MIE 201 > Test 4 > Flashcards

Test 4 Flashcards

Ch. 11,12,13 (86 cards)

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1
Q

marketing

A

a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas

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2
Q

exchange

A

the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)

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3
Q

value

A

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product

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4
Q

marketing concept

A

the idea that an organization should try to satisfy costumers’ needs through coordinated activities that also allow it to achieve its own goals

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5
Q

market orientation

A

an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long- term relationships with customers

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6
Q

marketing strategy

A

a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

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7
Q

market

A

a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas

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8
Q

target market

A

a specific group of consumers on whose needs and wants a company focuses its marketing efforts

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9
Q

total- market approach

A

an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs and wants

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10
Q

market segmentation

A

a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs

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11
Q

market segment

A

a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires

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12
Q

concentration approach

A

a market segmentation approach whereby a company develops one marketing strategy for a single market segment

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13
Q

multisegment approach

A

a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each

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14
Q

marketing mix

A

the four marketing activities- products, price, promotion, and distribution- that the firm can control to achieve specific goals within a dynamic marketing environment

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15
Q

price

A

a value placed on an object exchanged between a buyer and a seller

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16
Q

distribution

A

making products available to customers in the quantities desired

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17
Q

promotion

A

persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, or ideas

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18
Q

marketing research

A

systematic, objective process of getting info about potential customers to guide marketing decisions

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19
Q

primary data

A

information that is observed, recorded, or collected directly from respondents

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20
Q

secondary data

A

information that is compiled inside or outside an organization for some purpose other than changing the current situation

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21
Q

buying behavior

A

decision processes and actions of people who purchase and use products

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22
Q

perception

A

is the process by which a person selects, organizes, and interprets info received from that person’s senses, as when experiencing an advertisement or touching a product to better understand it

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23
Q

motivation

A

inner drive that directs a person’s behavior toward goals

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24
Q

learning

A

brings about changes in person’s behavior based on information and experience

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25
attitude
knowledge and positive or negative feelings about something
26
social roles
set of expectations for individuals based on some position they occupy
27
reference groups
include families, professional groups, civic organizations, and other groups with whom buyers identify and whose values or attitudes they adopt
28
social classes
a division of society into hierarchical social categories based one economic status
29
culture
integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
30
test marketing
trial minilaunch of a product in limited areas that represent the potential market
31
commercialization
full introduction of a complete marketing strategy and the launch of the product for commercial success
32
consumer products
for household or family use; they are not intended for any purpose other than daily living
33
business products
used directly or indirectly in the operation or manufacturing processes of businesses
34
product line
a group of closely related products that are treated as a unit because of similar marketing strategy
35
product mix
all the products offered by an organization
36
branding
process of naming and identifying products
37
trademark
any word, phrase, symbol, design, or combination of these elements that is registered with the U.S Patent and Trademark Office (legally protected from use by an other firm)
38
manufacturer brands
brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
39
private distributor brands
brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer
40
generic products
products with no brand name at all
41
packaging
external container that holds and describes the product, influences consumers; attitudes and their buying decisions
42
labeling
the presentation of important information on the package, is closely associated with packaging
43
quality
reflects the degree to which a good, service, or idea meets the demands and requirements of customers
44
price skimming
charging the highest possible price that buyers who want the product will pay
45
penetration price
a low price designed to help a product enter the market and gain market share rapidly
46
psychological pricing
encourages purchases based on emotional rather than rational responses to the price
47
reference pricing
a type of psychological pricing in which a lower- priced item is compared to a more expensive brand in hopes that the consumer will use the higher price as a comparison price
48
discounts
temporary price reductions, often employed to boost sales
49
marketing channel
a group of organizations that moves products from their producer to customers; also called a channel of distribution
50
retailers
intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products
51
direct marketing
the use of nonpersonal media to communicate products, information, and the opportunity to purchase via media such as mail, telephone, or the internet
52
direct selling
the marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace
53
wholesalers
intermediaries who buy from producers or from other wholesalers and sell to retailers
54
logistics management
involves planning, implementing, and controlling the flow and storage of products and information from the point of origin to consumption
55
transportation
the shipment of products to buyers
56
warehousing
the design and operation of facilities to receive, store, and ship products
57
materials handling
the physical handling and movement of products in warehousing and transportation
58
intensive distribution
a form of market coverage whereby a product is made available in as many outlets as possible
59
selective distribution
a form of market coverage whereby only a small number of all available outlets are used to expose products
60
exclusive distribution
the awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory
61
integrated marketing communications
coordinating promotion mix elements and synchronizing promotion as a unified effort
62
advertising
a paid from of nonpersonal communication transmitted through a mass medium, such as television commercials, or magazine advertisements
63
advertising campaign
designing a series of advertisements and placing them in various media to reach a particular target market
64
personal selling
direct, two- way communication with buyers and potential buyers
65
publicity
nonpersonal communication transmitted through the mass media but not paid for directly by the firm
66
push strategy
an attempt to motivate intermediaries to push the product down to their customers
67
pull strategy
the use of promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available
68
promotional positioning
the use of promotion to create and maintain an image of a product in buyers' minds
69
e- business
carrying out goals of business through utilization of the internet
70
digital media
electronic media that function using digital codes via computers, cellular phones, smartphones, and other digital devices that have been released in recent years
71
digital marketing
uses all digital media, including the internet and mobile and interactive channels, to develop communication and exchanges with costumers
72
paid media
promotional content a company pays for
73
owned media
content a business publishes on channels controlled by the company
74
earned media
content about a business or product that the company did not pay for
75
user- generated content
content posted online about a company or a product that is created by consumers, including text, videos, images, audio, reviews, and more
76
viral marketing
a digital marketing strategy that uses a networking effect to spread a message and create brand awareness; the purpose of this marketing technique is to encourage the consumer to share the message with friends, family, co-workers, and peers
77
omni- channel retailing
a type of retail that integrates the different methods of shopping available to consumers (e.g., online, in a physical store, or by phone)
78
content marketing
creating and distributing useful content, such as blogs and podcasts, to increase brand awareness, lead generation, and engagement
79
blogs
web-based journals in which writers can editorialize and interact with other Internet users
80
podcasts
audio programs that can be downloaded from the internet with a subscription that automatically delivers new content to listening devices or personal computers
81
email marketing
a digital marketing channel through which organizations send promotional messages to current and potential customers via email
82
search engine marketing (SEM)
a digital marketing strategy increasing an organization’s visibility in search engine results through search engine advertising and search engine optimization
83
search engine optimization (SEO)
a digital marketing strategy to increase an organization’s visibility in search results organically through keyword research, content creation, website optimization, and link building
84
digital marketing analytics
the practice of tracking, monitoring, and analyzing how consumers engage with digital media to uncover actionable insights
85
identity theft
when criminals obtain personal information that allows them to impersonate someone else in order to use their credit to access financial accounts and make purchases
86
online fraud
any attempt to conduct fraudulent activities online
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