Marketing Comprehensive Final

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80/20 rule

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a concept that suggest 80 percent of a firm's sales are obtained from 20 percent of its customers

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account management policies

Back 2

specifies who salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out

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adaptive selling

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a need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information

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advertising

Back 4

any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor

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apps

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small, downloadable software programs that can run on smartphones and table devices.

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attitude

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a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

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baby boomers

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includes generation of 76 million among the us pop born btw 1946 and 1964

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back translation

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the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors

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behavioral targeting

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uses information provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertizing

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beliefs

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a consumer's subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other peopl

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blog

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a contractions of "web log" is a web page that serves as a publicly accessible personal journal and online forum for an individual or organization

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bots

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electronic shopping agents or robots that comb websites to comparte prices ad product or service features

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brand equity

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the added value a brand name gives to a product beyond the functional benefits provided

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brand loyalty

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a favorable attitude toward and consistent purchase of a single brand over time

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brand name

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any word, device (design, sound, shape, or color)or combination of these used to distinguish a seller's goods or services

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brand personalitiy

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a set of human characteristics associated with a brand name

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branding

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a marketing decision in which an org uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors

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break-even analysis

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a technique that analyses the realationship btw tot rev and tot cost to determine profitability at various levels of output

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brokers

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independent firms or individuals whose principal function is to bring buyers and sellers together to make sales

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business

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the clear, broad, underlying industry or market sector of an organization's offering

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business marketing

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the marketing of products and services to companies, governments, or not-for-profi orgs for use in the creation of products and services that they can produce and market to others

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business plan

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a road map for the entire org for a specified future period of time, such as one year or five years

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business portfolio analysis

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a technique that managers use to quantify performance measure and growth targets to analyze their firms' strategic business units as tho they were a collection of separate investments

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business products

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products orgs buy that assist in providing other products for resale

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buy classes

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consist of three types of org buying situations: straight rebuy, new buy, and modified rebuy

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buying center

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the group of people in an org who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision

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capacity management

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integrating the service component of the marketing mix with efforts to influence consumer demand

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category management

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an approach to managing the assortment of merchandise in which a manger is assigned the responsiblity for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category

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cause marketing

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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced thru the promotion of one of its products

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channel conflict

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arises when one channel member believes another channel member is engaged in behavior that prevents its from achieving its goals

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choiceboard

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an interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options

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code of ethics

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a formal statement of ehtical principles and rules of conduct

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collaborative filtering

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a process that autonomically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases

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communication

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the process of conveying a message to others that recquires six elements: a source, a message, a channel of communication, a receiver, andthe processes of encoding and decoding

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competition

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the alternative firms that could provide a product to satisfy a specific markets needs

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constraints

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in a decision, the restrictions placed on potential solutions to a problem

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consultative selling

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a need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution

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consumer behavior

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the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions

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consumer bill of rights (1962)

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a law that codified the ethics of exchange btw buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard

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consumer products

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products purchased by the ultimate consuemer,

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consumerism

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a grassroots movement started in the 1960s to increase the influence, power, and rights to consumers in dealing with institutions

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consumer-oriented sales promotion

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sales tools used to support a company's advertizing and personal selling directed to ultimate consumers

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cookies

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computer files that a marketer can download onto the comp and mobile phone of an online shopper who visits the marketer's website

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cooperative advertizing

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advertizing programs by which a manufacturer pays a percentage of the retailer's local advertising expense for advertising the manufacturer's products

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core values

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the fundamental, passionate, and enduring principles of an organization that guide its conduct over time

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cross-channel shopper

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an online consuemr who researches products online and then purchases them at a retail store

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cross-cultural analysis

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the study of similarities and differene among consumers in two or more nations or societies

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cultural symbols

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things that represent concepts or ideas

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culture

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the set of values, ideas, and attitudes that are learned and shared among the members of a group

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currency exchange rate

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the price of one country's currency expressed in terms of another country's currency

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customer experience management

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the process of managing the entire customer experience within the company

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customer service

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the ability of logistics management to satisfy users in term s of time, dependability, communication, and convenience

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customer value

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the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

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customer value proposition

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a clustser of benefits that an organization promises customers to satisfy their needs

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customs

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the normal and expected ways of doing things ins a specific company

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data

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the facts and figures related to the problem that are divided into two main parts: secondary and primary data

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demand curve

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a graph relating the quantity sold and price, which shows the max numbers of units that will be sold at a given price

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demographics

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describing a pop according to selected characteristics such as age, gender, ethnicity, income, and occupation

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derived demand

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the demand for industrial products and services that is driven by, or derived from, demand for consumer products and services

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direct marketing

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a promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet

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direct orders

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the result of direct marketing offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction

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disintermediation

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channel conflict that arises when a channel member bypasses another member and sells or buys products direct

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diversification analysis

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a technique that helps a firm seach for growth opportunities from among current and new markets as well as current and new products

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dual distribution

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an arrangement whereby a firm reaches different buyers by employing two or more different types of channels forr the same basic product

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dynamic pricing

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the practice of changing prices for products and services in real time in response to supply and demand conditions

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economy

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pertains to the income, expenditures, and resources that affect the cost of running a business and household

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eight-second rule

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a view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds

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e-marketplaces

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online trading communities that bring together buyers and supplier organizations to make possible the real time exchange or info,money, products, and services

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enviro forces

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the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces

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enviro scanning

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the process of continually acquiring info on events occuring outside the organization to identify and interpret potential trends

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ethics

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the moral principlas and values that govern the actions and decisions of an individual or group

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exchange

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the trade of things of value btw a buyer and seller so that each is better off after the trade

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exclusive distribution

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a level of distribution density whereby only one retailer in a specific geographical area carries the firm's products

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exporting

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a global-market entry strategy in which a company produces goods in one country and sells them in another country

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facebook

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a website where users may create a personal profile...

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family life cycle

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the distinct phases that a family progresses thru from formation to retirement, each phase bringing with it identifiable purchasing behaviors

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foreign corrupt practices act (1977)

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a law, amended by the international anti-dumping and fair competition act, that makes it a crime for us corps to bribe an official of a foreign governemtne or political party to obtain or retain business in a foreign country

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four i's of service

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he four unique elements to services: intangibility, inconsistency, inseparability, and inventory

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generation x

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includes the 15 percent of the pop born btw 65 and 76

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generation y

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includes the 72 million americans born btw 77 and 94. also called millennials

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global brand

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a brand marketed under the samename in multiple countries with similar and centrally coordinated marketing programs

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global competition

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exists when firms originate, produce, and market their products and services worldwide

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global consumers

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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

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global marketing strategy

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a strategy that a transnational firm uses that employs the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ

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goals

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statements of an accomplishment of a task to be achieved, often by a specific time

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green marketing

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marketing efforts to produce, promote, and reclaim environmentally sensitive products

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hierachy of effects

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the sequence of stages a prospective buyer goes thru from intial awareness of a product to eventual action (either trial or adoption of the product). the stages include awareness, interest, evaluation, trial, and adoption

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idle production capacity

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occurs when the service provider is available but there is not demand for the service

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infomercials

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program-length ads that take an educational approach

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information technology

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involves operating computer networks that can store and process data

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institutional ads

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ads designed to build goodwill or an image for an org rather than promote a specific product or service

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integrated marketing comm

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the concept of designing marketing communications programs that coordinate all promotional activities- ads, personal selling, sales promotion, public relations, sales promotion, and direct marketing- to provide a consistent message across all audiences

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intensive distribution

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a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible

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interactive marketing

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two-way buyer-seller electronic comm in a comp-mediated enviro in which the buyer controls the kind and amount of info received from the seller

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involvement

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the personal, social, and economic significance of the purchase to the consumer

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joint ventrure

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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 proftis of the new company

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lead generation

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the result of a direct marketing offer designed to generate interest in a product or service and a request for additional info

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learning

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those behaviors that result from 1.repeatd experience
2.reasoning

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linkedin

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business oriented

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logistics

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those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost

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major account management`

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the practice of using team selling to focus on important customers so as to build mutually beneficial long-term, cooperative relationships,

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manufacturer's agents

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agents who work for several producers and carry noncompetitive, complementary merchandise is an exclusive territory

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market

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people with both the desire and the ability to buy a specific offering

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market orientation

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an org that focuses its efforts on 1.continuously collecting info about customers' needs 2.sharing this info across departsments 3.using it to create customer value

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market segmentaiton

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involves aggregating prospective buyers into groups, or segments taht 1.have common needs and 2.will respond similarly to a marketing action

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market segments

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the relatively homogeneous groups of prospective buyers that result from the market segmentation process

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market share

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the ratio of sales revenue of the firm to the total sales rev of all firms in the industry, including the firm itself

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marketing

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the activity for creating, communication, delivering, and exchanging offerings that benefit its customers, the org, its stakehoders, and society at large

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marketing channel

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consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users

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marketing concept

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the idea that an organization should 1.strive to satisfy the needs of consumers 2.while also trying to achieve the orgs goals

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marketing dashboard

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the visual computer display of the essential info related to achieving a marketing objective

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marketing mix

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the marketing manger's controllable factors- product, price, promotion, and place- that can be used to solve a marketing problem

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marketing plan

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a road map for the marketing activities of an organization for a specified future time period, such as one year or five years

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marketing program

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a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

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marketing research

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the process of defining a marketing problem and opportunity, systematically collecting and analyzing info, and recommending actions

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marketing strategy

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the mensby which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it

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marketing tactics

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detailed day-to-day operational decisions essential to the overall success of marketing strategies

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market-product grid

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a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an org

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marketspace

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info and comm based electronic exchange enviro mostly occupied by sophisticated computer and telecomm tech and digitized offerings

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measures of success

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criteria or standards used in evaluating proposed solutions to the problem