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MKTG > MKTG EXAM 2 > Flashcards

MKTG EXAM 2 Flashcards

1
Q

Business to Business MKTG

A

involves the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of goods and
services that they can produce and market to others.

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2
Q

Organizational Buyers

A

are those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

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3
Q

North American Industry Classification System (NAICS)

A

provides common industry definitions for Canada,
Mexico, and the United States, which makes it easier to measure economic activity in the three countries.

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4
Q

Derived Demand

A

is the demand for industrial products and
services that is driven by, or derived from, the demand for consumer products and services.

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5
Q

Organizational Buying Criteria

A

are the objective attributes of the supplier’s products and services and the capabilities of the supplier itself.

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6
Q

Supplier Development

A

is the deliberate effort by organizational
buyers to build relationships that shape suppliers’ products, services, and capabilities to fit a buyer’s needs and those of its customers.

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7
Q

Reciprocity

A

is an industrial buying practice in which two
organizations agree to purchase each other’s products and services.

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8
Q

Supply Partnership

A

is a relationship that exists when a buyer
and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer.

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9
Q

Organizational Buying Behavior

A

is the decision-making process that organizations use to establish the need for product and services and identify, evaluate, and choose among alternative brands and suppliers.

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10
Q

Buying Center

A

consists of the group of people in an organization who participate in the buying process and share
common goals, risks, and knowledge important to a purchase decision.

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11
Q

Buy Classes

A

consist of three types of organizational buying
situations: straight rebuy, new buy, and modified rebuy.

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12
Q

E-Marketplaces

A

are online trading communities that bring
together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services. Also called B2B exchanges or e-hubs.

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13
Q

Traditional Auction

A

in an e-marketplace, is an online auction
in which a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other.

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14
Q

Reverse Auction

A

in an e-marketplace, is an online auction in
which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.

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15
Q

Countertrade

A

Practice of using barter rather than money.

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16
Q

Gross Domestic Product (GDP)

A

is the monetary value of all products and services produced in a country during one year.

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17
Q

Balance of Trade

A

is the difference between the monetary value of a
nation’s exports and imports.

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18
Q

Globalization

A

is the focus on creating economic, cultural, political,
and technological interdependence among individual national institutions and economies.

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19
Q

Protectionism

A

is the practice of shielding one or more industries
within a country’s economy from foreign competition through the use of tariffs or quotas.

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20
Q

Tariffs

A

are government taxes on products or services entering a country that primarily serve to raise prices on imports.

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21
Q

Quota

A

is a restriction placed on the amount of a product
allowed to enter or leave a country.

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22
Q

World Trade Organization (WTO)

A

a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.

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23
Q

Multidomestic Marketing Strategy

A

involves multinational firms that have as many different product variations, brand names, and
advertising programs as countries in which they do business.

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24
Q

Global Marketing Strategy

A

involves transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures
differ.

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25
Q

Global Brand

A

is a brand marketed under the same name in
multiple countries with similar and centrally coordinated marketing programs.

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26
Q

Cross-Cultural analysis

A

involves the study of similarities and differences among consumers in two or more nations or societies.

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27
Q

Values

A

are a society’s personally or socially preferable modes
of conduct or states of existence that tend to persist over time.

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28
Q

Customs

A

are what is considered normal and expected about the way people do things in a specific country.

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29
Q

Cultural Symbols

A

are things that represent ideas and
concepts.

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30
Q

Back translation

A

is the practice where a translated word or phrase
is retranslated into the original language by a different interpreter to catch errors.

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31
Q

Consumer Ethnocentrism

A

is the tendency to believe that it is
inappropriate, indeed immortal, to purchase foreign-made products.

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32
Q

Currency Exchange Rate

A

is the price of one country’s currency expressed in terms of another country’s currency.

33
Q

Exporting

A

is a global market-entry strategy in which a company
produces products in one country and sells them in another country.

34
Q

Joint Venture

A

is a global market-entry strategy in which a
foreign company and a local firm invest together to create a local business in order to share the ownership, control, and profits of the new company.

35
Q

Direct Investment

A

is a global market-entry strategy that entails a
domestic firm actually investing in and owning a foreign subsidiary or division.

36
Q

Licensing

A

Offers right to a trademark, patent,
trade secret, or intellectual property.

37
Q

Joint Venture

A

is a global market-entry strategy in which a
foreign company and a local firm invest together to create a local business in order to share the ownership, control, and profits of the new company.

38
Q

Direct Investment

A

is a global market-entry strategy that entails a
domestic firm actually investing in and owning a foreign subsidiary or division.

39
Q

Dumping

A

occurs when a firm sells a product in a foreign
country below its domestic price or below its actual cost.

40
Q

Gray Market

A

is a situation where products are sold through
unauthorized channels of distribution. Also called parallel importing.

41
Q

Marketing Research

A

is the process of defining a marketing
problem and opportunity, systematically collecting and analyzing information, and recommending actions.

42
Q

Measures of Success

A

are criteria or standards used in
evaluating proposed solutions to the problem.

43
Q

Constraints

A

are, in a decision, the restrictions placed on
potential solutions to a problem.

44
Q

Data

A

are the facts and figures related to the project that are
divided into two main parts: secondary data and primary data.

45
Q

Secondary Data

A

are the facts and figures that have already
been recorded prior to the project at hand.

46
Q

Primary Data

A

are the facts and figures that are newly collected
for the project.

47
Q

Observational Data

A

are the facts and figures obtained by
watching, either mechanically or in person, how people actually behave.

48
Q

Questionnaire Data

A

are the facts and figures obtained by
asking people about their attitudes, awareness, intentions, and behaviors.

49
Q

Test Markets

A

Used in small geographies to evaluate marketing actions.

50
Q

Information Technology

A

involves operating computer networks
that can store and process data.

51
Q

Sales Forecast

A

consists of the total sales of a product that a
firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

52
Q

Market Segmentation

A

involves aggregating prospective buyers
into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.

53
Q

Product Differentiation

A

a marketing strategy that involves a
firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products.

54
Q

Market-Product Grids

A

a framework to relate the market segments of potential buyers to products offered or potential marketing actions.

55
Q

Personas

A

are character descriptions of a brand’s typical
customers.

56
Q

Product Positioning

A

the place a product occupies in
consumers’ minds based on important attributes relative to competitive products.

57
Q

Product Repositioning

A

involves changing the place a product occupies in a consumer’s mind relative to competitive products.

58
Q

Perceptual Map

A

a means of displaying in two dimensions
the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand.

59
Q

Product

A

a good, service, or idea consisting of a bundle of
tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

60
Q

Service

A

the intangible activities or benefits that an
organization provides to satisfy consumers’ needs in exchange for money or something else of value.

61
Q

Consumer Products

A

products purchased by the ultimate
consumer.

62
Q

Convenience Products

A

items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.

63
Q

Shopping Products

A

items for which the consumer compares several alternatives on criteria such as price, quality,
or style.

64
Q

Specialty Products

A

items that a consumer makes a special
effort to search out and buy.

65
Q

Unsought Product

A

items that the consumer either does not know about or knows about but does not initially want.

66
Q

Business Products

A

products organizations buy that assist in providing other products for resale. Also called B2B products
or industrial products.

67
Q

Product Item

A

a specific product that has a unique brand,
size, or price.

68
Q

Product Line

A

a group of product or service items that are
closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.

69
Q

Product Mix

A

consists of all of the product lines offered by an
organization.

70
Q

Continuous Innovation

A

Requires no new learning by customers.

71
Q

Dynamically continuous innovation

A

Disrupts consumer’s normal routine but does not require totally new learning.

72
Q

Discontinuous Innovation

A

Requires new learning and consumption patterns by consumers.

73
Q

Protocol

A

a statement that, before product development
begins, identifies: (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.

74
Q

Idea Generation

A

the stage of the new-product process that
develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.

75
Q

Business Analysis

A

the stage of the new-product process
that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.

76
Q

Development

A

the stage of the new-product process that
turns the idea on paper into a prototype.

77
Q

Market Testing

A

the stage of the new-product process that
exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy.

78
Q

Commercialization

A

the stage of the new-product process
that positions and launches a new product in full-scale production and sales.

MKTG (1 decks)

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