Chapter 13 VOCAB

Question 1

the process of creating value for customers and building relationships with those customers in order to capture value back from them

Answer 1

marketing

Question 2

marketing efforts to attract people and organizations to a particular geographic area

Answer 2

place marketing

Question 3

identification and marketing of a social issue, cause, or idea to selected target markets

Answer 3

cause-related marketing

Question 4

difference between a person’s actual state and his or her ideal state; provides the basic motivation to make a purchase

Answer 4

need

Question 5

specific goods, services, experiences, or other entities that are desirable in light of a person’s experiences, culture, and personality

Answer 5

wants

Question 6

act of obtaining a desired object or service from another party by offering something of value in return

Answer 6

exchange process

Question 7

exchange of value between parties

Answer 7

transaction

Question 8

power of a good or service to satisfy a human need

Answer 8

utility

Question 9

approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization

Answer 9

marketing concept

Question 10

a focus on developing and maintaining long-term relationships with customers, suppliers, and distribution partners for mutual benefit

Answer 10

relationship marketing

Question 11

degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider

Answer 11

customer loyalty

Question 12

type of information system that captures, organizes, and capitalizes on all the interactions that a company has with its customers

Answer 12

customer relationship management (CRM)

Question 13

the creation and sharing of product-related information among customers and potential customers

Answer 13

social commerce

Question 14

the collection and analysis of information for making marketing decisions

Answer 14

marketing research

Question 15

marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest

Answer 15

permission-based marketing

Question 16

the delivery of marketing messages to people who are not aware that they are being marketed to; these messages can be delivered by either acquaintances or strangers, depending on the technique

Answer 16

stealth marketing

Question 17

individuals or households that buy goods and services for personal use

Answer 17

consumer market

Question 18

businesses, nonprofit organizations, and government agencies that purchase goods and services for use in their operations

Answer 18

organizational market

Question 19

behavior exhibited by buyers as they consider, select, and purchase goods and services

Answer 19

customer buying behavior

Question 20

tension that exists when a person’s beliefs don’t match his or her behaviors; a common example is buyer’s remorse, when someone regrets a purchase immediately after making it

Answer 20

cognitive dissonance

Question 21

the process of examining an organization’s current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives

Answer 21

strategic marketing planning

Question 22

selling more of a firm’s existing products into the markets it already serves

Answer 22

market penetration

Question 23

creating new products for a firm’s current markets

Answer 23

product development

Question 24

selling existing products to new markets

Answer 24

market development

Question 25

creating new products for new markets

Answer 25

diversification

Question 26

overall plan for marketing a product; includes the identification of target market segments, a positioning strategy, and a marketing mix

Answer 26

marketing strategy

Question 27

a group of customers who need or want a particular product and have the money to buy it

Answer 27

market

Question 28

division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviors

Answer 28

market segmentation

Question 29

a firm's portion of the total sales in a market

Answer 29

market share

Question 30

study of statistical characteristics of a population

Answer 30

demographics

Question 31

classification of customers on the basis of their psychological makeup, interests, and lifestyles

Answer 31

psychographics

Question 32

categorization of customers according to their relationship with products or response to product characteristics

Answer 32

behavioral segmentation

Question 33

categorization of customers according to their geographical location

Answer 33

geographic segmentation

Question 34

specific customer groups or segments to whom a company wants to sell a particular product

Answer 34

target markets

Question 35

managing a business in a way designed to occupy a particular place in the minds of target customers

Answer 35

positioning

Question 36

the four key elements of marketing strategy: product, price, distribution, and customer communication

Answer 36

marketing mix

Question 37

bundle of value that satisfies a customer need or want

Answer 37

product

Question 38

the amount of money charged for a product or service

Answer 38

price

Question 39

systems for moving goods and services from producers to customers

Answer 39

distribution channels; also known as marketing channels

Question 40

wide variety of persuasive techniques used by companies to communicate with their target markets and the general public

Answer 40

promotion