Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Marketing Exam 2
| Question | Answer |
|---|---|
| Countertrade | The practice of using BARTER rather than MONEY for making global sales |
| Protectionism | The practice of shielding one or more industries within a country's economy from FOREIGN COMPETITION through the use of tariffs and quotas |
| Quota | A restriction place 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 |
| Balance of trade | The difference between the monetary value of a nations exports and imports |
| Globalization | The focus on creating economic, cultural, political, and technological interdependence among individual national institutions and economies |
| Economic Espionage | The clandestine collection of trade secrets or proprietary information about a company's competitors |
| Constraints | In a decision, the restrictions places on potential solutions to a problems |
| 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 |
| E-marketplaces | Online trading communities that bring together buyers and supplier organizations to make possible real time exchange (B2B exchange) |
| Traditional auction | In an e-marketplace, an online auction in which a seller PUTS UP an item for sale and would-be buyers are invited to bid in competition with eachother |
| Reverse auction | In an e-marketplace, 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 eachother |
| Back translation | The practice where a translated word or phrase in RETRANSLATED into original language by a different interpreter to catch errors |
| Currency Exchange rate | The price of one country's currency expressed in terms of another country's currency |
| Observational Data | Fact and figures obtained by watching how people actually behave, using MECHANICAL , personal, or neuromarketing data collection methods |
| Questionnaire Data | Facts and figured obtained by asking people what their ATTITUDES, awarness, intentions, and behavior |
| Data mining | The extraction of hidden PREDICTIVE information from large databases to find statistical links between consumer purchasing patterns and marketing actions |
| Sales forecast | The total sales of a product that a firm expects to sell during a specified time period under specified enviornmental conditions |
| Market Segmentation | Involved 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 percieve a product as being different rather than competing products |
| Personas | CHARACTER DESCRIPTIONS of a typical customer in the form of fictional character narratives |
| Product 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 consumers mind relative to competitve products |
| Product | A good, service, or idea consisting of a bundle of tangible and intangible attributes |
| Service | Intangible activites or benifits that an organization provides |
| Convenience Products | Items that the consumer purchases frequently, conveniently, and with a minimum of shopping efforts |
| 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. |
| 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. |
| 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. |
| 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 Strategy Development (stage 1) | The stage of the new-product development process that defines the role for a new product in terms of the firm’s overall objectives. |
| Idea Generation (stage 2) | The stage of the new-product development process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results. |
| Screening and Evaluation (stage 3) | The stage of the new-product development process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort. |
| Business Analysis (stage 4) | The stage of the new-product development process that specifies the features of the product or service and the marketing strategy needed to bring it to market and make financial projections. |
| Development (stage 5) | The stage of the new-product development process that turns the idea on paper into a prototype. |
| Market Testing (stage 6) | The stage of the new-product development process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy. |
| Commercialization (stage 7) | The stage of the new-product development process that positions and launches a new product in full-scale production and sales. |
| Organizational Buyers | Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale. |
| Industrial Firms | REPROCESS a product or service they buy before selling it again to the next buyer |
| Reseller Markets | Wholesalers and retailers that buy physical products and resell then again without any reprocessing |
| Government Markets | Federal, State, and local agencies that buy goods and services for the CONSTITUENTS they serve |
| 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 products and services and identify, evaluate, and choose among alternative brands and suppliers. |
| GDP | Monetary Value of all products and servcies produced in a country during one year |
| Buy Class | Consist of three types of organizational buying situations: straight rebuy, New buy, modified rebuy |
| Global Market Entry | Global market entry refers to the planned strategy a business uses to distribute, sell, and establish its products or services in a foreign country. |
| Open Innovation | The practices and processes that encourage the use of external and internal ideas as well as internal and external collaboration |
| Cannibalization | stealing sales from yourself |
| New Buy | First time buyer of the product or service |
| Straight Rebuy | Buyer or purchasing manager reorders an existing product or service from the list of acceptable suppliers |
| Modified Rebuy | Users, influencers, or deciders in buying center want to change the product specifications (price, delivery, supplier) |
Created by:
user-2060768