MKT 300 FLASH CARDS EXAM 2

MKT 300 FLASH CARDS EXAM 2 - MKT 300 FLASH CARDS EXAM 2...

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MKT 300 FLASH CARDS EXAM 2 Chapter 7 Quality - the degree of excellence of a company’s product or services Cost structure –the amount of money required to produce a specific amount of sales Customer satisfaction - A customer’s positive, neutral, or negative feeling about the value that was received as a result of using a particular organization’s offering in specific use situations. Customer Defections - The percentage of customers who switch to another brand or supplier Satisfaction ratings - Ratings provided by testing agencies that compare purchase satisfaction with specified brands or with how well products perform Customer Loyalty -How often, when selecting from a product class, a customer purchases a particular brand Supply Chain - All the activities that companies undertake to deliver more value to the ultimate consumer. Best Practices - The competencies of industry leaders that other organizations use as benchmarks Lifetime value of a customer - The amount of profit a company expects to obtain over the course of the relationship. Benchmarking - The systematic evaluation of practices of excellent organizations to learn new and better ways to serve customers Customer expectations - Consumers’ beliefs about the performance of a product based on prior experience and communications Service Quality - The expected and perceived quality of all the services an organization offers Customer satisfaction measurement program - An ongoing survey of customers (and competitors’ customers) for the purpose of obtaining continuous estimates of satisfaction. Chapter 8 Heterogeneous group - buyers with diverse characteristics Homogeneous Group - Buyers with similar characteristics Product Differentiation - A marketing strategy with which companies attempt to make their products appear unique relative to the competition Targeting Strategy - The number of market segments and the relative amount of resources targeted at each Positioning Map - A diagram of how consumers in a segment perceive brands based on specific elements they consider important Product Position : The way consumers categorize a brand based on important attributes Demographic segmentation - Dividing the market according to such characteristics as gender, family lifecycle, household type, and income Psychographics - Marketing approaches and tools used to identify lifestyles based on measures of consumers’ values, activities, interests, opinions, demographics, and other factors Segmentation Variable - Any distinguishing market factor that can vary, such as gender, age, or income Positioning - How a company wants to be perceived by customers within each target market Zip Code Segmentation - Division of a market into specific geographic locations based on the demographic make-up of the zip code area Segmentation - Division of a market into homogeneous groups with similar needs, wants, values, and buying
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MKT 300 FLASH CARDS EXAM 2 - MKT 300 FLASH CARDS EXAM 2...

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