Marketing Exam 1

Front 1

Marketing

Back 1

organizational function and a set of processes for creating, communicating, and delivering value to the customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Front 2

Exchange

Back 2

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

Front 3

Market

Back 3

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

Front 4

Target market

Back 4

one or more specific groups of potential consumers toward which an organization directs its marketing program

Front 5

Marketing mix

Back 5

the marketing manager's controllable factors - product, price, promotion, and place

Front 6

Environmental factors

Back 6

uncontrollable factors involving social, economic, technological, competitive, and regulatory forces

Front 7

Customer value

Back 7

unique combination of benefits received by target buyers that includes quality, price, convenience, on-time delivery, ad both before-sale and after-sale service

Front 8

Relationship marketing

Back 8

developing and maintaining effective customer relationships

Front 9

Marketing program

Back 9

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

Front 10

Marketing concept

Back 10

idea that an organization should strive to satisfy the needs of customers while also trying to achieve the organization's goals

Front 11

Market orientation

Back 11

focusing efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value

Front 12

Customer relationship management

Back 12

process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace

Front 13

Societal marketing concept

Back 13

organizations should satisfy the needs of consumers in a way that provides for society's well-being

Front 14

Macromarketing

Back 14

the study of the aggregate flow of a nation's goods and services to benefit society

Front 15

Micromarketing

Back 15

how an individual organization directs its marketing activities and allocates its resources to benefit its customers

Front 16

Ultimate consumers

Back 16

people who buy and use goods and services purchased for a household

Front 17

Organizational buyers

Back 17

manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale

Front 18

Utility

Back 18

benefits or customer value received by users of the product

Front 19

Environmental scanning

Back 19

process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

Front 20

Social forces

Back 20

include demographic characteristics of the population and its values

Front 21

Demographics

Back 21

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

Front 22

Baby boomers

Back 22

generation of children born between 1946 and 1964

Front 23

Generation X

Back 23

includes the 15 percent of the population born between 1965 and 1976

Front 24

Generation Y

Back 24

72 million Americans born between 1977 and 1994

Front 25

Blended family

Back 25

one forged by the merging to a single household of 2 previously separate units

Front 26

Multicultural marketing

Back 26

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races

Front 27

Culture

Back 27

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

Front 28

Value consciousness

Back 28

concern for obtaining the best quality, features, and performance of a product or service for a given price

Front 29

Economy

Back 29

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

Front 30

Gross income

Back 30

total amount of money made in one year by a person, household, or family unit

Front 31

Disposable income

Back 31

money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation

Front 32

Discretionary income

Back 32

money that remains after paying for taxes and necessities

Front 33

Technology

Back 33

refers to inventions or innovations from applied science or engineering research

Front 34

Marketspace

Back 34

an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings

Front 35

Electronic commerce

Back 35

any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution and payment of goods and services

Front 36

Intranet

Back 36

Internet/web-based network used within the boundaries of an organization

Front 37

Extranets

Back 37

use Internet-based technologies and permit communication between a company and its supplier, distributors, and other partners

Front 38

Competition

Back 38

alternative firms that could provide a product to satisfy a specific market's needs

Front 39

Barriers to entry

Back 39

business practices or conditions that make it difficult for new firms to enter the market

Front 40

Regulation

Back 40

restrictions state and federal laws place on business with regard to the conduct of its activities

Front 41

Consumerism

Back 41

grassroots movement to increase influence, power and rights of consumers in dealing with institutions

Front 42

Self-regulation

Back 42

industry attempts to police itself

Front 43

Ethics

Back 43

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

Front 44

Laws

Back 44

society's values and standards that are enforceable in the courts

Front 45

Caveat emptor

Back 45

let the buyer beware

Front 46

Consumer Bill of Rights

Back 46

codified the ethics of exchange between buyers and sellers; the right to safety, to be informed, to choose, and to be heard

Front 47

Economic espionage

Back 47

the clandestine collection of trade secrets or proprietary information about a company's competitors

Front 48

Code of ethics

Back 48

formal statement of ethical principles and rules of conduct

Front 49

Whistle-blowers

Back 49

employees who report unethical or illegal actions of their employers

Front 50

Moral idealism

Back 50

a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

Front 51

Utilitarianism

Back 51

a personal moral philosophy that focuses on "the greatest good for the greatest number"

Front 52

Social responsibility

Back 52

the organizations are part of a larger society and are accountable to that society for their actions

Front 53

Green marketing

Back 53

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

Front 54

ISO 14000

Back 54

an initiative developed by the International Standards Organization which consists of worldwide standards for environmental quality and green marketing practices

Front 55

Cause marketing

Back 55

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

Front 56

Social audit

Back 56

a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility

Front 57

Sustainable development

Back 57

conducting business in a way that protects the natural environment while making economic progress

Front 58

Consumer behavior

Back 58

the actions a person takes in purchasing and using products and services

Front 59

Purchase decision process

Back 59

the stages a buyer goes through in making choices about which products and services to buy; includes problem recognition, information search, alternative evaluation, purchase decision, and postpurchase behavior

Front 60

Evaluative criteria

Back 60

represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands

Front 61

Consideration set

Back 61

the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware

Front 62

Cognitive dissonance

Back 62

feeling of postpurhcase psychological tension or anxiety

Front 63

Involvement

Back 63

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

Front 64

Situational influences

Back 64

all have an impact on your purchase decision process; the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states

Front 65

Motivation

Back 65

the energizing force that stimulates behavior to satisfy a need

Front 66

Personality

Back 66

a person's consistent behaviors or responses to recurring situations

Front 67

Self-concept

Back 67

the way people see themselves and the way they believe others see them

Front 68

Perception

Back 68

the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

Front 69

Subliminal perception

Back 69

you see or hear messages without being aware of them

Front 70

Perceived risk

Back 70

represents the anxieties felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences

Front 71

Learning

Back 71

refers to behaviors that result from repeated experience and reasoning

Front 72

Brand loyalty

Back 72

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

Front 73

Attitude

Back 73

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

Front 74

Beliefs

Back 74

a consumer's subjective perception of how a product or brand performs on different attributes

Front 75

Lifestyle

Back 75

a mode of living that is identified by how people spend their time and resources

Front 76

Opinion leaders

Back 76

individuals who exert direct or indirect social influence over others

Front 77

Word of mouth

Back 77

the influencing of people during conversations

Front 78

Reference groups

Back 78

people to whom an individual looks as a basis for self-appraisal or as a source of personal standards

Front 79

Consumer socialization

Back 79

the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers

Front 80

Family life cycle

Back 80

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

Front 81

Social class

Back 81

the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped

Front 82

Subcultures

Back 82

subgroups within the larger, or national, culture with unique values, ideas, and attitudes

Front 83

Business marketing

Back 83

marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services they can produce and market to others

Front 84

Organizational buyers

Back 84

manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale

Front 85

Industrial firms

Back 85

reprocess a product or service they buy before selling it again to the next buyer

Front 86

Resellers

Back 86

wholesalers and retailers that buy physical products and resell them again without any reprocessing

Front 87

Government units

Back 87

federal, state, and local agencies that buy goods and services for their constituents

Front 88

North American Industry Classification System

Back 88

provides common industry definitions for Canada, Mexico, and the US, which makes easier the measurement of economic activity in NAFTA

Front 89

Derived demand

Back 89

the demand for industrial products and services is derived from demand for consumer products and services

Front 90

Organizational buying criteria

Back 90

objective attributes of the supplier's products and services and the capabilities of the supplier itself

Front 91

ISO 9000

Back 91

refer to standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures

Front 92

Reverse marketing

Back 92

deliberate effort by organizational buyers to build relationships that shape suppliers' products, services and capabilities to fit a buyer's needs and those of its' customers

Front 93

Reciprocity

Back 93

industrial buying practice in which two organizations agree to purchase each other's products and services

Front 94

Supply partnership

Back 94

a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services for the ultimate consumer

Front 95

Buying center

Back 95

share common goals, risks, and knowledge important to a purchase decision

Front 96

Buy classes

Back 96

types of buying situations

Front 97

Organizational buying behavior

Back 97

decision-making process that organizations use to establish the need for products, services and identify, evaluate, and choose among alternative brands and suppliers

Front 98

Make-buy decision

Back 98

an evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself

Front 99

Value analysis

Back 99

systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs

Front 100

Bidder's list

Back 100

list of firms believed to be qualified to supply a given item

Front 101

E-marketplaces

Back 101

online trading communities that bring together buyers and supplier organizations

Front 102

Traditional auction

Back 102

a seller puts up an item for sale and the would-be buyers are invited to bid in competition with each other

Front 103

Reverse auction

Back 103

a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

Front 104

Marketing research

Back 104

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

Front 105

Decision

Back 105

a conscious choice from among 2 or more alternatives

Front 106

Measures of success

Back 106

criteria or standards used in evaluating proposed solutions to a problem

Front 107

Constraints

Back 107

restrictions placed on potential solutions to a problem

Front 108

Sampling

Back 108

selecting representative elements from a population

Front 109

Probability sampling

Back 109

involves using precise rules to select the sample such that each element of the population has a specific known chance of being selected

Front 110

Nonprobability sampling

Back 110

using arbitrary judgments to select the sample so that the chance of selecting a particular element may be unknown or 0

Front 111

Statistical inference

Back 111

drawing conclusions about a population from a sample taken from that population

Front 112

Data

Back 112

the facts and figures related to the problem

Front 113

Secondary data

Back 113

facts and figures that have already been recorded before the project at hand

Front 114

Primary data

Back 114

facts and figures newly collected for the project

Front 115

Observational data

Back 115

facts and figures obtained by watching how people actually behave

Front 116

Questionnaire data

Back 116

facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

Front 117

Information technology

Back 117

involves a computer and communication system to satisfy an organization's needs for data storage, processing, and access

Front 118

Data mining

Back 118

an extraction of hidden predictive information from large databases