The trade of things of value between buyer and seller so that each is better off after the trade.
What is exchange?
100
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
What is market share?
100
The initial step in the purchase decision process in which a person perceives a difference between their current and ideal situation.
What is problem recognition?
100
Facts and figures that have already been recorded prior to the project at hand.
What is secondary data?
100
A unique strength relative to competitors that provides superior returns.
What is a competitive advantage?
200
The unique combination of benefits received by targeted buyers at a specific price
What is customer value?
200
Walmart's strategy of going after many market segments while keeping prices as low as possible.
What is cost leadership strategy?
200
The group of brands that a consumer deems acceptable.
What is the consideration set?
200
Provides ideas about a vague problem.
What is exploratory research?
200
Influencing people during conversations.
What is word of mouth?
300
The fact that a pencil is yellow and the fact that being yellow makes the pencil easy to see
What are features and benefits?
300
Conditions in the external environment that benefit a company.
What are opportunities?
300
A source of information that involves product-rating organizations, such as Consumer Reports.
What are public sources?
300
Daily Double!!!
What is your wager?
What is geographic segmentation?
300
Statements of accomplishment of a task to be achieved often by a specific time.
What are organizational goals or objectives?
400
Homogeneous groups of prospective buyers.
What are market segments?
400
Detailed daily marketing actions for each element of the marketing mix.
What are marketing tactics?
400
Post-purchase psychological tension or anxiety,
What is cognitive dissonance?
400
A means of displaying in two dimensions the location of a brand in the minds of consumers.
What is a perceptual map?
400
1. Two or more parties with unsatisfied needs.
2. A desire and ability to satisfy these needs.
3. A way for the parties to communicate.
4. Something to exchange.
What are the conditions required for marketing to occur?
500
The value of making an item easy to purchase through the provision of credit cards or financial arrangements.
What is possession utility?
500
A technique that helps a firm search for growth opportunities from among 1. current and new markets and 2. current and new products.
What is diversification analysis?
500
For example, the US savings rate has increased to 5.8%, indicating reduced spending, although income has been growing at about 2%.
What are economic forces?
500
Seeking a less competitive, smaller market niche in which to position the product.
What is differentiation positioning?
500
1. Market size
2. Expected growth
3. Competitive position
4. Cost of reaching a segment
5. Compatibility with firm's objectives and resources
What are the criteria for selecting target market segments?