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B Survey Unit 3
Third Exam Terms
| Term | Definition |
|---|---|
| Active Listening | Attentive listening that occurs when the listener focuses their complete attention on the speaker |
| Bias | A preconception about members of a particular group. Common forms of bias include gender bias; age bias; and race, ethnicity, or nationality bias |
| Communication Barriers | Obstacles to effective communication, typically defined in terms of physical, language, body language, cultural, perceptual, and organizational barriers |
| Communication Channels | The various ways in which a message can be sent, ranging from one-on-one in-person meetings to internet message boards |
| Communication | The transmission of information between a sender and a recipient |
| Dynamic Delivery | Vibrant, compelling presentation delivery style that grabs and holds the attention of the audience |
| Intercultural Communication | Communication among people with differing cultural backgrounds |
| Noise | Any interference that causes the message you send to be different from the message your audience understands |
| Nonverbal Communication | Communication that does not use words. Common forms of nonverbal communication include gestures, posture, facial expressions, tone of voice, and eye contact |
| Behavioral Segmentation | Dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the products |
| Business Marketers | Marketers who direct their efforts toward people who are buying products to use either directly or indirectly to produce other products |
| Cognitive Dissonance | Consumer discomfort with a purchase decision, typically for a higher-priced item. |
| Consumer Behavior | Description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior also explores the reasons behind people’s actions. |
| Consumer Marketers | Marketers who direct their efforts toward people who are buying products for personal consumption |
| Customer Loyalty | When customers buy a product from the same supplier again and again—sometimes paying even more for it than they would for a competitive product |
| Customer Relationship Management | The ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value |
| Customer Satisfaction | When customers perceive that a good or service delivers value above and beyond their expectations |
| Demographic Segmentation | Dividing the market into smaller groups based on measurable characteristics about people, such as age, income, ethnicity, and gender |
| Environmental Scanning | The process of continually collecting information from the external marketing environment |
| Geographic Segmentation | Dividing the market into smaller groups based on where consumers live. This process can incorporate countries, cities, or population density as key factors |
| Green Marketing | Developing and promoting environmentally sound products and practices to gain a competitive edge |
| Market Segmentation | Dividing potential customers into groups of similar people, or segments |
| Market Share | The percentage of a market controlled by a given marketer |
| Market Concept | A business philosophy that makes customer satisfaction—now and in the future—the central focus of the entire organization |
| Marketing Mix | The blend of marketing strategies for product, price, distribution, and promotion |
| Marketing Plan | A formal document that defines marketing objectives and the specific strategies for achieving those objectives |
| Marketing Research | The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions. |
| Marketing | 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 |
| Mass Customization | The creation of products tailored for individual consumers on a mass basis |
| Observation Research | Marketing research that does not require the researcher to interact with the research subject |
| Primary Data | New data that marketers compile for a specific research project |
| Psychographic Segmentation | Dividing the market into smaller groups based on consumer attitudes, interests, values, and lifestyles |
| Secondary Data | Existing data that marketers gather or purchase for a research project |
| Survey Research | Marketing research that requires the researcher to interact with the research subject |
| Target Market | The group of people who are most likely to buy a particular product |
| Utility | The ability of goods and services to satisfy consumer “wants.” |
| Value | A customer perception that a product has a better relationship than its competitors between the cost and the benefits |
| Advertising | Paid, nonpersonal communication, designed to influence a target audience with regard to a product, service, organization, or idea |
| Brand Equity | The overall value of a brand to an organization. |
| Bran Extension | A new product, in a new category, introduced under an existing brand name |
| Brand | A product’s identity—including product name, symbol, design, reputation, and image—that sets it apart from other players in the same category |
| Business Products | Products purchased to use either directly or indirectly in the production of other products |
| Buzz Marketing | The active stimulation of word of mouth via unconventional, and often relatively low-cost, tactics |
| Cannibalization | When a producer offers a new product that takes sales away from its existing products |
| Cobranding | When established brands from different companies join forces to market the same product |
| Consumer Products | Products purchased for personal use or consumption |
| Consumer Promotion | Marketing activities designed to generate immediate consumer sales, using tools such as premiums, promotional products, samples, coupons, rebates, and displays |
| Consumer Benefit | The advantage that a customer gains from specific product features |
| Integrated Marketing Communication | The coordination of marketing messages through every promotional vehicle to communicate a unified impression about a product |
| Line Extensions | Similar products offered under the same brand name |
| National Brands | Brands that the producer owns and markets |
| Personal Selling | The person-to-person presentation of products to potential buyers |
| Product Consistency | How reliably a product delivers its promised level of quality |
| Product Differentiation | The attributes that make a good or service different from other products that compete to meet the same or similar customer needs |
| Product Features | The specific characteristics of a product |
| Product Life Cycle | A pattern of sales and profits that typically changes over time |
| Product Line | A group of products that are closely related to each other, either in terms of how they work or the customers they serve |
| Product Mix | The total number of product lines and individual items sold by a single firm |
| Product Placement | The paid integration of branded products into movies, television, and other media |
| Product | Anything that an organization offers to satisfy consumer needs and wants, including both goods and services |
| Promotion | Marketing communication designed to influence consumer purchase decisions through information, persuasion, and reminders |
| Promotional Channels | Specific marketing communication vehicles, including traditional tools, such as advertising, sales promotion, direct marketing, and personal selling, and newer tools such as product placement, advergaming, and internet minimovies |
| Publicity | Unpaid stories in the media that influence perceptions about a company or its products |
| Pure Goods | Products that do not include any services |
| Pure Services | Products that do not include any goods |
| Quality Level | How well a product performs its core functions |
| Sales Promotion | Marketing activities designed to stimulate immediate sales activity through specific short-term programs aimed at either consumers or distributors |
| Sponsorship | A deep association between a marketer and a partner (usually a cultural or sporting event), which involves promotion of the sponsor in exchange for either payment or the provision of goods |
| Store Brands | Brands that the retailer both produces and distributes (also called private-label brands) |
| Trade Promotion | Marketing activities designed to stimulate wholesalers and retailers to push specific products more aggressively over the short term |
| Breakeven Analysis | The process of determining the number of units a firm must sell to cover all costs |
| Channel Intermediaries | Distribution organizations that facilitate the movement of products from the producer to the consumer |
| Channel of Distribution | The network of organizations and processes that links producers to consumers. |
| Direct Channel | A distribution process that links the producer and the customer with no intermediaries |
| Distribution Strategy | A plan for delivering the right product to the right person at the right place at the right time |
| Everyday Low Pricing | Long-term discount pricing, designed to achieve profitability through high sales volume |
| High/Low Pricing | A pricing strategy designed to drive traffic to retail stores by special sales on a limited number of products, and higher everyday prices on others |
| Independent Wholesaling Business | Independent distributors that buy products from a range of different businesses and sell those products to a range of different customers |
| Logistics | A subset of supply chain management that focuses largely on the tactics involved in moving products along the supply chain |
| Loss-Leader Pricing | Closely related to high/low pricing, loss-leader pricing means pricing a handful of items—or loss leaders—temporarily below cost to drive traffic |
| Merchant Wholesalers | Independent distributors who take legal possession, or title, of the goods they distribute |
| Modes of Transportation | The various transportation options—such as planes, trains, and railroads—for moving products through the supply chain |
| Multichannel Retailing | Providing multiple distribution channels for consumers to buy a product |
| Multilevel Marketing | Involves hiring independent contractors to sell products to their personal network of friends and colleagues and to recruit new salespeople in return for a percentage of their commissions |
| Odd Pricing | The practice of ending prices in numbers below even dollars and cents in order to create a perception of greater value |
| Penetration Pricing | A new product pricing strategy that aims to capture as much of the market as possible through rock-bottom prices |
| Physical Distribution | The actual, physical movement of products along the distribution pathway |
| Profit Margin | The gap between the cost and the price of an item on a per-product basis |
| Retailers | Distributors that sell products directly to the ultimate users, typically in small quantities, that are stored and merchandized on the premises |
| Skimming Pricing | A new product pricing strategy that aims to maximize profitability by offering new products at a premium price |
| Supply Chain Management | Planning and coordinating the movement of products along the supply chain, from the raw materials to the final consumers |
| Supply Chain | All organizations, processes, and activities involved in the flow of goods from the raw materials to the final consumer |
| Wholesalers | Distributors that buy products from producers and sell them to other businesses or nonfinal users such as hospitals, nonprofits, and the government |
Created by:
Faith64
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