The process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs
Marketing
When two or more parties give something of value to each other to satisfy felt needs, this is called a marketing ________.
Exchange
The marketing mix is the combination of the following 4 strategies...
Product Price Distribution Promotion
The group of people toward whom the firm decides to direct its marketing efforts
Target Market
Name the 5 types of non-traditional marketing that exist today.
Person Place Event Cause Organization
This is a system of traditions, values, and beliefs that is handed down from generation to generation and is slow to change
Culture
This element of culture can have a significant impact on the development of slogans, advertising copy and brand names.
Language
This management attitude is most in-line with the belief that the manager's culture is superior to another culture
Ethnocentrism
This strategy looks at the whole world as one market and strives for consistency in their products and messages across national boundaries
Global Strategy
This strategy allows a marketer to change a promotional message or product feature based on the needs of the local market, and their tastes and preferences
Adaptation
The five environments that face any marketer, over which he/she has little control are...
Economic Competitive Political/Legal Social/Cultural Technological
Name and/or describe one form of competition
Direct Indirect Universal - for all consumer's disposable income
Because not all issues are black and white, this area of business is highly controversial and requires a strong set of morals and values for decision-making.
Ethics
Once a company has met legal and economic requirements, they should next practice this by giving back to the community.
Social Responsibility
This ethical issue involves advertisers promoting a product for sale that has a limited quantity or none in-stock, in an attempt to get you to buy other (more expensive) things while shopping.
Bait and Switch Advertising
A group in society that influences an individual's purchasing behavior
Reference Group
An individual who influences the opinion of others.
Opinion Leader
The first step in the consumer decision-making process is....
Need recognition
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
Cognitive Dissonance
The way consumers make decisions is based on...
Personal and Interpersonal Factors
The marketing of goods and services to individuals and organizations for purposes other than personal consumption.
Business Marketing
Demand for business products results from demand for consumer products.
Derived Demand
Name and describe one type of business product
Major Equipment Accessory Equipment Raw Materials Component Parts Processed Materials Supplies Business Services
All those persons in an organization who become involved in the purchase decision.
Buying Center
The three main criteria that businesses use to evaluate products are...
Quality, Service & Price
The process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs
Segmentation
Dividing an overall market into homogeneous groups on the basis of their locations
Geographic Segmentation
When a firm produces numerous products and promotes them with a different marketing mix, they are practicing...
Differentiated Marketing
Dividing consumer groups according to characteristics such as sex, age, income, occupation, education, household size, and stage in the family life cycle
Demographic Segmentation
Product-related segmentation includes which 3 characteristics of consumer relationships with the product?
Benefits sought Usage rates Brand loyalty