Marketing Exam 1

Front 1

Business Portfolio

Back 1

The collection of businesses and products that make up the company

Front 2

Marketing Research

Back 2

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Front 3

Marketing Mix

Back 3

The set of tactical marketing tools-products, price, place, and promotion - that the firm blends to produce the response it wants in the target market

Front 4

Millennials

Back 4

The 83 million children of the baby boomers

Front 5

Market

Back 5

The set of all actual and potential buyers of a product

Front 6

Marketing

Back 6

The process by which companies create value for customers/build strong customer relationships in order to capture from customers in return

Front 7

Needs

Back 7

State of felt deprivation

Front 8

Wants

Back 8

The form human needs take as they are shaped by culture/individual personality

Front 9

Differentiation

Back 9

Actually differentiating the market offering to create superior customer value

Front 10

Diversification

Back 10

Company growth through starting up or acquiring businesses outside the company's current products and markets.

Front 11

Product Concept

Back 11

- A detailed version of the new product idea stated in meaningful consumer terms

- The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

Front 12

Primary Data

Back 12

Information collected for the specific purpose at hand

Front 13

Product

Back 13

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Front 14

Packaging

Back 14

The activities of designing and producing the container or wrapper for a product

Front 15

Positioning

Back 15

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Front 16

Demography

Back 16

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Front 17

Generation Z

Back 17

People born after 2000 who make up the kids, tweens, and teen markets

Front 18

Generation X

Back 18

The 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom

Front 19

Exploratory Research

Back 19

Marketing research to gather preliminary information that will help define problems and suggest hypotheses

Front 20

Survey Research

Back 20

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior

Front 21

Social Class

Back 21

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

Front 22

New Product

Back 22

A good, service, or idea that is perceived by some potential customers as new

Front 23

Culture

Back 23

The set if basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

Front 24

Income Segmentation

Back 24

Dividing a market into different income segments

Front 25

Convenience Product

Back 25

A consumer that customers usually buy frequently, immediately, and with minimal comparison and buying product

Front 26

Unsought Product

Back 26

A consumer product that the consumer either does not know about or knows about but does not normally consider buying

Front 27

Co-branding

Back 27

The practice of suing the established brand names of two different companies on the same product

Front 28

Product Life Cycle

Back 28

The course of a product's sales and profits over its lifetime

Front 29

Fad

Back 29

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

Front 30

Fashion

Back 30

A currently accepted or popular style in a given field

Front 31

Sample

Back 31

A segment of the population selected for marketing research to represent the population as a whole

Front 32

Subculture

Back 32

A group of people with shared value systems based on common life experiences and situations

Front 33

Shopping Product

Back 33

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style

Front 34

Service

Back 34

An activity, benefit, or satisfaction, offered for sale that is essentially intangible and does not result in the ownership of anything

Front 35

Speciality Product

Back 35

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

Front 36

Secondary Data

Back 36

Information that already exists somewhere, having been collected for another purpose

Front 37

Value Chain

Back 37

The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products

Front 38

Demographic Segmentation

Back 38

Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Front 39

Adoption Process

Back 39

The mental process through which an individual passes from first hearing about an innovation to final adoption

Front 40

Brand

Back 40

A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors

Front 41

Age and Life Cycle Segmentation

Back 41

Dividing a market into different age and life cycle groups

Front 42

Idea Generation

Back 42

The systematic search for new product ideas

Front 43

Style

Back 43

A basic and distinctive mode of expression

Front 44

Growth Stage

Back 44

The PLC stage in which a product's sales start climbing quickly

Front 45

Marketing Analytics

Back 45

Practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment

Front 46

Cognitive Dissonance

Back 46

Buyer discomfort caused by post-purchase conflict

Front 47

Geographic Segmentation

Back 47

Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

Front 48

New Product Development

Back 48

The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts

Front 49

Selling Concept

Back 49

The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

Front 50

Baby Boomers

Back 50

The 78 million people born during the years following World War 2 and lasting until 1964