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Marketing Unit 2
| Term | Definition |
|---|---|
| Business-to-business marketing | involves the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others. |
| Organizational Buyers | are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy goods and services for their own use or for resale. |
| North American Industry Classification System (NAICS) | provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the United States–Mexico–Canada Agreement (USMCA) |
| 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 Behavior | is the 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 | consists of 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-marketplaces | 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 |
| 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 | is the practice of using BARTER rather than money for making global sales |
| 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 | is a restriction placed on the AMOUNT of a product allowed to enter or leave a country |
| World Trade Organization (WTO) | a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions. |
| Trade War | a situation in which countries try to DAMAGE each other’s trade, typically by imposition of tariff and quota restrictions |
| Global Competition | exists when firms originate, produce, and market their products and services worldwide |
| Multi-domestic Marketing 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 Marketing Strategy | used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. |
| Global Brand | a brand marketed under the same name in MULTIPLE countries with similar and centrally coordinated marketing programs |
| Global Consumers | consumer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services |
| 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. |
| Foreign Corrupt Practices Act (1977) | a law, amended by the International Anti-Dumping and Fair Competition Act (1998), that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign 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 |
| Consumer Ethnocentrism | the tendency to believe that it is inappropriate, indeed immortal, 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 |
| 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 the ownership, control, and profits of the new company |
| 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 |
| 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 |
| Secondary Data | the facts and figures that have already been recorded prior to the project at hand. |
| Primary Data | the facts and figures that are newly collected for the project |
| Observational Data | the facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods |
| Questionnare Data | the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors |
| Information Technology | Includes all of the computing resources that collect, store, and analyze data |
| Data Mining | the practice of examining large databases to find statistical relationships 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 | consists of 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 the 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 |
| Usage Rate | the quantity consumed or patronage (store visits) during a specific period. Frequency marketing focuses on usage rates |
| 80/20 Rule | a concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers |
| Customer Lifetime Value (CLV) | represents the financial worth of a customer to a company over the course of their relationship |
| Product Positioning | the place a product occupies in consumers’ minds based on important attributes relative to competitive products |
| Product Repositioning | involves 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 |
| Personas | character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives |
| Product | 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. |
| Services | the 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 |
| 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 | are items that a consumer makes a special effort to search out and buy |
| Unsought Products | items that the consumer either does not know about or knows about but does not initially want. |
| Business Product | are 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 of the product lines offered by an organization |
| Protocol | is 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 |
| Open Innovation | consists of the practices and processes that encourage the use of external and internal ideas as well as internal and external collaboration when conceiving, producing, and marketing new products and services |
| New-Product Development Process | consists of the seven stages an organization goes through to identify opportunities and convert them to salable products or services |
| New-Product Strategy Development | the stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives |
| Idea Generation | the stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results |
| Screening and Evaluation | the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort |
| Business Analysis | the stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections |
| Development | the stage of the new-product process that turns the idea on paper into a prototype |
| Market Testing | the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy |
| Commercialization | the stage of the new-product process that positions and launches a new product in full-scale production and sales |
Created by:
paige519