Marketing Final Exam Review Flashcards

Comprehensive vocabulary flashcards covering marketing concepts from Chapter $$1$$ to Chapter $$13$$ based on the final exam review transcript.

Marketing

The process of managing profitable customer relationships where companies create value for customers and build strong customer relationships.

Marketing Myopia

A focus more on the product than the benefits produced by the product, often occurring when a company fails to explain the product's purpose and focuses only on Research and Development (R&D).

Satisfaction

The state of a consumer's expectations being met.

Customer generated marketing

A marketing approach where consumers participate directly, such as the Doritos competition for Super Bowl ads, which results in less cost and work for the company.

Microenvironment

The actors close to the company that affect its ability to serve customers, including the company, suppliers, marketing intermediaries, customers, competitors, and publics.

Macroenvironment

The larger societal forces that affect the microenvironment, including demographic, economic, natural, technological, political, and cultural forces.

Selective Attention

A component of perception where consumers screen out most of the information to which they are exposed.

Selective Distortion

A component of perception where people interpret information in a way that supports what they already believe.

Selective Retention

A component of perception where consumers are likely to remember good points made about a brand they favor and forget good points made about competing brands.

Maslow’s Hierarchy of Needs

A five-tier model of human needs including Physiological (hunger, thirst), Safety (security, protection), Social (sense of belonging, love), Esteem (self-esteem, recognition, status), and Self-actualization (self-development and realization).

Buyer Decision Process

The five-stage process consisting of need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior.

Upstream

The set of firms that supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service.

Direct marketing channel

A marketing channel that has no intermediary levels.

Indirect marketing channel

A marketing channel containing one or more intermediary levels.

Disintermediation

The cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries.

Wholesaling

All activities involved in selling goods and services to those buying for resale or business use.

Wheel-of-retailing concept

A concept that states new types of retailers usually begin as low-margin, low-price, low-status operations but eventually evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.

Integrated Marketing Communications (IMC)

Carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products.

Reach

A measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time.

Frequency

A measure of how many times the average person in the target market is exposed to the message.

Public Relations (PR)

A promotion tool that can have a strong impact on public awareness at a lower cost than advertising; it has more credibility and the company does not pay for space or time in the media.

Territorial Sales Force Structure

A sales force organization that assigns each salesperson to an exclusive geographic area to prevent internal competition and build company reputation.

Product Sales Force Structure

A sales force organization where salespeople specialize in selling only a portion of the company's products or lines.

Customer Sales Force Structure

A sales force organization organized along customer or industry lines, such as separate employees for Fudan University and Tongji University.

Sales quota

Standards stating the amount a salesperson should sell and how sales should be divided among the company’s products.

Promotion clutter

The growing use of sales promotion resulting in consumers tuning out promotions due to how common they have become.

Samples

Offers of a trial amount of a product, used as a consumer promotion tool.

Trade promotion

Sales promotion tools used to persuade retailers to carry new items and more inventory, buy ahead, or promote the company’s products and give them more shelf space.

Micro marketing

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.