Term
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Definition
| The process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations. |
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Term
| The marketing concept is... |
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Definition
A three-part business philosophy"
1) A customer orientation
2) A service orientation
3) A profit orientation |
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Term
| Customer relationship management (CRM) is... |
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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. |
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Term
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Definition
| The ingredients that go into a marketing program. |
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Term
1) Product
2) Price
3) Place
4) Promotion |
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Definition
| What goes into the marketing mix? |
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Term
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Definition
| Any physical good, service, or idea that satisfies a want or need. |
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Term
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Definition
| The process of testing products among potential users. |
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Term
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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. |
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Term
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Definition
| The money or other consideration (including other goods and services) exchanged for the ownership or use of a good or service. |
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Term
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Definition
| All of the techniques sellers use to motivate customers to buy their products. |
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Term
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Definition
| The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. |
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Term
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Definition
| Information that has already been complied by others and published in journals and books or made available online. |
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Term
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Definition
| Data that you gather yourself (not from secondary sources such as books and magazines). |
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Term
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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. |
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Term
| Environmental scanning is... |
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Definition
| The process of identifying the factors that can affect marketing success. |
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Term
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Definition
| All individuals or households that want goods and services for personal consumption or use. |
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Term
| Business-to-business (B2B) market is... |
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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. |
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Term
| Marketing segmentation is... |
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Definition
| The process of dividing the total market into groups whose members have similar characteristics. |
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Term
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Definition
| Marketing directed toward those groups (market segments) an organization decides it can serve profitably. |
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Term
| Geographic segmentation is... |
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Definition
| Dividing the market by geographic area. |
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Term
| Demographic segmentation is... |
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Definition
| Dividing the market by age, income, and level of education. |
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Term
| Psychographic segmentation is... |
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Definition
| Dividing the market according to personality or lifestyle (activities, interests, and opinions). |
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Term
| Behavioural segmentation is... |
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Definition
| Dividing the market based on behaviour with or toward a product. |
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Term
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Definition
| The process of finding small but profitable market segments and designing or finding products for them. |
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Term
| One-to-one (individual) marketing is... |
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Definition
| Developing a unique mix of goods and services for each individual customer. |
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Term
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Definition
| Developing products and promotions to please large groups of people. |
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Term
| Relationship marketing is... |
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Definition
| Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements. |
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Term
| One-to-one marketing involves... |
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Definition
| Developing a unique mix of goods and services for each individual customer. |
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Term
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Definition
| The main types of data associated with market research are... |
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Term
| The B2B market uses goods and services to... |
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Definition
| Sell to others or to use in producing other goods and services. |
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Term
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Definition
| Is the B2B market smaller or larger than the consumer market? |
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Term
| Geographically concentrated. |
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Definition
| Business-to-business markets tend to be... |
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Term
| A business needs to manage far fewer customer relationships to achieve a reasonable level of sales. |
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Definition
| What is the impact of selling to business customers that purchase large amounts of a product? |
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Term
| Sociocultural influences. |
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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... |
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Term
| Work closely with existing customers to better satisfy their wants and needs. |
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Definition
| By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to... |
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Term
| The use of marketing by a non-profit organization. |
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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... |
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Term
| Where do consumers want to go to buy skis? |
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Definition
| If you owned a ski shop, what question would relate to distributing your skis to end consumers? |
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Term
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Definition
| While the four Ps help us remember the basics of the __________, they don't include everything that goes into the marketing process. |
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Term
| The B2B market is smaller than the consumer market. |
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Definition
| All statements about the B2B market are true, EXCEPT... |
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Term
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Definition
| A widely used technique for collecting primary data is... |
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Term
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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. |
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Term
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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... |
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Term
| How changes in disposable income affect consumer buying behaviour. |
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Definition
| What would be an example of an economic change a marketer should be informed about? |
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Term
| They make buying decisions based on the image of a product or service. |
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Definition
| What statement is accurate for the behavioural segmentation of the consumer market? |
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