Chapter 1 FYI

Why is B2B marketing different than consumer marketing?

B2B marketing customers are generally more rational and customers are large

The set of values, attitudes, and ways of doing things passed from one generation to another in a given society

Culture

The process of learning as much as possible about present customers and doing everything you can over time to satisfy them is:

Customer Service Management (CRM)

What is geographic segmentation?

Dividing a market by cities, counties, states, or regions

What is cognitive dissonance?

When consumers who make a major purchase may have doubts about whether they got the best product at the best price

What technological innovations can companies use to develop products and services that match consumer's wants and needs more effectively?

blogs, social networking, data bases

What are the three major factors in the marketing environment?

competitive factors, technological factors, and global factors

The ____________________ market consists of all the individuals and households that want goods and services for personal consumption

consumer

The marketing concept is a business philosophy that involves three orientations. What three factors make up the marketing concept?

customer, profit, and service

What do companies conduct market research on?

ecological impact of decisions and business trends

Shifts in the U.S. population have created new challenges for marketers as they adjust their products to meet the tastes and preferences of the growing number of...

ethnic groups

What is the consumer market made up of?

individuals and households

What does the the B2B market include?

manufacturers, government, institutions

When marketers gather information on business trends, global trends, and consumer buying patterns they are conducting:

market research

Which marketing activity helps businesses gather information to compete effectively?

market research

What career options are available to students majoring in marketing?

marketing advertising, retail store manager, public relations

A three-part business philosophy that involves a customer, service, and profit orientation is the ____________________.

marketing concept

What are some of the industries that will benefit from the increase in the over 65 population?

nursing homes, recreation, prescription drugs

What provide(s) companies with an opportunity to observe people interacting with one another, expressing their own opinions, forming relationships, and commenting on various goods and services?

online communities

One of the fastest-growing segments of the U.S. population is...

over 65

Whereas consumer promotions are based more on advertising, B2B sales are based on...

personal selling

The web allows companies to communicate with their customers to assist in cultivating customer ____________________, as people interact with the company

relationships

The internet helps buyers in the purchasing process because customers are able to:

search and compare to find the best price

Within the marketing environment, computers, telecommunications, bar codes, data interchange, and internet changes are all considered...

technological factors

What was the production era philosophy?

the belief that companies should produce as much as they can because there is limitless market for products

The factors that go into a marketing program include product, price, place, and promotion. These are called what?

the marketing mix

When businesses developed mass-production techniques and capacity exceeded immediate demand, what era began?

the selling era

What nonprofits use marketing to achieve?

to raise funds to meet their objectives; increase awareness of their causes

Which groups do states use marketing to attract?

tourists, new businesses

Marketing is the activities, set of institutions, and processes that add ____________________ for customers.

value

What attributes are typically used to differentiate consumer groups?

1. Age 2. Income 2. Education

Rank the three steps to develop the marketing mix

1. Find opportunities 2. Conduct research 3. Identify a target market

What is target marketing?

Selecting which groups or segments an organization can serve profitably

What is service orientation?

The focus of the marketing era that makes sure everyone in the organization has the same objective, customer satisfaction

What is customer orientation?

The marketing concept that sates that a business must find out what consumers want and provide it for them

What is a subculture?

The set of values, attitudes, and ways of doing things that differentiate a group as belonging to a certain ethnic, racial, or other group

What is psychographic segmentation?

The study if a group's values, attitudes, and interests in order to determine the group's lifestyle