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| Question | Answer |
|---|---|
| Data | unorganized information that relate to current conditions, ideas/knowledge |
| Sales forecast | projection of future sales |
| Openended questions | more explanation than yes or no |
| Product life cycle | introduction, growth, maturity, decline |
| Buying signal | signs a customer is ready to buy a product |
| Data collection method | systematic process of getting information |
| Semantic differential scale | satisfaction on scale where 0 is neutral, and one moves towards good and bad |
| Professional development | training/education to gain skills for on |
| Primary research | gathering data for the first time for a specific product, service and/or business |
| Customer service | Helping customers with a product/service after it was purchased |
| Direct marketing channels | Advertising/promoting to a targeted group of customers |
| Emotional motive | feeling expressed by consumer through association of product |
| Markup pricing | adding a constant percentage to price of an item to find its selling price |
| Targeting marketing | process of communicating with a targeted group of people likely to be a customer (demographic, geographic, and psychographic characteristics) |
| Product mix | all the products/services a company makes or sell |
| Advertising elements | items in ads include headline, copy, illustration, and signage |
| Feature | a distinctive characteristic of product and services different from other similar items |
| Public relations | promotional activities to create good image with public |
| Selling proposition | a benefit of a good/service differentiating it from other products |
| Error | a wrong action not based on a lack of knowledge |
| Secondary research | data previously collected for non marketing activity and available for businessâ use |
| Selling process | step by step process from salesperson advises customer for a product to the purchase decision |
| Marketing information management | system to generate, store, analysis, and distribute information to help business decisions |
| Pricing | value on product/service |
| Trade show | exhibition of product/service of interest to specific industry |
| Trial close | initial effort to get customer to purchase |
| Market planning | strategy to gain more business sales |
| Demand oriented pricing | higher demand = higher price, lower demand = lower price |
| Channels of distribution | path of product from producer to consumer |
| Direct close | salesperson specifically asks for the purchase |
| Sample design | research plan for how and how many people selected for a study |
| Promotional mix | combination of advertising, personal selling, sales promotion, and public relations for an overall marketing strategy. |
| Likert scale | scale that assigns numbers to strongly agree, agree, neutral, disagree, strongly disagree, and finds to mean. |
| Signature | the name/logo to identify a specific business in a promotional message |
| Sales promotion | all marketing activities other than ads, public relations, and personal selling directed at a customer to increase sales |
| Nonresponse error | selected subjects fail to respond to questionnaire; wording, format, interview/inputting errors |
| Customer relationship management | database of customer contacts, purchase and tech support. Elements include profiles of potential clients, understanding and leveraging the needs of current customers, and enhance customer service based on data analysis |
| Slogan | catchy phrase or words to identify a product or business |
| Merchandise approach | salesperson first interacts with consumer with comment or question about product they are interested in |
| Data collection instrument | to gather information using surveys, interviews, observations, federal/state gov. Agencies, research companies, business publication, and trade association publications |
| Market | all people who share same want and have the ability to purchase |
| Promotional plan | outline of marketing tools, strategies, and resources a company uses to promote product/service |
| Cost plus pricing | pricing including variable costs associated with goods, and fixed costs of operating the business |
| customer âbuzzâ | technique to get consumer talking about a product |
| Product service management | process of creating and changing information of the companyâs catalog of offerings |
| Promotion | choices made about ads, personal sellings, sales promotion, and public relates to communicate, inform, and persuade potential and current customers. |
| Greeting approach | salesperson first interacts with consumer by welcoming a customer to the store and says they are available for questions |
| Market research | gathering info, analysis and present findings of a product/service to make marketing decisions |
| Internal audience | individuals or groups within an organization |
| Channel management | selecting and evaluating channel members to monitor movement of product from producer to end user. |
| Preapproach | observing a consumer before interaction |
| Warranty | a promise to consumer that the product will meet certain standards |
| Product bundling | offering two or more complementary goods/services as a package. Bundled items are sold lower than if you bought all of them separately |
| Market identification | process of marketer identifying the most profitable areas to offer new products/services |
| Benefit | desirable attribute of goods/services customer perceives they will get by purchasing |
| Descriptive research study | statistical study identifying patterns/trends in a marketing situation |
| Marketing tactics | strategies to promote companies products to increase sales |
| Advertising | paid, nonpersonal promotion that a company uses to promote an idea, good/service through media |
| Distribution | function of moving a selling good from producer to consumer |
| Channel member relationships | refers to interconnectedness of members within a channel of distribution |
| Advertising media | physical means of carrying promotional message (radio, billboards, newspaper, internet) |
| Standing room only close | salesperson encourages consumer to make purchase because product is short in supply or price will change |
| Selling policy | decisions of business regarding payment, returns, exchanges, sale quotas, sales commission, and legal/ethical issues |
| Service close | salesperson encourages a consumer to purchase utilizing information regarding services available |
| Marketing strategies | identifies a target market and coordinated marketing mix selections to create sales |
| Response error | respondents donât reveal true opinions on a subjects |
| Casual research study | study into an issue or topic that looks at the effect of one thing or variable on another |
| Corporate branding | strategy that encourages a new product to be linked with a well |
| Situation analysis | study of internal and external factors that affect marketing strategy |
| Statistics | number that represent a fact or presents a view of a situation |
| Communication channels | the path a message travels |
| External audience | individuals or groups outside an organization whom communications and promotional efforts are aimed |
| Selling | buyer exchanges cash for a good/service, or activity of trying to make this happen |
| Marketing research brief | written document that includes a market and strategic overview, background info, role of research, objective, suggested approach and research target, reporting requirements, timing, budget and existing research or other info related to the study |
| Illustration | photograph, drawing, or graphic that is used for a promotional message |
| Bias | inaccuracy in data due to characteristics of the process employed in the creation, collection, manipulation, and presentation of data or due to faulty sample design |
| Marketing plan | a formal document that specifies a companyâs activities for a definite time |
| Standard | used as an example to compare or measure quality |
| Personal selling | to sell direct between salesperson and customer |
| Suggestion selling | selling additional goods/services to customer |
| Clientele | all clients of a business |
| Affinity Partner relationships | marketing relationships when two compatible companies work together to increase brand awareness for one another |
| Behavior intention scale | a method to collect information on likelihood that people will show some type of predictable behavior in regards to purchase of product of service |
| Which close | when salesperson encourages a consumer to select between two products to close a sale |
| Feature benefit selling | selling technique where the seller matches a feature with an advantage or benefit that the customer wants or likes |
| Word of mouth channels | oral or written recommendations by satisfied customers to possible customers of a good/service |
| Copy | selling message in a promotional message |
| Headline | phrase in ad that grabs consumer attention and interests them to read promotional message |
| Marketing | process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for business |
| Closing the sale | salesperson gains agreement to purchase from a consumer |
| Service approach | salesperson first interacts with consumer by offering assistance (how may i help you) |
| Competition oriented pricing | uses prices of competing products as a benchmark instead of their own costs or demand |
| Exploratory research study | study into a problem where little information exists; uses trial studies, interviews, group discussions, experiments to gain info |
| Product knowledge | information of good/service that include its application, function, features, and use |
| Product positioning | strategy that emphasizes features or image to make brand occupy distinct positive, relative to other brands, in the mind of the customers |
| Objections | concern or doubt that consumer has for not making a purchase |
| Sampling plans | course of action that obtains data/observations from a group |
| Interviewer error | mistakes made by interviewer such as influencing the respondent, asking questions in wrong order, or different phrasing than other interviewers. All can include intentional errors like cheating or fraudulent data entry |
| ROMI (Return on marketing investment) | financial calculation to determine profitability returned on funds spent on communicating with potential customers. |
| Business image | public perception of business |
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