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Marketing Unit Two
| Question | Answer |
|---|---|
| Business-to-business Marketing (B2B) | Marketing of products and services to companies, governments, or nonprofit organizations for use in the creation of products and services that they can produce and market to others. |
| Organizational Buyers | Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale. Three markets |
| Industrial Market | Industrial firms some way reprocess a product or service they buy before selling it to the next user. |
| Reseller Market | WHOLESALERS AND RETAILERS that buy products and resell them again without any reprocessing are resellers. Ex. food |
| Government Market | Government units are the federal, state, and local agencies that buy goods and services for the constituents they serve. |
| Derived Demand | Demand for industrial products and services is driven by, or derived from, demand for consumer products and services. Ex. fidget spinners |
| Organizational Buying Criteria | 1. Price, 2. Ability to meet quality specifications, 3. Ability to meet delivery schedules, 4. Technical capability, 5. Warranties and claim policies, 6. Past performance, 7. Production facilities and capacity |
| Reciprosity | Industrial buying practice in which two organizations agree to purchase each other's products and services |
| Sustainable Procurement | Integrates environmental consideration |
| Organizational Buying Behavior | Decision-making process that organizations use to establish the need for product and services and identify, evaluate, and choose among alternative brands and suppliers |
| Buying Center | A group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision |
| Buy Classes | Three types of organizational buying situations: straight rebuy, new buy, and modified buy |
| Emarketplaces | Online trading communities that bring together buyer and supplier organizations |
| Traditional Auction | In an e-marketplace, is an online auction in which a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other |
| Reverse Auction | In an e-marketplace, is an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other |
| Countertrade | Practice of using barter rather than money for making global sales |
| Balance of Trade | Difference between the monetary value of a nation’s exports and imports |
| Globalization | Focus on creating economic, cultural, political, and technological INTERDEPENDENCE among individual national institutions and economies |
| Protectionism | Practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas |
| Tariffs | Government tax on products or services entering a country, primarily serve to raise prices on imports |
| Quota | Restriction placed on the amount of a product allowed to enter or leave a country |
| Global Competition | Exists when firms originate, produce, and market their products and services worldwide |
| International Firm | Marketing in different countries as an extension of the marketing strategy in its home country |
| Multinational Firm | Markets to each part differently |
| Multidomestic Marketing Strategy | Multinationals use this which means that they have as many different product variations, brand names, and advertising programs as countries in which they do business |
| Global Marketing Strategy | Transnational marketers employ. The practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
| Transnational Firm | Views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants rather than differences |
| Global Brand | Brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs |
| Economic Espionage | Clandestine collection of trade secrets or proprietary information about a company’s competitors |
| Cross-cultural Analysis | Involves the study of similarities and differences among consumers in two or more nations or societies |
| Customs | What is considered normal and expected about the way people do things in a specific country |
| Cultural Symbols | Things that represent ideas and concepts in a specific culture |
| Back Translation | Translated word or phrase is retranslated into the original language by a different interpreter to catch errors |
| Cultural Ethnocentricity | Belief that aspects of one's culture are superior to another's |
| Consumer Ethnocentricity | Tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products |
| Currency Exchange Rate | Price of one countries currency expressed in terms of another countries currency |
| Exporting | Producing products in one country and selling them in another country |
| Licensing | Right to trademark, patent, or trade secret |
| Joint Venture | When a foreign company and a local firm invest together to create a local business |
| Direct Investment | Owning a foreign subsidiary or division |
| Product Extension | Same product sold in different countries |
| Product Adaption | Change product for different countries |
| Product Invention | New product for different countries |
| Dumping | Sell below cost |
| Gray Market (parallel importing) | Where products are sold through unauthorized channels |
| Marketing Research | Process of defining a marketing problem and opportunity, systematically collecting and analysing information, and recommending actions |
| Measures of Success | Criteria or standards used in evaluating proposed solutions to the problem |
| Constraints | Restrictions placed in potential solutions to a problem |
| Data | Facts and figures related to the project |
| Primary Data | Facts and figures that are newly collected for the project. Observational data, questionnaire data, and other sources of data |
| Secondary Data | Facts and figures that have already been recorded prior to the project at hand. |
| Marketing Input Data | Relate to the effort expanded to make sales |
| Marketing Output Data | Results of the marketing efforts |
| Observational Data | Facts and figures obtained by watching how people actually behave |
| Ethnographic Research | Watching someone use a product in their home use environment |
| Questionnaire Data | Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors |
| Test Markets | Used in small geographies to evaluate marketing actions |
| Information Technology | Includes all of the computing resources that collect, store, and analyse the data |
| Data Mining | Extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions |
| Predictive Modeling | Statistical models that use data mining and probability analysis to foretell outcomes |
| Sales Forecast | Total sales of a product that a firm expects to sell during a specified period under specified environmental conditions and its own marketing efforts |
| Market Segmentation | Aggregating prospective buyers into groups, or segments, that have (1) common needs and (2) will respond similarly to a marketing action |
| Product Differentiation | Firm using different marketing mix actions, such as product features and advertising, to help consumers perceive the product as being different and better than competing products |
| Market-product Grid | Framework to relate the market segments of potential buyers to products offered or potential marketing actions |
| Cannabilization | Stealing sales from yourself |
| Organizational Synergy | Better functioning organization |
| Personas | Character descriptions of a brand’s typical customers. Fictional charectors |
| Product Positioning | Place a product occupies in consumers’ minds based on important attributes relative to competitive products |
| Product Repositioning | CHANGING the place a product occupies in a consumer’s mind relative to competitive products |
| Perceptual Map | Means of displaying in two dimensions the location of products or brands in the minds of consumers |
| Product | Good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value |
| Good | Tangible. Nondurable goods and durable goods |
| Idea | Thought that leads to action |
| Services | Intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value |
| Consumer Products | Products purchased by the ultimate consumer |
| Conveince Products | Items that the consumer purchases frequently, conveniently, and with minimum shopping effort |
| Shopping Products | Items for which the consumer compares several alternatives on criteria such as price, quality, or style |
| Specialty Products | Items that the consumer makes a special effort to search out and buy |
| Unsought Products | Items that the consumer does not know about or knows about but does not initially want |
| Business Products (B2B) | Products organizations buy that assist in providing other products for resale |
| Product Class | Industry to which it belongs |
| Product Item | Specific product that has a unique brand, size, or price |
| SKU | Stock keeping unit |
| Product Line | Group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same consumer group, are distributed through the same outlets, or fall within a given price range |
| Product Mix | Consists of all product lines offered by an organization |
| New Product | FUNCTIONALLY DIFFERENT. Only 6 months after product is introduced |
| Continuous Innovation | Consumers don't need to learn new behaviors |
| Dynamically Continuous Innovation | Only minor changes in behavior are required |
| Discontinuous Innovation | Making the consumer learn entirely new consumption patterns to use the product |
| Product Line Extension | Least risk, incremental improvement of an existing product line the company already sells |
| Brand Extension | Putting an established brand name on a new product in an unfamiliar market |
| Protocol | Statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers |
| New-product Development Process | Seven stages an organization goes through to identify opportunities and convert them into salable products or services |
| New-product Strategy Development | Stage of the new-product development process that defines the role for a new product in terms of the firm’s overall objectives |
| Business Analysis | Specifies the features of the product or service and the marketing strategy needed to bring it to market and make financial projections |
| Commercialization | Stage of the new-product development process that positions and launches a new product in full-scale production and sales. Most expensive stage |
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