Marketing exam #1

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Marketing exam #1
2013-09-29 19:04:14

Marketing exam(chapters 1-5)
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  1. Marketing
    The process by which compaines create value for customers and build strong customer relationships in order to capture value from customers in return.
  2. Needs
    States of felt deprivation.
  3. Wants
    The form human needs to take as they are shaped by culture and individual personality.
  4. Demands
    Human wants that are backed up by buying power.
  5. Market offerings
    Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
  6. market myopia
    The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
  7. Exchange
    The act of obtaining a desired object from someone by offering something in return.
  8. Market
    The set of all actual and potential buyers of a product or service.
  9. Marketing management
    The art and science of choosing target markets and building profitable relationships with them.
  10. Production concept
    The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
  11. Product concept
    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.
  12. Selling concept
    The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
  13. Marketing concept
    A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
  14. Societal marketing concept
    The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long run interests, and society's long run interests.
  15. Customer relationship management
    The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
  16. Customer-percieved value
    The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
  17. Customer satisfaction
    The extent to which a product's percieved performance matches a buyer's expectations.
  18. Customer-managed relationships
    Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with eachother to shape their relationships with brands.
  19. Consumer-generated marketing.
    Brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
  20. Partner relationship management
    Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
  21. Customer lifetime value
    The value of the entire stream of purchases a customer makes over a lifetime of patronage.
  22. Share of customer.
    The portion of the customer's purchasing that a company gets in its product categories.
  23. Customer equity
    The total combined customer lifetime values of all the company's customers.
  24. Internet
    A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.
  25. Strategic planning
    The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
  26. Mission statement
    A statement of the organization's purpose-what it wants to accomplish in the larger environment.
  27. business portfolio
    The collection of businesses and products that make up the company.
  28. Portfolio analysis
    The process by which management evaluates the products and businesses that make up the company.
  29. Growth-share matrix
    A portfolio-planning method that evaluates a company's SBU's in terms of its market growth rate and relative market share.
  30. Product/market expansion grid
    A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, or diversification.
  31. Market penetration
    Company growth by increasing sales of current market segments without changing the product.
  32. Market development
    Company growth by identifying and developing new market segments for current company products.
  33. Product development
    Company growth by offering modified or new products to current market segments.
  34. Diversification
    Company growth through starting up or acquiring businesses outside the company's current products and markets.
  35. Value chain
    The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
  36. Value delivery network
    A network composed of the company, suppliers, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.
  37. Marketing strategy
    The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
  38. Market segmentation
    Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
  39. Market segment
    A group of consumers who respond in a similar way to a given set of marketing efforts.
  40. Market targeting (or targeting)
    The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
  41. Positioning
    Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
  42. Differentiation
    Actually differentiating the market offering to create superior customer value.
  43. Marketing mix
    The set of tactical marketing tools-product,price,place, and promotion-that the firm blends to produce the response it wants in the target market.
  44. SWOT analysis
    An overall evaluation of the strengths (S), weaknesses (W), opportunities (O), and threats (T).
  45. Marketing implementation
    Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
  46. Marketing control
    Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.
  47. Return on marketing investment (marketing ROI)
    A measure of the marketing productivity of a marketing investment-calculated by dividing net marketing contribution by marketing expenses.
  48. Marketing environment
    The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
  49. Microenvironment
    The actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors and publics.
  50. Macroenvironment
    The larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces.
  51. Marketing intermediaries
    Firms that help the company to promote, sell, and distribute its goods to final buyers.
  52. Public
    Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
  53. Demography
    The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
  54. Baby boomers
    The 78 million people born during the years following world war II and lasting until 1964.
  55. Generation X
    The 49 million people born between 1965 and 1976 in the "Birth dearth" following the baby boom.
  56. Millennial generation (Generation Y)
    The 83 million children of the baby boomers born between 1977 and 2000.
  57. Economic environment
    Economic factors that affect consumer purchasing power and spending patterns.
  58. Natural environment
    Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
  59. Environmental sustainability
    A management approach that involves developing strategies that both sustain the environment and produce profits for the company.
  60. Technological environment
    Forces that create new technologies, creating new product and market opportunities.
  61. Political environment
    Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
  62. Cultural environment
    Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors.
  63. Customer insights
    Fresh understandings of customers and marketplace derived from marketing information that becomes the basis for creating customer value and relationships.
  64. Marketing information systems (MIS)
    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.
  65. Internal databases
    Electronic collections of consumer and market information obtained from data sources within the company network.
  66. competitive marketing intelligence
    The systematic collection and analysis of publicly available information about consumers, competitors, and developments and the marketing environment.
  67. Marketing research
    The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
  68. Exploratory research
    Marketing research used to gather preliminary information that will help define problems and suggest hypotheses.
  69. Descriptive research
    Marketing research used to better describe marketing problems, situations, or markets.
  70. Causal research
    Marketing research used to test hypotheses about cause-and-effect relationships.
  71. Secondary data
    Information that already exists somewhere, having been collected for another purpose.
  72. Primary data
    Information collected for the specific purpose at hand.
  73. Observational research
    Gathering primary data by observing relevant people, actions, and situations.
  74. Ethnographic research
    A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."
  75. Survey research
    Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
  76. Experimental research
    Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
  77. Focus group interviewing
    Personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service or organization. The interviewer "focuses" the group discussion on important issues.
  78. Online marketing research
    Collecting primary data online through internet surveys, online focus groups, web- based experiments, or tracking consumers' online behavior.
  79. Online focus groups
    Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
  80. Sample
    A segment of the population selected for marketing research to represent the population as a whole.
  81. Customer relationship management(CRM)
    Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
  82. Consumer buyer behavior
    The buying behavior of final consumers-individuals and households that buy goods and services for personal consumption.
  83. Consumer market
    All the individuals and households that buy or acquire goods and services for personal consumption.
  84. Culture
    The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
  85. Subculture
    A group of people with shared value systems based on common life experiences and situations.
  86. social class
    relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
  87. Group
    Two or more people who interact to accomplish individual or mutual goals.
  88. Word-of-mouth influence
    The impact of personal words and recommendations of trusted friends, associates, and other consumers on buying behavior.
  89. opinion leader
    A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.
  90. Online social networks
    Online communities where people congregate, socialize and exchange views and information.
  91. Lifestyle
    A person's pattern of living as expressed in his or her activities, interests, and opinions.
  92. Personality
    The unique psychological characteristics that distinguish a person or group.
  93. Motive(drive)
    A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
  94. Perception
    The process by which people select, organize, and interpret information to form a meaningful picture of the world.
  95. Learning
    Changes in an individual's behavior arising from experience.
  96. Belief
    A descriptive thought that a person holds about something.
  97. Attitude
    A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
  98. Cognitive dissonance
    Buyer discomfort caused by post-purchase conflict.
  99. New product
    A good, service, or idea that is perceived by some potential customers as new.
  100. Adoption process
    The mental process through which an individual passes from first hearing about an innovation to final adoption.
  101. Business in buyer behavior
    The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
  102. Business buying process
    The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.
  103. Derived demand
    The business demand for products and services that ultimately derives from the demand for consumer goods.
  104. Supplier development
    Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials exist for use in making products or reselling them to others.
  105. Straight rebuy
    A business buying situation in which the buyer routinely reorders something without any modifications.
  106. Modified rebuy
    A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
  107. New task
    A business buying situation in which the buyer purchases a product or service for the first time.
  108. Systems selling (or solutions selling)
    Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
  109. Buying center
    All the individuals and units that play a role in the purchase decision-making process.
  110. Product value analysis
    Carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value.
  111. E- procurement
    Purchasing performed through electronic connections between buyers and sellers-usually online.