Mid-Term Flashcards
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
The business orientation model that involves creating value and satisfying consumer needs.
Marketing Concept
Consists of four elements: product, place, price, and promotion, also called the 4 Ps.
Marketing Mix
A tool used to set up various elements of a company’s marketing strategies and develops an accompanying tactical plan.
Marketing Plan
Describes what the business wants to achieve in its marketing efforts.
Marketing Strategy
A tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats.
SWOT Analysis
Gathering of information in a structured way in order to answer marketing research questions.
Data Collection
Creating points of difference in the mind of the consumer that allow a company to stand apart from its competitors.
Differentiation
When an interviewer asks a question based on a scale “from one to five,” this is known as…
Likert Scale
Dividing of the entire available market into groups of consumers with similar characteristics.
Market Segmentation
The collection, recording, and analysis of information to aid in making marketing decisions.
Marketing Research
A tool that uses two or three variables to graph the position of a brand in comparison to its competitors based upon consumer perceptions.
Perceptual Map
A declaration of a product, service, or brand’s uniqueness in the market. It is what identifies how your product or service meets the needs and wants of the consumer needs better than other competitive options.
Positioning Statement
Owning a unique and compelling spot in the consumer’s mind that is different from any of your competitors.
Positioning
Specific to the questions that need to be answered. Much like the scientific method, researchers define the problem, establish a hypothesis, test the hypothesis, and draw conclusions.
Primary Research
Open-ended research meant to better understand consumer reasoning and behavior.
Qualitative research
Structured research that is meant to answer a question in a way that can be communicated through numbers or statistics.
Quantitative Research
Changing the place a product occupies in a consumer’s mind relative to competitive products.
Repositioning
Information collected by another person, system, or organization for a different purpose than the current issue being studied.
Secondary Data
The segment of the population selected by the company to which it will direct its marketing efforts. Ideally, it should be the one most likely to buy the company’s products or services.
Target Market
When people’s actions are influenced by reward or punishment, based on previous experience.
Behavioral Learning
Why an organization would make a purchase, usually to increase sales and revenues or to reduce costs.
Buying Objectives
The percentage of how many people clicked on a link over the total number of people who saw the link.
Click-Through-Rate
The state of mismatched thoughts based on reality and perceptions of what really happened.
Cognitive Dissonance
When an individual’s reasoning ability assimilates various facts to draw a conclusion that informs an eventual decision.
Cognitive Learning
The different age groups throughout the past century. Baby boomers are an example.
Cohorts
The various reasons why personal, situational, psychological, and social interactions affect how people shop for products, use them, and potentially replace them.
Consumer Buying Behavior
Purchases by organizations that are influenced by the consumer.
Derived Demand
Purchasing a product or service on the internet
E-Commerce
Governmental, Industrial, Re-Sale
Organization Types
Purchases that involve previously purchased goods or services that are subjected to some significant change, typically involving pricing or volume.
Modified Rebuy
Examining what is needed from a specific product or service.
Need Identification
