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Module 4 (Chapter 14) [SA]
Marketing: Building Customer and Stakeholder Relationships
44
Business
Undergraduate 1
10/23/2015

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Term
Marketing is...
Definition
The process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations.
Term
The marketing concept is...
Definition
A three-part business philosophy"

1) A customer orientation
2) A service orientation
3) A profit orientation
Term
Customer relationship management (CRM) is...
Definition
The process of learning as much as possible about customers and doing everything you can to satisfy them -- or even exceed their expectations -- with goods and services over time.
Term
The marketing mix is...
Definition
The ingredients that go into a marketing program.
Term
1) Product
2) Price
3) Place
4) Promotion
Definition
What goes into the marketing mix?
Term
A product is...
Definition
Any physical good, service, or idea that satisfies a want or need.
Term
Test marketing is...
Definition
The process of testing products among potential users.
Term
Brand name is...
Definition
A word, device (design, shape, sound, or colour), or combination of these used to distinguish a seller's goods or services from those of competitors.
Term
Price is...
Definition
The money or other consideration (including other goods and services) exchanged for the ownership or use of a good or service.
Term
Promotion is...
Definition
All of the techniques sellers use to motivate customers to buy their products.
Term
Marketing research is...
Definition
The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
Term
Secondary data is...
Definition
Information that has already been complied by others and published in journals and books or made available online.
Term
Primary data is...
Definition
Data that you gather yourself (not from secondary sources such as books and magazines).
Term
A focus group is...
Definition
A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other issues.
Term
Environmental scanning is...
Definition
The process of identifying the factors that can affect marketing success.
Term
Consumer market is...
Definition
All individuals or households that want goods and services for personal consumption or use.
Term
Business-to-business (B2B) market is...
Definition
All individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.
Term
Marketing segmentation is...
Definition
The process of dividing the total market into groups whose members have similar characteristics.
Term
Target marketing is...
Definition
Marketing directed toward those groups (market segments) an organization decides it can serve profitably.
Term
Geographic segmentation is...
Definition
Dividing the market by geographic area.
Term
Demographic segmentation is...
Definition
Dividing the market by age, income, and level of education.
Term
Psychographic segmentation is...
Definition
Dividing the market according to personality or lifestyle (activities, interests, and opinions).
Term
Behavioural segmentation is...
Definition
Dividing the market based on behaviour with or toward a product.
Term
Niche marketing is...
Definition
The process of finding small but profitable market segments and designing or finding products for them.
Term
One-to-one (individual) marketing is...
Definition
Developing a unique mix of goods and services for each individual customer.
Term
Mass marketing is...
Definition
Developing products and promotions to please large groups of people.
Term
Relationship marketing is...
Definition
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
Term
One-to-one marketing involves...
Definition
Developing a unique mix of goods and services for each individual customer.
Term
Primary and secondary.
Definition
The main types of data associated with market research are...
Term
The B2B market uses goods and services to...
Definition
Sell to others or to use in producing other goods and services.
Term
Larger
Definition
Is the B2B market smaller or larger than the consumer market?
Term
Geographically concentrated.
Definition
Business-to-business markets tend to be...
Term
A business needs to manage far fewer customer relationships to achieve a reasonable level of sales.
Definition
What is the impact of selling to business customers that purchase large amounts of a product?
Term
Sociocultural influences.
Definition
Kelly buys only Nike shoes because they are endorsed by her favourite entertainers. Furthermore, her attitudes and values are shaped by statements by these celebrities. This illustrates how consumer decision making is influenced by...
Term
Work closely with existing customers to better satisfy their wants and needs.
Definition
By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to...
Term
The use of marketing by a non-profit organization.
Definition
As the campaign manager for a candidate for the Canadian Federal Parliament, Pete works to learn as much as possible about potential voters. With this information, he hopes to focus the campaign on the issues most important to voters. This represents...
Term
Where do consumers want to go to buy skis?
Definition
If you owned a ski shop, what question would relate to distributing your skis to end consumers?
Term
Marketing mix
Definition
While the four Ps help us remember the basics of the __________, they don't include everything that goes into the marketing process.
Term
The B2B market is smaller than the consumer market.
Definition
All statements about the B2B market are true, EXCEPT...
Term
The observation method
Definition
A widely used technique for collecting primary data is...
Term
Reference group
Definition
A consumer's decision making process is influenced by their __________, consisting of those people who help shape the consumer's beliefs, attitudes, values or behaviour.
Term
Niche marketing
Definition
Digital Print Shops has responded to new competition from national chain stores by focusing on small market segments that have been ignored by their larger competitors. Digital believes it can attract a loyal group of customers willing to pay premium prices. Digital's strategy is known as...
Term
How changes in disposable income affect consumer buying behaviour.
Definition
What would be an example of an economic change a marketer should be informed about?
Term
They make buying decisions based on the image of a product or service.
Definition
What statement is accurate for the behavioural segmentation of the consumer market?
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