Shared Flashcard Set

Details

Marketing 2
N/A
53
Business
Undergraduate 2
02/29/2012

Additional Business Flashcards

 


 

Cards

Term
Buyer Decision Process
Definition

1. Need Recognition

2. Information Search

3. Evaluation of Alternatives

4. Purchase decision

5. Postpurchase behavior

Term
business buyer behavior
Definition
the buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others
Term
business buying process
Definition
the decision process by which business buyers determine which products and serices their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands
Term
derived demand
Definition
business demand that ultimately comes from the demand for consumer goods
Term
problem recognition
Definition
the first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a servce
Term
general need description
Definition
the stage in the business buying process in which a buyer describes the general characteristics and quantity of a needed item
Term
product specification
Definition
the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item
Term
supplier search
Definition
the stage of the business buying process in which the buyer trues to find the best vendors
Term
proposal solicitation
Definition
the stage of the business buying process in which the buyer invites qualified suppliers to submit proposals
Term
supplier selection
Definition

the stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers

Term
performance review
Definition
the stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement
Term
E-procurement
Definition
purchasing through electronic connections between buyers and sellers -- usually online
Term
government market
Definition
governmental units -- federal, state, and local -- that purchase or rent goods and services for carrying out the main functions of government
Term
geographic segmentation
Definition
dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods
Term
demographic segmentation
Definition
dividing the market into segments based on variables such as age, gender, family size, family life cylce, income, occupation, etc
Term
age and life-cycle segmentation
Definition
dividing a market into different age and life-cycle groups
Term
gender segmentation
Definition
dividing a market into different segments based on gender
Term
income segmentation
Definition
dividing a market into different income segments
Term
psychographic segmentation
Definition
dividing a market into different segments based on social class, lifestyle, or personality characteristics
Term
behavioral segmentation
Definition
dividing a market based on consumer knowledge, attitudes, uses, or responses to a product
Term
occasion segmentation
Definition
dividing a market according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
Term
benefit segmentation
Definition
dividing the market into segments according to the different benefits that consumers seek from the product
Term
undifferentiated (mass) marketing
Definition
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
Term

differentiated marketing 

Definition
market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
Term
concentrated (niche) marketing
Definition
a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
Term
micromarketing
Definition
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
Term
local marketing
Definition
tailoring brands and promotions to the needs and wants of local customer segments -- cities, neighborhoods, and even specific stores
Term
individual marketing
Definition
tailoring products and promitions to the needs and preferences of indivual customers
Term
competitive advantage
Definition
an advantage over competitors gained by offering greater customer value
Term
value proposition
Definition
full positioning of a brand -- the full mix of benefits on which it is positioned
Term
positioning statement
Definition
a statement that summarizes company or brand positioning
Term
product quality
Definition
the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
Term
brand
Definition
a name, term, sign, symbol, design or a combination that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
Term
packaging
Definition
the activities of designing and producing the container of wrapper for a product
Term
product line
Definition
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 range
Term
product mix (product portfolio)
Definition
set of all product lines and items that a particular seller offers for sale
Term
service intangibility
Definition
services cannot be seen, tasted, felt, heard, or smelled before they are bought
Term
service inseparability
Definition
services are produced and consumed at the same time and cannot be separated from their providers
Term
service variability
Definition
the quality of services may vary greatly depending on who provides them and when, where, and how
Term
service perishability
Definition
services cannot be stored for later sale or use
Term
service profit chain
Definition
the chain that links service firm profits with employee and customer satisfaction
Term
brand equity
Definition
the differential effect that knowing the brand name has on customer response to the product or its marketing
Term
store brand (private brand)
Definition
a brand created and owned by a reseller of a product or service
Term
co-branding
Definition
the practice of using the established brand names of 2 different companies on the same product
Term
line extension
Definition
extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
Term
brand extension
Definition
extending an existing brand name to new product categories
Term
new-product development
Definition
development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts
Term
idea generation
Definition
the systematic search for new-product ideas
Term
product life cycle (PLC)
Definition

the course of a product's sales and profits over its lifetime

- product development

- introduction

- growth 

- maturity

- decline

Term
introduction stage
Definition
the PLC stage in which a new product is first distributed and made available for purchase
Term
growth stage
Definition
the PLC stage in which a product's sales start climbing quickly
Term
maturity stage
Definition
the PLC stage in which a product's sales growth slows or levels off
Supporting users have an ad free experience!