Exam 2 Flashcards
(127 cards)
1
Q
business and organizational
customers
A
Any buyers who buy for resale or to produce other goods and services
2
Q
Purchasing managers
A
Buying specialists for their employers
3
Q
Multiple buying influence
A
Several people share in making a purchase decision—perhaps even top management
4
Q
Buying center
A
All the people who participate in or influence a purchase
5
Q
Requisition
A
A request to buy something.
6
Q
Purchasing specifications
A
A written (or electronic) description of what the firm wants to buy
7
Q
New-task buying
A
When an organization has a new need and the buyer wants a great deal of information
8
Q
Straight rebuy
A
A routine repurchase that may have been made many times before
9
Q
Modified rebuy
A
The in-between process where some review of the buying situation is done—though not as much as in new-task buying or as little as in straight rebuys
10
Q
White paper
A
An authoritative report or guide that addresses important issues in an industry and offers solutions
11
Q
Competitive bids
A
Terms of sale offered by different suppliers in response to the buyer’s purchase specifications
12
Q
Vendor analysis
A
Formal rating of suppliers on all relevant areas of performance
13
Q
Just-in-time delivery (JIT)
A
Reliably getting products there just before the customer needs them
14
Q
Negotiated contract buying
A
Agreeing to a contract that allows for changes in the purchase arrangements
15
Q
Outsource
A
When the buying organization chooses to contract with an outside firm to produce goods or services rather than producing them internally.
16
Q
North American Industry Classification System (NAICS) codes
A
Codes used to identify groups of firms in similar lines of business
17
Q
Foreign Corrupt Practices Act
A
A law passed by the U.S. Congress in 1977 that prohibits U.S. firms from paying bribes to foreign officials
18
Q
MARKETING RESEARCH
A
–procedures that develop and analyze new information
about a market.
19
Q
MARKETING INFORMATION SYSTEM (MIS)
A
an organized way of continually
gathering, accessing, and analyzing information that marketing managers need to
make ongoing decisions.
20
Q
BIG DATA
A
data sets too large and complex to work with typical database
management tools
21
Q
DATA WAREHOUSE
A
-a place where databases are stored so that they are available
when needed
22
Q
DECISION SUPPORT SYSTEM (DSS)
A
a computer program that makes it easy for a
marketing manager to obtain and use information
23
Q
MARKETING DASHBOARD
A
–displays up-to-the-minute marketing information in an
easy-to-read format—much like a car’s dashboard shows the speedometer and fuel
gauge.
24
Q
MARKETING MODEL
A
a statement of relationships among marketing variables.
25
PERSONAL DATA
--information that can be used by itself or in combination with
other information to identify someone.
26
INFORMATIONAL PRIVACY
--anything that limits others’ access to personal data that
people consider sensitive or confidential.
27
GENERAL DATA PROTECTION REGULATION (GDPR)
)--a set of laws on data protection
and privacy for individuals within the European Union.
28
SCEINTIFIC METHO
--a decision-making approach that focuses on being objective and
orderly in testing ideas before accepting them.
29
MARKETING RESEARCH PROCESS
1. Defining the problem
2. Analyzing the situation
3. Getting problem-specific data
4. Interpreting the data
5. Solving the problem
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SITUATION ANALYSIS
--an informal study of what information is already available in
the problem area.
31
SECONDARY DATA
--information that has been collected or published already
32
PRIMARY DATA
--information specifically collected to solve a current problem.
33
SENTIMENT ANALYSIS
--an automated process of analyzing and categorizing social
media to determine the amount of positive, negative, and neutral online comments
a brand receives
34
RESEARCH PROPOSAL
a plan that specifies what information will be obtained and
how—to be sure no misunderstandings occur later
35
CUSTOMER JOURNEY MAP
--the story and graphic diagram of a customer’s
experience in the buying process from need awareness through the purchase
process and post-purchase relationship
36
FOCUS GROUP INTERVIEW
an interview of 6 to 10 people in an informal group setting.
37
EXPERIMENTAL METHOD
a research approach in which researchers compare the
responses of two or more groups that are similar except on the characteristic being
tested
38
STATISTICAL PACKAGE
easy-to-use computer programs that analyze data.
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VALIDITY
-the extent to which data measure what they are intended to measure.
40
PRODUCT
-the need-satisfying offering of a firm
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QUALITY
-a product’s ability to satisfy a customer’s needs or requirements
42
INDIVIDUAL PRODUCT
--a particular product within a product line.
43
PRODUCT LINE
--a set of individual products that are closely related
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PRODUCT ASSORTMENT
the set of all product lines and individual products that a
firm sells.
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PRODUCT LINE LENGTH
—the number of individual products in a product line
46
AUGMENTED REALITY (AR)
an overlay of computer-generated image, sound, text,
or video on a user’s view of the physical world.
47
SERVICE MARK
the same as a trademark except that it refers to a service offering
48
BRAND REJECTION
--potential customers won’t buy a brand unless its image is
changed—or if the customers have no other choice
49
BRAND PREFERENCE
target customers usually choose the brand over other brands,
perhaps because of habit or favorable past experience
50
BRAND INSISTENCE
customers insist on a firm’s branded product and are willing to
search for it.
51
BRAND EQUITY
—the value of a brand’s overall strength in the market.
52
LANHAM ACT
-1946 law that spells out what kinds of marks (including brand names)
can be protected and the exact method of protecting them
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FAMILY BRAND
-the same brand name for several products—or individual brands for
each product.
54
LICENSED BRAND
--a well-known brand that sellers pay a fee to use
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INDIVIDUAL BRANDS
--separate brand names for each product—when it’s important
for the products to each have a separate identity, as when products vary in quality
or type.
56
MANUFACTURER BRANDS
--brands created by producers.
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DEALER BRANDS or PRIVATE BRANDS
brands created by intermediaries
58
CONSUMER PRODUCTS
--products meant for the final consumers.
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BUSINESS PRODUCTS
products meant for use in producing other products.
60
CONVENIENCE PRODUCT
products a consumer needs but isn’t willing to spend
much time or effort shopping form
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STAPLES
--products that are bought often, routinely, and without much thought
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IMPULSE PRODUCTS
--products that are bought quickly—as unplanned purchases—
because of a strongly felt need
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EMERGENCY PRODUCTS
products that are purchased immediately when the need is
great.
64
SHOPPING PRODUCTS
products that a customer feels are worth the time and effort
to compare with competing products.
65
HOMOGENEOUS SHOPPING PRODUCT
--items the customer sees as basically the
same and wants at the lowest price.
66
HETEROGENEOUS SHOPPING PRODUCTS
items the customer sees as different and
wants to inspect for quality and suitability.
67
SPECIALTY PRODUCT
consumer products that the customer really wants and
makes a special effort to find
68
UNSOUGHT PRODUCTS
products that potential customers don’t yet want or know
they can buy
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NEW UNSOUGHT PRODUCTS
products offering really new ideas that potential
customers don’t know about yet.
70
REGULARLY UNSOUGHT PRODUCT
products that stay unsought but not unbought
forever
71
DERIVED DEMAND
--the demand for business products derives from the demand for
final consumer products.
72
EXPENSE ITEM
--a product whose total cost is treated as a business expense in the
year it’s purchased.
73
CAPITAL ITEM
-a long-lasting product that can be used and depreciated for many
years.
74
INSTALLATIONS
--important capital items such as buildings, land rights, and major
equipment.
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ACCESSORIES
short-lived capital items—tools and equipment used in production or
office activities.
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RAW MATERIALS
-unprocessed expense items
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FARM PRODUCTS
--products grown by farmers, such as oranges, sugar cane, and
cattle.
78
NATURAL PRODUCTS
products that occur in nature—such as timber, iron ore, oil,
and coal.
79
COMPONENTS
-processed expense items that become part of a finished product.
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SUPPLIES
--expense items that do not become part of a finished product.
81
PRODUCT LIFE CYCLE
the stages a new-product idea goes through from beginning
to end.
82
MARKET INTRODUCTION
--a stage of the product life cycle when sales are low as a
new idea is first introduced to a market.
83
MARKET GROWTH
--a stage of the product life cycle when industry sales grow fast—
but industry profits rise and then start falling.
84
MARKET MATURITY
-a stage of the product life cycle when industry sales level off
and competition gets tougher.
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SALES DECLINE
a stage of the product life cycle when new products replace the old.
86
CONTINUOUS INNOVATION
--new products that don’t require customers to learn
new behaviors.
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DYNAMICALLY CONTINUOUS INNOVATION
--new products that require minor
changes in customer behavior.
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DISCONTINUOUS INNOVATION
new products that require that customers
adopting the innovation significantly change their behavior.
89
Federal Trade Commission (FTC)
-Federal government agency that polices
antimonopoly laws.
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CONSUMER PRODUCT SAFETY ACT
a 1972 law that set up the Consumer Product
Safety Commission to encourage more awareness of safety in product design and
better quality control
91
PRODUCT LIABILITY
--the legal obligation of sellers to pay damages to individuals who
are injured by defective or unsafe products
92
CONCEPT TESTING
getting reactions from customers about how well a new-product
idea fits their needs
93
PRODUCT MANAGERS or BRAND MANAGER
--manage specific products, often
taking over the jobs formerly handled by an advertising manager.
94
TOTAL QUALITY MANAGEMENT (TQM)
--the philosophy that everyone in the
organization is concerned about quality, throughout all of the firm’s activities, to
better serve customer needs.
95
CONTINUOUS IMPROVEMENT
a commitment to constantly make things better one
step at a time.
96
EMPOWERMENT
--giving employees the authority to correct a problem without first
checking with management.
97
PLACE
-making goods and services available in the right quantities and locations—
when customers wat them.
98
CHANNEL OF DISTRIBUTION
any series of firms or individuals who participate in the
flow of products from producer to final user or consumer.
99
DIRECT MARKETING
--direct communication between a seller and an individual
customer using a promotion method other than face to face personal selling.
100
DISCREPANCY OF QUANTITY
the difference between the quantity of products it is
economical for a producer to make and the quantity final users or consumers
normally want.
101
DISCREPANCY OF ASSORTMENT
the difference between the lines a typical producer
makes and the assortment final consumers or users want.
102
REGROUPING ACTIVITIES
adjusting the quantities or assortments of products
handled at each level in a channel of distribution.
103
ACCUMULATING-
-collecting products from many small producers.
104
BULK-BREAKING
--dividing larger quantities into smaller quantities as products get
closer to the final market.
105
SORTING
-separating products into grades and qualities desired by different target
markets.
106
ASSORTING
--putting together a variety of products to give a target market what it
wants.
107
TRADITIONAL CHANNEL SYSTEMS
a channel in which the various channel members
make little or no effort to cooperate with one another.
108
VERTICAL CHANNEL CONFLICT
occurs between firms at different levels in the
channel of distribution.
109
HORIZONTAL CHANNEL CONFLICT
occurs at firms at the same level in a distribution
channel.
110
CHANNEL CAPTAIN
—a manager who helps direct the activities of a whole channel
and tries to avoid, or solve, channel conflicts.
111
VERTICAL MARKETING SYSTEMS
channel systems in which the whole channel
focuses on the same target market at the end of the channel.
112
CORPORATE CHANNEL SYSTEMS
corporate ownership all along the channel.
113
VERTICAL INTEGRATION
acquiring firms at different levels of channel activity.
114
ADMINSTERED CHANNEL SYSTEM
various channel members informally agree to
cooperate with one another.
115
CONTRACTUAL CHANNEL SYSTEM
various channel members agree by contract to
cooperate with one another.
116
IDEAL MARKET EXPOSURE
when a product is available widely enough to satisfy
target customers’ needs but not exceed them.
117
INTENSIVE DISTRIBUTION
selling a product through all responsible and suitable
wholesalers or retailers who will stock or sell the product.
118
SELECTIVE DISTRIBUTION
selling through only those intermediaries who will give
the product special attention.
119
EXCLUSIVE DISTRIBUTION
selling through only one intermediary in a particular
120
MULTICHANNEL DISTRIBUTION
when a producer uses several competing channels
to reach the same target market—perhaps using several intermediaries in addition
to selling directly.
121
OMNICHANNEL
—a multichannel selling approach in which a retailer provides a
seamless customer shopping experience from computer, mobile device, or brick-
and-mortar store.
122
MULTICHANNEL SHOPPER
--shoppers that use different channels as they move
through a purchase process.
123
EXPORTING
--selling some of what the firm produces to foreign markets.
124
LICENSING
--selling the right to use some process, trademark, patent, or other right
for a fee or royalty.
125
MANAGEMENT CONTRACTING
--the seller provides only management skills—others
own the production and distribution facilities.
126
JOINT VENTURE
--in international marketing, a domestic firm entering into a
partnership with a foreign firm.
127
DIRECT INVESTMENT
--a parent firm has a division (or owns a separate subsidiary
firm) in a foreign market.
