Concepts in Marketing, Sales, and Customer Contact

These flashcards cover important terms and concepts in marketing, sales, and customer contact to aid in exam preparation.

What refers to the number of product versions in a product line?

Depth

Which element of the marketing mix involves coupons or advertisements to encourage purchase?

Promotion

What is a known type of vertical marketing system?

Franchise

Which element of the marketing mix is related to advertising and location?

Place

Which element is represented by offers like discounts or no interest promotions?

Price

What are factors in the marketing planning process that cannot be controlled, such as economic conditions?

Uncontrollable elements

What is the pricing tactic where a seller charges different prices for the same product to different customers?

Price discrimination

What is a strategy where a product is priced low initially to attract customers and gain market share?

Penetration pricing

What is a combination of four key elements: Price, Product, Promotion, and Place?

Marketing mix

How is a product perceived in relation to competitors in the market?

Brand positioning

What is the process of selecting a specific group to serve with distinct marketing efforts?

Target marketing

What is a framework for identifying strengths, weaknesses, opportunities, and threats in a business?

SWOT analysis

What is the process of dividing a market into distinct groups of buyers?

Market segmentation

What is the study of how individuals make decisions to spend resources on consumption-related items?

Consumer behavior

What is the practice of purchasing products that are ethically sourced and produced?

Ethical consumerism

What is the series of steps that consumers go through when making a purchasing decision?

Decision-making process

What is a statement of the organization's purpose—what it wants to accomplish in the larger environment?

Mission statement

What refers to the number of different product lines a company carries?

Width

In the BCG matrix, what are high-growth, high-share businesses or products?

Stars

What is a business unit that has low growth but high market share?

Cash cow

What is the process of developing and maintaining a strategic fit between the organization’s goals and its changing marketing opportunities?

Strategic planning

What is the study of people’s lifestyles, interests, and opinions?

Psychographics

What are the four stages of the product life cycle?

Introduction, Growth, Maturity, and Decline

What is the differential effect that knowing the brand name has on customer response to the product?

Brand equity

What is the strategy of setting a high price for a new product to "skim" maximum revenues layer by layer?

Price skimming

What is data collected for the first time for a specific purpose at hand?

Primary data

What is the stage of the buyer decision process where the consumer takes further action after purchase based on satisfaction?

Post-purchase behavior

What are individuals who are among the first 2.5\% of the population to adopt new products?

Innovators

What is a group of products that are closely related because they function in a similar manner?

Product line

What is a brand that is created and owned by a reseller of a product or service?

Private brand

What is the practice of using an established brand name for a new product category?

Brand extension

What consists of a small group of people meeting with a trained moderator to discuss a product?

Focus group

Which stage of the PLC is characterized by rapid market acceptance and increasing profits?

Growth

What are products that consumers buy frequently, immediately, and with minimal comparison?

Convenience products

What is the total number of items a company carries within its product lines?

Length

What is the term for a product, service, or idea that is perceived by some potential customers as new?

Innovation

What is the practice of tailoring products and marketing programs to the needs of specific individuals and locations?

Micromarketing

What is dividing a market into units such as nations, states, regions, or cities?

Geographic segmentation

What are the variables like age, life-cycle stage, gender, and income used in segmentation?

Demographics

What is a strategy in which a firm ignores market segment differences and goes after the whole market?

Undifferentiated marketing

What is the set of buyers who share common needs or characteristics that the company decides to serve?

Target market

What is the way a product is defined by consumers on important attributes compared to competing products?

Product position

What is the sum of the values that customers exchange for the benefits of having or using a product?

Price

What is the pricing strategy that involves adding a standard markup to the cost of the product?

Cost-plus pricing

What is a pricing strategy based on setting prices following competitors' strategies and market offerings?

Competition-based pricing

What is the term for the costs that vary directly with the level of production?

Variable costs

What is a marketing channel that has no intermediary levels?

Direct marketing channel

What is the cutting out of marketing channel intermediaries by product or service producers?

Disintermediation

What is the distribution strategy used to make goods available in as many outlets as possible?

Intensive distribution

What is the strategy of giving a limited number of dealers the exclusive right to distribute products?

Exclusive distribution

What is any paid form of non-personal presentation and promotion by an identified sponsor?

Advertising

What consists of short-term incentives to encourage the purchase or sale of a product?

Sales promotion

What is the process of building good relations with the company's various publics to obtain favorable publicity?

Public relations

What is the personal presentation by the firm's sales force for the purpose of making sales?

Personal selling

What is the direct connection with targeted individual consumers to obtain an immediate response?

Direct marketing

What is a promotion strategy that calls for spending a lot on consumer advertising to induce final consumers to buy?

Pull strategy

What is a promotion strategy that uses the sales force to "push" the product through channels?

Push strategy

What are the five levels in Maslow's hierarchy of needs?

Physiological, Safety, Social, Esteem, and Self-actualization

What is the concept that consumers will favor products that offer the most quality, performance, and features?

Product concept

What is the concept that consumers will favor products that are available and highly affordable?

Production concept

What is the concept that achieving organizational goals depends on knowing the needs of target markets?

Marketing concept

What is the concept that marketing decisions should consider consumers' wants and society's long-run interests?

Societal marketing concept

What is the systematic design, collection, analysis, and reporting of data relevant to a specific situation?

Marketing research

What is a segment of the population selected for research to represent the population as a whole?

Sample

What is a person's consistently favorable or unfavorable evaluations and feelings toward an object?

Attitude

What is a group of people with shared value systems based on common life experiences?

Subculture

What are internal limitations that may interfere with a company's ability to achieve its objectives?

Weaknesses

What are external factors that the company may be able to exploit to its advantage?

Opportunities

What are current and emerging external factors that may challenge the company's performance?

Threats

What is the net return from a marketing investment divided by the costs of the marketing investment?

Marketing ROI