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Final Exam Marketing Terms Review

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  1. Final Exam Marketing Terms Review

  2. Acarefully arranged sequence of promotions designed around a common theme respon­sive to specific objectives • promotional plan • Anon paid form of communication about a business or organization (or its products and services) that is transmitted through a mass medium • publicity

  3. Atype of market in which there are a large number of suppliers offering very similar products • pure competition

  4. Groups or organizations from which people take their values and attitudes • reference groups • A type of market in which the resources and decisions are shared between the government and other groups or individuals • regulated economy

  5. Not relying on others for the things needed in order to survive • self-sufficient • Direct, personal communications with prospective customers in order to assess needs and satisfy those needs with appropriate products and services • selling

  6. The quantity of a product that producers are willing and able to provide at a specific price • Supply • The graph of the relationship between price and quantity supplied • supply curve

  7. The use of currency as a recognized medium of exchange • money system • Market situation in which there are many firms competing with products that are somewhat different • monopolistic competition • Atype of market in which there is one supplier offering a unique product • monopoly

  8. Any paid form of non-personal communication sent through a mass medium by an organization about its products or services. • Advertising

  9. Interpreting the message or symbols and converting them into concepts and ideas • Decoding • The quantity of a product consumers are willing and able to purchase at a specific price • demand

  10. Survey questions that offer two or more choices from which respondents can select answers. • closed-ended questions • A statement of responsibilities for honest and proper conduct • code of ethics

  11. A personalized presentation of the features of the marketing mix in a way that emphasizes the benefits and value to the customer • sales demonstration

  12. Method of selling where a salesperson contacts a large number of people who are conve­niently located, without knowing a great deal about each person contacted • cold calling

  13. Results from changes in the tangible part of a product or service • form utility • Resources are owned by individuals rather than the government, and decisions are made independently with no attempt at regulation or control by the government • free economy

  14. The transfer of a message from a sender to a receiver • communication process

  15. The advantage provided to a customer as a result of a feature of the product. • benefit

  16. A graph showing the relationship between a product's price and the quantity demanded • demand curve • The descriptive characteristics of a market such as age, gender, race, income, and educational level • demographics

  17. An organized effort to influence a company by refusing to purchase its products. • Boycott • A name, symbol, word, or design that identifies a product, service, or company. • brand

  18. The exchange of goods, services, information, or other business through electronic means • e-commerce • All of the consumers who will purchase a particular product or service • economic market

  19. Exchanging products or services with others by agreeing on their values. • Bartering

  20. The practice of combining the price of several related services. • Bundling • Buyer of goods and services to produce and market other goods and services or for resale. • business consumer

  21. Small files that a web server sends to your browser when you access a site. • cookies

  22. A part of the marketing mix that is the locations and methods used to make the product avail­able to customers • distribution

  23. People are sent to competi­tors' stores to determine products that are sold, prices charged, and services offered • comparison shopping • The government attempts to own and control important resources and to make the decisions about what will be produced and consumed. • controlled economy

  24. The quantity of a product that must be sold for total revenues to match total costs at a special price. • breakeven point •  Company that completes most of its business activities by means other than the Internet. • bricks and mortar business

  25. The organized actions of groups of consumers seeking to increase their influence on busi­ness practices • consumerism • Scheduling an advertisement regularly throughout the year; a common timing technique for products that do not have seasonal swings. • continuity

  26. A business company that does almost all of its business activities through the Internet • dot.com

  27. The study of consumers and how they make decisions • consumer behavior

  28. The amount of satisfaction a con­sumer receives from the consumption of a particular product or service • economic utility

  29. A business owned by people who pur­chase stock in the company, granted a charter by the state in which they are formed. • Corporation • The common beliefs and behaviors of a group of people who have a similar heritage and experience • culture

  30. Reasons to purchase based on feelings, beliefs, or attitudes • emotional motives • Putting the message into language or symbols that are familiar to the intended receiver entrepreneur someone who takes the risk to start a new business • encoding

  31. Decisions and behavior based on honest and fair standards • ethics • Tightly controlled situations in which all important factors are the same except the one being studied • experiments

  32. Information provides an understanding of factors outside of the organization • external • Adescription of a product characteristic • feature • The receiver's reaction or response to the source's message • feedback

  33. Buyer of a product or service for personal use • final consumer

  34. A small number of people brought together to discuss identified elements of an issue or problem • focus group

  35. Making contact with the customer after the sale to ensure satisfaction._ • follow-up • Increasing economic utility by changing the tangible parts of a product or service • form utility

  36. Person-to-person communication with potential customers in an effort to inform, per­suade, or remind them to purchase an organization's products or services • personal selling • A well-defined, enduring pattern of behavior • personality

  37. The decision processes and actions of consumers as they buy and use services and products. • buying behavior • The reasons that consumers buy products. • buying motives

  38. The total revenue that can be obtained from the market segment • market potential

  39. A part of the marketing mix that is the locations and methods used to make the product avail­able to customers • distribution

  40. The point where supply and demand for a product are equal • market price • Agroup of individuals or organiza­tions within a larger market that share one or more important characteristics • market segment • The portion of the total market poten­tial that each company expects to get in relation to its competitors • market share

  41. The creation and maintenance of satisfying exchange relationships • marketing • Using the needs of customers as the primary focus during the planning, production, dis­tribution, and promotion of a product or service • marketing concept

  42. Aclearly identified segment of the market to which the company wants to appeal • Target market • Specific cities or geographic areas in which marketing experiments are conducted • test markets • One idea, appeal, or benefit around which all advertising messages in a plan revolve • theme

  43. When the price of a product is increased, less will be demanded, and when the price is decreased, more will be demanded • law of demand • When the price of a product is increased, more will be produced, and when the price is decreased, less will be produced • law of supply

  44. An organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions • marketing information system • All of the tools or activities available to organizations to be used in meeting the needs of a target market; the blending of the four marketing elements (product, distribution, price, and promotion) by a business • marketing mix

  45. Aprocedure designed to identify solutions to a specific marketing problem through the use of scientific problem-solving • marketing research

  46. An amount added to the cost of a product to determine the selling price • markup • Communicating to huge audiences, usually through mass media such as magazines, radio, television, or newspapers • mass communication

  47. The information that goes into the system that is needed for decision-making • input • The service cannot be touched, seen, tasted, heard, or felt • intangible • Information developed from activities that occur within the organization • internal information

  48. Advertisers increase their advertising efforts during a specific period of time and decrease or even withdraw their advertising during another period of time • pulsing

  49. Study of relationships between individual consumers and producers • microeconomics

  50. Abusiness owned and operated by two or more people who share in the decision-making and profitability of the company • partnership • Buying motives based on loyalty • patronage motives