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
| Term | Definition |
|---|---|
| Organizational buyers | are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy goods and services for their own use or resale |
| organizational buyer | 1. industrial markets 2. reseller markets 3, government markers |
| Derived Demand | is the demand for industrial products and services that is driven by, or derived from, the demand for consumers products and services |
| Organization buying criteria | 1. piece 2. ability to meet and quality specification 3. ability to meet delivery schedules 4. technical capability 5. warranties and claim policies 6. past performance 7. production facilities and capacity |
| Reciprocity | when two organizations agree to buy from each other |
| Supply partnership | when buyers and suppliers adopt mutually beneficial objectives |
| organization buying behavior | is the decision-making process that organization use to establish the need for product and services and identify, evaluate, and choose among alternative brand and suppliers |
| Organization purchase decision process | problem recognition - marketing research and sales department observe the competitors that are improving, information search - design and production engineer draft, alternative evaluation - finding a supplier that satisfies their needs, purchaing decision |
| Buying center | consists of the groups of people in an organization who participate in the buying process and share common goals, risks and knowledge important to purchase decisions |
| Straight rebuy | buyers or purchasing manager reorders an existing product or service from the list of acceptable suppliers |
| New buy | first-time buyers of the product or service |
| Modified rebuy | users, influencers, or deciders in the buying center want to change the product specification, price, delivery schedule or suppliers |
| E-marketplace | are online trading communities that bring together buyers and supplier's organizations to make possible all-time exchange for information, money... |
| traditional auction | in an e-marketplace, is an online auction in which a seller puts an item up for sale and would-be are invited to bid in competition with each other |
| reserved 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 domenstic product | which is the monetary value of all products and services produced in a country during one year |
| Protectionism | is the practice of shielding on or more industries within a country's economy from foreign competition through the use of tariffs and quotas |
| tariffs (tax) | are 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 product allowed to enter or leave a country |
| International firms | markets in other countries same as home country |
| multdomestic firms | markets differently to each country |
| transnational firms | emphasizes universal consumer needs |
| multidomestic marketing strategy | is used when multinational firms that have as many different product variations, brand names, and advertising programs as countries in why they do business |
| Global marketing stragey | is used when transnational firms that employ the practice of standardizing marketing actives when there are cultural similarities and adapting them when cultures differ |
| economic espionage | is the clandestine collection of trade secrets or proprietary information about company's competitors |
| Cross-cultural analyis | is the study of similarities and difference among consumers in two or more nations or societies |
| values | represents personally or socially preferable modes of conduct or states of existence that tend to persist over time |
| customs | are what is considered normal and expected about the way people do things in a specific country |
| ethnocentricsm | belief that one's culture is superior to another's |
| econmic conserations | 1. economic infrastructure 2. consumers income and purchasing power 3. currency exchange rate |
| currency exchange rate | price of one country's currency expressed in terms of another country currency |
| prodcut extension | same product sold in different countries |
| prodcut adaption | 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 |
| globization | is the focus on creating economic, cultural, political, and technologic interdependence among induvial national institutions and economies |
| back translation | is this practice where translated word or phrase is retranslated into the original language by a different interpreter to catch errors |
| cultural symbols | are things that represent ideas and concepts in a specific culture |
| consumer ethnocentrism | is the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products |
| balance of trade | the difference between the monetary values of anations exports and imports |
| marketing research | is the process of defining a marketing problem an opportunity systematically collecting and analyzing information, and recommending actions |
| marketing research steps | define the problem - set research objectives, identify possible marketing actions, develop the research plan - specify constraints, data needed for marketing actions, how to collect date, collect revelavant information - obtain secondary data and primary |
| measures of success | are criteria or standards used in evaluation proposed solutions to the problem |
| constraints | are in decision, the restrictions placed on potential solutions to a problem deciding how to collect data 1. concepts 2. methods |
| primary data | are facts and figures that are newly collected for the project |
| secondary data | are the facts and figures that have already been recorded prior to the project at hand |
| primary data advantages and disadvantages | adv: more flexible and specific to the problem under study dis: costly and time-consuming |
| secondary data advantages and disadvantages | adv: time saving and inexpensive dis: out of date, definitions/categories not right, not specific enough |
| observational data | are facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods |
| mystery shopper | |
| ethnographic research | |
| neuromarketing method | technologies used to study the brain |
| questionnaire data | are the facts and figures obtained by asking people about their attitudes, awareness intentions, and behaviors |
| test marketing | used in small geographies to evaluate marking action |
| data mining | is the practice of examining large databases to find statistical relationships between consumer purchasing patterns and marketing actions |
| information technology | includes all of the computing resources that collect, store and analyze data |
| sales forecast | consists of the total sales of a product that a from expects to sell during a specified time period under specified environmental conditions and its own marketing efforts |
| focus group | |
| market segmentation | involved aggregation prospective buyers into groups, or segments, that (10 have common needs and (2) will respond similarly to a marketing action |
| product differentiation | is a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive that product as being different and better than competing products |
| market-product grid | is a framework to relate the market segments of potential buyers to products offered or potential marketing actions |
| ways to segment | 1. one product and multiple market segments - books magazines 2. multiple products and multiple market segments - automobiles 3. segments of one - "mass customization" - build-to-order only when there is an order |
| mass customization | |
| cannibalization | stealing sales from yourself |
| tiffany/Walmart | strategy - selling to high-end and low-end segments |
| personas | are character description of a brand's typical customers personas bring target market data alive by creating fictional character narratives |
| product position | is the place a product occupies in consumers mind based on important attributes relative to competitive product |
| product repositioning | involves changing the place a product occupies in a consumers mind relative to competitive products |
| perceptual map | is a means of displaying in two dimension the location of a product or brands in the minds of customers to enable a manger to see how they perceive competing products or brands, as well as the firms own product or brand |
| segmentation is | the link between the customer's needs and marketing actions |
| product | is a good, service or ideas consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchanged for money or something else of value |
| service | are the intangible activities or benefits that an organization provide to satisfy consumers' need in exchange for money or something else of value |
| durable | |
| convenience product | are items that consumers purchase frequently conveniently, and with a minimum of shopping effort |
| shopping product | are items for which the consumers compare several alternatives on criteria such as price, quality or style |
| specialty product | are items that a consumer makes a special effort to search out and buy |
| unsought products | are items that the consumers either do not know about or knows about but does not initially want |
| product items | is a specific product that has unique brand size or price |
| product line | is a group of products or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customers groups, are distributed through the same outliers, or fall within a given price range |
| product mix | consists of all the product lines offered by an organization |
| innovation | |
| protocol | is a statement that, before products developments begins, identifies: (1) a well-defined target market (2) specific customers' needs, wants and preferences (3) what the products will be and do to satisfy customers |
| types of innovation | |
| reasons new product failures | insignificant point of difference, incomplete market and product protocol, failure to satisfy cusomers needs or critical factors, bad timing, no ecnomic access to buyers, poor execution of the marketing mix, too little market attracticness, poor product q |
| new product development process | consist of seven stages an organization goes through to identify opportunities and convert them to salable product or services |
| business analysis (4) | is the stage of the new product that specifies the features of product and the marketing strategy needed to bring it to market and make financial projection |
| commercialization (7) | is the stage of new product process that positions and launches a new product in a full-scale production and sales |
| new product strategy development (1) | is the stage of new product process that defines the role for new product in terms of the firm's overall objectives (SWOT analysis) |
| idea generation sources | employee, customers, competition, crowdfunding |
Created by:
user-2069315