purchasing power and profits of a market segment can be measured.
Measurability
73
Non-personal communications channels including print media (newspapers, magazines, direct mail); broadcast media (radio, television); and display media (billboards, signs, posters).
Media
74
The qualitative value of an exposure through a given medium.
Media impact
75
Specific media within each general media type, such as specific magazines, television shows or radio programs.
Media vehicles
76
Groups that have a direct influence on a person's behavior and to which a person belongs.
Membership groups
77
Independently owned businesses that take title to the merchandise they handle.
Merchant wholesalers
78
The company, the brand name, the salesperson of the brand, or the actor in the ad who endorses the product.
Message source
79
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
80
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.
81
A statement of the organization's purpose what it wants to accomplish in the wider environment
Mission statement
82
A business buying situation in which tile buyer wants to modify product specifications, prices, terms or suppliers.
Modified rebuy
83
A marketing transaction in which goods or services are exchanged for money.
Monetary transaction
84
A market in which many buyers and sellers trade over a range of prices rather than a single market price.
Monopolistic competition
85
Message appeals that are directed to the audience's sense of what is right and proper.
Moral appeals
86
A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
Motive drive
87
A strategy under which a seller develops two or more brands in the same product category.
Multi-brand strategy
88
Adopting a strategy of having several independent offerings that appeal to several different sub segments of customer.
Multiple niching
89
Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
Natural environment
90
The first stage of the buyer decision process in which the consumer recognizes a problem or need.
Need recognition
91
The difference between the income from goods sold and all expenses incurred.
Net profit
92
A good, service or idea that is perceived by some potential customers as new.
New product
93
The development of original products, product improvements, product modifications and new brands through the firm's own R & D efforts.
New-product development
94
A business buying situation in which the buyer purchases a product or service for the first time.
New task
95
Adapting a company's offerings to more closely match the needs of one or more sub segments where there is often little competition.
Niche marketing
96
A consumer product that is normally consumed in one or a few uses.
Non-durable product
97
Media that carry messages without personal contact or feedback, including media, atmospheres and events.
Non-personal communication channels
98
Non-monetary barriers to foreign products, such as biases against a foreign company's bids or product standards that go against a foreign company's product features.
Non-tariff trade barriers
99
Developing the promotion budget by (1) defining specific objectives; (2) determining the tasks that must be performed to achieve these objectives; and (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.
Objective-and-task method
100
The gathering of primary data by observing relevant people, actions and situations.
Observational research
101
Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Occasion segmentation
102
A market in which there are a few sellers that are highly sensitive to each other's pricing and marketing strategies.
Oligopolistic competition
103
Placing advertisements on the Internet in special sections offered by commercial online services, as banner ads that pop up while computer subscribers are surfing online services or Web sites, or in Internet news groups that have been set up for commercial purposes.
Online advertising
104
A form of direct marketing conducted through interactive on-tine computer services, which provide 1 two-way systems that link consumers with sellers electronically.
Online marketing
105
Questions that allow respondents to answer in their own words.
Open-end questions
106
Checking on-going performance against annual plans and taking corrective action.
Operating control
107
The degree to which a market segment can be reached and served.
Accessibility
108
The degree to which effective programs can be designed for attracting and serving a given market segment.
Action ability
109
A product's parts, quality level, features, design, brand name, packaging and other attributes that combine to deliver core product benefits.
Actual product
110
An international marketing strategy for adjusting the marketing-mix elements to each international target market, hearing more casts but hoping for a larger market share and return
Adapted marketing mix
111
A vertical marketing system that coordinates successive stages of production and distribution , not through common ownership or contractual lies, but through the size and power of one of the parties.
Administered VMS
112
The decision by an individual to become a regular user of the product
Adoption
113
The mental process through which an individual passes from first hearing about an innovation to final adoption.
Adoption process
114
Any paid form of non personal presentation and promotion of ideas, goods or services by an identified sponsor
Advertising
115
A specific communication task to be accomplished with a specific target audience during a specific period of time
Advertising objective
116
Useful articles imprinted with an advertiser's name, given as gifts to consumers
Advertising specialties
117
Setting the promotion budget at the level management thinks the company can afford
Affordable method
118
Dividing a market into different age and life-cycle groups.
Age and life-cycle segmentation
119
A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take tide to goods.
Agent
120
(1) Reduction in price on damaged goods or (2) promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's product in some way.
Allowance
121
The stage of the buyer decision process in which the consumer uses information lo evaluate alternative brands in the choice set.
Alternative evaluation
122
A short-term plan that describes the company's current situation, its objectives, the strategy, action program and budgets for the year ahead and controls
Annual plan
123
The step in the selling process in which the salesperson meets and greets the buyer to get the relationship off to a good start.
Approach
124
Designed environments that create or reinforce the buyer's leanings towards consumption of a product.
Atmospheres
125
A person's consistently favorable or unfavorable evaluations, feelings and tendencies towards an object or idea.
Attitude
126
Additional consumer services and benefits built around the core and actual products.
Augmented product
127
The set of consumers who have interest, income and access to a particular product or service.
Available market
128
A financial statement that shows assets, liabilities and worth of a company at a given time.
Balance sheet
129
A marketing transaction in which goods or services are traded for other goods or services.
Barter transaction
130
A geographic pricing strategy in which the seller designates some city as a basing point and charges all customers the freight cost from that city to the customer location, regardless of the city from which the goods are actually shipped.
Basing-point pricing
131
Dividing n market into groups based on consumer knowledge, attitude, use or response to a product.
Behavioral segmentation
132
A descriptive thought that a person holds about something
Belief
133
The process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.
Bench marking
134
Dividing the market into groups according to the different benefit that consumers sock from the product
Benefit segmentation
135
A name, term, sign, symbol or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Brand
136
The value of a brand, based on the extent to which it has high brand loyalty, name awareness, perceived quality, strong brand associations, and other assets such as patents, trademarks and channel relationships.
Brand equity
137
Using a successful brand name to launch a new or modified product in a new category.
Brand extension
138
The set of beliefs that consumers hold about a particular brand.
Brand image
139
Getting price to break even on the costs of making aid marketing a 'product' or setting price to make a target profit.
Break-even pricing (target profit pricing)
140
A wholesaler who does not take tide to goods and whose function is to bring buyers and sellers together and assist in negotiation.
Broker
141
A review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the company's objectives.
Business analysis
142
The decision making process of which business buyers establish the need for purchased products and services, and identify, evaluate and choose among alternative brands and suppliers.
Business buying process
143
All the organizations that buy goods and services to use in the production of other products and services, or for the purpose of reselling or renting them to others at a profit.
Business market
144
The collection of businesses and products that make up the company.
Business portfolio
145
The person who makes an actual purchase.
Buyer
146
The stages that consumers normally pass through on their way to purchase, including awareness, knowledge, liking, preference, conviction and purchase.
Buyer-readiness stages
147
People in an organization's buying centre with formal authority to select the supplier and arrange terms of purchase.
Buyers
148
All the individuals and units that participate in the business buying-decision process.
Buying centre
149
produced as a result of the main factory process, such as waste and reject items.
By-products Items
150
Setting a price for by-products in order to make the main product's price more competitive.
By-product pricing
151
Industrial goods built partly enter the finished product, including installations and accessory equipment.
Capital items
152
Setting a price for products that must be used along with a main product, such as blades for a razor and film for a camera.
Captive-product pricing
153
Large, 'no- frills' stores that sell an extensive assortment of goods, and are noted particularly for their bulk discounts.
Cash-and-carry retailers
154
Wholesalers that stock a limited line of fast-moving goods - such as groceries, toys, household goods, clothes, electrical supplies and building materials - and that sell to small retailers and industrial firms for cash and normally do not provide a delivery service
Cash-and-carry wholesalers
155
Low-growth, high-share businesses or products; established and successful units that generate cash that the company uses to pay its bills and support other business unit that need investment.
Cash cows
156
A price reduction to buyers who pay their bills promptly.
Cash discount
157
Offers to refund part of the purchase price of a product to consumers who send a 'proof of purchase' to the manufacturer.
Cash refund, offers (rebates)
158
Direct marketing through catalogues that are mailed to a select list of customers or made available in stores.
Catalogue marketing
159
A retail operation that sells a wide selection of high mark-up, fast-moving, brand-name goods at discount prices.
Catalogue showroom
160
A modern 'breed' of exceptionally aggressive 'off-price' retailers that offer branded merchandise in clearly defined product categories at heavily discounted prices.
Category killers
161
Marketing research to test hypotheses about cause-and-effect relationships .
Causal research
162
Disagreement among marketing channel members on goals and roles - who should do what and for what rewards.
Channel conflict
163
A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.
Channel level
164
Questions that include all the possible answers and allow subjects lo make choices among them.
Closed-end questions
165
The step in the selling process in which the salesperson asks the customer for an order.
Closing
166
The practice of using the established brand names of two different companies on the same product.
Co-branding
167
Buyer discomfort caused by post purchase conflict.
Cognitive dissonance
168
Companies that offer online information, entertainment, shopping and other marketing services to subscribers who pay the company a monthly fee. They make use of their own dedicated networks and operate their own computers which are connected to the Internet, thus offering somewhat better security than the Internet.
Commercial online services
169
Introducing a new product into the market.
Commercialization
170
A branding approach that focuses on the company name and individual brand name
Company and individual brand strategy
171
Advertising that compares one brand directly or indirectly to one or more other brands.
Comparison advertising (knocking copy)
172
Promotional events that give consumers the chance to win something - such as cash, trips or goods - by luck or through extra effort.
Competitions sweepstakes, lotteries, games
173
An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
Competitive advantage
174
Selling the promotion budget to match competitors' on days.
Competitive-parity method
175
Strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage.
Competitive strategies
176
The process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.
Competitor analysis
177
A company whose moves are mainly based on competitors' actions and reactions; it spends most of its time tracking competitors' moves arid market shares and trying to find strategies to counter them.
Competitor-centered company
178
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
Complex buying behavior
179
A market coverage strategy in which a brand goes after a large share of one or a few submarkets.
Concentrated marketing
180
Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Concept testing
181
A positioning error that leaves consumers with a confused image of the company, its product or a brand.
Confused positioning
182
The buying behavior of final consumers - individuals and households who buy goods and services for personal consumption.
Consumer buying behavior
183
All the individuals and households who buy or acquire goods and services for personal consumption.
Consumer market
184
A principle of enlightened marketing which holds that a company should view and organize its marketing activities from the consumers' point of view.
Consumer-oriented marketing
185
A product bought by final consumers for personal consumption.
Consumer product
186
Sales promotion designed to stimulate consumer purchasing, including samples, coupons, rebates, prices-off, premiums, patronage rewards, displays, and contests and sweepstakes.
Consumer promotion
187
Sales promotions that promote the product's positioning and include a selling message along with the deal.
Consumer relationship-building promotions
188
An organized movement of citizens find government agencies to improve the rights and power of buyers in relation to sellers.
Consumerism
189
Ads evenly within a given period.
Continuity Scheduling
190
A joint venture in which a company contracts with manufacturers in a foreign market to produce the product.
Contract manufacturing
191
A vertical marketing system in which independent firms at different levels of production and distribution join together through contracts to obtain more economies or sales impact than they could achieve alone.
Contractual VMS
192
A consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.
Convenience product
193
A small store located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover convenience goods.
Convenience store
194
A channel consisting of one or more independent producers, wholesalers and retailers, each a separate business seeking lo maximize its own profits even at the expense of profits for the system as a whole.
Conventional distribution channel
195
Measuring the communication effect of an advertisement before or after it is printed or broadcast.
Copy testing
196
The problem-solving services or core benefits that consumers are really buying when they obtain a product.
Core product
197
The 'hub' of marketing strategy has two parts; the identification of a group of customers for whom the firm has a differential advantage; and then positioning itself in that market.
Core strategy
198
A small store, usually owned and managed by a person who lives in the local neighborhood. It is typically a grocery store, a convenience store or a confectioner-tobacconist- nerts agent (CTN). It serves the immediate neighborhood.
Comer sump
199
A brand strategy whereby the firm makes its company name the dominant brand identity across all of its products.
Corporate brand strategy
200
A form of licensing whereby a firm rents a corporate trademark or logo made famous in one product or service category and uses it in a related category.
Corporate licensing
