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Questions and Answers List

level questions: Level 1

QuestionAnswer
fosters direct and continuous customer involvement in shaping brand conversations, experiences, and communityConsumer-Engagement Marketing
The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.Consumer-Perceived Value
The discounted lifetime values of all the company's current and potential customerCustomer Equity
The extent to which a product's perceived performance matches a buyer's expectationsCustomer Satisfaction
Based on past buying experiences, the opinions of friends, and market informationCustomer Expectations
involves managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.Customer Relationship Management (CRM)
Any occasion on which a customer encounters the brand and product—from actual experience to personal or mass communications to casual observationCustomer Touch Point
The difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the productCustomer Value
Human wants that are backed by buying powerDemands
Using digital marketing tools such as Web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at anytime, via their digital devicesDigital and Social Media Marketing
Made up of those businesses that offer one or more of the following: accommodation, prepared food and beverage service, and/or entertainmentHospitality Industry
The lifetime value of a customer is the stream of profits a customer will create over the life of his or her relationship to a businessLifetime Value (LTV)
The art and science of finding, retaining, and growing profitable customersMarketing
The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering desired satisfactions more effectively and efficiently than competitors.Marketing Concept
Elements include product, price, promotion, and distribution. Sometimes distribution is called place and the marketing situation facing a company.Marketing Mix
Involves creating, maintaining, and enhancing strong relationships with customers and other stakeholders.Relationship Marketing
The idea that consumers will not buy enough of an organization's products unless the organization undertakes a large selling and promotion effortSelling Concept
The idea that an organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and society's well-beingSocietal Marketing Concept
A major characteristic of services; they are produced and consumed at the same time and cannot be separated from their providers.Inseperability
A major characteristic of services; they cannot be seen, tasted, felt, heard, or smelled before they are bought.Intangibility
A major characteristic of services; they cannot be stored for later use.Perishability
Tangible clues such as promotional material, employees of the firm, and the physical environment of the firm. Physical evidence is used by a service firm to make its product more tangible to customers.Physical evidence
A major characteristic of services; their quality may vary greatly, depending on who provides them and when, where, and how they are provided.Variability
Marketing by a service firm that recognizes perceived service quality depends heavily on the quality of the buyer–seller interactionInteractive marketing
Marketing by a service firm to train effectively and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfactionInternal marketing
The way a person or group views an organizationOrganization image
A pricing method using price as a means of matching demand with capacityRevenue management
A model that shows the relationships between employee satisfaction, customer satisfaction, customer retention, value creation, and profitability.Service-Profit Chain
A guide to provide all the publics of a company with a shared sense of purpose, direction, and opportunity, allowing all to work independently, yet collectively, toward the organization's goalsCorporate mission statement
A set of corporate priorities and institutional standards of behaviorCorporate Values
Demographic, economic, technological, political, legal, social, and cultural factorsMacroenvironmental forces
Finding and developing new markets for your current productsMarket development strategy
The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior who might require separate products or marketing programsMarket segmentation
An area of need in which a company can perform profitablyMarketing opportunity
The marketing logic by which the company hopes to create this customer value and achieve these profitable relationshipsMarketing strategy
Customers, competitors, distribution channels, and suppliersMicroenvironmental forces
Offering modified or new products to current marketsProduct development
Stakeholders include customers, employees, suppliers, and the communities where their business are located and other people or oganizations that have an interest in the success of the businessStakeholder
Relationships between independent parties that agree to cooperate but still retain separate identities.Strategic alliances
A single business or collection of related businesses that can be planned separately from the rest of the companyStrategic business units (SBUs)
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunitiesStrategic planning
evaluates the company's overall strengths (S), weaknesses (W), opportunities (O), and threats (T).SWOT analysis
A growth strategy by which companies acquire businesses supplying them with products or services (e.g., a restaurant chain purchasing a bakery)Backward integration
A growth strategy whereby a company seeks new products that have technological or marketing synergies with existing product linesConcentric diversification strategy
A product growth strategy in which a company seeks new businesses that have no relationship to the company's current product line or markets.Conglomerate diversification strategy
A product growth strategy whereby a company looks for new products that could appeal to current customers that are technologically unrelated to its current lineHorizontal diversification strategy
A growth strategy by which companies acquire competitorsHorizontal integration
The net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities.Return on marketing investment (or marketing ROI)
The study of human populations in terms of size, density, location, age, sex, race, occupation, and other statisticsDemography
The economic environment consists of factors that affect consumer purchasing power and spending patterns. Markets require both power and people. Purchasing power depends on current income, price, saving, and credit; marketers must be aware of majorEconomic environment
A management approach that involves developing strategies that both sustain the environment and produce profits for the companyEnvironmental sustainability
Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.Financial intermediaries
The larger societal forces that affect the whole microenvironment: competitive, demographic, economic, natural, technological, political, and cultural forcesMacroenvironment
The actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customersMarketing environment
Firms that help the company to promote, sell, and distribute its goods to final buyers; they include middlemen, physical distribution firms, marketing service agencies, and financial intermediariesMarketing intermediaries
Marketing research firms, advertising agencies, media firms, marketing consulting firms, and other service providers that help a company targer and promote its products to the right marketsMarketing services agencies
The forces close to a company that affect its ability to serve its customers: the company, market channel firms, customer markets, competitors, and the public.Microenvironment
Laws, government agencies, and pressure groups that influence and limit the activities of various organizations and individuals in societyPolitical environment
Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectivesPublic
Firms and individuals that provide the resources needed by a company and its competitors to produce goods and servicesSuppliers
Consist of electronic databases and non-electronic information and records of consumer and market information obtained from within the company.Internal data
A structure of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. The MIS begins and ends with marketing managers, but managers throughout the organization should be involved in the MIS. First, the MIS interacts with managers to assess their information needs. Next, it develops needed information from internal company records, marketing intelligence activities, and the marketing research process.Marketing information system (MIS)
Information analysts process information to make it more useful. Finally, the MIS distributes information to managers in the right form and at the right time to help in marketing planning, implementation, and control.Marketing information system (MIS)
Everyday information about developments in the marketing environment that help managers to prepare and adjust marketing plans.Marketing intelligence
The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing a company.Marketing research
Hospitality companies often hire disguised or mystery shoppers to pose as customers and report back on their experience.Mystery shoppers
The gathering of primary data by observing relevant people, actions, and situations.Observational research
Information collected for the specific purpose at hand.Primary data
A segment of a population selected for marketing research to represent the population as a whole; Offer of a trial amount of a product to consumers.Sample
Information that already exists somewhere, having been collected for another purpose.Secondary data
The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.Survey research
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutionsCulture
The stages through which families might pass as they matureFamily life cycle
Relatively permanent and order divisions in a society whose members share similar values, interests, and behaviorsSocial classes
A group of people with shared value systems based on common life experiences and situationsSubculture
Changes in a person's behavior arising from experienceLearning
A person's pattern of living as expressed in his or her activities, interests, and opinionsLifestyle
Groups that have a direct influence on a person's behavior and to which a person belongs.Membership groups
A group to which a person wishes to belong.Aspirational group
A person's enduring favorable or unfavorable cognitive evaluations, emotional feelings, and action tendencies toward some object or idea.Attitude
Online social communities—blogs, social networking, Web sites, or even virtual worlds—where people socialize or exchange information and opinions.Online social networks
Cultivating opinion leaders and getting them to spread information about a product to others in their communityBuzz marketing
Buyer discomfort caused by postpurchase conflictCognitive dissonance
People within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on othersOpinion leaders
A person's distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her environmentPersonality
Groups that have a direct (face-to-face) or indirect influence on a person's attitude or behaviorReference groups
The activities that a person is expected to perform according to the persons around him or herRole
Self-image, the complex mental pictures people have of themselvesSelf-concept