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Business- Chapter 12 > Definitions > Flashcards

Definitions Flashcards

0
Q

Marketing Concept

A

The idea that the whole firm is directed toward serving present and potential customers at a profit.

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1
Q

Marketing

A

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 its stakeholders.

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2
Q

Value

A

A relative comparison of a product’s benefits versus its costs.

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3
Q

Utility

A

The ability of a product to satisfy a human want or need.

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4
Q

Consumer Goods

A

Physical products purchased by consumers for personal use.

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5
Q

Industrial Goods

A

Physical products purchased by companies to produce other products.

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6
Q

Services

A

Products with non-physical features, such as information, expertise, or an activity that can be purchased.

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7
Q

Relationship Marketing

A

A marketing strategy that emphasizes building lasting relationships with customers and suppliers.

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8
Q

Customer Relationship Management (CRM)

A

Organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed.

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9
Q

Substitute Product

A

A competing product (which may be dissimilar in nature) that can fulfil the same need.

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10
Q

Brand Competition

A

Competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies.

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11
Q

International Competition

A

Competitive marketing of domestic products against foreign products.

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12
Q

Marketing Manager

A

A manager who plans and implements the marketing activities that result in the transfer of products.

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13
Q

Marketing Plan

A

A detailed strategy for focusing marketing efforts on consumers’ needs and wants.

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14
Q

Marketing Mix

A

A combination of product, pricing, promotion, and place (distribution) strategies used to market products.

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15
Q

Product

A

Good, service, or idea that is marketed to fill consumers’ needs and wants.

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16
Q

Product Differentiation

A

Creation of a product feature or product image that differs enough from existing products to attract customers.

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17
Q

Pricing

A

The process of determining the best price at which to sell a product.

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18
Q

Place (Distribution)

A

The part of the marketing mix concerned with getting products from producers to consumers.

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19
Q

Promotion

A

The aspect of the marketing mix concerned with the most effective techniques for communicating information about products.

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20
Q

Integrated Marketing Strategy

A

A strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s non-marketing activities as well.

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21
Q

Target Market

A

A group of people who have similar wants and needs and can be expected to show interest in the same products.

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22
Q

Market Segmentation

A

The process of dividing a market into categories of customer types or “segments”

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23
Q

Product Positioning

A

The process of fixing, adapting, and communicating the nature of a product.

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24
Geographic Variables
Geographic units that may be considered in developing a segmentation strategy.
25
Demographic Variables
Characteristics of populations that may be considered in developing a segmentation strategy.
26
Market Research
The systematic study of what buyers need and how best to meet those needs.
27
Secondary Data
Information already available to market researchers as a result of previous research by the firm or other agencies.
28
Geo-Demographic Variables
A combination of geographic and demographic traits used in developing a segmentation strategy.
29
Psychographic Variables
Consumer characteristics, such as lifestyles, opinions, interests, and sttitudes, that may be considered in developing a segmentation strategy.
30
Behavioural Variables
Behavioural considerations, such as benefits sought, loyalty status, usage rate, user status, and occasion for use, that may be used in developing a segmentation strategy.
31
4 P's
Product Place Promotion Price
32
Primary Data
Information developed through new research by the firm or its agents.
33
Observation
A market research technique involving viewing or otherwise monitoring consumer buying patterns.
34
Survey
A market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices.
35
Focus Group
A market research technique involving a small group of people brought together and allowed to discuss selected issues in depth.
36
Expirimentation
A market research technique in which the reactions of similar people are compared under different circumstances.
37
Consumer Behaviour
The study of the decision process by which people buy and consume products.
38
Brand Loyalty
A pattern of regular consumer purchasing based on satisfaction with a product's performance.
39
Rational Motives
Reasons for purchasing a product that are based on a logical evaluation of product attributes.
40
Emotional Motives
Reasons for purchasing a product that are based on non-objective factors.
41
Industrial Market
An organizational market consisting of firms that buy goods that are either converted into products or used during production.
42
Reseller Market
An organizational market consisting of intermediaries that buy and resell finished goods.
43
Institutional Market
An organizational market consisting of such non-governmental buyers of goods an services as hospitals, churches, museums, and charitable organizations.
44
Product Features
Tangible and intangible qualities that a company builds into its products.
45
Value Package
A product marketed as a bundle of value-adding attributes, including reasonable cost.
46
Convenience Good/Convenience Service
An inexpensive good or service purchased and consumed rapidly and regularly.
47
Shopping Good/Shopping Service
A moderately expensive, infrequently purchased good or service.
48
Specialty Good/Specialty Service
An expensive, rarely purchased good or service.
49
Production Item
An industrial product purchased and used directly in the production process that created other goods or services.
50
Expense Items
A industrial product purchased and consumed within a year by firms producing other products.
51
Capital Item
An expensive, long-lasting, infrequently purchased industrial product, such as a building, or an industrial service, such as a long-term agreement for data-warehousing services.
52
Product Mix
A group of products that a firm makes available for sale.
53
Product Line
A group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways.
54
Speed to Market
A strategy of introducing new products to respond quickly to customer or market changes.
55
Product Life Cycle (PLC)
A series of stages in a product's commercial life.
56
Product Extension
The process of marketing an existing, unmodified product globally.
57
Product Adaptation
The process of modifying a product to have greater appeal in foreign markets.
58
Reintroduction
The process of reviving, for new markets, products that are obsolete in older ones.
59
Branding
A process of using symbols to communicate the qualities of a product made by a particular producer.
60
Brand Equity
The added value a brand name provides to a product beyond its basic functional benefits.
61
Product Placement
A promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product with its brand visible to users.
62
Buzz Marketing
Marketing that relies on word-of-mouth to spread "buzz" about a particular product or idea.
63
Viral Marketing
Buzz that relies on social networking on the internet to spread information like a "virus" from person to person.
64
Corporate Blog
Blogs run by major corporations for public relations, branding, and otherwise spreading messages that stimulate chat about products to target markets.
65
National Brands
Products distributed by and carrying a name associated with the manufacturer.
66
Licensed Brands
Selling the limited rights, to another company, to use a brand name on a product.
67
Private Brands
Products promoted by and carrying a name associated with the retailer or wholesaler, not the manufacturer.
68
Generic Brands
No-frills products sold under the general category name rather than a specific company name.
69
Packaging
Physical container in which a product is sold, advertised, or protected.
70
Label
That part of a product's packaging that identifies the product's name and contents and sometimes its benefits.
71
Consumer Packaging and Labelling Act
A federal law that provides comprehensive rules for the packaging and labelling of consumer products.

Business- Chapter 12 (1 decks)

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