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Mktg 6 vocab 7-11
test 2 review
| Question | Answer |
|---|---|
| Keiretsu | a network of interlocking corporate affiliates |
| accessory equipment | goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment |
| business marketing | the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
| business services | expense items that do not become part of a final product |
| business-to-business electronic commerce | the use of the Internet to facilitate the exchange of goods, services, and information between organizations |
| business-to-business online exchange | an electronic trading floor that provides companies with integrated links to their customers and suppliers |
| buying center | all those people in an organization who become involved in the purchase decision |
| component parts | either finished items ready for assembly or products that need very little processing before becoming part of some other product |
| derived demand | the demand for business products |
| disintermediation | the elimination of intermediaries such as wholesalers or distributers from a marketing channel |
| joint demand | the demand for two or more items used together in a final product |
| major equipment (installations) | capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings |
| modified rebuy | a situation in which the purchaser wants some change in the original good or service |
| multiplier effect (accelerator principle) | phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product |
| new buy | a situation requiring the purchase of a product for the first time |
| North American Industry Classification System (NAICS) | a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes |
| original equipment manufacturers (OEMs) | individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers |
| processed materials | products used directly in manufacturing other products |
| raw materials | unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish |
| reciprocity | a practice where business purchasers choose to buy from their own customers |
| reintermediation | the reintroduction of an intermediary between producers and users |
| relationship commitment | a firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely |
| stickiness | a measure of a Web site’s effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit (site reach) |
| straight rebuy | a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers |
| strategic alliance (strategic partnership) | a cooperative agreement between business firms |
| supplies | consumable items that do not become part of the final product |
| trust | the condition that exists when one party has confidence in an exchange partner’s reliability and integrity |
| 80/20 principle | a principle holding that 20 percent of all customers generate 80 percent of the demand |
| benefit segmentation | the process of grouping customers into market segments according to the benefits they seek from the product |
| cannibalization | a situation that occurs when sales of a new product cut into sales of a firm’s existing products |
| concentrated targeting strategy | a strategy used to select one segment of a market for targeting marketing efforts |
| demographic segmentation | segmenting markets by age, gender, income, ethnic background, and family life cycle |
| family life cycle (FLC) | a series of stages determined by a combination of age, marital status, and the presence or absence of children |
| geodemographic segmentation | segmenting potential customers into neighborhood lifestyle categories |
| geographic segmentation | segmenting markets by region of a country or the world, market size, market density, or climate |
| market | people or organizations with needs or wants and the ability and willingness to buy |
| market segment | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| market segmentation | the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
| multisegment targeting strategy | a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each |
| niche | one segment of a market |
| one-to-one marketing | an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
| optimizers | business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one |
| perceptual mapping | a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds |
| position | the place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings |
| positioning | developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general |
| product differentiation | a positioning strategy that some firms use to distinguish their products from those of competitors |
| psychographic segmentation | market segmentation on the basis of personality, motives, lifestyles, and geodemographics |
| repositioning | changing consumers’ perceptions of a brand in relation to competing brands |
| satisficers | business customers who place an order with the first familiar supplier to satisfy product and delivery requirements |
| segmentation bases (variables) | characteristics of individuals, groups, or organizations |
| target market | a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges |
| undifferentiated targeting strategy | a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
| usage-rate segmentation | dividing a market by the amount of product bought or consumed |
| behavioral targeting (BT) | a form of observation marketing research that uses data mining coupled with identifying Web surfers by their IP addresses |
| BehaviorScan | a scanner-based research program that tracks the purchases of 3,000 households through store scanners in each research market |
| central-location telephone (CLT) facility | a specially designed phone room used to conduct telephone interviewing |
| closed-ended question | an interview question that asks the respondent to make a selection from a limited list of responses |
| competitive intelligence (CI) | an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors |
| computer-assisted personal interviewing | an interviewing method in which the interviewer reads questions from a computer screen and enters the respondent’s data directly into the computer |
| computer-assisted self-interviewing | an interviewing method in which a mall interviewer intercepts and directs willing respondents to nearby computers where each respondent reads questions off a computer screen and directly keys his or her answers into a computer |
| consumer-generated media (CGM) | media that consumers generate and share among themselves |
| convenience sample | a form of nonprobability sample using respondents who are convenient or readily accessible to the researcher—for example, employees, friends, or relatives |
| cross-tabulation | a method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions |
| database marketing | the creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns |
| decision support system (DSS) | an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions |
| ethnographic research | the study of human behavior in its natural context; involves observation of behavior and physical setting |
| executive interview | a type of survey that involves interviewing businesspeople at their offices concerning industrial products or services |
| experiment | a method a researcher uses to gather primary data |
| field service firm | a firm that specializes in interviewing respondents on a subcontracted basis |
| focus group | seven to ten people who participate in a group discussion led by a moderator |
| frame error | an error that occurs when a sample drawn from a population differs from the target population |
| InfoScan | a scanner-based sales-tracking service for the consumer packaged-goods industry |
| mall intercept interview | a survey research method that involves interviewing people in the common areas of shopping malls |
| management decision problem | a broad-based problem that uses marketing research in order for managers to take proper actions |
| Marketing information | Everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans |
| marketing research | the process of planning, collecting, and analyzing data relevant to a marketing decision |
| marketing research aggregator | a company that acquires, catalogs, reformats, segments, and resells reports already published by marketing research firms |
| marketing research objective | the specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information |
| marketing research problem | determining what information is needed and how that information can be obtained efficiently and effectively |
| measurement error | an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process |
| mystery shoppers | researchers posing as customers who gather observational data about a store |
| neuromarketing | a field of marketing that studies the body’s responses to marketing stimuli |
| nonprobability sample | any sample in which little or no attempt is made to get a representative cross section of the population |
| observation research | a research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity |
| open-ended question | an interview question that encourages an answer phrased in the respondent’s own words |
| primary data | information that is collected for the first time; used for solving the particular problem under investigation |
| probability sample | a sample in which every element in the population has a known statistical likelihood of being selected |
| random error | an error that occurs when the selected sample is an imperfect representation of the overall population |
| random sample | a sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample |
| research design | specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed |
| sample | a subset from a larger population |
| sampling error | an error that occurs when a sample somehow does not represent the target population |
| scaled-response question | a closed-ended question designed to measure the intensity of a respondent’s answer |
| scanner-based research | a system for gathering information from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy |
| secondary data | data previously collected for any purpose other than the one at hand |
| survey research | the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes |
| universe | the population from which a sample will be drawn |
| brand | a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products |
| brand equity | the value of company and brand names |
| brand loyalty | a consistent preference for one brand over all others |
| brand mark | the elements of a brand that cannot be spoken |
| brand name | that part of a brand that can be spoken, including letters, words, and numbers |
| business product (industrial product) | a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers |
| captive brand | a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation |
| co-branding | placing two or more brand names on a product or its package |
| consumer product | a product bought to satisfy an individual’s personal wants |
| convenience product | a relatively inexpensive item that merits little shopping effort |
| express warranty | a written guarantee |
| family branding | marketing several different products under the same brand name |
| generic product name | identifies a product by class or type and cannot be trademarked |
| global brand | a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data |
| implied warranty | an unwritten guarantee that the good or service is fit for the purpose for which it was sold |
| individual branding | using different brand names for different products |
| informational labeling | a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase |
| manufacturer’s brand | the brand name of a manufacturer |
| persuasive labeling | a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary |
| planned obsolescence | the practice of modifying products so those that have already been sold become obsolete before they actually need replacement |
| private brand | a brand name owned by a wholesaler or a retailer |
| product | everything, both favorable and unfavorable, that a person receives in an exchange |
| product item | a specific version of a product that can be designated as a distinct offering among an organization’s products |
| product line | a group of closely related product items |
| product line depth | the number of product items in a product line |
| product line extension | adding additional products to an existing product line in order to compete more broadly in the industry |
| product mix | all products that an organization sells |
| product mix width | the number of product lines an organization offers |
| product modification | changing one or more of a product’s characteristics |
| service mark | a trademark for a service |
| shopping product | a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores |
| specialty product | a particular item that consumers search extensively for and are very reluctant to accept substitutes |
| trademark | the exclusive right to use a brand or part of a brand |
| universal product codes (UPCs) | a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products |
| unsought product | a product unknown to the potential buyer or a known product that the buyer does not actively seek |
| warranty | a confirmation of the quality or performance of a good or service |
| brainstorming | the process of getting a group to think of unlimited ways to vary a product or solve a problem |
| business analysis | the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated |
| commercialization | the decision to market a product |
| concept test | a test to evaluate a new-product idea, usually before any prototype has been created |
| decline stage | a long-run drop in sales |
| development | the stage in the product development process in which a prototype is developed and a marketing strategy is outlined |
| diffusion | the process by which the adoption of an innovation spreads |
| growth stage | the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy |
| innovation | a product perceived as new by a potential adopter |
| introductory stage | the full-scale launch of a new product into the marketplace |
| maturity stage | a period during which sales increase at a decreasing rate |
| new product | a product new to the world, the market, the producer, the seller, or some combination of these |
| new-product strategy | a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation |
| product category | all brands that satisfy a particular type of need |
| product development | a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products |
| product life cycle (PLC) | a concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death) |
| screening | the first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are obviously inappropriate for some other reason |
| simulated (laboratory) market testing | the presentation of advertising and other promotional materials for several products, including a test product, to members of the product’s target market |
| simultaneous product development | a team-oriented approach to new-product development |
| test marketing | the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation |
Created by:
romoore245
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