MIE 201 Exam 4
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157 Terms
What is marketing?
The activities and processes used to create, communicate, deliver, and exchange offerings that provide value to customers.
What is the marketing concept?
A philosophy that organizations should satisfy customer needs while achieving organizational goals.
What is market orientation?
An organization-wide focus on understanding customers and competitors and coordinating responses to market needs.
What is customer value?
The perceived benefits of a product compared with the costs of obtaining and using it.
What is customer satisfaction?
The extent to which a product or service meets or exceeds customer expectations.
What is an exchange in marketing?
The transfer of something of value between parties, with each receiving something desired.
What is a target market?
The specific group of consumers a business chooses to serve.
What is market segmentation?
Dividing a broad market into smaller groups with similar needs or characteristics.
What is demographic segmentation?
Grouping customers by characteristics such as age, income, education, or family size.
What is geographic segmentation?
Grouping customers by location, such as region, city, or climate.
What is psychographic segmentation?
Grouping customers by lifestyle, values, personality, or interests.
What is behavioral segmentation?
Grouping customers by buying behavior, usage, loyalty, or desired benefits.
What makes a market segment useful?
It should be measurable, substantial, accessible, differentiable, and actionable.
What is positioning?
Designing an offering and its image to occupy a distinct place in customers’ minds.
What is a value proposition?
A clear statement of the benefits a customer receives and why the offering is preferable to alternatives.
What is differentiation?
Making a product or brand meaningfully distinct from competitors.
What is the marketing mix?
The controllable marketing decisions involving product, price, place, and promotion.
What are the four Ps?
Product, price, place, and promotion.
What is a product?
A good, service, or idea offered to satisfy a customer need or want.
What is a consumer good?
A product purchased for personal or household use.
What is an industrial or business product?
A product purchased for use in operating a business or producing other offerings.
What is a convenience product?
A frequently purchased product requiring little shopping effort.
What is a shopping product?
A product consumers compare on price, quality, or features before buying.
What is a specialty product?
A product with unique characteristics or strong brand identification that buyers make a special effort to obtain.
What is an unsought product?
A product consumers do not normally think about purchasing or may not know exists.
What is a brand?
A name, term, symbol, design, or combination that identifies and differentiates an offering.
What is brand equity?
The added value associated with a recognized brand name and customer perceptions of it.
What is brand loyalty?
A customer’s tendency to repeatedly choose the same brand over alternatives.
What is packaging used for?
To protect a product, provide information, support convenience, and communicate brand identity.
What is the product life cycle?
A model describing introduction, growth, maturity, and decline in a product’s market life.
What characterizes the introduction stage?
Low initial sales, high awareness-building costs, and often limited or negative profit.
What characterizes the growth stage?
Rapidly increasing sales, rising competition, and expanding distribution.
What characterizes the maturity stage?
Sales growth slows, competition intensifies, and firms emphasize differentiation and retention.
What characterizes the decline stage?
Sales fall as needs, technology, or competition change.
What is new-product development?
The process of generating, evaluating, developing, testing, and launching new offerings.
What is idea screening?
Evaluating new-product ideas to eliminate those unlikely to succeed.
What is concept testing?
Obtaining feedback from potential customers about a proposed product idea.
What is test marketing?
Introducing a product in a limited market to evaluate customer response before wider launch.
What is commercialization?
The full-scale launch of a new product into the market.
What is price?
The money or other value a buyer gives up to obtain a product.
What is cost-based pricing?
Setting a price primarily from production or acquisition cost plus a desired markup.
What is value-based pricing?
Setting prices according to customers’ perceived value of the offering.
What is competition-based pricing?
Setting prices with reference to competitors’ prices.
What is price skimming?
Launching at a relatively high price and lowering it over time to reach additional segments.
What is penetration pricing?
Launching at a relatively low price to attract buyers and build market share quickly.
What is psychological pricing?
Using customers’ perceptions of numbers or price cues to influence purchasing decisions.
What is prestige pricing?
Maintaining a high price to signal exclusivity or superior quality.
What is a reference price?
The price a customer uses as a benchmark when judging an offer.
What is break-even point?
The sales volume at which total revenue equals total costs.
What is price elasticity of demand?
A measure of how responsive quantity demanded is to a change in price.
What is inelastic demand?
Demand in which the percentage change in quantity is smaller than the percentage change in price.
What does place mean in the marketing mix?
Distribution decisions that make an offering available where and when customers want it.
What is a distribution channel?
The organizations and steps involved in moving a product from producer to end user.
What is direct distribution?
Selling from producer to customer without an independent intermediary.
What is indirect distribution?
Selling through intermediaries such as wholesalers, distributors, or retailers.
What is intensive distribution?
Placing a product in as many suitable outlets as possible.
What is selective distribution?
Using a limited number of carefully chosen outlets.
What is exclusive distribution?
Giving very few outlets, sometimes only one in a territory, the right to sell a product.
What is a retailer?
A business that sells products primarily to final consumers.
What is a wholesaler?
An intermediary that sells products mainly to other businesses for resale or business use.
What is promotion?
Communication intended to inform, persuade, or remind audiences about an offering.
What is integrated marketing communications?
Coordinating promotional messages across channels to present a consistent brand message.
What is advertising?
Paid, nonpersonal communication from an identified sponsor.
What is personal selling?
Direct interaction between a seller and prospective buyer to explain and sell an offering.
What is sales promotion?
A short-term incentive intended to encourage purchase or trial.
What is public relations?
Managing relationships and communication to build a favorable reputation with stakeholders.
What is publicity?
Media attention or exposure that is not purchased as traditional advertising.
What is a push promotional strategy?
Encouraging intermediaries to stock and promote a product to customers.
What is a pull promotional strategy?
Creating consumer demand so customers request a product from retailers or intermediaries.
What is digital marketing?
Using digital channels such as websites, search engines, email, and social platforms to reach customers.
What is content marketing?
Creating and sharing useful material to attract, engage, and retain an audience.
What is influencer marketing?
Working with individuals who have an audience and credibility to promote a product or brand.
What is customer relationship management (CRM)?
Using processes and information to manage customer interactions and strengthen long-term relationships.
What is customer lifetime value?
The estimated net value of a customer’s relationship with a business over time.
What is marketing research?
Systematically collecting and analyzing information to support marketing decisions.
What is primary data?
Information collected firsthand for the specific research problem.
What is secondary data?
Information previously collected for another purpose and reused for research.
What is a focus group?
A moderated discussion with a small group of people used to explore perceptions and reactions.
What is the consumer decision-making process?
Need recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation.
What is cognitive dissonance after a purchase?
Discomfort or doubt a buyer may feel about whether the purchase was the right choice.
What is a B2B market?
A market in which organizations purchase goods or services for business use or resale.
What is a B2C market?
A market in which businesses sell products or services to individual consumers.
What is greenwashing?
Marketing that gives a misleading impression of environmental benefits or sustainability.
Why can excessive personalization hurt marketing?
It can feel invasive or irrelevant and reduce customer trust even if targeting becomes more precise.
What is a key risk of AI-generated marketing content?
Inaccurate or misleading claims, inconsistent brand voice, and loss of consumer trust without human review.