71 terms

Marketing Midterm

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Geographics
A method used to segment a population by where they live.
Demographics
A method used to segment a population based upon quantifiable statistics of a given population. Examples include age, race, gender, marital status.
Psychographics
A method used to segment a population based upon personality, values, attitudes, interests, and lifestyles of consumers.
Buying Behavior
A method used to segment a population based on customer buying preferences and habits.
External Factors Affecting a Company
Factors that occur outside of a companies control such as competition, government changes, and customer attitudes.
Internal Factors Affecting a Company
Factors that occur within a company that an organization has the ability to control. Factors include company goals, sales quotas, and management decisions.
Standards
Developed by companies to promote product safety. Ensures products are consistent throughout the world.
Selling Policies
Guidelines for selling. Should be followed when salesman interact with customers. Misinterpretation by salesmen will hurt a company's image.
Brand Promise
Occurs when a business publicly pledges to provide all of its customers with quick, courteous service.
Communication
The center of all marketing activities
7 Functions of Marketing
Product & Service Management, Selling, Financing, Promotion, Distribution, Marketing Information Management, & Pricing
Resume
Personal Data sheet that provides a summary of information about an individual.
Promotion
The marketing function that provides information to consumers that will assist them in making a decision to purchase a good or service?
Tactic
A strategy used to help a company achieve a goal
Merchandise Approach
Occurs when you approach a customer and ask them product or service specific statements.
Utility
Added value or usefulness in a product.
Implied Warranty
A warranty that is unwritten or unstated but is assumed true of a product. Example if you buy a toaster it is implied that it will toast bread.
Popular Products
Products that are well received by customers and lead to increased sales.
Marketing
The process of developing, promoting, pricing, and distributing products in order to satisfy customers' needs and wants is
Product Suggestion
Occurs after a salesperson has determined a customers needs but prior to them checking out.
Customer Orientation
Occurs when a company develops a customer centered approach to marketing.
Selling Function
Important because it entails communication and contact between the company and the customer.
Price Function
A restaurant offering a happy hour or military discount day
Idea(s)
Marketing a concept or platform such as "say no to drugs" "Stop Bullying" and "Mothers Against Drunk Driving"
Company Commitment
Setting aside funds to research what customers want would be an example of this.
Purpose of Warranties & Guarantees
To Protect Consumers
Pre-Sale Opportunities
Activities that a salesperson conducts prior to meeting with a customer. Can include finding customers, researching a product, & figuring out how to prepare for a sale.
Voluntary Grading
Occurs by non-govermental agencies who want to provide consumers with product grades.
Suspicious Customer
A customer that shows doubt or concern over a product.
CEO
Chief Executive Officer. People that possess such skills as the ability to run the business, and is responsible for the success of his company
Touch Points
Opportunities to interact with customers
Marketing Mix
Strategies of a company that deal with Product, Place, Price, & Promotion
Company Manufacturer
Able to provide information about how a product is made.
Distribution
Involves all the activities necessray to get a product from the manufacturer to the consumer
Marketing Information
Examples include the marketing mix, business environment, & customer information.
Why are marketing strategies designed & implemented?
Allows a company to achieve planned goals
Benefits of a product
Allows a customer to determine whats in it for them. These are the selling points of a product.
Combination Greeting
Occurs when two greetings are combined into one.

Example: "Welcome to Subway. May I take your order?"
A person possessing such characterisitcs has honesty and integrity is considered to be what?
Ethical
Price
A marketing strategy that establishes and communicates the values of products/services to potential consumers and determining profit for the business
Employee Training
Important to improving & maintaining a companies brand promise and image.
Repeat Business
Occurs when selling is used to satisfy customers' needs or desires should ensure that the salesperson and the business will both benefit over time from
Service Marketing
When you provide an intangible item for a customer. Examples include services provided at salons, hotels, restaurants, and doctors offices.
Robinson-Patman Act
The antitrust regulatory act would prevent a business from randomly offering discounts to whomever it chose
Market Segmentation
Occurs when a market is broken down into smaller, more similar groups of people.
Follow-Up Activities in Selling
Steps taken to communicate with a customer post-sales. examples could include sending a survey, letter, or email.
Product/Service Management
How a product is managed and maintained. Examples include a company noticing the popularity of a product dropping and creating a new product as a result.
Feature-Benefit Selling
The part of the sales presentation where the salesperson points out that a good or service has features that will benefit the customer:
Masters Degree
A degree (usually a two year process) that is obtained after a bachelors degre has been earned.
Customer Preferences
Can be learned by studying company invoices and sales reports.
Place Factor
Overseeing how transportation will be taken care
Feature-Benefit Chart
Provides a quick reference to a salesperson about what a product is and does.
Lost Credibility
Occurs when a company fails to come through on its promises.
Consumer
Person that uses or consumes a product
Customer
Person that purchases a good or service. Does not have to use the product simply buy it.
Product Feature
Attributes of a product such as size, color, & its intended use. Example the car is red.
Controlling Company Expenses
Helps a company maintain a budget. Examples would be cutting back on product orders and limiting salespersons ability to entertain customers.
Which part of the selling process will vary the most?
Product & Client
Strategy
A plan of action resulting from strategy or intended to accomplish a specific goal. Could occur when a company adds a kids menu.in order to increase sales.
Marketing Information
Data collected to help a company better understand its current level of success. Can include information about customers, competitors, and their products.
Product Managers
In charge of product development and improvement.
Advertising
A profession that entails catching customers' attention, informing them of products and persuading them to buy
in marketing, when increased awareness of a need in an environment occurs they are doing what?
Improving the life of a customer
Short-Term Goal
Goals that you will achieve in the near future (e.g., in a day, within a week, or possibly within a few months).
Long-Term Goals
Goals that you will achieve over a longer period of time
Customer Service Specialists
Handle customer concerns and complaints.
Quarterly Inventory Status
A type of internal report would indicate to a business that sales for a specific product have dramatically dropped over the past three months
Internship
Occurs when a person works with a company for a short period of time in an effort to gain a experience in a particular field.
Marketing Researcher
A career that involves determining why customers do what they do
Government Agencies
A business that transports goods across state lines must comply with standards set
Market
A potential group of people who are interested in a product and able to obtain it.