Word Bank 1

Question 1

4Cs (list)

Answer 1

1. Customer Value
2. Convenience
3. Cost
4. Communication

Question 2

4Ps (list)

Answer 2

1. Product
2. Pricing
3. Promotion
4. Placement

Question 3

Action plan

Answer 3

Individual support plans included in a marketing plan that provide guidance for implementation and control of the various marketing strategies within the plan. sometimes referred to as marketing programs.

Question 4

advertising

Answer 4

Nonpersonal communication from an identified sponsor using the mass media.

Question 5

advertising appeal

Answer 5

The central idea or theme of an advertising message.

Question 6

attitude

Answer 6

A learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people, objects, and issues.

Question 7

bottom-up budgeting

Answer 7

Allocation of the promotion budget based on identifying promotion goals and allocating enough money to accomplish them.

Question 8

Business plan

Answer 8

A plan that includes the decisions that guide the entire organization.

Question 9

close

Answer 9

The stage of the selling process in which the salesperson asks the customer to buy the product.

Question 10

consumer behavior

Answer 10

The process involved when individuals or groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.

Question 11

corrective advertising

Answer 11

Advertising that clarifies or qualifies previous deceptive advertising claims.

Question 12

creative brief

Answer 12

A guideline or blueprint for the marketing communication program that guides the creative process.

Question 13

Custom research

Answer 13

Research conducted for a single firm to provide specific information its managers need.

Question 14

customer relationship management

Answer 14

A systematic tracking of consumers’ preferences and behaviors over time to tailor the value proposition as closely as possible to each individual’s unique wants and needs.

Question 15

data mining

Answer 15

A process in which analysts sift through Big Data (often measured in zettabytes—much larger than gigabytes or even terabytes) to identify unique patterns of behavior among different customer groups.

Question 16

decoding

Answer 16

The process by which a receiver assigns meaning to the message.

Question 17

demographics

Answer 17

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.

Question 18

direct marketing

Answer 18

Any direct communication to a consumer or business recipient designed to generate a response in the form of an order, a request for further information, or a visit to a store or other place of business for purchase of a product.

Question 19

discretionary income

Answer 19

The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing.

Question 20

ethnocentrism

Answer 20

Consumers’ feeling that products from their own country are superior or that it is wrong to buy products produced in another country.

Question 21

geodemography

Answer 21

A segmentation technique that combines geography with demographics.

Question 22

heuristics

Answer 22

A mental rule of thumb that leads to a speedy decision by simplifying the process.

Question 23

import quota

Answer 23

Limitations set by a government on the amount of a product allowed to enter a country.

Question 24

integrated marketing communication

Answer 24

A strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences.

Question 25

marketing metrics

Answer 25

Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels, and when
appropriate, serve as a control mechanism.

Question 26

Marketing Plan

EOSIS

Answer 26

A document that describes the:
1. marketing environment
2. outlines the marketing objectives and strategy
3. identifies how the company will implement and control the strategies embedded in the plan.

Environment, Objectives, Strategy, Implementation and Sustainability

Question 27

Mission statement

Answer 27

A formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources.

Question 28

Non probability sample

Answer 28

A sample in which personal judgment is used to select respondents.

Question 29

Perception

Answer 29

The process by which people select, organize, and interpret information from the outside world.

Question 30

personal selling

Answer 30

Marketing communication by which a company representative interacts directly with a customer or prospective customer to communicate about a good or service.

Question 31

positioning

Answer 31

Developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition.

Question 32

Probability sample

Answer 32

A sample in which each member of the population has some known chance of being included.

Question 33

prospecting

Answer 33

A part of the selling process that includes identifying and developing a list of potential or prospective customers.

Question 34

protectionism

Answer 34

A policy adopted by a government to give domestic companies an advantage.

Question 35

psychographics

PSA

Answer 35

The use of psychological, sociological, and anthropological factors to construct market segments.

Question 36

public relations

Answer 36

Communication function that seeks to build good relationships with an organization’s publics, including consumers, stockholders, and legislators.

Question 37

puffery

Answer 37

Claims made in advertising of product superiority that cannot be proven true or untrue.

Question 38

qualify

Answer 38

be entitled to a particular benefit or privilege by fulfilling a necessary condition. Meet the requirements for a product.

Question 39

Reliability

Answer 39

The extent to which research measurement techniques are free of errors.

Question 40

sales promotion

Answer 40

Programs designed to build interest in or encourage purchase of a product during a specified period.

Question 41

search engine optimization

Answer 41

A systematic process to ensure that your firm comes up at or near the top of lists of typical search phrases related to your business.

Question 42

segmentation

Answer 42

The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics.

Question 43

stakeholder

Answer 43

Buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold—in other words, any person or organization that has a “stake” in the outcome.

Question 44

Syndicated research

Answer 44

Research by firms that collect data on a regular basis and sell the reports to multiple firms.

Question 45

target market

Answer 45

The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts.

Question 46

top-down budgeting

Answer 46

Allocation of the promotion budget based on management’s determination of the total amount to be devoted to marketing communication.

Question 47

unique selling proposition

Answer 47

An advertising appeal that focuses on one clear reason why a particular product is superior.

Question 48

Validity

Answer 48

The extent to which research actually measures what it was intended to measure.

Question 49

value chain

Answer 49

A series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.

Designing, Producing, marketing, delivering and supporting

Question 50

value proposition

Answer 50

A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.