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95 Cards in this Set
- Front
- Back
Business Marketing |
The marketing of goods and services to individuals and organizations for the purposes other than personal consumption. Business to Business, B2B. |
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Business Product (Industrial Product) |
A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers. |
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Consumer Products |
A product bought to satisfy an individuals personal wants or needs. |
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Business-to-business Electronic Commerce |
The use of the internet to facilitate the exchange of goods, services and information between organizations. |
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Stickiness |
A measure of Websites effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed. Stickiness = Frequency + Duration + Site Reach |
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Relationship Marketing |
A strategy that entails seeking and establishing ongoing partnerships with customers. |
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Strategic Alliance or Partnership |
A cooperative agreement between two business firms. |
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Relationship Commitment |
A firms belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely. |
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Trust |
The condition that exist when one party has confidence in an exchange partner's reliability and integrity. |
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Keiretsu |
A network of interlocking corporate affiliates. |
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Original Equipment Manufacturer (OEM) |
Individuals and organizations that buy business goods and incorporate them into products they produce for eventual sale to others producers or consumers. |
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North American Industry Classification System |
A detailed numbering system developed by the united states, Canada and Mexico to classify North American Business establishments by their main production processes. |
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Derived Demand |
The demand for business products. |
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Inelastic Demand |
An increase or decrease in the price will not greatly affect the demand for a product. |
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Joint Demand |
The demand for two or more items used together in a product. |
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Fluctuating Demand |
A demand for business products that is less stable. An increase or decrease in customer demand can product a much larger change in demand for facilities and equipment needed to make a product. |
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Multiplier Effect (Accelerator Principle) |
Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product. |
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Business-to-Business Online Exchange |
An electronic trading floor that provides companies with integrated links to their customers and suppliers. |
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Reciprocity |
A practice whereby business purchasers choose to buy from their own customers. |
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Major Equipment (Installations) |
Capital goods such as large or expensive machinery, mainframe computers, blast furnaces, generators, airplanes or buildings. |
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Accessory Equipment |
Goods such as portable tools and office equipment that are less expensive and shorter-lived than major equipment. |
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Raw Materials |
Unprocessed extractive or agricultural products such as mineral ore, lumber, wheat, corns, fruits, vegetables and fish. |
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Component Parts |
Either finished items ready for assembly or products that need very little processing before becoming part of some other product. |
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Processed Materials |
Product used directly in manufacturing other products. |
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Supplies |
Consumable items that do not become part of the final product |
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Business Services |
Expense items that do not become part of a final product. |
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Buying Center |
All those people in an organization who become involved in the purchase decision. |
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New Buy |
A situation requiring the purchase of an items for the first time. |
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Modified Rebuy |
A situation in which the purchaser wants some change in the original good or service. |
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Straight Rebuy |
A situation in which the purchaser reorders the same goods or services without looking for new info or investigating other suppliers. |
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Market |
People or organizations with needs or wants and the ability and willingness to buy. |
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Market Segment |
A subgroup of people or organizations sharing on or more characteristics that cause them to have similar product needs. |
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Market Segmentation |
The process of dividing a market into meaningful, relatively similar and identifiable segments or groups. |
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Geographic Segmentation |
Segmenting markets by region of a country or the world, market size, market density or climate. |
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Segmentation Bases (Variables) |
Characteristics of individuals, groups or organizations. |
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Demographic Segmentation |
Segmenting markets by age, gender, income, ethnic background and family life cycle. |
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Family Life Cycle |
A series of stages determined by a combination of age, marital status and presence or absence of children. |
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Psychographic Segmentation |
Segmenting markets on the basis of personality, motives, life-style and geodemographics. |
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Geodemographic Segmentation |
Segmenting potential customers in neighborhood lifestyle categories. |
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Benefit Segmentation |
The process of grouping customers into market segments according to the benefits they seek from the product. |
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Usage-rate Segmentation |
Dividing a market by the amount of product bought or consumed. |
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80/20 Principle |
A principle holding that 20% of all customers generate 80% of your business. |
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Satisficers |
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. |
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Optimizers |
Business customer who consider numerous suppliers (both familiar and unfamiliar) solicit bids and study all proposals carefully before selecting. |
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Undifferentiated Targeting Strategy |
A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix. |
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Concentrated Targeting Strategy |
A strategy used to select one segment of a market for targeting marketing efforts. |
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Niche |
One Segment of a market |
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Multisegment Targeting Strategy |
A strategy that chooses two or more well- defined market segments and develops a distinct marketing mix for each. |
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Cannibalization |
A situation that occurs when sales of a new product cut into sales of a firm's existing products. |
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Positioning |
Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line or organization in general. |
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Position |
A place a product, brand or group of products occupies in consumer's minds relative to competing offerings. |
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Product Differentiation |
A positioning strategy that some firms use to distinguish their products from those of competitors. |
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Perceptual Mapping |
A means of displaying or graphic, in two or more dimensions, the location of products, brands or groups of products in customer's minds. |
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Repositioning |
Changing consumers' perceptions of a brand in relation to competing brands. |
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Marketing Research |
The process of planning, collecting and analyzing data relevant to a marketing decision. |
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Marketing Research Problem |
Determining what info is needed and how that info can be obtained. |
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Marketing Research Objective |
The specific info needed to solve a marketing research problem; the objective should be to provide insightful decision-making info. |
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Management Decision Problem |
A broad-based problem that uses marketing research in order for managers to take proper actions. |
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Secondary Data |
Data previously collected for any purpose other than the one at hand. |
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Big Data |
The exponential growth in the volume, variety and velocity of info and the development of complex, new tools to analyze and creating meaning from such data. |
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Research Design |
Specifies which research questions must be answered, how and when the data will be gathered and how the data will be analyzed. |
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Primary Data |
Info that is collected for the first time; used for solving the particular problem under investigation. |
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Survey Research |
The most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions and attitudes. |
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Mall Intercept Interview |
A survey research method that involves interviewing people in the common areas of shopping malls. |
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Computer-Assisted Personal Interviewing |
Interviewer reads questions from a computer and keys in the respondents data. |
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Computer-Assisted Self Interviewing |
Interview where an interviewer intercepts people at the mall and directs them to computers to take a survey. |
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Central-location Telephone |
A specifically designed phone room used to conduct telephone interviewing |
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Executive Interview |
A type of survey that involves interviewing businesspeople at their offices concerning industrial products or services. |
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Focus Group |
Seven to Ten people who participate in a group discussion led by a moderator. |
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Open-Ended Question |
An interviewing question that encourages an answer phrased in the respondents own words. |
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Close-Ended Question |
An interview question that asks the respondent to make a selection from a list of responses. |
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Scaled-Response Question |
A close ended question designed to measure the intensity of a respondents answer. |
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Observation Research |
A research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity. |
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Mystery Shoppers |
Researchers posing as customers who gather observational data about a store. |
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Behavioral Targeting |
A form of observation marketing research that combines a consumer's online activity with psychographic and demographic profiles compiled in databases. |
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Social Media Monitoring |
The use of automated tools to monitor online buzz, chatter and conversations. |
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Ethnographic Research |
The study of human behavior in its natural context; involves observation of behavior and physical setting. |
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Experiment |
A method of gathering primary data in which the researcher alters on or more variables while observing the effects of those alterations on another variable. |
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Sample |
A subset from a larger population |
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Universe |
The population from which a sample will be drawn. |
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Probability Sample |
A sample in which every element in the population has a known statistical likelihood of being selected. |
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Random Sample |
A sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample. |
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Non-Probability Sample |
Any sample in which little or no attempt is made to get a representative cross section of the population. |
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Convenience Sample |
A form of non-probability sample using respondents who are convenient or readily accessible to the researcher- for example, employees, friends or relatives. |
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Measurement Error |
An error that occurs when there is a difference between the info desired by the researcher and the info provided by the measurement process. |
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Sampling Error |
An error that occurs when a sample somehow does not represent the target population. |
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Frame Error |
An error that occurs when a sample drawn from a population differs from the target population. |
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Random Error |
An error that occurs when the selected sample is an imperfect representation of the overall population. |
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Field Service Firm |
A firm that specializes in interviewing respondents on a subcontracted basis. |
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Cross-Tabulation |
A method of analyzing data that lets the analyst look at the responses to one of the questions in relation to the responses to one or more other questions. |
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Scanner-Based Research |
A system for gathering info from a single group of respondents by continuously monitoring the advertising, promotion and pricing they are exposed to and the things they buy. |
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Behavior Scan |
A scanner based research program that tracks the purchases of 3000 households through store scanners in each research market. |
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Info Scan |
A scanner based sales tracking service for the consumer packaged goods industry. |
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Neuromarketing |
A field of marketing that studies the body's responses to marketing stimuli. |
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Competitive Intelligence |
An intelligence system that helps managers assess their competition and vendors in order become more efficient and effective competitors. |