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MKT 300
Exam 2
56
Marketing
Undergraduate 2
02/20/2008

Additional Marketing Flashcards

 


 

Cards

Term
Organizational Buyers
Definition

are those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

Term
Industrial Firms
Definition
 
are organizational buyers that in some way reprocesses a product or service they buy before selling it again to the next buyer.
Term
Resellers
Definition
 
are wholesalers and retailers that buy physical products and resell them again without any processing.
Term
Government Units
Definition
 
-the federal, state, and local agencies that buy goods and services for the constituents they serve.
Term
Drive Demand
Definition
 
means the demand
for industrial products and services is driven by, or derived from, demand for consumer products and services.
Term
Organizational Buying Criteria
Definition
 
are
the objective attributes of the supplier’s products and services and the capabilities of the supplier itself.
Term
Reciprocity
Definition
 
is an industrial buying practice in which two organizations
agree to purchase each other’s products and services.
Term

Supply Partnership

Definition
 
exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer.
Term
Buying Center
Definition
 
is the group of people
in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision.
Term

E-marketplaces

Definition
 
are online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services.  
Term
Traditional Auction
Definition
 
is an online auction in which a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other.
Term
Reverse Auction
Definition
 
is an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.
Term

 Countertrade

Definition
 
is the practice of using barter rather than money for making global sales.
Term

Gross Domestic Product

Definition
 
is the monetary value of all goods and services produced in a country during one year.
Term
Balance of Trade
Definition
 
is the difference between the monetary value of a nation’s exports and imports.
Term
Protectionism
Definition
 
is the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas.
Term
Tariffs
Definition
 
are a government tax on goods
or services entering a country, primarily serving to raise prices on imports.
Term
Quota
Definition
 
is a restriction placed on the amount of a product allowed to enter
or leave a country.
Term
World Trade Organization (WTO)
Definition
 
is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.
Term
Values
Definition
 
is a society’s personally or socially preferable modes of conduct
or states of existence that tend to persist over time.
Term
Customs
Definition
 
are what is considered normal and expected about the way people do things in a specific country.
Term
Currency Exchange Rate
Definition
 
the price of one country’s currency expressed in terms of another country’s currency.
Term
Joint Venture
Definition
 
is when a foreign country and a local firm invest together to create a local business.
Term
Direct Investment
Definition
 
entails a domestic firm actually investing in and owning a foreign subsidiary or division.
Term
Dumping
Definition
 
when a firm sells a product in a foreign country below its domestic price or below its actual cost.
Term
Marketing Research
Definition
 
is the process
of defining a marketing problem and opportunity, systematically collecting
and analyzing information, and recommending actions.
Term
Market Segments
Definition
 
the relatively homogeneous groups of prospective buyers that result from the market segmentation process.
Term
Usage Rate
Definition
 
the quantity consumed or patronage (store visits) during a specific period of time.
Term
80/20 Rule
Definition
 
a concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers.
Term
Perceptual Map
Definition
 
a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing actions.
Term
Product Positioning
Definition
 
refers to the place an offering occupies in consumers’ minds on important attributes relative to competitive products.
Term
Product Repositioning
Definition
 
involves
changing the place an offering
occupies in a consumers mind
relative to competitive products.
Term

Roles in an Organizational Buying Center

Definition

1. Users

2. Influencers

3. Buyers

4. Deciders

5. Gatekeepers (decide what kind and how much info. is available to other parties in center)

Term
3 types of Organizational Purchases
Definition

1. Straight Rebuy

2. Modified Rebuy

3. New Buy

Term
2 Stages of Economic Development
Definition

1.DevelopED countries

2. DevelopING countries

Term
Exporting
Definition
- direct and indirect
Term
Licensing
Definition
-allowing trademarks to be used by other companies for a fee
Term
Contract Marketing
Definition
allowing foreign factories to make your products with your name
Term
Contract Assembly
Definition
-Us parts, but assembled and sold in foreign country with the US name
Term

Trade Surplus

Definition

a positive balance of trade

-exports>imports

Term
Trade Deficit
Definition

-a negative balance of trade

-imports>exports

Term
5 Steps of Marketing Research
Definition

1. Define the problem

2. Develop the Research Plan

3. Collect relevant information by specifying

4. develop findings

5. Take marketing actions

Term

Exploratory Research

Definition

-gather in depth info. about something

-small and non-random sample

-always start with this

Term
Descriptive Research
Definition

-use large and random sample

-used to make conclusions about whole population

Term
2 Types of constraints
Definition

1. time (method of collection)

2. Monetary (budget, pay ppl, $ for supplies)

Term
Secondary Data
Definition

-data not collected for the project

-data that already exists

(ex:sales rev data)

Term
Primary Data
Definition

-data doesn't exist before the project

-data collected specifically for your project

Term
Internal Secondary Data
Definition
-data collected within an organization
Term

External Secondary Data

Definition

any info. outside of the organization

-(ex: census bureau, demographics, data from marketing research company)

Term
Observational Data (primary)
Definition
-no communication with participants
Term
Questionnaire Data (primary)
Definition

-communication with participants

-with oral (focus groups)

-or written (survey)

Term

Direct Observational Data

Definition

-researcher is physically present

 -(ex: who makes the decision of what type of cereal to buy in store)

Term
Indirect Observational Data
Definition

-researcher is not present

-(ex: consumers scan their items at home and info is transmitted to researcher)

Term
3 Segmentation Strategies
Definition

1. One product, multiple segments (nokia)

2. Multiple Products, Multiple segments (P&G)

3. Mass Customization (Dell)

Term

Criteria to use in picking target segments

Definition

1. market size (in segment and have ABILITY to buy)

2. expected growth (if market has a future, see trends)

3. competitive position (other comp with same tarkets)

4. cost of reaching segment (paying distributers, advertising and transporting abroad)

Term
2 product positioning approaches
Definition

1. Head-to-Head Positioning (compete in same way, same market and products)

2. Differentiation (make yourself different, target diff. people, better environment or quality)

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