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Marketing Ch.7,8,10
N/A
93
Business
Undergraduate 1
03/20/2011

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Term
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. (multiplier effect)
Term
accessory equipment
Definition
Goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment.
Term
business marketing
Definition
The marketing of goods and services to individuals and organizations for purposes other than personal consumption.
Term
business services
Definition
Expense items that do not become part of a final product.
Term
business-to-business electronic commerce
Definition
The use of the Internet to facilitate the exchange of goods, services, and information between organizations.
Term
business-to-business online exchange
Definition
An electronic trading floor that provides companies with integrated links to their customers and suppliers.
Term
buying center
Definition
All those persons in an organization who become involved in the purchase decision
Term
component parts
Definition
Either finished items ready for assembly or products that need very little processing before becoming part of some other product
Term
derived demand
Definition
The demand for business products.
Term
derived demand
Definition
The demand for business products.
Term
disintermediation
Definition
The elimination of intermediaries such as wholesalers or distributors from a marketing channel
Term
installations
Definition
Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings. (major equipment)
Term
joint demand
Definition
The demand for two or more items used together in a final product.
Term
keiretsu
Definition
A network of interlocking corporate affiliates
Term
major equipment
Definition
Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings. (installations)
Term
modified rebuy
Definition
A situation where the purchaser wants some change in the original good or service
Term
multiplier effect
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. (accelerator principle
Term
new buy
Definition
A situation requiring the purchase of a product for the first time
Term
North American Industry Classification System (NAICS)
Definition
A detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes
Term
OEMs
Definition
Individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to consumers. (original equipment manufacturers)
Term
processed materials
Definition
Products used directly in manufacturing other products
Term
raw materials
Definition
Unprocessed extractive or agricultural products, such as mineral ore, timber, wheat, corn, fruits, vegetables, and fish
Term
reciprocity
Definition
The practice of business purchasers choosing to buy from their own customers
Term
reintermediation
Definition
The reintroduction of an intermediary between producers and users
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
stickiness
Definition
A measure of a Web site's effectiveness; calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit. (site reach)
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
Term
strategic alliance
Definition
A cooperative agreement between business firms. (strategic partnership)
Term
supplies
Definition
Consumable items that do not become part of the final product
Term
trust
Definition
The condition that exists when one party has confidence in an exchange partner's reliability and integrity
Term
80/20 principle
Definition
A principle holding that 20 percent of all customers generate 80 percent of the demand
Term
benefit segmentation
Definition
The process of grouping customers into market segments according to the benefits they seek from the product
Term
cannibalization
Definition
A situation that occurs when sales of a new product cut into sales of a firm's existing products
Term
concentrated targeting strategy
Definition
A strategy used to select one segment of a market for targeting marketing efforts
Term
demographic segmentation
Definition
Segmenting markets by age, gender, income, ethnic background, and family life cycle
Term
family life cycle (FLC)
Definition
A series of stages determined by a combination of age, marital status, and the presence or absence of children
Term
geodemographic segmentation
Definition
Segmenting potential customers into neighborhood lifestyle categories
Term
geographic segmentation
Definition
Segmenting markets by region of a country or the world, market size, market density, or climate
Term
market
Definition
People or organizations with needs or wants and the ability and 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
multisegment targeting strategy
Definition
A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
Term
niche
Definition
One segment of a market
Term
one-to-one marketing
Definition
An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer
Term
optimizers
Definition
Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one
Term
perceptual mapping
Definition
A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds
Term
position
Definition
The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
Term
positioning
Definition
Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
Term
product differentiation
Definition
A positioning strategy that some firms use to distinguish their products from those of competitors
Term
psychographic segmentation
Definition
Market segmentation on the basis of personality, motives, lifestyles, and geodemographics
Term
repositioning
Definition
Changing consumers' perceptions of a brand in relation to competing brands
Term
satisficers
Definition
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
Term
segmentation bases
Definition
Characteristics of individuals, groups, or organizations. (variables)
Term
target market
Definition
(1) A defined group most likely to buy a firm's product. (2) A 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
A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
Term
usage-rate segmentation
Definition
Dividing a market by the amount of product bought or consumed
Term
variables
Definition
Characteristics of individuals, groups, or organizations. (segmentation bases)
Term
brand
Definition
A name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
Term
brand equity
Definition
The value of company and brand names
Term
brand loyalty
Definition
A consistent preference for one brand over all others
Term
brand mark
Definition
The elements of a brand that cannot be spoken
Term
brand name
Definition
That part of a brand that can be spoken, including letters, words, and numbers
Term
business product
Definition
A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers. (industrial product)
Term
captive brand
Definition
A brand that carries no evidence of a retailer's affiliations, is manufactured by a third party, and is sold exclusively at the retailer
Term
cobranding
Definition
Placing two or more brand names on a product or its package
Term
consumer product
Definition
A product bought to satisfy an individual's personal wants
Term
convenience product
Definition
A relatively inexpensive item that merits little shopping effort
Term
express warranty
Definition
A written guarantee
Term
family brand
Definition
Marketing several different products under the same brand name
Term
generic product name
Definition
Identifies a product by class or type and cannot be trademarked
Term
global brand
Definition
A brand where at least one-third of the product is sold outside its home country or region
Term
implied warranty
Definition
An unwritten guarantee that the good or service is fit for the purpose for which it was sold
Term
individual branding
Definition
Using different brand names for different products
Term
informational labeling
Definition
A type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
Term
manufacturer's brand
Definition
The brand name of a manufacturer
Term
persuasive labeling
Definition
A type of package labeling that focuses on a promotional theme or logo with consumer information being secondary
Term
planned obsolescence
Definition
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
Term
private brand
Definition
A brand name owned by a wholesaler or a retailer
Term
product
Definition
Everything, both favorable and unfavorable, that a person receives in an exchange
Term
product item
Definition
A specific version of a product that can be designated as a distinct offering among an organization's products
Term
product line
Definition
A group of closely related product items
Term
product line depth
Definition
The number of product items in a product line
Term
product line extension
Definition
Adding additional products to an existing product line in order to compete more broadly in the industry
Term
product mix
Definition
All products that an organization sells
Term
product mix width
Definition
The number of product lines an organization offers
Term
product modification
Definition
Changing one or more of a product's characteristics
Term
service mark
Definition
A trademark for a service
Term
shopping product
Definition
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
Term
specialty product
Definition
A particular item for which consumers search extensively and are very reluctant to accept substitutes
Term
trademark
Definition
The exclusive right to use a brand or part of a brand
Term
universal product codes (UPCs)
Definition
A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products. (bar codes, UPCs)
Term
unsought product
Definition
A product unknown to the potential buyer, or a known product that the buyer does not actively seek.
Term
warranty
Definition
A confirmation of the quality or performance of a good or service
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