MKTG 300 Exam 2 Preparation

A collection of vocabulary flashcards based on key concepts from MKTG 300 exam preparation notes.

B2B Marketing

Business-to-business marketing, focusing on selling products or services to other businesses.

Buying Process

The series of stages that customers go through when making a purchase.

New Buy

A purchase decision that involves a first-time buy of a product or service.

Modified Rebuy

A purchase decision in which the buyer wants to modify product specifications, prices, or terms.

Straight Rebuy

A routine purchase of items from suppliers as orders are replenished.

Buying Center

The group of individuals within an organization who make decisions about purchasing.

Segmentation

The process of dividing a market into distinct subsets of potential customers with common needs.

Demographic Variables

Segmentation criteria based on measurable characteristics of a population, such as age, gender, income.

Behavioral Segmentation

Dividing the market based on consumer knowledge, attitudes, uses, or responses to a product.

Attitudinal Segmentation

Segmenting the market based on customers' feelings, beliefs, and attitudes towards a product.

Benefit Segmentation

Market segmentation based on the specific benefits that consumers seek from a product.

Targeting Strategy

The plan to choose one or more segments to enter with marketing efforts.

Positioning Statement

A statement that summarizes how a brand should be perceived by the target market relative to competitors.

Marketing Research Process

The systematic approach to collecting, analyzing, and interpreting data about a market.

Primary Data vs. Secondary Data

Primary data is collected specifically for the research project, while secondary data is collected for another purpose.

Exploratory Research

Research that seeks to explore and understand a problem or opportunity.

Branding Strategies

The approaches used to create a distinct image and identity for a product.

Product Life Cycle

The stages a product goes through from introduction to decline: introduction, growth, maturity, and decline.

Service Gaps

The differences between customer expectations regarding service and the actual service delivered.

Knowledge Gap

The difference between customer expectations and the firm’s perception of those expectations.

Standard Gap

The difference between the service quality specifications and the actual service delivered.

Delivery Gap

The difference between the service delivered and the service standards set by the firm.

Communication Gap

The difference between the actual service delivered and what was promised to customers.