Marketing and communication

The exercise was created 2020-10-18 by rath701. Question count: 171.




Select questions (171)

Normally, all words in an exercise is used when performing the test and playing the games. You can choose to include only a subset of the words. This setting affects both the regular test, the games, and the printable tests.

All None

  • Marketing The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
  • Needs State of felt deprivation of basic satisfaction
  • Wants goods and services that we want, but do not need
  • Demands Human wants that are backed by buying power
  • Market offering Some combination of products, services, information or experiences offered to a market to satisfy a need or want
  • Marketing myopia The mistake of paying more attention to the specific products a company offers instead of the benefits and experiences produced by those products
  • Marketing management The art and science of choosing target markets and building profitable relationships with them
  • Production concept The idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
  • Product concept The idea that consumers will favour products that offer the most quality, performance and features and that the organisation should therefore devote its energy to making continuous product improvements.
  • Selling concept The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
  • Marketing concept The marketing management philosophy holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.
  • Societal marketing concept The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-term interests.
  • Customer relationship management (CRM) Managing detailed information about individual customers and carefully managing customer ‘touch points’ to maximise customer loyalty.
  • Customer-perceived value The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
  • Share of customer The portion of the customer’s purchasing that a company gets in its product categories.
  • Strategic planning The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities.
  • Mission statement A statement of the organisation’s purpose – what it wants to accomplish in the larger environment.
  • Portfolio analysis The process by which management evaluates the products and businesses that make up the company.
  • Market penetration A strategy for company growth by increasing sales of current products to current market segments without changing the product.
  • Market development A strategy for company growth by identifying and developing new market segments for current company products.
  • Product development A strategy for company growth by offering modified or new products to current markets.
  • Diversification A strategy for company growth through starting up or buying businesses outside of its current products and markets.
  • Value chain The series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm’s products.
  • Marketing strategy The marketing logic by which the company hopes to create customer value and achieve profitable relationships.
  • Market segmentation Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviours, and who might require separate products or marketing programmes.
  • Market segment A group of consumers who respond in a similar way to a given set of marketing efforts.
  • Market targeting The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
  • Positioning Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers.
  • Marketing mix The set of controllable tactical marketing tools product, price, place and promotion that the firm blends to produce the response it wants in the target market.
  • SWOT analysis An overall evaluation of the company’s overall strengths (S), weaknesses (W), opportunities (0) and threats (T).
  • Return on marketing investment (marketing ROI) The net return from a marketing investment divided by the costs of the marketing investment.
  • Marketing environment The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
  • Microenvironment The actors close to the company that affect its ability to serve its customers — the company, suppliers, marketing intermediaries, customer markets, competitors and publics.
  • Macroenvironment The larger societal forces that affect the microenvironment – demographic, economic, ecological, technological, political, and cultural forces.
  • Suppliers form an important link in the overall customer value delivery system. They provide the resources needed by the company to produce its goods and services.
  • Marketing intermediaries Helps the company to promote, sell and distribute its product to final buyers. Can be resellers, physical distribution firms, marketing service agencies, financial intermediaries
  • Public any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.
  • Customers An individual or business that purchase another company´s goods or services
  • Demography The study of human populations in terms of size, density, location, age, gender, occupation and other statistics.
  • Engel’s laws The income of family rises; the percentage spent on food declines, the percentage spent on housing remains the same (except for such utilities as gas, electricity and public services, which decrease), and both spending’s in other categories and savings increase
  • Environmental sustainability Strategies in an effort to create a world economy that the planet can support indefinitely
  • Technological environment Consists of offers that create new technologies, new products and market opportunities
  • Consumer buyer behaviour The buying behaviour of final consumers – individuals and households that buy goods and services for personal consumption.
  • Consumer market All the individuals and households that buy or acquire goods and services for personal consumption.
  • Subculture A group of people with shared value systems based on common life experiences and situations. Baby boomers are not as stuck in their ways as you might think. It’s all about reaching them in the right way and offering products and solutions that add consumer value.
  • Social grade Relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviours.
  • Opinion leader Person within a reference group who, because of special skills, knowledge, personality or other characteristics, exerts social influence on others.
  • Brand personality The specific mix of human traits that may be attributed to a particular brand.
  • Motive (drive) A need that is sufficiently pressing to direct the person to seek to satisfy it.
  • Perception The process by which people select, organize and interpret information to form a meaningful picture of the world.
  • Alternative evaluation The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.
  • Post-purchase behaviour The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction.
  • Cognitive dissonance Buyer discomfort caused by post-purchase conflict.
  • Adoption process The mental process through which an individual passes from first learning about an innovation to final adoption.
  • Brand Represents everything that a product, service, organisation, employer, region or person means to consumers. For example, when you hear someone say ‘IKEA’, what do you think, feel or remember? What about ‘Hennes & Mauritz’, ‘Helsingborg', ‘Dr Phil’, or ‘Sahlgrenska sjukhuset’? They are also brands!
  • Employer branding Branding that builds the appeal of an employer – successfully done, this will lead to employees with better skills, less absenteeism, better retention levels, greater staff satisfaction and engagement, and higher profitability.
  • Store brand (or private brand) A brand created and owned by a reseller of a product or service.
  • Co-branding The practice of using the established brand names of two different companies on the same product.
  • Line extension Extending an existing brand name to new forms, colours, sizes, ingredients or flavours of an existing product category.
  • Brand extension Extending an existing brand name to new product categories.
  • Product Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
  • Service Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
  • Consumer products Goods and services bought by final consumers for personal consumption.
  • Convenience product A consumer product that customers usually buy frequently, immediately and with a minimum of comparison and buying effort.
  • Shopping product A consumer product that customers, in the process of selection and purchase, usually compare on such bases as suitability, quality, price and style.
  • Speciality product A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
  • Unsought product A consumer product that the consumer either does not know about or knows about but does not normally think of buying.
  • Social marketing The use of commercial marketing concepts and tools in programmes designed to influence individuals’ behaviour to improve their well-being and that of society.
  • Product line A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
  • Product mix (product portfolio) The set of all product lines and items that a particular seller offers for sale.
  • Service intangibility A major characteristic of services – they cannot be seen, tasted, felt, heard or smelt before they are bought.
  • Service inseparability A major characteristic of services – they are produced and consumed at the same time and cannot be separated from their providers.
  • Service variability A major characteristic of services – their quality may vary greatly, depending on who provides them and when, where and how.
  • Service perishability A major characteristic of services – they cannot be stored for later sale or use.
  • Internal marketing Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction.
  • Service-dominant logic A perspective in which the good is the provider of the service to the customer.
  • Promotion mix (or marketing communications mix) The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships.
  • Integrated marketing communications (IMC) Carefully integrating and co-ordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organisation and its products.
  • Buyer-readiness stages The stages consumers normally pass through on their way to purchase, including awareness, knowledge, liking, preference, conviction and purchase.
  • Personal communication channels Channels through which two or more people communicate directly with each other: face to face, on the phone, through mail or e-mail, or even through an internet chat.
  • Word-of-mouth influence Personal communication about a product between target buyers and neighbours, friends, family members and associates.
  • Buzz marketing Cultivating opinion leaders and getting them to spread information about a product or service to others in their communities.
  • Percentage-of-sales method Setting their promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price.
  • Competitive-parity method Setting their promotion budgets to match competitors’ outlays.
  • Push strategy A promotion strategy that involves ‘pushing’ the product through marketing channels to final consumers. The producer directs its marketing activities towards channel members to induce them to carry the product and promote it to final consumers.
  • Pull strategy A promotion strategy in which the producer directs its marketing activities towards final consumers to induce them to buy the product. If the pull strategy is effective, consumers will then demand the product from channel members, who will in turn demand it from producers.
  • Advertising Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.
  • Public relations Building good relations with the company’s various publics by obtaining favourable publicity, building up a good corporate image, and handling or heading off unfavourable rumours, stories and events.
  • Sales promotion The most short-term of the promotion mix tools, which says to consumers ‘buy now’.
  • Global firm A firm that, by operating in more than one country, gains marketing, production, R&D and financial advantages that are not available to purely domestic competitors.
  • Economic community A group of nations organized to work towards common goals in the regulation of international trade.
  • Countertrade International trade involving the direct or indirect exchange of goods for other goods instead of cash.
  • Exporting Entering a foreign market by selling goods produced in the company’s home country, often with little modification.
  • Joint venturing Entering a foreign market by joining with foreign companies to produce or market a product or services.
  • Licensing A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market.
  • Contract manufacturing A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service.
  • Management contracting A joint venture in which the domestic firm supplies management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products.
  • Joint ownership A joint venture in which a company joins investors in a foreign market to create a local business in which they share joint ownership and control.
  • Direct investment Entering a foreign market by developing foreign-based assembly or manufacturing facilities.
  • Adapted global marketing An international marketing strategy for adjusting the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a larger market share and return.
  • Sustainable marketing Marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
  • Environmentalism An organized movement of concerned citizens, businesses and government agencies to protect and improve people’s current and future living environment.
  • Societal marketing A principle of sustainable marketing which holds that a company should make marketing decisions by considering consumers’ wants, the company’s requirements, and consumers’ and society’s long-term interests.
  • Customer satisfaction The extent to which a product’s perceived performance matches a buyer’s expectations.
  • Customer lifetime value The value of the entire stream of purchases a customer makes over a lifetime of patronage(stöd).
  • Share of customer The portion of the customer’s purchasing that a company gets in its product categories.
  • Customer equity The total combined customer lifetime values of all of the company’s customers.
  • Business portfolio The collection of businesses and products that make up the company.
  • Growth—share matrix A portfolio-planning method that evaluates a company’s strategic business units in terms of its market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks or dogs.
  • Downsizing Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy.
  • Differentiation Making a product different from other existing ones to create superior customer value.
  • Economic environment Consists of factors that affects consumer purchasing power and spending pattern
  • Ecological environment The natural resources that are needed as inputs by marketers or that are affected by marketing activities constant
  • Environmental sustainability Strategies in an effort to create a world economy that the planet can support indefinitely
  • Political environment consists of laws, government agencies and pressure groups that influence or limit various organizations and individuals in society
  • Cultural environment Made up of institutions and other forces that affects a society´s basic values, perception, preferences and behaviors
  • Complex buying behaviour Consumer buying behaviour in situations characterized by high involvement in a purchase and significant perceived differences among brands.
  • Dissonance-reducing buying behaviour Consumer buying behaviour in situations characterised by high involvement but few perceived differences among brands.
  • Habitual buying behaviour Consumer buying behaviour in situations characterised by low consumer involvement and few significantly perceived brand differences.
  • Variety-seeking buying behaviour Consumer buying behaviour in situations characterised by low consumer involvement but significant perceived brand differences.
  • Alternative evaluation The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.
  • Post-purchase behaviour The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction.
  • Cognitive dissonance Buyer discomfort caused by post-purchase conflict.
  • Adoption process The mental process through which an individual passes from first learning about an innovation to final adoption.
  • Brand Represents everything that a product, service, organisation, employer, region or person means to consumers. For example, when you hear someone say ‘IKEA’, what do you think, feel or remember? What about ‘Hennes & Mauritz’, ‘Helsingborg', ‘Dr Phil’, or ‘Sahlgrenska sjukhuset’? They are also brands!
  • Employer branding Branding that builds the appeal of an employer – successfully done, this will lead to employees with better skills, less absenteeism, better retention levels, greater staff satisfaction and engagement, and higher profitability.
  • Store brand (or private brand) A brand created and owned by a reseller of a product or service.
  • Co-branding The practice of using the established brand names of two different companies on the same product.
  • Line extension Extending an existing brand name to new forms, colours, sizes, ingredients or flavours of an existing product category.
  • Brand extension Extending an existing brand name to new product categories.
  • Product Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
  • Service Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
  • Consumer products Goods and services bought by final consumers for personal consumption.
  • Convenience product A consumer product that customers usually buy frequently, immediately and with a minimum of comparison and buying effort.
  • Shopping product A consumer product that customers, in the process of selection and purchase, usually compare on such bases as suitability, quality, price and style.
  • Speciality product A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
  • Unsought product A consumer product that the consumer either does not know about or knows about but does not normally think of buying.
  • Product line A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
  • Product mix (product portfolio) The set of all product lines and items that a particular seller offers for sale.
  • Service intangibility A major characteristic of services – they cannot be seen, tasted, felt, heard or smelt before they are bought.
  • Service inseparability A major characteristic of services – they are produced and consumed at the same time and cannot be separated from their providers.
  • Service variability A major characteristic of services – their quality may vary greatly, depending on who provides them and when, where and how.
  • Service perishability A major characteristic of services – they cannot be stored for later sale or use.
  • Internal marketing Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction.
  • Service-dominant logic A perspective in which the good is the provider of the service to the customer.
  • Promotion mix (or marketing communications mix) The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships.
  • Integrated marketing communications (IMC) Carefully integrating and co-ordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organisation and its products.
  • Buyer-readiness stages The stages consumers normally pass through on their way to purchase, including awareness, knowledge, liking, preference, conviction and purchase.
  • Personal communication channels Channels through which two or more people communicate directly with each other: face to face, on the phone, through mail or e-mail, or even through an internet chat.
  • Word-of-mouth influence Personal communication about a product between target buyers and neighbours, friends, family members and associates.
  • Buzz marketing Cultivating opinion leaders and getting them to spread information about a product or service to others in their communities.
  • Affordable method Setting the promotion budget at the level management thinks the company can afford.
  • Percentage-of-sales method Setting their promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price.
  • Competitive-parity method Setting their promotion budgets to match competitors’ outlays.
  • Push strategy A promotion strategy that involves ‘pushing’ the product through marketing channels to final consumers. The producer directs its marketing activities towards channel members to induce them to carry the product and promote it to final consumers.
  • Pull strategy A promotion strategy in which the producer directs its marketing activities towards final consumers to induce them to buy the product. If the pull strategy is effective, consumers will then demand the product from channel members, who will in turn demand it from producers.
  • Advertising Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.
  • Public relations Building good relations with the company’s various publics by obtaining favourable publicity, building up a good corporate image, and handling or heading off unfavourable rumours, stories and events.
  • Sales promotion The most short-term of the promotion mix tools, which says to consumers ‘buy now’.
  • Event marketing Creating a brand-marketing event or serving as a sole or participating sponsor of events created by others.
  • Global firm A firm that, by operating in more than one country, gains marketing, production, R&D and financial advantages that are not available to purely domestic competitors.
  • Economic community A group of nations organized to work towards common goals in the regulation of international trade.
  • Countertrade International trade involving the direct or indirect exchange of goods for other goods instead of cash.
  • Societal marketing A principle of sustainable marketing which holds that a company should make marketing decisions by considering consumers’ wants, the company’s requirements, and consumers’ and society’s long-term interests.
  • Standardized global marketing An international marketing strategy for using basically the same marketing strategy and mix in all the company’s international markets.
  • Exchange The act of obtaining a desired object from someone by offering something in return
  • The basic level of relationship in marketing The company salesperson sells the product, but does not follow up in any way
  • The reactive level of relationship in marketing The company salesperson sells the product, and encourages the customer to call whenever there is a problem or question
  • The accountable level of relationship in marketing The salesperson calls to the customer a short time after the sale to check whether the product is meeting expectations
  • The proactive level of relationship in marketing The salesperson or company calls the customer from time to time with suggestions of product use or improvements
  • The partnership level of relationship in marketing The company works continuously with the customer to discover ways to deliver better value

All None

Shared exercise

https://spellic.com/eng/exercise/marketing-and-communication.10067381.html

Share