Test 2 (Chapters 8-15) Flashcards
(117 cards)
1
Q
In a decision, the restrictions placed on potential solutions to a problem
A
Constraints
2
Q
The facts and figures related to the problem that are divided into two main parts: secondary data and primary data
A
Data
3
Q
The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions
A
Data mining
4
Q
Involves operating computer networks that can store and process data
A
Information technology
5
Q
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
A
Marketing research
6
Q
Criteria or standards used in evaluation proposed solutions in to the problem
A
Measures of success
7
Q
Facts and figures obtained by watching, either mechanically or in person, how people actually behave
A
Observational Data
8
Q
Fact and figures that are newly collected for the project
A
Primary data
9
Q
Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
A
Questionnaire data
10
Q
The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
A
Sales forecast
11
Q
Facts and figures that have already been recorded before the project at hand
A
Secondary data
12
Q
A concept that suggests 80% of a firm’s sales are obtained from 20% of its customers
A
80/20 rule
13
Q
A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization
A
Market-product grid
14
Q
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action
A
Market segmentation
15
Q
The relatively homogenous groups of perspective buyers that result from the market segmentation process
A
Market segments
16
Q
A means for displaying or graphing in two dimensions the location of products or bands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as the firm’s own product or brand
A
Perceptual map
17
Q
A marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products
A
Product differentiation
18
Q
The place a product occupies in consumers’ minds on important attributes relative to competitive products
A
Product Positioning
19
Q
Changing the place a product occupies in a consumer’s mind relative to competitive products
A
Product repositioning
20
Q
The quantity consumed or patronage (store visits) during a specific period. (Also called frequency marketing)
A
Usage rates
21
Q
The stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections
A
Business analysis
22
Q
Products organizations buy that assist in providing other products for resale
A
Business products
23
Q
The stage of new-product process that positions and launches a new product in full-scale production and sales
A
Commercialization
24
Q
Products purchased by the ultimate consumer
A
Consumer products
25
Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
Convenience products
26
The stage of the new-product process that turns the idea on paper into a prototype
Development
27
The stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage's results
Idea generation
28
The stage if the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy
Market testing
29
The seven stages an organization goes through to identify business opportunities and convert then into salable products or services
New-product process
30
The stage of the new-product process that defines the role for a new product in terms of the firm's overall objectives
New-product strategy development
31
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
Product
32
A specific product that has a unique brand, size, or price
Product item
33
A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
Product line
34
Consists of all of the product lines offered by an organization
Product mix
35
A statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy customers
Protocol
36
The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort
Screening and evaluation
37
Intangible activities or benefits that an organization provides to satisfy customers' needs in exchange for money or something else of value
Services
38
Items for which the consumer compares serval alternatives on criteria, such as price, quality, or style
Shopping products
39
Items that a consumer makes a special effort to search out and buy
Specialty products
40
Items that the consumer does not know about or knows about but does not initially want
Unsought products
41
The added value a brand name gives to a product beyond the functional benefits provided
Brand equity
42
A contractual agreement whereby one company allows its brand name(s) or trademark(s) to be used with products or services offered by another company for a royalty or fee
Brand licensing
43
Any word, device, or combination of these used to distinguish a seller's goods or services
Brand name
44
A set of human characteristics associated with a brand name
Brand personality
45
A marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors
Branding
46
An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients
Label
47
Strategies by which a company tries to find new customers, increase a product's use among existing customers, or create new use situation
Market modification
48
A branding strategy where a firm markets products under its own name(s) and that of a reseller because of segment attracted to the reseller is different from its own market
Mixed branding
49
A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment
Multibranding
50
A branding strategy in which a company uses one name for all its products in a product class
Multiproduct branding
51
A component of a product that refers to any container in which it is offered for sale and on which label information is conveyed
Packaging
52
A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer
Private branding
53
Refers to the entire product category or industry
Product class
54
Pertains to variations of product within the product class
Product form
55
Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
Product life cycle
56
Strategies that alter a product's characteristics, such as its quality, performance, appearance, to increase a product's value to customers and increase sales
Product modificiation
57
A commercial, legal name under which a company does business
Trade name
58
Identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it
Trademark
59
Reducing the number of features, quality, or price of the product
Trading down
60
Adding value tot he product (or line) through additional features or higher-quality materials
Trading up
61
A statement indicating the liability of the manufacturer for product deficiencies
Warranty
62
Integrating the service component of the marketing mix with efforts to influence consumer demand
Capacity Management
63
A flowchart of the points of interaction between customers and service provider
Customer contact audit
64
The process of managing the entire customer experience within the firm
Customer experience management (CEM)
65
The four unique elements to services: intangibility, inconsistency, inseparability, and inventory
Four I's of Service
66
A type of analysis that compares the differences between the consumer's expectations about and experiences with a service based on dimensions of service quality
Gap analysis
67
Occurs when the service provider is available but there is no demand
Idle production capacity
68
The notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers
Internal marketing
69
Charging different prices during different times of the day or days of the week to reflect variations in demand for the service
Off-peak pricing
70
The range of offerings companies bring to the market, from the tangible to the intangible or product-domain to service-dominant
Service continuum
71
Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
Services
72
An expanded marketing mix for services that includes the four P's (product, price, promotion, and place) as well as people, physical environment, and process
Seven P's of services marketing
73
Setting a market price for a product or product class based on a subjective feel for the competitor' price or market price as the benchmark
Above-, at-, or below-marketing pricing
74
Selecting one or more geographical locations form which the list price for products plus freight expenses are charged to they buyer
Basing-point pricing
75
The marketing of two or more products in a single package price
Bundle pricing
76
Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price
Cost-plus pricing
77
Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors
Customary pricing
78
The practice of replacing promotional allowances with lower manufacturer list prices
Everyday low pricing (EDLP)
79
A method of pricing based on the learning effect, which holds that the unit cost of many products and services declines by 10% to 30% each time a firm's experience at producing and selling them doubles
Experience curve pricing
80
Setting different prices for products and services depending on individual buyers and purchase situations
Flexible-price policy
81
The "free on board" (FOB) price the seller quotes that includes only the cost of loading the product onto the vehicle and specifies the name of the location where the loading is to occur
FOB origin pricing
82
Deliberately selling a product below its customary price, not to increase sales, but to attract customers' attention in hopes that they will buy others products as well
Loss-leader pricing
83
Selling prices a few dollars or cents under a even number
Odd-even pricing
84
Setting one price for all buyers of a product or service
One-price policy
85
Setting a low initial price on a new product to appeal immediately to the mass market
Penetrating pricing
86
The practice of charing a very low price for a product with the intent of driving competitors out of business
Predatory pricing
87
Setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it
Prestige pricing
88
The practice of charging different prices to different buyers for goods of like grade and quality
Price discrimination
89
A conspiracy among firms to set prices for a product
Price fixing
90
Setting the price of a line of products at a number of different specific pricing point
Price lining
91
Successive price cutting by competitors to increase or maintain their unit sales or market share
Price war
92
The setting of prices for all items in a product line to cover the total cost and product a profit for the complete line, not necessarily for each item
Product-line pricing
93
Cash payments or an extra amount of "free goods" awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote a product
Promotional allowances
94
Reductions in unit costs for a larger order
Quantity discounts
95
Setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product
Skimming pricing
96
Adding a fixed percentage to the cost of all items in a specific product class
Standard markup pricing
97
Consists of (1) estimating the price that ultimate consumers would be willing to pay for a product, (2) working backward through markups taken by retailers and wholesalers to determine what price to charge wholesalers, and then (3) deliberately adjusting the composition and features of the product to achieve the target price to consumers
Target pricing
98
Setting an annul target of a specific dollar volume of profit
Target profit pricing
99
Setting a price to achieve an annual target return-on-investment (ROI)
Target return-on-investment pricing
100
Setting a price to achieve a profit that is a specified percentage of the sales volume
Target return-on-sales pricing
101
The price the seller quotes that includes all transportation costs
Uniform delivered pricing
102
The charging of different prices to maximize revenue for a set amount of capacity at any given time
Yield management pricing
103
Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals
Channel conflict
104
The ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience
Customer service
105
Channel conflict that arises when a channel member passes another member and sells or buys products direct
Disintermediation
106
An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product
Dual distribution
107
A level of distribution density whereby only on retailer in a specific geographical area carries the firm's products
Exclusive distribution
108
A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible
Intensive distribution
109
Those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
Logistics
110
Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users
Marketing channel
111
The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online
Multichannel marketing
112
A process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal
Reverse logistics
113
A level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products
Selective distribution
114
A sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users
Supply chain
115
Expenses associated with transportation materials handling and warehousing, inventory, stockouts (being sold out of inventory), order processing, and return goods handling
Total logistics cost
116
An inventory-management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items
Vendor-managed inventory (VMI)
117
Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact
Vertical marketing systems
