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Marketing Management Vocabulary > MarketingManagementVocabulary2 > Flashcards

MarketingManagementVocabulary2 Flashcards

1
Q

A vertical marketing system that combines successive stages of production and distribution under single ownership - channel leadership is established through common ownership.

A

Corporate VMS

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2
Q

A site set up by a company on the Web, which carries information and other features designed to answer customer questions, build customer relationships and generate excitement about the company, rather than to sell the company’s products or services directly. The site handles

A

Corporate Web site

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3
Q

…

A

interactive communication initiated by the consumer.

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4
Q

The direct costs-allocated to goods sold. These include variable cost items such as raw materials and labor used in making a product

A

Cost of goods sold

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5
Q

Adding a standard mark-up to the cost of the product.

A

Cost-plus pricing

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6
Q

International trade involving the direct or indirect exchange of goods for other goods instead of cash. Forms include barter compensation

A

Counter trade

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7
Q

…

A

(buyback) and counter purchase.

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8
Q

Certificates that give buyers a saving when they purchase a product.

A

Coupons

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9
Q

The strengths and weaknesses that most critically affect an organization’s success. These are measured relative to competition.

A

Critical success factors

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10
Q

An understanding of and true feeling for a culture.

A

Cultural empathy

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11
Q

Institutions and other forces that affect society’s basic values, perceptions, preferences and behaviors.

A

Cultural environment

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12
Q

Characteristics and attributes that are found in a wide range of cultures: that is features that transcend national cultures.

A

Cultural universals cultural

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13
Q

The set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions.

A

Culture

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14
Q

The section of a marketing plan that describes the target market and the company’s position in it .

A

Current marketing situation

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15
Q

A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers.

A

Customer-centered company

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16
Q

An organized collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic and buying behavior data.

A

Customer database

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17
Q

The difference between total customer value and total customer- cost of a marketing offer - ‘profit’ to the customer.

A

Customer delivered value

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18
Q

The amount by which revenues from a given customer over time will exceed the company’s costs of attracting, selling and servicing that customer.

A

Customer lifetime value

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19
Q

A sales force organization under which salespeople specialize in selling only to certain customers or industries.

A

Customer sales force structure

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20
Q

The extent to which a product’s perceived performance matches a buyer’s expectations. If the product’s performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations, the buyer is satisfied or delighted.

A

Customer satisfaction

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21
Q

The consumer’s assessment of the product’s overall capacity to satisfy his or her needs.

A

Customer value

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22
Q

Analysis conducted to determine what benefits target, customers value and how they rate the relative value of various competitors’ offers.

A

Customer value analyses

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23
Q

The system made up of the value chains of the company and its suppliers, distributors and ultimately customers, who work together to deliver value to customers.

A

Customer value delivery system

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24
Q

The medium-term wavelike movement of sales resulting from changes in general economic and competitive activity.

A

Cycle

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25
Q

The person who ultimately makes a buying decision or any part of it - whether to buy, what to buy, how to buy, or where to buy.

A

Decider

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26
Q

People in the organization’s buying centre who have formal or informal powers to select or approve the final suppliers.

A

Deciders

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27
Q

Formal and informal operating procedures that guide planning, targeting, compensation and other activities.

A

Decision-and-reward system

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28
Q

All the individuals who participate in, and influence, the consumer buying-decision process.

A

Decision-making unit (DMU)

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29
Q

The product life-cycle stage at which a product’s sales decline.

A

Decline stage

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30
Q

Products that have neither immediate appeal nor long-term benefits.

A

Deficient products

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31
Q

A curve that shows the number of units the market will buy in a given time period, at different prices that might he charged.

A

Demand curve

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32
Q

Human wants that are hacked by buying power.

A

Demands

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33
Q

Marketing to reduce demand temporarily or permanently - the aim is not to destroy demand, but only to reduce or shift it.

A

Demarketing

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34
Q

Dividing the market into groups based on demographic variables such as age, sex, family size, family life cycle, income, occupation, education, religion, race and nationality.

A

Demographic segmentation

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35
Q

The study of human populations in terms of size, density, location, age, sex, race, occupation and other statistics.

A

Demography

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36
Q

A retail organization that carries a wide variety of product lines: typically clothing, home furnishings and household goods; each line is operated as a separate department managed by specialist buyers or merchandisers.

A

Department store

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37
Q

Business demand that ultimately comes from (derives from) the demand for consumer goods.

A

Derived demand

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38
Q

Marketing research to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers.

A

Descriptive research

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39
Q

Products that give both high immediate satisfaction and high long-run benefits.

A

Desirable products

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40
Q

A sustainable internal or external strength that an organization has over its competitors.

A

Differential advantage

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41
Q

A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

A

Differentiated marketing

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42
Q

Entering a foreign market by developing foreign-based assembly or manufacturing facilities.

A

Direct investment

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43
Q

Direct marketing through single mailings that include letters, ads, samples, fold-outs and other ‘salespeople on wings’ sent to prospects on mailing lists.

A

Direct-mail marketing

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44
Q

Marketing through various advertising media that interact directly with consumers, generally calling far the consumer to make a direct response.

A

Direct marketing

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45
Q

A marketing channel that has no intermediary levels.

A

Direct-marketing channel

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46
Q

The marketing of products or services via television commercials and programs which involve a responsive element, typically the use of a free phone number that allows consumers to phone for more information or to place an order for the goods advertised.

A

Direct-response television marketing (DRTV)

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47
Q

A straight reduction in price on purchases during a stated period of time.

A

Discount

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48
Q

A retail institution that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume.

A

Discount store

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49
Q

Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands.

A

Dissonance-reducing buying behavior

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50
Q

A large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible.

A

Distribution centre

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51
Q

A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or industrial user.

A

Distribution channel (marketing channel)

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52
Q

A strategy for company growth by starting up or acquiring businesses outside the company’s current products and markets.

A

Diversification

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53
Q

Low-growth, low-share businesses and products that may generate enough cash to maintain themselves, but do not promise to be large

A

Dogs

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54
Q

…

A

sources of cash.

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55
Q

Selling door to door, office to office, or at home-sales parties.

A

Door-to-door retailing

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56
Q

A consumer product that is usually used over an extended period of time and that normally survives many uses.

A

Durable product

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57
Q

Factors that affect consumer buying power and spending patterns.

A

Economic environment

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58
Q

A general term for a buying and selling process that is supported by electronic means.

A

Electronic commerce

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59
Q

A ban on the import of a certain product.

A

Embargo

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60
Q

Message appeals that attempt to stir up negative or positive emotions that will motivate purchase; examples are fear, guilt, shame, love, humor, pride and joy appeals.

A

Emotional appeals

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61
Q

A non-functional attribute that has unique associations for consumers.

A

Emotional selling proposition (ESP)

62
Q

Differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises.

A

Engel’s laws

63
Q

A marketing philosophy holding that a company’s marketing should support the best long-run performance of the marketing system; its five principles are consumer-oriented marketing, innovative marketing, value marketing, sense-of-mission marketing and societal marketing.

A

Enlightened marketing

64
Q

A management perspective in which the firm takes aggressive actions to affect the publics and forces in its marketing environment rather than simply watching it and reacting to it.

A

Environmental management perspective

65
Q

An organized movement of concerned citizens and government agencies to protect and improve people’s living environment.

A

Environmentalism

66
Q

Occurrences staged to communicate messages to target audiences; examples are news conferences and grand openings.

A

Events

67
Q

The act of obtaining a desired object from someone by offering something in return.

A

Exchange

68
Q

Government limits on the amount of its country’s foreign exchange with other countries and on its exchange rate against other currencies.

A

Exchange controls

69
Q

Giving a limited number of dealers the exclusive right to distribute the company’s products in their territories.

A

Exclusive distribution

70
Q

The drop in the average per-unit production cost that comes with accumulated production experience.

A

Experience curve (learning curve)

71
Q

The gathering of primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses.

A

Experimental research

72
Q

Marketing research to gather preliminary information that will help better to define problems and suggest hypotheses.

A

Exploratory research

73
Q

A form of international marketing organization that comprises a sales manager and a few assistants whose job is to organize the shipping out of the company’s goods to foreign markets.

A

Export department

74
Q

Entering a foreign market by sending products and selling them through international marketing intermediaries (indirect exporting) or through the company’s own department, branch, or sales representatives or agents (direct exporting).

A

Exporting

75
Q

A detailed examination of the markets, competition, business and economic environment in which the organization operates.

A

External audit

76
Q

Fashions that enter quickly, art adopted with great zeal, peak early and decline very fast.

A

Fads

77
Q

The stages through which families might pass as they mature over time.

A

Family life cycle

78
Q

A currently accepted or popular style in a given field.

A

Fashion

79
Q

Banks, credit companies, insurance companies and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.

A

Financial Intermediaries

80
Q

Costs that do not vary with production or sales level.

A

Fixed costs

81
Q

A geographic pricing strategy in which goods are placed free on board a carrier; the customer pays the freight from the factory to the

A

FOB-origin pricing

82
Q

…

A

destination.

83
Q

A small sample of typical consumers under the direction of a group leader who elicits their reaction to a stimulus such as an ad or product concept.

A

Focus group

84
Q

The last step in the selling process, in which the salesperson follows up after the sale to ensure customer satisfaction and repeat business.

A

Follow-up

85
Q

The art of estimating future demand by anticipating what buyers are likely to do under a given set of conditions.

A

Forecasting

86
Q

An industry characterized by many opportunities to create competitive advantages, but each advantage is small.

A

Fragmented industry

87
Q

A contractual association between a manufacturer, wholesaler or service organization (a franchiser) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system.

A

Franchise

88
Q

A contractual vertical marketing system in which a channel member, called a franchiser, links several stages in the production distribution process.

A

Franchise organization

89
Q

A geographic pricing strategy in which the company absorbs all or part of the actual freight charges in order to get the business.

A

Freight-absorption pricing

90
Q

The number of time the average person in the target market is exposed to an advertising message during a given period.

A

Frequency

91
Q

Retailers that provide a full range of services to shoppers.

A

Full service retailers

92
Q

Wholesalers that provide a full set of services such as carrying stock, using a sales force, offering credit, making deliveries and providing management assistance.

A

Full service wholesalers

93
Q

A price reduction offered by the seller to trade channel members that perform certain functions, such as selling, storing and record keeping.

A

Functional discount (trade discount)

94
Q

People in the organization’s buying centre who control the flow of information to offers.

A

Gatekeepers

95
Q

Dividing a market into different groups based on sex.

A

Gender segmentation

96
Q

The stage in the business buying process in which the company describes the general characteristics and quantity of a needed item.

A

General need description

97
Q

The study of the relationship between geographical location and demographics.

A

Geodemographics

98
Q

Dividing a market into different geographical units such as nations, states, regions, counties, cities or neighborhoods.

A

Geographic segmentation

99
Q

Pricing based on where customers are located.

A

Geographical pricing

100
Q

A firm that, by operating in more than one country, gains R & D, production, marketing and financial advantages in its costs and reputation that are not available to purely domestic competitors

A

Global firm

101
Q

An industry in which the strategic positions of competitors in given geographic or national markets are affected by their overall global positions.

A

Global industry

102
Q

Marketing that is concerned with integrating or standardizing marketing actions across different geographic markets.

A

Global marketing

103
Q

A form of international organization whereby top corporate management and staff plan worldwide manufacturing or operational facilities, marketing policies, financial flows and logistical systems. The global operating unit reports directly to the chief executive, not to an international

A

Global organization

104
Q

…

A

divisional head.

105
Q

Setting price based largely on following competitors’ prices rather than on company costs or demand.

A

Going-rate pricing

106
Q

Governmental units - national and local - that purchase or rent goods and services for carrying out the main functions of government.

A

Government market

107
Q

The difference between the direct cost of products and what they are sold for.

A

Gross margin

108
Q

The total amount charged to customers over a period,

A

Gross sales

109
Q

A portfolio-planning method that evaluates a company’s strategic business units (SBU) in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks or dogs.

A

Growth-share matrix

110
Q

The product life-cycle stage at which a product’s sales start climbing quickly.

A

Growth stage

111
Q

Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences.

A

Habitual buying behavior

112
Q

The step in the selling process in which the salesperson seeks out, clarifies and overcomes customer objections to buying.

A

Handling objections

113
Q

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity.

A

Horizontal marketing systems

114
Q

A state of felt deprivation.

A

Human need

115
Q

The form that a human need takes as shaped by culture and individual personality.

A

Human want

116
Q

Multi-channel distribution, as when a single firms sets up two or more marketing channels to reach one or more customer segments. A variety of direct and indirect approaches are used to deliver the firm’s goods to its customers.

A

Hybrid marketing channels

117
Q

Huge stores that combine supermarket, discount and warehouse retailing; in addition to food, they carry furniture, appliances, clothing and many other products.

A

Hypermarkets

118
Q

The systematic search for new-product ideas.

A

Idea generation

119
Q

Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible,

A

Idea screening

120
Q

Making claims that stretch the perception of the buyers too far to be believed.

A

Implausible positioning

121
Q

Dividing a market into different income groups.

A

Income segmentation

122
Q

Tailoring products and marketing programs to the needs and preferences of individual customers.

A

Individual marketing

123
Q

A product bought by individuals and organizations for further processing or for use in conducting a business.

A

Industrial product

124
Q

A group of firms which offer a product or class of products that are close substitutes for each other. The set of all sellers of a product or service.

A

Industry

125
Q

Total demand for a product that is not much affected by price changes, especially in the short run.

A

Inelastic demand

126
Q

A person whose views or advice carries some weight in making a final buying decision; they often help define specifications and also provide information for evaluating alternatives.

A

Influencer

127
Q

The stage of the buyer decision process in which the consumer is aroused to search for more information; the consumer may simply have heightened attention or may go into active in formation search.

A

Information search

128
Q

Advertising used to inform consumers about a new product or feature and to build primary demand.

A

Informative advertising

129
Q

The person who first suggests or thinks of the idea of buying a particular product or service.

A

Initiator

130
Q

An idea, product or technology that has been developed and marketed to customers who perceive it as novel or new. It is a process of identifying, creating and delivering new-product service values that did not exist before in the marketplace.

A

Innovation

131
Q

A principle of enlightened marketing which requires that a company seek real product and marketing improvements.

A

Innovative marketing

132
Q

A financial statement that shows company sales, cost of goods sold and expenses during a given period of time.

A

Operating statement (profit-and-loss statement or income statement)

133
Q

People within a reference group who, because of special skills, knowledge, personality or other characteristics, exert influence on others.

A

Opinion leaders

134
Q

The pricing of optional or accessory products along with a main product.

A

Optional-product pricing

135
Q

The stage of the business buying process in which the buyer writes the final order with the chosen suppliers, listing the technical specifications,

A

Order-routine specification

136
Q

time of delivery, return policies and warranties.

A

quantity needed, expected

137
Q

A positioning error referring to coo narrow a picture of the company, its product or a brand being communicated to target customers.

A

Overpositioning

138
Q

The activities of designing and producing the container or wrapper for a product.

A

Packaging

139
Q

What the package should be or do for the product.

A

Packaging concept

140
Q

Cash or other awards for the regular USD of a certain company’s products or services.

A

Patronage rewards

141
Q

The set of consumers who have already bought a particular product or service.

A

Penetrated market

142
Q

Setting the promotion budget at a certain percentage of current or forecast sales or as a percentage of the sales price.

A

Percentage-of-sales method

143
Q

The process by which people select, organize mid interpret information to form a meaningful picture of the world.

A

Perception

144
Q

A product positioning tool that uses multidimensional scaling of consumers’ perceptions and preferences to portray the psychological distance between products and segments.

A

Perceptual maps

145
Q

The stage of the business buying process in which the buyer rates its satisfaction with suppliers, deciding whether to continue, modify or drop them.

A

Performance review

146
Q

Channels through which two or more people communicate directly with each other, including face to face. person to audience, over the telephone, or through the mail.

A

Personal communication channels

147
Q

The effect of statements made by one person on another’s attitude or probability of purchase.

A

Personal influence

148
Q

Oral presentation in a conversation with one or more prospective purchasers for the purpose of making sales.

A

Personal selling

149
Q

A persons distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her own environment.

A

Personality

150
Q

Advertising used to build selective demand for a brand by persuading consumers that it offers the best quality for their money.

A

Persuasive advertising

Marketing Management Vocabulary (3 decks)

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