Marketing 300 ch 1,2,5,6,7,9 (UTK)

first

Designing a good product is the __________ step in cost-based pricing.

societal marketing concept

The __________ is 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.

problem recognition

The first step of the business buying process is __________.

Question marks

The growth-share matrix defines four types of SBUs: __________ are low-share business units in high-growth markets.

creating profits and customer equity

The marketing process captures value from customers by __________.

the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

The production concept is __________.

A mission statement

__________ describes the organization's purpose—what it wants to accomplish in the larger environment.

Store brand

__________ is a brand created and owned by a reseller of a product or service.

Subculture

__________ is a group of people with shared value systems based on common life experiences and situations.

Price elasticity

__________ is a measure of the sensitivity of demand to changes in price.

Attitude

__________ is a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

Product/market expansion grid

__________ is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

Positioning

__________ is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Value-added pricing

__________ is attaching features and services to differentiate a company's offers and charging higher prices.

Customer value-based pricing

__________ is based on a buyer's perceptions of value rather than on the seller's cost.

Market development

__________ is company growth by identifying and developing new market segments for current company products.

Market penetration

__________ is company growth by increasing sales of current products to current market segments without changing the product.

Product development

__________ is company growth by offering modified or new products to current market segments.

Diversification

__________ is company growth through starting up or acquiring businesses outside the company's current products and markets.

Product position

__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.

Differentiation

__________ is distinguishing a market offering from other offerings in order to create superior customer value.

Social class

__________ is relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

Share of customers

__________ is the portion of the customer's purchasing that a company gets in its product categories.

unique selling proposition

A __________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute.

product

A __________ is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

value proposition

A __________ is the full mix of benefits on which a brand is positioned.

unsought product

A(n) __________ is a consumer product that the consumer either does not know about or knows about but does not normally consider buying.

shopping product

A(n) __________ is a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.

specialty product

A(n) __________ is a consumer product with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort.

marketing information system

A(n) __________ is people and processes 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.

internal database

A(n) __________ refers to electronic collections of customer and marketing information obtained from data sources within the company network.

brand positioning

Attributes and benefits are part of __________, which is one of the major brand strategy decisions.

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Customer relationship management is __________.

simple random

In a __________ sample, every member of the population has a known and equal chance of selection.

stratified random

In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.

cluster

In a __________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.

evaluation

In the __________ stage, the consumer considers whether trying the new product makes sense.

interest

In the __________ stage, the consumer seeks information about the new product.

awareness

In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it.

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Marketing is __________.

states of felt deprivation

Needs are __________.

an overall evaluation of a company's strengths, weaknesses, opportunities, and threats

SWOT analysis is __________.

the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Strategic planning is __________.

marketing concept

The __________ is 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.

product concept

The __________ is 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.

selling concept

The __________ is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.

Code of Standards and Ethics for Survey Research

The __________ outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.

psychological pricing

With ________, the price is used to say something about the product.

Belief

________ is a descriptive thought that a person holds about something.

Need recognition

________ is the first stage of the buyer decision process, in which the consumer notices a problem.

Buying attitudes and preferences

__________ are a type of buyer response.

demands

__________ are human wants that are backed by buying power.

Primary data

__________ are information collected for the specific purpose at hand.

Secondary data

__________ are information that already exists somewhere, having been collected for another purpose.

Buyer characteristics

__________ are part of the buyer's black box and produce certain responses.

Brand sponsorship

__________ includes private brand, licensing, and co-branding.

Customer satisfaction

__________ is the extent to which a product's perceived performance matches a buyer's expectations.

Concentrated marketing is __________.

a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

An industrial product is a product __________.

bought by individuals and organizations for further processing or for use in conducting a business

Market penetration is __________.

company growth by increasing sales of current products to current market segments without changing the product

Income segmentation is __________.

dividing a market into different income groups

Market segmentation is __________.

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

A competitive advantage is __________.

gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

Observational research is __________.

gathering primary data by observing relevant people, actions, and situations

Service inseparability means that __________.

services are produced and consumed at the same time and cannot be separated from their providers

A demand curve __________.

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

A convenience product is a consumer product __________.

that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Price is __________.

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

Brand equity is __________.

the differential effect that knowing the brand name has on customer response to the product or its marketing

Need recognition is __________.

the first stage of the buyer decision process, in which the consumer notices a problem

Customer insights are __________.

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

a type of buyer response

Buying attitudes and preferences are __________.

brand name selection

Finding the best name is part of __________, and it begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies.

production concept

The __________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

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

The societal marketing concept is __________.

needs

The state of felt deprivation is known as __________.

Economic, technological, social, and cultural stimuli

__________ are part of the environment that enter the consumer's black box and produce certain responses.

Samples

__________ are segments of the population selected for marketing research to represent the population as a whole.

Marketing offerings

__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Marketing stimuli

__________ are such things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box.

wants

__________ are the form human needs take as they are shaped by culture and individual personality.

Current marketing situation

__________ describes the target market and the company's position in it, including information about the market, product performance, competition, and distribution.

A value delivery network

__________ is made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system.

Descriptive research

__________ is 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.

Exploratory research

__________ is marketing research to gather preliminary information that will help define problems and suggest hypotheses.

Marketing myopia

__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products.

Co-branding

__________ is the practice of using the established brand names of two different companies on the same product.

Marketing

__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Perception

__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

Market targeting

__________ is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Setting a target price to match the customer's perceived value

__________ is the second step in value-based pricing.

A value chain

__________ is the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.

Product mix

__________ is the set of all products and items that a particular seller offers for sale.

Determining costs that can be incurred

__________ is the third step in value-based pricing.

Marketing implementation

__________ is turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

A group

__________ is two or more people who interact to accomplish individual or mutual goals.

Fixed costs

__________ is/are costs that do not vary with production or sales level.

Market segment

__________ is a group of consumers who respond in a similar way to a given set of marketing efforts.

Micromarketing

__________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.

Exchange

__________ is the act of obtaining a desired object from someone by offering something in return.

Marketing management

__________ is the art and science of choosing target markets and building profitable relationships with them.

Variable costs

__________ is/are costs that vary directly with the level of production.

Total costs

__________ is/are the sum of the fixed and variable costs for any given level of production.

In the adoption process, awareness is __________.

when the consumer becomes familiar with a new product but lacks information about it

Cash cows

The growth-share matrix defines four types of SBUs: __________ are low-growth, high-share businesses or products.

dogs

The growth-share matrix defines four types of SBUs: __________ are low-growth, low-share businesses and products.

Ethnographic research

__________ is a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."

Age and life-cycle segmentation

__________ is dividing a market into different age and life-cycle groups.

Purchase decision

__________ is the buyer's decision about which brand to select.

Learning

__________ is the changes in an individual's behavior arising from experience.

Product quality

__________ is the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Customer-perceived value

__________ is 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.

Designing products to deliver the desired value at a target price

__________ is the fourth step in value-based pricing.

Culture is __________.

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

Gender segmentation

__________ is dividing a market into different segments based on gender.

Customer equity

__________ is the total combined values of all of the company's customers.

Customer lifetime value

__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage.

Target costing

__________ is/are pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.

A service profit chain

__________ links service firm profits with employee and customer satisfaction.

Service perishability

__________ means that services cannot be stored for later sale or use.

Service variability

__________ means that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Stars

The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.

Psychographics segmentation

__________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics

Geographic segmentation

__________ is dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods.

Occasion segmentation

__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Behavioral segmentation

__________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or response to a product.

Alternative evaluation

__________ is the stage of the buyer decision process in which the consumer uses information to review different brands in the choice set.

Competitive marketing intelligence

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

Marketing research

__________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

A product line

__________ refers to a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Quota sample

__________ refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher.

Perception is ________.

the process by which people select, organize, and interpret information to form a meaningful picture of the world

Brand extension

__________ is expanding an existing brand name of new product categories.

Demographic segmentation

__________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Market targeting

__________ is evaluating each market segment's attractiveness and selecting one or more segments to enter.

Survey research

__________ is gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Experimental research

__________ is gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

Causal research

__________ is marketing research to test hypotheses about cause-and-effect relationships.

Marketing control

__________ is measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

Good-value pricing

__________ is offering just the right combination of quality and good service at a fair price.

Market-skimming pricing

__________ is 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.

Market-penetration pricing

__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share.

Captive-product pricing

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

Product line pricing

__________ is 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.

Local marketing

__________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores.

Individual marketing

__________ is tailoring products and marketing programs to the needs and preferences of particular customers.

Marketing strategy

__________ is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

Information search

__________ is the stage of the buyer decision process in which the consumer is motivated to locate more information.