2022 Marketing Cluster Exam

Licensing

Licensing

Businesses and individuals grant permission to use technological, intellectual, or creative property for a fee.

Intensive distribution

Selling a product through all available wholesalers and retailers in a geographic area.

Producer to consumer distribution channel

The common path a product takes from the producer to the consumer through wholesalers and retailers.

Order tracking

Technological feature allowing customers to monitor their order from placement to delivery.

Coercion

Using threats to motivate someone to complete a task by setting consequences for failure.

Place

Marketing element focusing on product location and accessibility for customers.

Horizontal conflict

Conflict between channel members at the same level, like two retailers.

Affinity partnership

Collaboration between organizations to share goods and services to reach a wider audience.

Active listening

Listening to gather information, learn, and understand during various interactions.

Ineffective nonverbal communication

Includes distracting gestures like swaying back and forth during presentations.

Bar graph

Graph used to compare absolute values or proportions between different groups or categories.

Brand awareness

The level of familiarity customers have with a brand.

Technology

Capital goods reflect the state of technology in society.

Negative public image

Unethical actions can damage a company's reputation and change how customers view the business.

Competition in market economies

Businesses may compete by producing cheaply made products to control prices and capture markets.

Fighting inflation

Government strategy to restrict the amount of money in circulation to combat inflation.

Price fixing

Competitors agreeing to set, raise, or stabilize prices of competitive items.

Critical-thinking skills

The ability to make reasonable judgments about people, ideas, and situations, aiding in understanding and decision-making.

Constructive criticism

Nonjudgmental feedback that points out mistakes to help improve behavior, distinct from destructive criticism.

Greater creativity and innovation

Enhanced by diverse perspectives, experiences, and strengths in the workplace, leading to a variety of ideas and solutions.

Complete

Communication that includes all necessary information for the receiver to understand the message clearly.

Making it personal

Persuasion technique involving explaining why others should care about the message, focusing on the recipient's interests.

Secondary Data

Data that are already available in some form, distinct from primary data obtained from original sources.

Quantitative Data

Information based on numbers, statistics, or hard facts, collected through methods like surveys, tracking, and experiments.

Qualitative Data

Information based on thoughts, feelings, experiences, or opinions, descriptive and nonstatistical in nature, collected through methods like personal interviews, focus groups, and observation.

Leading Questions

Questions that subtly prompt the respondent to answer in a particular way, potentially biasing responses.

Coding

Labeling and organizing data into meaningful themes and relationships to derive insights.

Basic Research

Fundamental research aimed at improving understanding of processes, phenomena, or concepts.

Double-Barreled Question

A survey question that asks respondents to assess two different topics at the same time, potentially leading to unclear responses.

Marketing Research

Systematic gathering, recording, and analyzing of data about specific issues affecting markets and business decision-making.

Segment Marketing

Classifying customers into similar groups to appeal to individual segments, aiming to meet specific needs.

SMART Goals

Specific, measurable, achievable, realistic, and time-bound objectives for effective planning and evaluation.

Make-or-buy decision

The process of deciding whether a company should produce needed parts internally or purchase them from an external supplier.

Cost-based pricing

Determining a product's total cost and adding a markup to establish a selling price.

Marketing communications

Activities aimed at informing, reminding, or persuading the target audience about goods/services through various techniques like advertising and social media.

Black hat marketing

Unethical marketing strategies that manipulate search engine rankings, such as keyword spamming.

Procedure

A step-by-step process that employees must follow to complete a specific task.

Confidentiality

Keeping information private to maintain competitiveness, respect stakeholders, and protect personal privacy.

Public relations

Building positive relationships between a business and the public, managing crises, and maintaining a positive public image.

More expensive research

Research that is more costly due to selling expensive products, impacting the research type, duration, and budget.

Loss of customers

Consequences of discrimination at the institutional level, leading to decreased revenue and damaged relationships.

Dynamic pricing

Adjusting prices based on competition and demand using computer algorithms, commonly used by airlines and hotels.

Price fixing

Illegal agreement among businesses to set prices, limiting consumer choice.

Discontinuation

Eliminating weak products to prevent damage to the company's image, often done carefully to retain customer goodwill.

Maturity

The stage in the product life cycle where sales growth slows down, and profits stabilize or decrease after achieving wide acceptance.

Product Life Cycle

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

Packaging and Labeling

The process of designing and creating packaging and labels for products to sell, protect, create a good impression, and communicate benefits.

Substitute Products

Goods or services that can be used in place of others to satisfy similar needs/wants of customers.

Time Standards

Specifications monitoring the time needed for business activities, including quantity, cost, and quality standards.

Express Warranty

A written or verbally expressed warranty, such as a lifetime warranty, ensuring the product will perform as expected.

Food and Drug Safety Regulatory Body

Organizations like the FDA ensuring the safety of food, drugs, and cosmetics, protecting consumer health.

Expansion

A product-mix strategy where a business adds new product items or lines to satisfy customers' desire for variety.

Quick Delivery

A strategy to get products to customers faster than competitors, focusing on timely delivery.

Family Branding

Using the same brand for related products to facilitate adding new products to current promotional campaigns.

Brand Voice

The personality of a business reflected in its communication style, like the tone used in marketing materials.

Brand Identity

Elements like logos, colors, and design that represent a business, along with brand personality, values, and promises.

Convenience-based Brand Positioning

A strategy setting a company apart from competitors by focusing on convenience for customers.

Before Purchase

Customer touchpoints occurring before purchase, including commercials, social media, website interactions, and more.

Increased product/company awareness

Promotion helps customers learn about product existence and availability, leading to increased awareness.

Product promotion

Persuades customers to buy specific goods or services, stimulating purchases.

Specialty products

Unique goods or services that customers are willing to exert special efforts to obtain.

Ethical promotion

Requires clear disclosure of items received for free in exchange for advertising and endorsing products.

Children's online privacy protection

Laws like COPPA in the US aim to protect children under 13 from disclosing personal information online.

Product placement

Uses products as props in media like movies and TV shows for advertising purposes.

Evangelist marketing

Word-of-mouth marketing where advocates spread the word about an organization or product.

Direct marketing

Communicates with the audience directly, personalizing messages to the target audience.

Pull marketing

Draws customers to the product through strategies like search engine optimization (SEO) and social media.

Call to action

Prompts readers to take action, creating urgency and encouraging engagement.

White Space

Adding white space in advertising helps improve readability, create balance, and focus readers' attention.

Community Relations

Focuses on developing a business's relationship with the local community through various activities like organizing events, visiting schools, and giving back.

Tangible Products

Cell phones and smartwatches are tangible products that can be touched, smelled, tasted, seen, or heard.

Individual Needs

Customer experience is influenced by individual needs, requiring salespeople to cater to specific requirements for a successful purchase.

Simple Warranties and Guarantees

Offering clear and simple warranties and guarantees for products and services to build customer trust and loyalty.

Corporate Goals and Objectives

Internal factors like a company's goals and objectives can affect selling policies and post-sale services.

Trusting

Sales laws regulate salespeople's actions to build customer trust and protect both consumers and the economy.

Product Information

Salespeople need to be informed about product styles, colors, and models to address customer inquiries effectively.

Hidden Benefits

Identifying hidden benefits of products or services can influence customer decisions and enhance sales.

Comfort and Convenience

Customers like Raina select products for comfort and convenience, enhancing their overall experience.