Mktg 101 Quiz 2

Front 1

Customer Insights

Back 1

Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

Front 2

Marketing Information System (MIS)

Back 2

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate Actionable customer and market insights.

Front 3

Internal Databases

Back 3

Electronic collections of consumer and market information obtained from data sources within the company network.

Front 4

Competitive Marketing Intelligence

Back 4

The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Front 5

Marketing Information System Diagram

Back 5

Front 6

Marketing Research

Back 6

The systematic design, collecti9n, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Front 7

The Marketing Research Process (Diagram)

Back 7

Front 8

Exploratory Research

Back 8

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

Front 9

Descriptive Research

Back 9

Marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers.

Front 10

Casual Research

Back 10

Marketing research to test hypothesis about cause-and-effect relationships.

Front 11

Secondary Data

Back 11

Information thay already exists somewhere, having been collected for another purpose.

Front 12

Primary Data

Back 12

Information collected for the specific purpose at hand.

Front 13

Observational Research

Back 13

Gathering primary Data by observing relevant people, actions, and situations.

Front 14

Ethnographic Research

Back 14

A form of observational research that involves sending trained observers to watch and interact with customers in their natural environments

Front 15

Survey Research

Back 15

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

Front 16

Experimental Research

Back 16

Bring primary data by selecting match groups of subjects giving them different treatments controlling related factors and checking for differences in group responses.

Front 17

Focus group interviewing

Back 17

Personal interviewing that involves inviting 6 to 10 people together for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer focus is the group discussion on important issues.

Front 18

Planning Primary Data Collection

Back 18

Front 19

Strengths and weaknesses of Contact Methods

Back 19

Front 20

Online marketing research

Back 20

Collecting primary data online through internet service, online focus groups, web-based experience, or track and consumers online behavior.

Front 21

Online focus groups

Back 21

Gathering a small group of people online with the train to moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.

Front 22

Behavioral targeting

Back 22

Using online consumer tracking data to target advertisements and marketing offers to specific customers.

Front 23

Sample

Back 23

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

Front 24

Types of Samples

Back 24

Front 25

Customer relationship management (CRM)

Back 25

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.

Front 26

Price

Back 26

The amount of money charged for product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service.

Front 27

Customer value - based pricing

Back 27

Setting price based on buyers perceptions of value rather than on the sellers cost.

Front 28

Considerations in setting price

Back 28

Front 29

Cost-based Pricing v. Value-based Pricing (diagram)

Back 29

Front 30

Good - value pricing

Back 30

Offering just the right combination of quality and good service at a fair price.

Front 31

Value - added pricing

Back 31

Attaching value - added features and services to differentiate a company's offers and charging higher prices.

Front 32

Cost - based pricing

Back 32

Setting prices based on the cost of producing, distributing, and selling the product plus a fair rate of return for effort and risk.

Front 33

Fixed costs (overhead)

Back 33

Cost that do not vary with production or sales level.

Front 34

Variable costs

Back 34

Costs that vary directly with the level of production.

Front 35

Total cost

Back 35

The sum of the fixed and variable costs for any given level of production.

Front 36

Cost-plus pricing (markup pricing)

Back 36

Adding a standard markup to the cost of the product.

Front 37

Break - even pricing (target return pricing)

Back 37

Setting price to break even on the costs of making and marketing a product, or setting price to make a target return.

Front 38

Competition - based pricing

Back 38

Setting prices based on competitors strategies, prices, costs, and market offers

Front 39

Break - even chart for determining target return price and break - even volume (diagram)

Back 39

Front 40

Target costing

Back 40

Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.

Front 41

Demand curve

Back 41

Curve that shows the number of units the market will buy in a given time period, at different prices that might be charged.

Front 42

Price elasticity

Back 42

A measure of the sensitivity of demand to changes in price. The more inelastic the smaller the change in demand for the change in price. The more elastic, the greater the change in demand with a change in price.

Front 43

Market - skimming pricing (price skimming)

Back 43

Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales.

Front 44

Market - penetration pricing

Back 44

Setting a low price for a new product in order to attract a large number of buyers in a large market share.

Front 45

Product line pricing

Back 45

Setting the price steps between various products in a product line based on cost differences between the products customer evaluations of different features and competitors prices.

Front 46

Optional - product pricing

Back 46

The pricing of optional or accessory products along with a main product.

Front 47

Captive - product pricing

Back 47

Setting a price for products that must be used along with the main product, such as blades for a razor and games for a video - game console.

Front 48

By - product pricing

Back 48

Setting a price for by product in order to make the main products price more competitive.

Front 49

Product bundle pricing

Back 49

Combining several products and offering the bundle at a reduced price.

Front 50

Discount

Back 50

A straight reduction in price on purchases during a stated period of time and larger quantities.

Front 51

Allowance

Back 51

Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way.

Front 52

Segmented pricing

Back 52

Selling a product or service at two or more prices, where the difference is in price is not based on differences in costs.

Front 53

Psychological pricing

Back 53

Pricing that considers the psychology of prices and not simply the economics the price is used to say something about the product.

Front 54

Reference prices

Back 54

Crisis that buyers carry in their minds and refer to when they look at a given product.

Front 55

Promotional pricing

Back 55

Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales.

Front 56

Dynamic pricing

Back 56

Adjusting prices to continually to meet the characteristics and needs of individual customers and situations.

Front 57

Promotion mix or marketing communications mix

Back 57

Specific blend of promotion tools that the Company uses to engage customers, persuasively communicate customer value, and build customer relationships.

Front 58

Advertising

Back 58

Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor.

Front 59

Sales promotion

Back 59

Short - term incentives to encourage the purchase or sale of a product or service.

Front 60

Personal selling

Back 60

Personal customer interactions by the firm sales force for the purpose of making sales and building customer relationships

Front 61

Public relations

Back 61

Building good relations with the company's various public by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.

Front 62

Direct and social - media marketing

Back 62

Engaging and interacting directly with carefully targeted individual customers and consumer communities to both obtain an immediate response and cultivate lasting customer relationships.

Front 63

Brand content management

Back 63

Creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels.

Front 64

Integrated marketing communications

Back 64

Carefully integrating in coordinating the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its products.

Front 65

Push strategy

Back 65

Promotion strategy that calls for using the sales force and trade promotion to put the product through channels. The producer promotes the product to channel members, which in turn promote it to final consumers.

Front 66

Pull strategy

Back 66

A promotion strategy that calls for spending a lot of consumer advertising and promotion to induce final consumers to buy the product, creating Adam and vacuum that pulls the product through the channel.

Front 67

Advertising budget

Back 67

The dollars and other resources allocated to a product or company advertising program.

Front 68

Advertising objective

Back 68

Pacific communication task to be accomplished with a specific target audience during a specific period of time.