Vocabulary

Question 1

The leading and managing of the facets of marketing to improve individual, unit, and organizational performance.

Answer 1

Marketing Management

Question 2

A ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

Answer 2

Value

Question 3

Marketing: The dimension of marketing that focuses on external forces that affect the organization and serves as the driver of business strategy.
marketing: The dimensions of marketing that focuses on the functional or operational level of the organization.

Answer 3

Marketing vs. marketing

Question 4

The synthesis of activities within a firm involved in designing, producing, marketing, delivering, and supporting its products or services.

Answer 4

Value Chain

Question 5

The process of measuring marketing, results and adjusting the marketing plan as needed.

Answer 5

Marketing Control

Question 6

Tools and processes designed to identify, track, evaluate, and provide key benchmarks for improvement of marketing activities.

Answer 6

Marketing Metrics

Question 7

Combining flexible manufacturing with flexible marketing to greatly enhance customer choice.

Answer 7

Mass Customization

Question 8

A group of individuals whose beliefs, attitudes, and behavior influence (positively or negatively) the believes, attitudes, and behavior of an individual.

Answer 8

Reference Groups

Question 9

a metric that represents the total net profit a company makes from any given customer.
A projection to estimate a customer’s monetary worth to a business after factoring in the value of the relationship with a customer over time.
An important metric for determining how much money a company wants to spend on acquiring new customers and how much repeat business a company can expect from certain consumers.

Answer 9

Customer Lifetime Value

Question 10

The whole bundle of benefits a company promises to deliver to the customer, not just the benefits of a product itself.

Answer 10

Value Proposition

Question 11

The treating of employees as customers and developing systems and benefits that satisfy their needs to promote internal service quality.

Answer 11

Internal Marketing

Question 12

A set of defined stages through which marketing information is collected.

Answer 12

Market Research Process

Question 13

Something tangible that records communication or facts with the help of marks, words, or symbols. A document serves to establish one or several facts, and can be relied upon as a proof thereof. Generally speaking, documents function as evidence of intentions, whereas records function as evidence of activities.

Answer 13

Research Plan

Question 14

is a detailed outline of which measurements will be taken at what times, on which material, in what manner, and by whom. Should be designed in such a way that the resulting data will contain a representative sample of the parameters of interest and allow for all questions, as stated in the goals, to be answered.

Answer 14

Sampling Plan

Question 15

Data collected specifically for a particular research question.

Answer 15

Primary Data

Question 16

Data collected for some other purpose than the problem currently being considered.

Answer 16

Secondary Data

Question 17

The verbal articulation of an organization’s purpose, or reason for existence.

Answer 17

Mission Statement

Question 18

A comprehensive business model for increasing revenues and profits by focusing on customers.

Answer 18

CRM

Question 19

an evolving term that describes any voluminous amount of structured, semi structured and unstructured data that has the potential to be mined for information.

Answer 19

Big Data

Question 20

A significant outcome of an individual’s motivation that mediates the product choice decision. It is activated by three elements: background and psychological profile, aspirational focus, and the environment at the same time of purchase decision.

Answer 20

Involvement

Question 21

the family that we create by getting married and having children

Answer 21

Family of Procreation

Question 22

refers to the family that we are born into

Answer 22

Family of Orientation

Question 23

A system of values, beliefs, and morals shared by a particular group of people that permeates over time.

Answer 23

Culture

Question 24

A group within a culture that shares similar cultural artifacts created by differences in ethnicity, religion, race, or geography.

Answer 24

Subculture

Question 25

Products bought outside the individual’s social standing.

Answer 25

Aspirational Purchases

Question 26

a group that an individual would like to belong to, for example, a music group.

Answer 26

Aspirational Groups

Question 27

A system developed by the U.S., Canada, and Mexico that classifies companies on the basis of their primary output to define and segment business markets.

Answer 27

North American Industrial Classification System (NAICS)

Question 28

The activity of acquiring goods or services to accomplish the goals of an organization.

Answer 28

Purchasing Roles

Question 29

Demand that originates from the demand for consumer products in business – to – business marketing

Answer 29

Derived Demand

Question 30

A compilation of customer data generated through touchpoints that can be transformed into useful information for marketing management decision making and marketing planning.

Answer 30

Data Warehouse

Question 31

A sophisticated analytical approach to using the massing amounts of data accumulated through a firm’s CRM system to develop segments and microsegments of customers for purposes of either market research or development of market segmentation strategies.

Answer 31

Data Mining

Question 32

Communicating and delivering value in different ways to different customer groups.

Answer 32

Differentiations

Question 33

The aspects of the product offering that are largely similar to the offerings of like competitors.

Answer 33

Points of Parity

Question 34

The aspects of the product offering that are relatively distinct to the offerings of like competitors.

Answer 34

Points of Difference