The purchasing of products by producers, resellers, governmental units, and institutions
Business buying behavior
The decisions and actions of people involved in buying and using products
Buying behavior
The purchasing of products for personal or household use, not for business purposes
Consumer buying behavior
A combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer’s relationship with a company
Customer lifetime value
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Customer relationship management (CRM)
Disposable income less savings and expenditures on food, clothing, and housing
Discretionary income
Personal income less all additional personal taxes
Disposable income
Utility created by converting production inputs into finished products
Form utility
A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products
Market
A group of individuals or organizations within a market that shares one or more common characteristics
Market segment
The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market
Market segmentation
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
A business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allows the firm to achieve its objectives
Marketing concept
A system for managing marketing information that is gathered continually from internal and external sources
Marketing information system
A combination of product, price, distribution, and promotion developed to satisfy a particular target market
Marketing mix
A written document that specifies an organization’s resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group
Marketing plan
The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
Marketing research
A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
Marketing strategy
The income an individual receives from all sources less the Social Security taxes the individual must pay
Personal income
Utility created by making a product available at a location where customers wish to purchase it
Place utility
Utility created by transferring title (or ownership) of a product to a buyer
An estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort
Sales forecast
A group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group
Target market
Utility created by making a product available when customers wish to purchase it
Time utility
Directing a single marketing mix at the entire market for a particular product
Undifferentiated approach
The ability of a good or service to satisfy a human need
Utility
Customer lifetime value is a combination of purchase frequency, average value of purchases, and brand-switching patterns over the span of the customer's relationship with the company.
True OR False
True
Relationship marketing refers to "marketing decisions and activities focused on achieving short-term satisfaction at the check-out register."
True OR False
False
When marketing is limited to taking orders and distributing finished goods, it has a strong production orientation.
True OR False
True
In implementing the marketing concept, the first step is to provide a product or service that will satisfy customers.
True OR False
False
A single market mix is the focus of differentiated market segmentation.
True OR False
False
Internal data sources include economic conditions.
True OR False
False
Income, gender, and ethnic origin are ways to segment markets.
True OR False
True
The product ingredient of the marketing mix is concerned with both base prices and discounts.
True OR False
False
Economic forces have little affect on customer's willingness to buy.
True OR False
False
Marketing plans are affected by competitive forces in the external environment.
True OR False
True
Technology, particularly the Internet, has had little effect on how a firm markets its products.
True OR False
False
Changes in the environment can have a major impact on new marketing strategies but usually not on existing ones.
True OR False
False
"Our plant has excess capacity. Let's make more blue buggy whips. We can sell them to people with cars if we use enough advertising and high-pressure personal selling." This is an example of:
A.
Consumer markets consist of:
A.
When a company designs a single marketing mix and directs it at an entire market for a particular product:
A.
A marketing mix is a particular combination of:
E.
The pricing ingredient of the marketing mix is concerned with:
D.
The most unlikely thing for distribution decision makers to be concerned with is:
E.
Influences in a society and its culture that result in changes in attitudes, beliefs, norms, customs, and lifestyles are called:
B.
A consumer engages in routine response behavior for:
D.
Defining the problem is the first step in the marketing research process.
True OR False
True
When Ford Motor Company focuses its advertising for Mustang cars on a specific age group, it is targeting a market.
True OR False
True
The marketing mix is comprised of product, price, distribution, and promotion.
True OR False
True
The promotional ingredient is developed to make potential customers aware of product information.
True OR False
True
Sales receipt transferring ownership of a pair of shoes creates possession utility.
True OR False
True
Intranets are a powerful communication medium that links customers and companies around the world.
True OR False
False
Managing customer relationships require companies to be sensitive to customer's requirements and desires.
True OR False
True
When Dr. Pepper ships its soft drinks from bottlers to the local convenience store, it is giving the drinks place utility.
True OR False
True
Standardizing and risk taking are marketing functions.
True OR False
True
The goals of institutional markets are to make a profit, to gain market share, and to give investors a return on investment.
True OR False
False
Discretionary income is personal income less disposable income.
True OR False
False
A marketing plan specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specified product or product group.
True OR False
True
Typically, marketing plans cover a time span of two to five years.
True OR False
False
Consumers routinely follow a pattern of behavior for all types of purchases.
True OR False
False
In the consumer's buying decision process, the consumer first acknowledges that a product is needed.
True OR False
True
Purchasing power is determined by government regulations.
True OR False
False
The three kinds of utility directly created by marketing are:
A.
The marketing concept:
E.
A group of individuals or organizations for whom a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group is:
C.
The market segmentation approach might lead sellers of baby food, dog food, and cat food to aim their ads at: