Marketing Exam 3 Review - Chapters 7-9

Front 1

Business Marketing

Back 1

The marketing of goods and services to individuals and organizations for the purposes other than personal consumption. Business to Business, B2B.

Front 2

Business Product (Industrial Product)

Back 2

A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers.

Front 3

Consumer Products

Back 3

A product bought to satisfy an individuals personal wants or needs.

Front 4

Business-to-business Electronic Commerce

Back 4

The use of the internet to facilitate the exchange of goods, services and information between organizations.

Front 5

Stickiness

Back 5

A measure of Websites effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed. Stickiness = Frequency + Duration + Site Reach

Front 6

Relationship Marketing

Back 6

A strategy that entails seeking and establishing ongoing partnerships with customers.

Front 7

Strategic Alliance or Partnership

Back 7

A cooperative agreement between two business firms.

Front 8

Relationship Commitment

Back 8

A firms belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely.

Front 9

Trust

Back 9

The condition that exist when one party has confidence in an exchange partner's reliability and integrity.

Front 10

Keiretsu

Back 10

A network of interlocking corporate affiliates.

Front 11

Original Equipment Manufacturer (OEM)

Back 11

Individuals and organizations that buy business goods and incorporate them into products they produce for eventual sale to others producers or consumers.

Front 12

North American Industry Classification System

Back 12

A detailed numbering system developed by the united states, Canada and Mexico to classify North American Business establishments by their main production processes.

Front 13

Derived Demand

Back 13

The demand for business products.

Front 14

Inelastic Demand

Back 14

An increase or decrease in the price will not greatly affect the demand for a product.

Front 15

Joint Demand

Back 15

The demand for two or more items used together in a product.

Front 16

Fluctuating Demand

Back 16

A demand for business products that is less stable. An increase or decrease in customer demand can product a much larger change in demand for facilities and equipment needed to make a product.

Front 17

Multiplier Effect (Accelerator Principle)

Back 17

Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.

Front 18

Business-to-Business Online Exchange

Back 18

An electronic trading floor that provides companies with integrated links to their customers and suppliers.

Front 19

Reciprocity

Back 19

A practice whereby business purchasers choose to buy from their own customers.

Front 20

Major Equipment (Installations)

Back 20

Capital goods such as large or expensive machinery, mainframe computers, blast furnaces, generators, airplanes or buildings.

Front 21

Accessory Equipment

Back 21

Goods such as portable tools and office equipment that are less expensive and shorter-lived than major equipment.

Front 22

Raw Materials

Back 22

Unprocessed extractive or agricultural products such as mineral ore, lumber, wheat, corns, fruits, vegetables and fish.

Front 23

Component Parts

Back 23

Either finished items ready for assembly or products that need very little processing before becoming part of some other product.

Front 24

Processed Materials

Back 24

Product used directly in manufacturing other products.

Front 25

Supplies

Back 25

Consumable items that do not become part of the final product

Front 26

Business Services

Back 26

Expense items that do not become part of a final product.

Front 27

Buying Center

Back 27

All those people in an organization who become involved in the purchase decision.

Front 28

New Buy

Back 28

A situation requiring the purchase of an items for the first time.

Front 29

Modified Rebuy

Back 29

A situation in which the purchaser wants some change in the original good or service.

Front 30

Straight Rebuy

Back 30

A situation in which the purchaser reorders the same goods or services without looking for new info or investigating other suppliers.

Front 31

Market

Back 31

People or organizations with needs or wants and the ability and willingness to buy.

Front 32

Market Segment

Back 32

A subgroup of people or organizations sharing on or more characteristics that cause them to have similar product needs.

Front 33

Market Segmentation

Back 33

The process of dividing a market into meaningful, relatively similar and identifiable segments or groups.

Front 34

Geographic Segmentation

Back 34

Segmenting markets by region of a country or the world, market size, market density or climate.

Front 35

Segmentation Bases (Variables)

Back 35

Characteristics of individuals, groups or organizations.

Front 36

Demographic Segmentation

Back 36

Segmenting markets by age, gender, income, ethnic background and family life cycle.

Front 37

Family Life Cycle

Back 37

A series of stages determined by a combination of age, marital status and presence or absence of children.

Front 38

Psychographic Segmentation

Back 38

Segmenting markets on the basis of personality, motives, life-style and geodemographics.

Front 39

Geodemographic Segmentation

Back 39

Segmenting potential customers in neighborhood lifestyle categories.

Front 40

Benefit Segmentation

Back 40

The process of grouping customers into market segments according to the benefits they seek from the product.

Front 41

Usage-rate Segmentation

Back 41

Dividing a market by the amount of product bought or consumed.

Front 42

80/20 Principle

Back 42

A principle holding that 20% of all customers generate 80% of your business.

Front 43

Satisficers

Back 43

Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements.

Front 44

Optimizers

Back 44

Business customer who consider numerous suppliers (both familiar and unfamiliar) solicit bids and study all proposals carefully before selecting.

Front 45

Undifferentiated Targeting Strategy

Back 45

A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.

Front 46

Concentrated Targeting Strategy

Back 46

A strategy used to select one segment of a market for targeting marketing efforts.

Front 47

Niche

Back 47

One Segment of a market

Front 48

Multisegment Targeting Strategy

Back 48

A strategy that chooses two or more well- defined market segments and develops a distinct marketing mix for each.

Front 49

Cannibalization

Back 49

A situation that occurs when sales of a new product cut into sales of a firm's existing products.

Front 50

Positioning

Back 50

Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line or organization in general.

Front 51

Position

Back 51

A place a product, brand or group of products occupies in consumer's minds relative to competing offerings.

Front 52

Product Differentiation

Back 52

A positioning strategy that some firms use to distinguish their products from those of competitors.

Front 53

Perceptual Mapping

Back 53

A means of displaying or graphic, in two or more dimensions, the location of products, brands or groups of products in customer's minds.

Front 54

Repositioning

Back 54

Changing consumers' perceptions of a brand in relation to competing brands.

Front 55

Marketing Research

Back 55

The process of planning, collecting and analyzing data relevant to a marketing decision.

Front 56

Marketing Research Problem

Back 56

Determining what info is needed and how that info can be obtained.

Front 57

Marketing Research Objective

Back 57

The specific info needed to solve a marketing research problem; the objective should be to provide insightful decision-making info.

Front 58

Management Decision Problem

Back 58

A broad-based problem that uses marketing research in order for managers to take proper actions.

Front 59

Secondary Data

Back 59

Data previously collected for any purpose other than the one at hand.

Front 60

Big Data

Back 60

The exponential growth in the volume, variety and velocity of info and the development of complex, new tools to analyze and creating meaning from such data.

Front 61

Research Design

Back 61

Specifies which research questions must be answered, how and when the data will be gathered and how the data will be analyzed.

Front 62

Primary Data

Back 62

Info that is collected for the first time; used for solving the particular problem under investigation.

Front 63

Survey Research

Back 63

The most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions and attitudes.

Front 64

Mall Intercept Interview

Back 64

A survey research method that involves interviewing people in the common areas of shopping malls.

Front 65

Computer-Assisted Personal Interviewing

Back 65

Interviewer reads questions from a computer and keys in the respondents data.

Front 66

Computer-Assisted Self Interviewing

Back 66

Interview where an interviewer intercepts people at the mall and directs them to computers to take a survey.

Front 67

Central-location Telephone

Back 67

A specifically designed phone room used to conduct telephone interviewing

Front 68

Executive Interview

Back 68

A type of survey that involves interviewing businesspeople at their offices concerning industrial products or services.

Front 69

Focus Group

Back 69

Seven to Ten people who participate in a group discussion led by a moderator.

Front 70

Open-Ended Question

Back 70

An interviewing question that encourages an answer phrased in the respondents own words.

Front 71

Close-Ended Question

Back 71

An interview question that asks the respondent to make a selection from a list of responses.

Front 72

Scaled-Response Question

Back 72

A close ended question designed to measure the intensity of a respondents answer.

Front 73

Observation Research

Back 73

A research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity.

Front 74

Mystery Shoppers

Back 74

Researchers posing as customers who gather observational data about a store.

Front 75

Behavioral Targeting

Back 75

A form of observation marketing research that combines a consumer's online activity with psychographic and demographic profiles compiled in databases.

Front 76

Social Media Monitoring

Back 76

The use of automated tools to monitor online buzz, chatter and conversations.

Front 77

Ethnographic Research

Back 77

The study of human behavior in its natural context; involves observation of behavior and physical setting.

Front 78

Experiment

Back 78

A method of gathering primary data in which the researcher alters on or more variables while observing the effects of those alterations on another variable.

Front 79

Sample

Back 79

A subset from a larger population

Front 80

Universe

Back 80

The population from which a sample will be drawn.

Front 81

Probability Sample

Back 81

A sample in which every element in the population has a known statistical likelihood of being selected.

Front 82

Random Sample

Back 82

A sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample.

Front 83

Non-Probability Sample

Back 83

Any sample in which little or no attempt is made to get a representative cross section of the population.

Front 84

Convenience Sample

Back 84

A form of non-probability sample using respondents who are convenient or readily accessible to the researcher- for example, employees, friends or relatives.

Front 85

Measurement Error

Back 85

An error that occurs when there is a difference between the info desired by the researcher and the info provided by the measurement process.

Front 86

Sampling Error

Back 86

An error that occurs when a sample somehow does not represent the target population.

Front 87

Frame Error

Back 87

An error that occurs when a sample drawn from a population differs from the target population.

Front 88

Random Error

Back 88

An error that occurs when the selected sample is an imperfect representation of the overall population.

Front 89

Field Service Firm

Back 89

A firm that specializes in interviewing respondents on a subcontracted basis.

Front 90

Cross-Tabulation

Back 90

A method of analyzing data that lets the analyst look at the responses to one of the questions in relation to the responses to one or more other questions.

Front 91

Scanner-Based Research

Back 91

A system for gathering info from a single group of respondents by continuously monitoring the advertising, promotion and pricing they are exposed to and the things they buy.

Front 92

Behavior Scan

Back 92

A scanner based research program that tracks the purchases of 3000 households through store scanners in each research market.

Front 93

Info Scan

Back 93

A scanner based sales tracking service for the consumer packaged goods industry.

Front 94

Neuromarketing

Back 94

A field of marketing that studies the body's responses to marketing stimuli.

Front 95

Competitive Intelligence

Back 95

An intelligence system that helps managers assess their competition and vendors in order become more efficient and effective competitors.