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Marketing 250 Test 2
| Term | Definition |
|---|---|
| markets | reseller, industrial, organizational |
| reciprocity | when two organizations agree to buy from each other |
| supply partnership | a specific product that has a unique brand, size, or price |
| 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 | 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 |
| organizational buying characteristics | reciprocity, supply partnership, sustainable procurement |
| 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. |
| organizational buying process | Gathering and screening information. Selection and purchase of products and services. The organization’s use or resale. Obtaining formal bids. Awarding of purchasing contract awards. |
| e-marketplace | 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 | the practice of using barter rather than money for making global sales |
| gross domestic product (GDP) | U.S. is among the world’s leaders in exports, but the amount has decreased. |
| protectionism | Shielding country’s industry from competition |
| quota | a restriction placed on the amount of a product allowed to enter or leave a country |
| tariffs | government taxes on products or services entering a country that primarily serve to raise prices on imports. |
| international firms | markets in other countries same as home country |
| multidomestic firm | markets differently to each country |
| transnational firm | emphasize universal consumer needs |
| international marketing strategy | Extension of home marketing strategy |
| multidomestic marketing strategy | Different products, brands, and advertising |
| transnational marketing strategy | Standardized marketing activities when cultures are similar; different activities when cultures differ |
| 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 |
| values | Personally or socially preferable modes of conduct that persist over time |
| consumer ethnocentrism | the tendency to believe that it is inappropriate, indeed immortal, to purchase foreign-made products |
| economic infrastructure | a country’s communications, transportation, financial, and distribution systems |
| consumer income and purchasing power | consider the average per capita income in a country |
| currency exchange rates | price of one country’s currency 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 | right to a trademark, patent, or trade secret |
| 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 |
| direct investment | own a foreign subsidiary |
| product extension | Same product sold in different countries |
| product adaptation | Change product for different countries |
| product invention | New product for different countries |
| dumping | sell below cost |
| gray market | where products are sold through unauthorized channels |
| define the problem | step 1 of market research process: Set the research objectives. Specific, measurable goals |
| develop the research plan | step 2 of market research process: Specify constraints. Identify data needed for marketing action. Determine how to collect data: Concepts: Ideas about products. Methods: Approaches to collect data. |
| collect relevant information | step 3 of market research process: Collect relevant information to make rational, informed marketing decisions |
| develop findings | step 4 of market research process: analyze the data |
| take marketing actions | step 5 of market research process: 1. Make action recommendations. 2. Implement the action recommendations. 3. Evaluate the results |
| 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 |
| primary data | the facts and figures that are newly collected for the project advantages: More flexible and specific to the problem under study disadvantages: costly and time-consuming |
| secondary data | the facts and figures that have already been recorded prior to the project at hand advantages: time savings, inexpensive disadvantages: Out of date, definitions/categories not right, not specific enough |
| observational data | the facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods |
| primary data collection methods | mystery shopper, ethnographic research, observational, questionnaire data, neuromarketing |
| questionnaire data | the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors |
| 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 |
| geographic segmentation | where customers live or work |
| demographic segmentation | objective classification |
| psychographic segmentation | subjective attributes |
| behavioral segmentation | observable action |
| mass customization | Build-to-order only when there is an order |
| cannibalization | stealing sales from yourself |
| “Tiffany/Walmart” strategy | selling to high-end and low-end segments |
| personas | character descriptions of a brand’s typical customers |
| 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 |
| 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 |
| service | the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value |
| durable | goods that last a long time |
| convenience | items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort |
| shopping | items for which the consumer compares several alternatives on criteria such as price, quality, or style |
| specialty | 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 |
| 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 |
| 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 |
| 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 |
| continuous innovation | consumers do not need to learn new behaviors |
| dynamically continuous innovation | minor behavior changes are needed |
| discontinuous innovation | consumer learns new consumption patterns in order to use the product |
| reasons for new-product failures | 1.͏ Insignificant point of difference. 2.͏ Incomplete market and product protocol. 3.͏ Failure to satisfy customer needs on critical factors. 4.͏ Bad timing. |
| reasons for new-product failures cont. | 5.͏ No economical access to buyers. 6.͏ Poor execution of the marketing mix. 7.͏ Too little market attractiveness. 8.͏ Poor product quality. |
| new-product development process | consists of the seven stages an organization goes through to identify opportunities and convert them to salable products or services |
| 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 |
| commercialization | the stage of the new-product process that positions and launches a new product in full-scale production and sales |
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