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MKTG 3001 > QUIZ 2 (CHS. 5-10) > Flashcards

QUIZ 2 (CHS. 5-10) Flashcards

1
Q

What is Business marketing?

A

the marketing of products and services to firms, governments, or not-for-profit organizations.

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2
Q

What are Organizational buyers?

A

Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.

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3
Q

What is the North American Industry Classification System (NAICS)?

A

Provides common industry definitions for Canada, Mexico, and the United States.

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4
Q

What is derived demand?

A

Concept that the demand for industrial products and services is driven by demand for consumer products and services.

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5
Q

What is organizational buying behavior?

A

The process by which organizations determine the need for products and then choose among alternative suppliers.

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6
Q

What is a buying center?

A

The group of people in an organization that participates in the buying process

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7
Q

What are buy classes?

A

Three types of organizational buying situations: new buy, straight rebut, or modified rebuy.

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8
Q

What are e-marketplaces?

A

Online trading communities that bring together buyers and supplier organizations.

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9
Q

What is a traditional auction?

A

Occurs when a seller puts an item up for sale and would-be buyers bid in competition with each other.

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10
Q

What is a reverse auction?

A

Occurs when a buyer communicates a need for something and would-be suppliers bid in competition with each other.

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11
Q

What is protectionism?

A

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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12
Q

What is a tariff?

A

A government tax on goods or services entering a country, primarily serving to raise prices on imports.

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13
Q

What is a quota?

A

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

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14
Q

What is the World Trade Organization?

A

Institution that sets rules governing trade between its members through a panel of trade experts.

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15
Q

What is global competition?

A

Exists when firms originate, produce, and market their products and services worldwide.

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16
Q

What is an international firm?

A

A firm that engages in trade and marketing in different countries as an extension of the marketing strategy in its home country.

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17
Q

What is a multinational firm?

A

A firm that views the world as consisting of unique parts and markets to each part differently.

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18
Q

What is a transnational firm?

A

A firm that views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants more than differences.

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19
Q

What is a global marketing strategy?

A

The practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.

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20
Q

What is a global brand?

A

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

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21
Q

What are global consumers?

A

Consumer groups living around the world who have similar needs or seek similar benefits from products or services.

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22
Q

What is cross-cultural analysis?

A

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

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23
Q

What are values?

A

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

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24
Q

What are customs?

A

Norms and expectations about the way people do things in a specific country.

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25
Q

What is the Foreign Corrupt Practices Act (1977)?

A

A law that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business.

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26
Q

What are cultural symbols?

A

Things that represent ideas or concepts in a specific culture.

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27
Q

What is back translation?

A

Retranslating a word or phrase back into the original language using a different interpreter to catch errors.

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28
Q

What is economic infrastructure

A

A country’s communications, transportation, financial, and distribution systems - a critical consideration in determining whether to try to market to a country’s consumers and organizations.

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29
Q

What is microfinance?

A

The practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities.

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30
Q

What is currency exchange rate?

A

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

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31
Q

What is exporting?

A

Producing goods in one country and selling them in another country.

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32
Q

What is licensing?

A

When a company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or a fee.

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33
Q

What is indirect exporting?

A

When a firm sells its domestically produced goods in a foreign country through an intermediary. It has the least amount of commitment and risk but will probably return the least profit.

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34
Q

What is direct exporting?

A

When a firm sells its domestically produced goods in a foreign country without intermediaries. Most companies become involved when they believe their volume of sales will be sufficiently large and easy to obtain so that they do not require intermediaries.

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35
Q

What is a joint venture?

A

Wen a foreign company and a local firm invest together to create a local business, sharing ownership, control, and the profit of the new company.

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36
Q

What is direct investment?

A

Entails a domestic firm actually investing in and owning a foreign subsidiary or division - The biggest commitment a company can make when entering the global market.

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37
Q

What is product extension?

A

Selling virtually the same product in other countries. Works well for products like Coca-Cola, Gillette razors, Nike shoes, and Apple iPhones.

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38
Q

What is product adaptation?

A

A strategy involving changing a product in some way to make it more appropriate for a country’s climate or consumer preferences.

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39
Q

What is product invention?

A

When companies invent totally new products designed to satisfy common needs across countries.

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40
Q

What is global competition?

A

Exists when firms originate, produce, and market their products and services worldwide.

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41
Q

What is multidomestic marketing strategy?

A

A multinational firm’s strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does business.

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42
Q

What is market research?

A

The process of collecting and analyzing information in order to recommend actions.

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43
Q

What are measures of success?

A

Criteria or standards used in evaluating proposed solutions to a problem.

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44
Q

What are constraints?

A

Restrictions placed on potential solutions to a problem. Examples include the limitations on the time and money available to solve the problem.

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45
Q

What are data?

A

The facts and figures related to a problem.

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46
Q

What is secondary data?

A

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

47
Q

What is primary data?

A

Facts and figures that are newly collected for a project.

48
Q

What is observational data?

A

Facts and figures obtained by watching, ether mechanically or in person, how people behave.

49
Q

What is questionnaire data?

A

Facts and figures obtained by asking people about their attitudes, awareness, intentions and behaviors.

50
Q

What is an open-ended question?

A

A question that allows respondents to express opinions, ideas, or behaviors in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher.

51
Q

What is a closed-end or fixed alternative question?

A

A question which requires respondents to select one or more response options from a set of predetermined choices.

52
Q

What is a dichotomous question?

A

The simplest form of a fixed alternative question, that allows only a “yes” or “no” response.

53
Q

What is semantic differential scale?

A

A five-point scale in which the opposite ends have one- or two-word adjectives that have opposite meanings.

54
Q

What is a Likert scale?

A

A scale in which the respondent indicates the extent to which he or she agrees or disagrees with a statement.

55
Q

What are social media metrics?

A

Examples include: conversation velocity, share of voice, and sentiment

56
Q

What is information technology?

A

Involves operating computer networks that can store and process data.

57
Q

What is data mining?

A

The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.

58
Q

What is a sales forecast?

A

The total sales of a product that a firm expects to sell during a specified time period under specified conditions.

59
Q

What is a lost-horse forecast?

A

Technique which involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.

60
Q

What is a survey of buyer’s intention forecast?

A

Technique which involves asking prospective customers if they are likely to buy the product during some future time period.

61
Q

What is a salesforce survey forecast?

A

Technique which involves asking the firm’s salespeople to estimate sales during a coming period.

62
Q

What is trend extrapolation?

A

The best-known statistical method of forecasting, which involves extending a pattern observed in past data into the future.

63
Q

What is market segmentation?

A

Aggregates potential buyers into groups that have common needs and will respond similarly to a marketing action.

64
Q

What are market segments?

A

The relatively homogenous groups of prospective buyers that result from the market segmentation process.

65
Q

What is product differentiation?

A

The strategy of using different marketing mix activities to help consumers perceive a product as being different and better than competing products.

66
Q

What is the market-product grid?

A

A framework relating the segments of a market to products or marketing actions of the firm.

67
Q

What is usage rate?

A

The quantity consumed or the number of store visits during a specific period.

68
Q

What is the 80/20 rule?

A

The idea that 80 percent of a firm’s sales are obtained from 20 percent of its customers.

69
Q

What is product positioning?

A

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

70
Q

What is product repositioning?

A

Changing the place a product occupies in consumers’ minds relative to competitive products.

71
Q

What is a perceptual map?

A

A means of displaying the position of products or brands in consumers’ minds?

72
Q

What is a product?

A

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

73
Q

What are services?

A

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

74
Q

What are consumer products?

A

Products purchased by the ultimate consumer.

75
Q

What are business products?

A

Products organizations buy that assist directly or indirectly in providing other products for resale.

76
Q

What are the four I’s of services?

A

The four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory.

77
Q

What is idle production capacity?

A

When the service provider is available but there is no demand for the service.

78
Q

What is a product item?

A

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

79
Q

What is a product line?

A

A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales, outlets, or prices.

80
Q

What is product mix?

A

All the product lines offered by a company.

81
Q

What is new-product process?

A

The seven stages an organization goes through to identify business opportunities and convert them into salable products or services.

  1. New-product strategy development
  2. Idea generation
  3. Screening and evaluation
  4. Business analysis
  5. Development
  6. Market testing
  7. Commercialization
82
Q

What is customer experience management (CEM)?

A

The process of managing the entire customer experience within the company.

83
Q

What is the product life cycle?

A

The stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.

84
Q

What is primary demand?

A

The desire for the product class rather than for a specific brand.

85
Q

What is selective demand?

A

As competitors launch their own products and the product progresses along its life cycle, company attention focuses on creating this - the preference for a specific brand.

86
Q

What is skimming?

A

A strategy during the introduction stage during which a high initial price is used to help the company recover the costs of development of a product, as well as capitalize on the price insensitivity of early buyers.

87
Q

What is penetration pricing?

A

Strategy in which companies price low to discourage competitive entry.

88
Q

What is deletion?

A

The dropping of a product from the company’s product line in the stage of decline.

89
Q

What is harvesting?

A

Strategy in which a company retains a declining product but reduces marketing costs.

90
Q

Who are innovators?

A

Venturesome, highly educated consumers who use multiple information sources.

91
Q

Who are early adopters?

A

Consumers who are leaders in social setting; slightly above-average education.

92
Q

Who are early majority?

A

Product adopters who are deliberate and have many informal social contacts.

93
Q

Who are late majority?

A

Product adopters who are skeptical with below average social status.

94
Q

Who are laggards?

A

Consumers with fear of debt; and consult neighbors and friends as information sources before adopting a product.

95
Q

What is the generalized life cycle?

A

The product life cycle sales curve, not all are the same.

96
Q

What is a high-learning product?

A

A product for which significant customer education is required and there is an extended introductory period.

97
Q

What is a low-learning product?

A

A product for which sales begin immediately because little learning is required for the consumer, and the benefits of purchase are readily understood.

98
Q

What is product modification?

A

Strategy that involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales.

99
Q

What is market modification?

A

Strategy in which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations.

100
Q

What is product repositioning?

A

Strategy in which a company decides to reposition its product or product line in attempt to bolster sales. This changes the place a product occupies in a consumer’s mind relative to competitive products.

101
Q

What is trading down?

A

Strategy which involves reducing the number of features, equality, or price of a product.

102
Q

What is downsizing?

A

When companies reduce the package content without changing package size and maintaining or increasing the package price.

103
Q

What is branding?

A

An organization’s use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products.

104
Q

What is a brand name?

A

Any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s goods or services.

105
Q

What is brand personality?

A

A set of human characteristics associated with a brand name.

106
Q

What is brand equity?

A

The added value a brand name gives to a product beyond the functional benefits provided.

107
Q

What is brand licensing?

A

A contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee.

108
Q

What is picking a good brand name?

A

This process includes five criteria: The name should suggest the product benefits, the name should be memorable, the name should fit the company or product image, the name should have no legal or regulatory restrictions, the name should be simple and emotional

109
Q

What is multiproduct branding?

A

A branding strategy in which a company uses one name for all its products in a product class.

110
Q

What is multibranding?

A

A branding strategy that involves giving each product a distinct name.

111
Q

What are Packaging and Labeling Challenges?

A

They are:

  1. The continuing need to connect with customers
  2. environmental concerns
  3. Health, safety, and security
  4. Cost reduction
112
Q

What are the seven P’s of services marketing?

A

Expanding the four Ps framework to include people, physical environment, and process.

113
Q

What is off-peak pricing?

A

Charging different prices during different times of the day or days of the week to reflect variations in demand for the service.

114
Q

What is capacity management?

A

Integrating the service component of the marketing mix with efforts to influence consumer demand.

MKTG 3001 (1 decks)

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