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BusAd101 ch.11
Ball State Business
| Question | Answer |
|---|---|
| Marketing | organizational function and 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. |
| Exchange Process | activity in which two or more parties give something of value to each other to satisfy perceived needs. |
| Utility | power of a good or service to satisfy a want or need. |
| Types of Utility | Time, Place, Ownership, and Form |
| Marketing Concept | companywide consumer orientation to promote long-run success. |
| Person Marketing | use of efforts designed to attract the attention, interest, and preference of a target market toward a person. |
| Place Marketing | attempt to attract people to a particular area, such as a city, state, or nation. |
| Event Marketing | marketing or sponsoring short-term events such as athletic competitions and cultural and charitable performances. |
| Cause Marketing | marketing that promotes a cause or social issue, such as preventing child abuse, anti-littering efforts, and stop-smoking campaigns. |
| Organization Marketing | marketing strategy that influences consumers to accept the goals of, receive the services of, or contribute in some way to an organization. |
| Consumer (B2C) Product | good or service that is purchased by end users. |
| Business (B2B) | good or service purchased to be used, either directly or indirectly, in the production of other goods for resale. |
| Target Market | group of people toward whom an organization markets its goods, services, or ideas with a strategy designed t satisfy their specific needs and preferences. |
| Marketing Mix | blending the four elements of marketing (product, distribution, promotion, and pricing) to satisfy chosen customer segments. |
| Product Strategy | includes designing a good or service with needed attributes, package design ideas, brand names, trademarks, warranties, product image, new-product development, and customer service. |
| Distribution Strategy | ensures that the customers receive their purchases in the proper quantities at the right time and place. |
| Promotional Strategy | effectively blends advertising, personal selling, sales promotion, and public relations to achieve goals of informing, persuading, and influencing purchase decisions. |
| Pricing Strategy | decision making in setting profitable and justifiable prices for the firm's product offerings. |
| Standardization | deciding to use the same marketing mix in foreign countries or not. |
| Adaptation | developing an individual marketing mix to fit a certain area. |
| Customization | allows firm's to mass produce goods and services while adding unique features to individual or small groups of orders. |
| Marketing Research | collecting and evaluating information to support marketing decision making. |
| Internal Data | data from within the firm: unpaid bills, inventory levels, sales generated by different categories of customers or product lines, profitability of particular divisions, or comparisons of sales by territories, salespeople, customers, or product lines. |
| External Data | data from outside sources: helps companies make decisions about developing or modifying a product. |
| Secondary Data | previously published data. |
| Primary Data | data collected firsthand through observations and surveys. |
| Focus Group | gathers 8-12 people in a room or over the internet to discuss a particular topic to generate new ideas, address consumer needs, and point out flaws in existing products. |
| Business Intelligence | activities and technologies for gathering, storing, storing, and analyzing data to make better competitive decisions. |
| Data Mining | computer searches of customer data to detect patterns and relationships. |
| Data Warehouse | customer database that allows managers to combine data from several different organizational functions. |
| Market Segmentation | process of dividing a total market into several relatively homogeneous groups. |
| Geographical Segmentation | dividing an overall market into homogeneous groups on the basis of their locations. |
| Demographic Segmentation | dividing markets on the basis of various demographic or socioeconomic characteristics such as gender, age, income, occupation, household size, stage in a family life cycle, education, or ethnic group. |
| Psychographic Segmentation | dividing consumer markets into groups with similar attitudes, values, and lifestyles. |
| AIO Statements | people's verbal descriptions of various attitudes, interests, and opinions. |
| Product-related Segmentation | dividing consumer markets into groups based on benefits sought by buyers, usage rate, and loyalty levels. |
| Benefits Sought | focuses on attributes that people seek in a good service and the benefits they expect to receive from it. |
| Product Usage Rate | defines such categories as heavy users, medium users, and light users. |
| Brand Loyalty | the degree to which consumers recognize, prefer, and insist on a particular brand. |
| North American Industry Classification System (NAICS) | provides a common classification system used by the United States, Canada, and Mexico. It divides industries into broad categories such as agriculture, forestry, and fishing; manufacturing; transportation; and retail and wholesale trade. |
| End-use Segmentation | focuses on the precise way a B2B purchaser will use a product. |
| Consumer Behavior | include individual needs and motives, perceptions, attitudes, learned experiences, and self‐concept. |
| Relationship Marketing | goes beyond an effort toward making the sale. Instead, it develops and maintains long‐term, cost‐effective exchange relationships with partners. |
| Lifetime Value of a Customer | the revenues and intangible benefits (referrals and customer feedback) from the customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer. |
| Frequency Marketing | popular techniques through which firms try to build and protect customer relationships include frequent‐buyer or ‐user programs |
| Affinity Programs | marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities. Affinity programs are common in the credit card industry. |
| Comarketing | two businesses jointly market each other's products. |
| Cobranding | when two or more businesses link their names to a single product. |
| One-on-One Marketing | a way for businesses to connect with customers in a direct and intimate manner. |
| Customer Relationship Management | software technology that helps them gather, sort, and interpret data about customers. |
Created by:
aburris
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