Marketing and Management Practice Review

A comprehensive set of vocabulary flashcards covering the core principles of mkg101, including leadership theories, organizational control, marketing orientations, research methodologies, and pricing strategies.

Job specialization benefit

One of the benefits of job specialization is that it makes employees proficient at a task.

Product departmentalization disadvantage

A disadvantage where administrative costs rise because each department must have its own functional specialists.

Impoverished management

A manager on the Managerial Grid who exhibits little concern for people or for work performance.

Referent power

Leadership power that is based on attraction or identification with another person.

Path-goal theory leadership behaviors

Leadership behaviors including directive, supportive, and participative behavior.

Bureaucratic control

A type of organizational control characterized by formal and mechanistic structural arrangements.

Product concept

A marketing orientation that results in consumers favoring products that offer the most quality, performance, and features, often leading to continuous product improvements.

Selling concept

A marketing orientation that focuses on large-scale selling and promotion efforts, often used for unsought products.

Marketing mix

The set of marketing tools a firm uses to implement its marketing strategy.

Marketing myopia

Short-sightedness where a company focuses more on specific products than on the underlying customer needs and experiences.

Customer Relationship Management (CRM)

The process of building and maintaining profitable customer relationships by personalizing customer interactions and services.

Competitive marketing intelligence

Gathering data that relies upon publicly available information regarding consumers, competitors, and developments in the marketplace.

Ethnographic research

Reserearch gathered where people live and work by sending trained observers to watch and interact with consumers in their natural environment, such as ZIBA designers watching shower stal l cleaning for $10$ days.

Marketing Information System (MIS)

A system that balances the information users would like to have against what they really need and what is feasible to offer.

Secondary data

Information that already exists somewhere, having been collected for another purpose, which is usually obtained more quickly and at a lower cost than primary data.

Marketing research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Introduction stage

The stage of the Product Life Cycle where a company introduces a product to the market and spends heavily on promotion to raise awareness.

Break-even price

The price at which a company has no profit or loss.

Price

The amount of money charged for a product or service, and the only element in the marketing mix that produces revenue.

Everyday Low Pricing (EDLP)

A pricing strategy preferred by consumers who have less time and patience for supermarket specials and clipping coupons.

Target return pricing

A variation of break-even pricing where the firm tries to determine the price at which it will break even or make the profit it is seeking.

Market-skimming pricing

A strategy of setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price, often used for electronic devices to recoup R&D costs.

Market-penetration pricing

Setting a low price for a new product in order to attract a large number of buyers and a large market share, especially effective for convenience items.

Captive product pricing

A pricing strategy used for products that must be used together with a main product, such as Mach $3$ razor blades with a Mach $3$ razor.

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, such as Netflix delivering DVDs via mail.

Horizontal conflict

Conflict occurring between firms at the same level of the channel, such as a disagreement between two Taco Bel l restaurants over local discounting.

Theory Y assessment

The assumption that people do not naturally dislike work and can be internally motivated to achieve goals.

Differentiation strategy

A strategy where an organization seeks to stand out among competitors through the quality of its products or services.

Operational goals

Specific goals set by first-line managers.

H-form design

A structural design essentially acting as a holding company that results from unrelated diversification.

Legitimate power

Power in leadership that stems from organizational authority.

Exploratory research

Research used to gather preliminary information that will help define a problem and suggest hypotheses.

Descriptive research

Research used to better describe marketing problems, situations, or markets, such as consumer knowledge and attitudes.

Causal research

Marketing research used to test hypotheses about cause-and-effect relationships.

Actual product level

The level of a product that includes features, design, a quality level, a brand name, and packaging.

Integrated Marketing Communications (IMC)

A concept where a company carefully integrates and coordinates its many communication channels to deliver a clear, consistent, and compelling message.

Predatory pricing

The practice of selling numerous items below cost with the intention of punishing small competitors and gaining higher long-run profits.

Personality symbol

An advertisement execution style that creates a character to represent the product, such as the characters 'Mac' and 'PC' used by Apple.

Industrial product

A product purchased for further processing or for use in conducting a business.

Product line depth

The number of different versions offered for each product in a line, such as Vinamilk offering fresh, condensed, powdered, and flavored milk.

Target market

A set of buyers who share common needs or characteristics that a company decides to serve.

Shoppping products

Consumer products that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.

Service Inseparability

A characteristic of services meaning that services are produced and consumed at the same time and cannot be separated from their providers.

Product mix width

The number of different product lines the company carries.

Product line filling

Adding more items within the present range of a product line.

Multibrands

A branding strategy that involves launching two or more brands in the same category.