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Test #2
Vocabulary
70
Marketing
Undergraduate 3
10/13/2009

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Cards

Term
Components
Definition
This includes assemblies and sub-assemblies like spark plugs, radiators, and steering wheels.
Term
Deciders
Definition
This refers to the entity that has final responsibility for the purchase decision in marketing to businesses.
Term
Derived demand
Definition
The demand for a product that is caused by the purchase and use of another product or service.
Term
Gatekeepers
Definition
This refers to an entity that acts to keep outsiders away from those actually writing the specification or making the decision in business marketing.
Term
Influencers
Definition
This refers to an entity that can influence a specification or decision in business marketing.
Term
Initiators
Definition
This refers to the entities that begin the purchasing [evaluation] cycle in business marketing.
Term
Installations
Definition
This category includes factories, warehouses, and office buildings.
Term
Joint demand
Definition
Demand for two or more products that are used together to create a different product.
Term
MRO supplies
Definition
All items used for the maintenance, repair, and operation of a facility and its equipment.
Term
Buyers
Definition
This refers to the entity that actually places the purchase orders in business marketing.
Term
Business services
Definition
Includes all purchased services like grounds maintenance and housekeeping.
Term
Business purchasing cycle
Definition
This represents the entire set of steps from initial investigation to ongoing vendor evaluation.
Term
Approvers
Definition
This refers to the entities that determine whether a product is suitable for the intended purpose in business marketing.
Term
Accessory equipment
Definition
Items used to help make a finished product like drill presses and assembly lines.
Term
Users
Definition
This refers to the entities that utilize the product in business marketing.
Term
Systems selling
Definition
A sales approach resulting in a single vendor providing a total solution.
Term
Raw materials
Definition
Includes basic items including things like rolled steel, rubber, and plastic resins.
Term
Gap
Definition
Any unfilled opportunity in the market.
Term
Horizontal Market
Definition
This type of market is composed of a large number of NAICS codes and products sold to it tend to me homogeneous.
Term
Industrial Product
Definition
Any product bought by firms for further processing or for use in conducting a business.
Term
Joint Venture
Definition
A company owned by two or more non-related firms.
Term
Market Challenger
Definition
The firm seeking to attain the market leader position.
Term
Market Follower
Definition
A firm that follows developments of the market leader and market challenger but does not threaten either of them.
Term
Market Leader
Definition
The entity with the largest market share.
Term
Market Nicher
Definition
A firm that finds and develops small market segments that are not of major interest to large market share firms.
Term
New Competitors
Definition
A firm that is not currently in, or close to, any product market of your firm but could have a significant impact on those markets if it entered.
Term
Partnership
Definition
An arrangement [formal or informal] were two or more firms agree to commit resources toward a specific objective.
Term
Relationship Marketing
Definition
The process of creating, maintaining, and enhancing strong, value-based relationships with customers and other stakeholders.
Term
Strategic Alliances
Definition
Relationships [usually between two companies] that have complementary strengths and offsetting weaknesses.
Term
The Principle of Force
Definition
The Cardinal Rule - larger numbers usually always win.
Term
The Principle of Force
Definition
The Cardinal Rule - larger numbers usually always win.
Term
Traditional Competitors
Definition
Companies in the same business selling the same or very similar products.
Term
Vertical Market
Definition
This type of market is composed of a small number of NAICS codes and products tend to be very different.
Term
Demographic Segmentation
Definition
The process of dividing the market into groups based on demographic variables such as age, sex, family size, family life-cycle, income, occupation, education, religion, race, and nationality.
Term
Differentiated Marketing
Definition
A market-coverage strategy in which a firm targets several market segments and designs separate offers for each.
Term
Geographic Segmentation
Definition
The process of dividing a market into different geographical units as countries, states, regions, cities, or neighborhoods.
Term
Individual Marketing
Definition
Tailoring products and marketing programs for individual customers.
Term
Niche Marketing
Definition
Focusing on niches that seek a unique combination of benefits.
Term
Segment Marketing
Definition
Isolating broad segments that make up a market and adapting the marketing offering for one or more target segments.
Term
Local Marketing
Definition
The process of developing brands and promotions to the needs and wants of local customer/prospect groups.
Term
Market Positioning
Definition
Describes the space a product occupies with a distinctive fit relative to competing products in the minds of target customers and prospects.
Term
Market Segmentation
Definition
The process of dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors requiring separate products or marketing mixes.
Term
Market Segmentation
Definition
The process of dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors requiring separate products or marketing mixes.
Term
Market Targeting
Definition
The process of evaluating each market segment's attractiveness and selecting which segment[s] to enter.
Term
Micromarketing
Definition
The process of developing products and marketing programs for specific individuals and local customer groups including local marketing and individual [1:1] marketing.
Term
Psychographic segmentation
Definition
The process of dividing a market into different groups based on social class, lifestyle, or personality characteristics.
Term
Evolving Competitors
Definition
Companies that are very close to, but not currently in, the product markets of your firm.
Term
Competitive intelligence
Definition
The set of information that can be legally obtained by various methods about a competitor.
Term
Class Action Lawsuit
Definition
An action where one party is sued by a class or group of entities.
Term
Co-branding
Definition
Using the brand names of two different companies on the same product.
Term
Combination Brand
Definition
This describes the situation where both an individual and corporate brand are used together
Term
Core Product
Definition
This is the primary product.
Term
Combination Brand
Definition
This describes the situation where both an individual and corporate brand are used together
Term
Corporate / family brand
Definition
This refers to a corporate name that is always present on the firm's offerings.
Term
Differentiation
Definition
How you make your product's value set have meaningful differences in the minds of customers and prospects.
Term
Generic Brand
Definition
This refers to a no-name or white box brand image.
Term
Individual / product brand
Definition
This is a product with a single brand name that is different from the corporate name.
Term
Line extension
Definition
Additional items in a category using the same brand name, such as new flavors, forms, colors, ingredients, or sizes.
Term
Brand strategy
Definition
The game plan used to successfully position a brand and achieve corporate objectives.
Term
Brand license
Definition
Refers to the situation where one firm allows another company to use its brand through a formal licensing agreement
Term
Brand extension
Definition
A brand name extended to include a new product category.
Term
Brand equity
Definition
Refers to the premium a purchaser will pay versus a competitor or the value of owning the brand - an off-balance sheet number
Term
Brand
Definition
A name, term, sign, symbol, or any other unique element that identifies goods or services and differentiates them from those of competitors.
Term
Augmented product
Definition
This is the actual product plus many other items including installation, service, warranty, etc.
Term
Actual product
Definition
This is the core product plus additional features like brand, quality, packaging, etc.
Term
Undifferentiated marketing
Definition
A market-coverage strategy in which a firm goes after the whole market with a single offer.
Term
Multibrands
Definition
This describes a situation where a firm has multiple brands in the same category.
Term
Private [label] brand
Definition
This is a brand owned and used by someone other than the producer of the product.
Term
Product liability
Definition
The risk a firm incurs by selling products that may not provide the level of safety which the community is generally entitled to expect
Term
Unique Selling Proposition [USP]
Definition
A way to briefly describe your business that includes the three components of specific, measurable, and beneficial.
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