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Marketing test 1
2nd half of marketing vocab
53
Marketing
Undergraduate 3
09/24/2012

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Term
market
Definition
people or organizations with needs or wants and the ability or willingness to buy
Term
market segment
Definition
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Term
market segmentation
Definition
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
Term
segmentation bases/variables
Definition
characteristics of individuals, groups, or organizations, to divide a total market into segments
Term
geographic segmentation
Definition
segmenting markets by region of a country or the world, market size, market density, or climate
Term
demographic segmentation
Definition
segmenting markets by age, gender, income, ethnic background, and family life cycle
Term
family life cycle
Definition
series of stages determined by a combination of age, marital status, and the presence or absence of children
Term
psychographic segmentation
Definition
market segmentation on the basis of the following psychographic segmentation variables
Term
geodemographic segmentation
Definition
segmenting potential customers into neighborhood lifestyle categories
Term
benefit segmentation
Definition
process of grouping customers into market segments according to the benefits they seek from the products
Term
usage-rate segmentation
Definition
divides a market by the amount of product bought or consumed
Term
80/20 principle
Definition
a principle holding that 20 percent of all customers generate 80 percent of the demand
Term
satisficers
Definition
business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
Term
optimizers
Definition
business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one
Term
target market
Definition
group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Term
undifferentiated targeting strategy
Definition
adopts a mass-marketing philosophy; a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
Term
concentrating targeting strategy
Definition
a strategy used to select one segment of a market for targeting marketing efforts
Term
niche
Definition
one segment of a market
Term
multisegment targeting strategy
Definition
a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
Term
cannibalization
Definition
a situation that occurs when sales of a new product cut into sales of a firm's existing products
Term
one-to-one marketing
Definition
individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer
Term
positioning
Definition
developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
Term
position
Definition
the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
Term
product differentiation
Definition
a positioning strategy that some firms use to distinguish their products from those of competitors
Term
perceptual mapping
Definition
a means of displaying or graphing, in 2 or more dimensions, the location of products, brands, or groups of products in customers' minds
Term
repositioning
Definition
changing consumers' perception of a brand in relation to competing brands
Term
business/industrial marketing
Definition
the marketing of goods and services to individuals and organizations for purposes other than personal consumption
Term
business-to-business electronic commerce
Definition
the use of the Internet to facilitate the exchange of goods, services, and information between organizations
Term
stickiness
Definition
a measure of Web site's effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed dring each visit (site reach)
Term
disintermediation
Definition
the elimination of intermediaries such as wholesales or distributors from a marketing channel
Term
reintermediation
Definition
the reintroduction of an intermediary between producers and users
Term
strategic alliance/partnership
Definition
a cooperative agreement between business firms
Term
relationship commitment
Definition
a firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely
Term
trust
Definition
the condition that exists when one party has confidence in an exchange partner's reliability and integrity
Term
keiretsu
Definition
a network of interlocking corporate affiliates
Term
original equipment manufacturers
Definition
individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers to consumers
Term
North American Industry Classification System
Definition
a detailed numbering system developed by the U.S., Canada, and Mexico to classify North American business establishments by their main production processes
Term
derived demand
Definition
the demand for business products
Term
joint demand
Definition
the demand for two or more items used together in a final product
Term
multiplier effect (accelerator principle)
Definition
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
Term
business-to-business exchange
Definition
an electronic trading floor that provides companies with integrated links to their customers and suppliers
Term
reciprocity
Definition
a practice whereby business purchases choose to buy from their own customers
Term
major equipment (installations)
Definition
capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings
Term
accessory equipment
Definition
goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment
Term
raw materials
Definition
unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish
Term
component parts
Definition
either finished items ready for assembly or products that need processing before becoming part of some other product
Term
processed materials
Definition
products used directly in manufacturing other products
Term
supplies
Definition
consumable items that do not become part of the final product
Term
business services
Definition
expense items that do not become a part of the final product
Term
buying center
Definition
all these people in an organization who become involved in the purchase decision
Term
new buy
Definition
a situation requiring the purchase of a product for the first time
Term
modified rebuy
Definition
a situation in which the purchaser wants some change in the original good or service
Term
straight rebuy
Definition
a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers
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