Essentials of Marketing Flashcards

Terms Definitions
farm products
grown by farmers
Optimizers
Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one
Exporting
Selling domestically produced products to buyers in another country
hypotheses
educated guesses about the relationships between things or about what will happen in the future.
accessories
short-lived capital items--tools and equipment used in production
brand recognition
customers remember the brand
Contract manufacturing
Private-label manufacturing by a foreign company
Keiretsu
a network of interlocking coporate affiliates
Family Brand
marketing several different products under the same brand name
Decline stage
a long-run drop in sales
Raw materials
Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish
Teamwork
Collaborative efforts of people to accomplish common objectives
Inflation
Ageneral rise in prices, often accompanied by a lack of increase in wages, which results in decreased purchasing power
Sustainability
The idea that socially responsible companies will outperform their peers by focusing ont eh world's social problems and viewing them as opportunities to build profits and help the world at the same time
primary data
information specifically collected to solve a current problem
statistical packages
easy-to-use computer programs that analyze data
emergency products
products that are purchased immediately when the need is great
components
processed expense items that become part of a finished product
natural products
products that occur in nature
empowerment
giving employees the authority to correct a problem without first checking with management
Market
People or organizations with needs or wants and the ability and willingness to buy
Intangibility
the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
Implementation
The process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives
Environmental Scanning
The collection and interpretation of information about fores, events, and relationships that may affect the future of an organization
Learning
a process that creates changes in behavior, immediate or expected, through experience and practice
exclusive distribution
a form of distribution that establishes one or a few dealers within a given area
electronic data interchange
information technology that replaces the paper documents that usually accompany business transactions, such as purchase orders and invoices, with electronic transmission of the needed information to reduce inventory levels, improve cash flow, streamline operations, and increase the speed and accuracy of information transmission
Export Broker
An intermediary who plays the traditional broker's role by bringing buyer and seller together
Perception
The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture
marketing model
a statement of relationships among marketing variables.
consumer products
products meant for the final consumer
professional services
specialized services that support a firm's operations
idea generation
ideas from customers and users, marketing research, competitors, other markets
product line
a group of closely related product items
Major equipment
(installations)
capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings
vertical conflict
a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer
supply chain
the connected chain of all the business entities, both internal and external to the ocmpany, that perform or suppor the logistics function
Exchange
the idea that people give up something to receive something they would rather have
distribution resource planning
an inventory control system that manages the replenishment of goods from the manufacturer to the final consumer
Spatial discrepancy
the difference between the location of a producer and the locatoin of widely scattered markets
Morals
The rules people develop as a result of cutural values and norms
Accessory equipment
goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment
business analysis
the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
selective distortion
a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beleifs
Channel power
the capacity of a particular marketing channel member to control or influence the behavior of other channel members
Socialization Process
how cultural values and norms are passed down to children
Marketing research objective
the specific information needed to solve a marketing research problem; the objective should be to provide insightful decisoin-making information
Stimulus
Any unit of input affecting one or more of the firve sensis: sight, smell, taste, touch, hearing
Decision support systems DSS
an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions
secondary data
information that has been collected or published already
new unsought products
products offering really new ideas that potential customers dont know about yet
individual product
a particular product with a product line. differentiated by brand, level of service, price
supplies
expense items that do not become part of a finished product.
capital item
a long-lasting product that can be used and depreciated for many year. often expensive
continuous improvement
a commitment to constantly make things better one step at a time.
retailing mix
a combination of the six Ps -- product, place, promotion, price, presentation, and personnel -- to sell goods and services to the ultimate consumer
Evoked set
A group of brands, resulting from an information search, from which a buyer can choose
Reference Group
a group in society that influences an individuals purchasing behavior
Primary membership group
A reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, or fellow employees
Customer Value
The ratio of benefits to the sacrifice necessary to obtain those benefits
Market Opportunity analysis
A description and estimation of the size and sales potential of market segments of interest to a firm and assessment of key competitors in these market segments
Market Orientation
A pliosophy that assumes that a sale does not depend on an aggresie sales force but rather on a customer's decision to purchase a product. It is synonymous with the marketing concept
Sales Orientation
The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
Direct foreign investment
Active ownership of a foreign company or of overseas manufacturing or marketing facilities
European Union
A free trade zone that encompasses 25 european countries. It aspires to create a unified European market.
Focus Group
seven to ten people who participate in a group discussion led by a moderator. Best if the marketing question is not known.
Mall intercept interview
a survey research method that involves interviewing people in teh common areas of shopping malls
Trademark
the exclusive right to use a brand or part of a brand
discrepancy of quality
the difference between the amount of product produced and the amound an end user wants to buy
Perceptual mapping
a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customer's minds
data warehouse
a place where databases are stored so that they are available when needed
experimental method
compares the responses of two or more groups that are similar except on the characteristic being tested. researches want to learn if the specific characteristic causes differences in some response among the group
service mark
similar to a trademark except that it refers to a service offering
brand name
word, letter, or group of words or letters
battle of the brands
the competition between dealer brands and manufacturer brands
product life cycle
describes the stages a really new product idea goes through from beginning to end.
Target Market
A defined group most likely to buy a firm's product
Marketing channel (channel of distribution)
a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer
Multiplier effect (accelerator principle)
Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product
Probability sample
a sample in which every element in the population has a known statistical likelihood of being selected
measurement error
an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process
Pyramid of corporate social responsibility
A model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure
dual distribution (multiple distribution)
the use of two or more channels to distribute the same product to target markets
 
 
 
 
 
 
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Segmentation bases
(variables)
characteristics of individuals, groups, or organizations
sample
part of the relevant population
packaging
promoting, protecting, and enhancing the product
Strategic alliance
a cooperative agreement between business firms
Global Marketing
Marketing that targets markets throughout the world
self-concept
how consumers perceive themselves in terms of attitudes, perceptions, beleifs, and self-evaluations
Productmix
all products that an organization sells. Product mix width refers to the number of product lines an organization offers, and product line depth refers to the number of product items in a product line.
Demography
The study of people's vital statistics, such as their age, race and ethnicity, and location
Four P's
Product decisions, distribution (or place) decisions, promotion decisions, and pricing decisions, which together make up the marketing mix
quantitative research
research that seeks structured responses that can be summarized in numbers, like percentages, averages, or other statistics
qualitative research
research that seeks in-depth, open-ended responses, not yes or no answers
unsought products
products that potential customers don't yet want or know they can buy. consumers probably won't buy these products if they see them--unless promotion shows their value
regularly unsought products
products--like gravestones, life insurance, and encyclopedias--that stay unsought but not unbought forever. there may be a need but potential customers aren't motivated to satisfy it
staples
products that are bought often, routinely, and without much thought---breakfast cereal, canned soup.
sales decline
new products replace old products
Credence quality
a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience.
Ethics
The moral principles or values that generally govern the conduct of an individual
Inseparability
the inability of the production and consumption of a service to be separated. Consumers must be present during the production
Evaluation
Gauging the extent to which the marketing objectives have been achieved during the specified time period
Satisficers
Business customers who place an order witht he first familiar supplier to satisfy product and delivery requirements
Mystery Shoppers
researchers posing as customers who gather observational data about a store
Screening
the first filter in the product development process, which eliminates ideas that are inconsisten with the organization's new-product strategy or are obiously inappropriate for some other reason
Marketing
An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders.
scanner-based research
a system for gathering information from a single grouop of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy
Survey research
the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes
Relationship Marketing
A strategy that entails forging longterm partnerships with customers
strategic channel alliance
a cooperative agreement between business firms to use the other's already established distribution channel
Positioning
Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
Shopping product
a product that requries comparison shopping because it is usually more expensie than a convenience product and is found in fewer stores
Norm
A value or attitude deemed acceptable by a group
Culture
The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next
Cognitive dissonance
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
Generation X
People born between 1965 and 1978
Baby Boomers
People born between 1946 and 1964(America's mass market)
real self-image
the way an individual actually perceives himself or herself
scientific method
a decision making approach that focuses on being objective and orderly in testing ideas before accepting them
quality
a product's ability to satisfy a customer's needs or requirements
derived demand
the demand for business products derives from the demand for final consumer products
market maturity
industry sales level off and competition gets tougher
Export Agent
An intermediary who acts like a manufacturer's agent for the exporter. The export agent lives in the foreign market
Planned obsolescence
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
Experience quality
a characteristic that can be assessed only after use
Capital-Intensive
Using more capital than labor in the production process
Brand equity
the value of company and brand names
Business product
a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers
Original equipment manufacturers
individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to consumers
Supply chain management
A management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
Multiculturalism
When all major ethnic grouops in an area-- such as a city, county, or census tract-- are roughly equally represented
Geographic segmentation
segmenting markets by region of a country or the world, market size, market density, or climate
Benefit segmentation
the process of grouping customers into market segments according to the benefits they seek from the product
Buying center
all those persons in an organization who become involved in the purchase decision
Product Differentiation
a positioning strategy that some firms use to distinguish their products from those of competitors
Production Orientation
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
horizontal conflict
a channel conflict that occurs among channel  members on the same level
situation analysis
an informal study of what information is already available in the problem area.
marketing dashboard
displays up to the minute marketing data in an easy-to-read format. usually customized to a manger's areas of responsibility
consumer panels
a group of consumers who provide information on a continuing basis.
validity
the extent to which data measures what it is intended to measure
brand rejection
potential customers won't buy a brand unless the image is changed
convenience products
products a consumer needs but isn't willing to spend much time or effort shopping for.
supply chain team
an entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer
frame error
an error that occurs when a sample drawn from a population differs from the target population
Extensive decision making
The most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requries use of several criteria for evaluating options and much time for seeking information
Business services
expense items that do not become part of a final product
Consumer decision-making process
a five-step process used by consumers when buying goods or services
 
Need recognitoin
Information search
Evaluation of alternatives
Purchase
Postpurchase behavior
Buyer for export
An intermediary in the global market who assumes all ownership risks and sells globally for its own account
Multinational Corporation
A company that is heavily engaged in international trade, beyond exporting and importing
Stimulus Generalization
a form of learning that occurs when one response is extended to a second stimulus similar to the first
80/20 principle
a principle holding that 20 percent of all customers generate 80 percent of demand
intensive distribution
a form of distribution aimed at having a product available in every outlet where target customers might want to buy it
temporal discrepancy
a situation that occurs when a product is produced but a customer is not ready to buy it
Observation research
a research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity
confidence intervals
the range on either side of an estimate that is likely to contain the true value for the whole population
homogeneous shopping products
shopping products the customer sees as basically the same and wants at the lowest price.
heterogeneous shopping products
shopping products the customer sees as different and wants to inspect for quality and suitability
generic products
products that have no brand at all other than identification of their contents and the manufacturer or intermediary
universal product code (UPC)
identifies each product with marks readable by electronic scanners. speed the checkout process
Joint Venture
When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
Countertrade
A form of trade in which all or part of the payment for goods or services is in the form of other goods or services
Joint Demand
the demand for two or more items used together in a final product
Aspirational reference group
A group that someone would like to join
multisegment targeting strategy
a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
maslow's hierarchy of needs
a method of classifying human needs and motivations into five categories in ascending order of importance:physiological
safety
social
esteem
self-actualization
decision support system
a computer program that makes it easy for a marketing manager to get and use information as he or she is making decisions
Social class
A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms
1. market introduction2. market growth3. market maturity4. sales decline
four major stages of product life cycle
1. define the problem2. analyze the situation3. gather problem specific data4. interpret the data5. solve the problem
5 steps of market research process
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