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MKT 301 > Test 2 (Chapters 8-15) > Flashcards

Test 2 (Chapters 8-15) Flashcards

1
Q

In a decision, the restrictions placed on potential solutions to a problem

A

Constraints

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2
Q

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

A

Data

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3
Q

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

A

Data mining

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4
Q

Involves operating computer networks that can store and process data

A

Information technology

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5
Q

The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

A

Marketing research

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6
Q

Criteria or standards used in evaluation proposed solutions in to the problem

A

Measures of success

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7
Q

Facts and figures obtained by watching, either mechanically or in person, how people actually behave

A

Observational Data

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8
Q

Fact and figures that are newly collected for the project

A

Primary data

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9
Q

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

A

Questionnaire data

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10
Q

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

A

Sales forecast

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11
Q

Facts and figures that have already been recorded before the project at hand

A

Secondary data

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12
Q

A concept that suggests 80% of a firm’s sales are obtained from 20% of its customers

A

80/20 rule

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13
Q

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization

A

Market-product grid

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14
Q

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

A

Market segmentation

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15
Q

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

A

Market segments

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16
Q

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

A

Perceptual map

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17
Q

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

A

Product differentiation

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18
Q

The place a product occupies in consumers’ minds on important attributes relative to competitive products

A

Product Positioning

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19
Q

Changing the place a product occupies in a consumer’s mind relative to competitive products

A

Product repositioning

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20
Q

The quantity consumed or patronage (store visits) during a specific period. (Also called frequency marketing)

A

Usage rates

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21
Q

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

A

Business analysis

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22
Q

Products organizations buy that assist in providing other products for resale

A

Business products

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23
Q

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

A

Commercialization

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24
Q

Products purchased by the ultimate consumer

A

Consumer products

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25
Q

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

A

Convenience products

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26
Q

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

A

Development

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27
Q

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

A

Idea generation

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28
Q

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

A

Market testing

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29
Q

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

A

New-product process

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30
Q

The stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives

A

New-product strategy development

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31
Q

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

A

Product

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32
Q

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

A

Product item

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33
Q

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

A

Product line

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34
Q

Consists of all of the product lines offered by an organization

A

Product mix

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35
Q

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 customers

A

Protocol

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36
Q

The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort

A

Screening and evaluation

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37
Q

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

A

Services

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38
Q

Items for which the consumer compares serval alternatives on criteria, such as price, quality, or style

A

Shopping products

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39
Q

Items that a consumer makes a special effort to search out and buy

A

Specialty products

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40
Q

Items that the consumer does not know about or knows about but does not initially want

A

Unsought products

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41
Q

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

A

Brand equity

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42
Q

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

A

Brand licensing

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43
Q

Any word, device, or combination of these used to distinguish a seller’s goods or services

A

Brand name

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44
Q

A set of human characteristics associated with a brand name

A

Brand personality

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45
Q

A marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors

A

Branding

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46
Q

An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

A

Label

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47
Q

Strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new use situation

A

Market modification

48
Q

A branding strategy where a firm markets products under its own name(s) and that of a reseller because of segment attracted to the reseller is different from its own market

A

Mixed branding

49
Q

A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment

A

Multibranding

50
Q

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

A

Multiproduct branding

51
Q

A component of a product that refers to any container in which it is offered for sale and on which label information is conveyed

A

Packaging

52
Q

A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer

A

Private branding

53
Q

Refers to the entire product category or industry

A

Product class

54
Q

Pertains to variations of product within the product class

A

Product form

55
Q

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

A

Product life cycle

56
Q

Strategies that alter a product’s characteristics, such as its quality, performance, appearance, to increase a product’s value to customers and increase sales

A

Product modificiation

57
Q

A commercial, legal name under which a company does business

A

Trade name

58
Q

Identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it

A

Trademark

59
Q

Reducing the number of features, quality, or price of the product

A

Trading down

60
Q

Adding value tot he product (or line) through additional features or higher-quality materials

A

Trading up

61
Q

A statement indicating the liability of the manufacturer for product deficiencies

A

Warranty

62
Q

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

A

Capacity Management

63
Q

A flowchart of the points of interaction between customers and service provider

A

Customer contact audit

64
Q

The process of managing the entire customer experience within the firm

A

Customer experience management (CEM)

65
Q

The four unique elements to services: intangibility, inconsistency, inseparability, and inventory

A

Four I’s of Service

66
Q

A type of analysis that compares the differences between the consumer’s expectations about and experiences with a service based on dimensions of service quality

A

Gap analysis

67
Q

Occurs when the service provider is available but there is no demand

A

Idle production capacity

68
Q

The notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers

A

Internal marketing

69
Q

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

A

Off-peak pricing

70
Q

The range of offerings companies bring to the market, from the tangible to the intangible or product-domain to service-dominant

A

Service continuum

71
Q

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

A

Services

72
Q

An expanded marketing mix for services that includes the four P’s (product, price, promotion, and place) as well as people, physical environment, and process

A

Seven P’s of services marketing

73
Q

Setting a market price for a product or product class based on a subjective feel for the competitor’ price or market price as the benchmark

A

Above-, at-, or below-marketing pricing

74
Q

Selecting one or more geographical locations form which the list price for products plus freight expenses are charged to they buyer

A

Basing-point pricing

75
Q

The marketing of two or more products in a single package price

A

Bundle pricing

76
Q

Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price

A

Cost-plus pricing

77
Q

Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors

A

Customary pricing

78
Q

The practice of replacing promotional allowances with lower manufacturer list prices

A

Everyday low pricing (EDLP)

79
Q

A method of pricing based on the learning effect, which holds that the unit cost of many products and services declines by 10% to 30% each time a firm’s experience at producing and selling them doubles

A

Experience curve pricing

80
Q

Setting different prices for products and services depending on individual buyers and purchase situations

A

Flexible-price policy

81
Q

The “free on board” (FOB) price the seller quotes that includes only the cost of loading the product onto the vehicle and specifies the name of the location where the loading is to occur

A

FOB origin pricing

82
Q

Deliberately selling a product below its customary price, not to increase sales, but to attract customers’ attention in hopes that they will buy others products as well

A

Loss-leader pricing

83
Q

Selling prices a few dollars or cents under a even number

A

Odd-even pricing

84
Q

Setting one price for all buyers of a product or service

A

One-price policy

85
Q

Setting a low initial price on a new product to appeal immediately to the mass market

A

Penetrating pricing

86
Q

The practice of charing a very low price for a product with the intent of driving competitors out of business

A

Predatory pricing

87
Q

Setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it

A

Prestige pricing

88
Q

The practice of charging different prices to different buyers for goods of like grade and quality

A

Price discrimination

89
Q

A conspiracy among firms to set prices for a product

A

Price fixing

90
Q

Setting the price of a line of products at a number of different specific pricing point

A

Price lining

91
Q

Successive price cutting by competitors to increase or maintain their unit sales or market share

A

Price war

92
Q

The setting of prices for all items in a product line to cover the total cost and product a profit for the complete line, not necessarily for each item

A

Product-line pricing

93
Q

Cash payments or an extra amount of “free goods” awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote a product

A

Promotional allowances

94
Q

Reductions in unit costs for a larger order

A

Quantity discounts

95
Q

Setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product

A

Skimming pricing

96
Q

Adding a fixed percentage to the cost of all items in a specific product class

A

Standard markup pricing

97
Q

Consists of (1) estimating the price that ultimate consumers would be willing to pay for a product, (2) working backward through markups taken by retailers and wholesalers to determine what price to charge wholesalers, and then (3) deliberately adjusting the composition and features of the product to achieve the target price to consumers

A

Target pricing

98
Q

Setting an annul target of a specific dollar volume of profit

A

Target profit pricing

99
Q

Setting a price to achieve an annual target return-on-investment (ROI)

A

Target return-on-investment pricing

100
Q

Setting a price to achieve a profit that is a specified percentage of the sales volume

A

Target return-on-sales pricing

101
Q

The price the seller quotes that includes all transportation costs

A

Uniform delivered pricing

102
Q

The charging of different prices to maximize revenue for a set amount of capacity at any given time

A

Yield management pricing

103
Q

Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals

A

Channel conflict

104
Q

The ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience

A

Customer service

105
Q

Channel conflict that arises when a channel member passes another member and sells or buys products direct

A

Disintermediation

106
Q

An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product

A

Dual distribution

107
Q

A level of distribution density whereby only on retailer in a specific geographical area carries the firm’s products

A

Exclusive distribution

108
Q

A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible

A

Intensive distribution

109
Q

Those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost

A

Logistics

110
Q

Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users

A

Marketing channel

111
Q

The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online

A

Multichannel marketing

112
Q

A process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal

A

Reverse logistics

113
Q

A level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products

A

Selective distribution

114
Q

A sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users

A

Supply chain

115
Q

Expenses associated with transportation materials handling and warehousing, inventory, stockouts (being sold out of inventory), order processing, and return goods handling

A

Total logistics cost

116
Q

An inventory-management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items

A

Vendor-managed inventory (VMI)

117
Q

Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact

A

Vertical marketing systems

MKT 301 (2 decks)

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