Marketing Exam 3 Flashcards

Terms Definitions
four A's
send in for gift
activities or benefits that an organization provides to satisfy consumers’
needs in exchange for money or something else of value.

communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
Marketing Audit
A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance.
When respondents recommend other people "who are like them" for a focus group, this is a(n) ______ technique.
north american industry classification system - provide common industry definitions for Canada, Mexico, and the US.
Tangible vs. Intangible
Customer Value

combination of benefits received by targeted buyers               
  (quality, price, convenience, on-time delivery, and before/after sale service)
arranging for delivery, payment, and purchase termsmaking sure customer is satisfied bridging to next purchase
breakdown approach
Measuring company sales potential based ona general economic forecast for a specific period and the market potential derived from it
government market
Governmental units- federal, state, and local- that purchase or rent goods and services for carrying out the main functions of the government.

•Comparative Rating Scale

respondents to rate a concept in comparison with a benchmark explicitly used as
a frame of reference.

training salespeople
All salespeople need some training--even those with “natural” ability. Training is required to learn: selling methods, customer needs, organization skills, how to promote the product line, and how to constantly update this knowledge with new information
The analysis of planning, implimenting, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives
Marketing management
consumer goods
products purchased by the ultimate consumer
competition-matching approach
Determining an advertising budget by trying to match competitors' advertising outlays
Strategic Window
limited period when key marketing requirements and particular competencies best fit
Market Share
Organizations that sell in a nonexpansible market must accept the market's size and try to win a larger market share
ensuring that both parties find more ways to add value
Deficient Products
Products that have neither immediate appeal nor long run benefits.
Fast-moving Consumer goods
Convenience product that exhibit consistently high velocity of sales in the consumer marketplace
Bond that protects business from employee dishonesty
Fidelity bonds
the practice of using the established brand names of two different companies on the same product.
4 Elements of Marketing
Product, Distribution, Price, Promotion



when a sample somehow does not represent the target population
looking for and evaluating goods and services.
merchandise allowance
reimbursing a retailer for extra in-store support or special featuring of brand
The philosophy that consumers will favor products that are available and gighly affordable and that management should therefore focus on improving production and distribution efficiency
Production Concept
culture of market
Set of socially-acquired values and norms a society accepts as a whole and transmits to members through language and symbols
reference groups
Groups with whom buyers identify and whose values or attitudes they adopt.
a medium of communication such as a voice, radio, or newspaper for transmitting a message
Marketing Management Process
(1) Planning marketing activities (2) Directing the implementation of the jobs and (3) Controlling these plans.
Cold Canvassing
The process of locating as many potential customers as possible without checking out leads beforehand.
Qualitative Research
research that interprets the why and how of people's opinion.
market segment
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
Geographical Pricing
Setting price based on the buyer's geographic location
buying center
All the individuals and units that play a role in the purchase decision-making process.
Integrated Marketing Communications
Coordination of promotion and other marketing efforts for maximum informational and persuasive impact
The step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call.
Fundamentals of Strategic Planning
1. Establishing the organizational mission2. defining SBUs3.specifying organizational objectives4.analyzing SBU peformance 5.Assessing organizational growth opportunities6.developing marketing plans
portfolio matrix
a tool for allocating resources among products or strategic business units on the basis of realtitive market share and market growth rate
uniform delivered pricing
Charging one price to all buyers
break-even equation
fixed cost/ (unit price - unit variable cost)
The steps that the salesperson follows when selling, which include prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, and follow-up
Selling process
What is human development index?
composite measure of three quality-of-life indicators: life expectancy at birth, educational attainment, and whether the average incomes meet the basic needs of life in that country.
continuous media schedule
a media scheduling strategy in which advertising is run steadily throughout the advertising period; used for products in the later stages of the product life cycle.
self aceptance
the degree to which you like and accept yourself is the degree to which you can genuinely like and accept other people.
is the foundation of successful interaction with others. 
Types of Distribution Channels
Consumer Channels Business to Business Channels Dual Distribution System Hybrid Marketing System
target market
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.
Licensed Brand
a well-know brand that sellers pay a fee to use
- Sunkist has been licensed to many companies for use on more than 400 products in 30 countries
Brand Recognition
The degree of brand loyalty in which the customer is aware the brand exists and views the brand as an alternative purchase if their preferred brand in unavailable
North American Industry Classifaction System (NAICS)
Provides common industry definitions for canada, mexico, and the US
Secondhand source
one that uses data collected by the original source to generate its own summaries, interpretations, and the like
what is the standards gap
set standards to measure performance
The results of a time series analysis from which industrial sales or shipments of various types change in the same direction and proportion but in advance of company sales
Leading Indicators
What are the three outcomes of positive postpurchase?
increased customer satifaction, decreased postpurchase dissonance, increased customer loyalty.
By Product Pricing
Setting a price for by products to make the main product's price more competitive.helps lower costs to dispose of by-prodcut
Shared Cost Effect
When people share costs, they are less price sensitive
Three principles of Marketing Concept
An organization’s basic purpose is to satisfy customer needs. Satisfying customer needs requires integrated, coordinated efforts throughout the organization. 3 Organizations should focus on long-term success
the right to be informed
means that marketers have an obligation to give consumers complete and accurate information about products and services-also applies to the solicitation of personal information over the internet and its subsequent use by marketers
break even point
the point at which the income from sale of a product or service equals the invested costs, resulting in neither profit nor loss; the stage at which income equals expenditure.
what is necessary to create a seamless flow of goods and services to customers? Why is this needed?
collaboration, coordination, and imformation sharing; needed because getting the right items to the right place at the right time and cost is often beyond a companies individual capabilities and control
Primary Data (PSU)
a unit selected in the 1st stage of sampling
How do marketers determine price?
on the basis of the potential buyer's belief about its value.
Steps to building a blue print
1. identify what to print2. identify customer or customer segment3. map the process from the customers point of view4. map contact employee actions and technology actions5. link contact activities to needed support functions6. add evidence of service at each customer action step
Theories of Marketing ethics 3. categorical imperative
would it be right if everyone did it?
what does time, one of the 4 customer service factors, refer to? What is it?
lead time - a.k.a. "order cycle time" or "repleneshment time," the lag from ordering an item until it is received and ready for use or sale
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