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Marketing Exam 2
| Question | Answer |
|---|---|
| What does JC Penney use lots of paper for? | Newspapers and mailers |
| Business to Business Marketing | The 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. |
| Derived Demand | The demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services. |
| Organizational Buying Criteria | Price, Quality, Delivery, Capability, Warranties and Claim Policies, Past Performance, Production Capacity |
| Reciprocity | Two organizations agree to purchase each other's products and services |
| Sustainable Procurement | Integrates environmental considerations into the procurement process |
| Organizational Buying Behavior | The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers. |
| What buying phase is the most different between consumers and business purchases? | Post Purchase Phase |
| Buying Center | The 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 | Consist of three types of organizational buying situations: straight rebuy, new buy, and modified rebuy. |
| E-Market Places | Online trading communities that bring together buyers and supplier organizations to make possible the real-time exchange of information, money, products, and services. Also called B2B exchanges or e-hubs. |
| Countertrade | The practice of using barter rather than money for making global sales. |
| What countries lead for total imports and exports? | US, China, Germany |
| Balance of Trade | The difference between the monetary value of a nation’s exports and imports. |
| Globalization | The focus on creating economic, cultural, political, and technological interdependence among individual national institutions and economies. |
| Protectionism | The practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas. |
| Tariffs | Government taxes on products or services entering a country that primarily serve to raise prices on imports. |
| Quota | A 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 Firms | Engages in trade and marketing in different countries as an extension of the marketing strategy in its home country. |
| Multinational Firms | Markets to different parts of the world differently. |
| Multidomestic Marketing Strategy | A strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business. |
| Global Brand | A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. |
| Economic Espionage | The clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Cross-Cultural Analysis | 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 | The practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. |
| Cultural Ethnocentricity | A belief that one's culture are superior to another's. |
| Consumer Ethnocentrism | The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products. |
| Currency Exchange Rate | The price of one country’s currency expressed in terms of another country’s currency. |
| Exporting | A global market-entry strategy in which a company produces products in one country and sells them in another country. |
| Licensing | A company offers the rights to a trademark, patent, trade secret, or valued item of intellectual property in exchange for a fee. |
| Joint Venture | A global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits of the new company. |
| Direct Investment | A company invests in own money into a foreign subsidiary or division. |
| Product Extension | Selling the same product in other countries |
| Product Adaptation | Changing a product in some way to make it more appropriate for customers in another country |
| Product Invention | Creating a completely new product for another country |
| Dumping | A firm sells a product in a foreign country well below its price. Getting rid of something to recover some losses. |
| Gray Market | Reselling goods bought at very low prices to other countries through unauthorized channels. |
| What was the question from the class Coke vs. Pepsi challenge? | What soda do you prefer? |
| Marketing Research | The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. |
| Measures of Success | Criteria or standards used in evaluating proposed solutions to the problem. |
| What was Lego's measure of success? | Playtime |
| Constraints | In a decision, the restrictions placed on potential solutions to a problem. |
| Data | The facts and figures related to the project that are divided into two main parts: secondary data and primary data. |
| Primary Data | Facts and figures that are newly collected for the project. |
| Secondary Data | Facts and figures that have already been recorded prior to the project at hand. |
| Observational Data | Facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods. |
| Ethnographic Research | |
| Questionnaire Data | Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. |
| Test Markets | |
| Information Technology | Includes all of the computing resources that collect, store, and analyze data. |
| Data Mining | The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions. |
| Predictive Modeling | Based on statistical models that use data mining and probability analysis to foretell outcomes. |
| Sales Forecast | The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts. |
| Market Segmentation | Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. |
| Product Differentiation | A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive a product as being different and better than competing products. |
| Market - Product Grid | A framework to relate the market segments of potential buyers to products offered or potential marketing actions. |
| What happened to the Anne Taylor Loft Store? | People stopped shopping at the high end store and started shopping at the lower end store, which is cannibalization. |
| Geographic Segmentation | Segmenting based on where prospective customers live or work |
| Demographic Segmentation | Segmentation based on some objective physical, measurable, or classifying attribute. |
| Personas | Character descriptions of a typical customer in the form of fictional character narratives, complete with images that capture the personalities, values, attitudes, beliefs, demographics, and expected interactions with a brand. |
| Positioning | The 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 | A means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand. |
| Products | A 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. |
| Consumer Products | Products purchased by the ultimate consumer. |
| Convenience Products | Items that the consumer purchases frequently, conveniently, and with a minimum of 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 | Products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products. |
| Product Item | A specific product that has a unique brand, size, or price. |
| Product Line | A 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 customer 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. |
| Continuous Innovation | No new behavior needs to be learned. (Toothpaste) |
| Dynamically Continuous Innovation | Minor changes to behavior are required. (New cleaning solution) |
| Discontinuous Innovation | Consumer must learn entirely new behaviors. (New smart home gadget, cars when they were first invented) |
| How long are products legally "new" for? | 6 months |
| Protocol | A 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 Failures | Insignificant point of difference, incomplete market and product protocol, failure to satisfy customer needs, bad timing, no economical access to buyers, poor execution of marketing mix, too little market attractiveness, poor product quality |
| New - Product Development Process | The seven stages an organization goes through to identify opportunities and convert them into salable products or services. |
| New - Product Strategy Development | The stage of the new-product development process that defines the role for a new product in terms of the firm’s overall objectives. |
| Transnational Firms | The world is one market and they play into cultural similarities across different regions. |
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