Chapter 6-10 Marketing Vocab

Created by Carl

Business-to-Business (B2B) Marketing

Marketing products and services to organizations rather than consumers.

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Match Practice Test Progress & Stats

Term	Definition
Business-to-Business (B2B) Marketing	Marketing products and services to organizations rather than consumers.
Organizational Buyers	Businesses, government agencies, and nonprofits that purchase products.
NAICS	Classification system used to identify industries.
Derived Demand	Demand for business products that results from consumer demand.
Organizational Buying Behavior	Process organizations use to purchase goods and services.
Buying Center	Group involved in making purchasing decisions.
User	Person who actually uses the product.
Influencer	Person who affects purchasing decisions.
Buyer	Person with authority to make purchases.
Decider	Person who selects suppliers or approves purchases.
Gatekeeper	Person who controls information flow.
Straight Rebuy	Routine reorder with no changes.
Modified Rebuy	Reorder with some changes.
New Buy	First-time purchase requiring extensive decision making.
Reciprocity	Agreement where organizations buy from each other.
Supply Partnership	Long-term buyer-supplier relationship.
Sustainable Procurement	Purchasing with environmental concerns in mind.
E-Marketplace	Online marketplace for B2B transactions.
Traditional Auction	One seller, many buyers bid prices upward.
Reverse Auction	One buyer, many sellers bid prices downward.
Countertrade	Exchange of goods rather than money.
Balance of Trade	Difference between exports and imports.
Globalization	Increasing connections among countries and markets.
Protectionism	Government actions that protect domestic industries.
Tariff	Tax placed on imported goods.
Quota	Restriction on quantity of imports or exports.
WTO	World Trade Organization regulating international trade.
Trade War	Countries imposing tariffs or quotas against each other.
Global Competition	Competition among firms across nations.
Global Brand	Brand marketed similarly worldwide.
Global Consumers	Similar customer groups across countries.
Cross-Cultural Analysis	Comparing consumer behavior among cultures.
Customs	Accepted practices and behaviors in a culture.
Cultural Symbols	Objects, ideas, or behaviors representing a culture.
Back Translation	Translating and re-translating to ensure accuracy.
Consumer Ethnocentrism	Belief consumers should buy domestic products.
Currency Exchange Rate	Value of one currency relative to another.
Exporting	Selling products in foreign countries.
Joint Venture	Shared ownership between foreign and local firms.
Economic Espionage	Theft of confidential business information.
Marketing Research	Collecting and analyzing information for marketing decisions.
Measures of Success	Standards used to evaluate solutions.
Constraints	Limitations affecting solutions.
Data	Facts and figures used for decision making.
Secondary Data	Previously collected data.
Primary Data	Newly collected data.
Observational Data	Information gathered by watching behavior.
Questionnaire Data	Information gathered by asking questions.
Information Technology	Systems used to collect and manage information.
Data Mining	Discovering patterns within databases.
Predictive Modeling	Using data to predict future outcomes.
Sales Forecast	Estimate of future sales.
Sampling	Studying a portion of a population.
Statistical Inference	Using sample results to describe a population.
Panel	Group studied repeatedly over time.
Experiment	Research method testing cause-and-effect relationships.
Test Market	Small market used to test marketing plans.
Market Segmentation	Dividing a market into groups with similar needs.
Product Differentiation	Making a product appear distinct from competitors.
Market-Product Grid	Framework matching products with market segments.
Usage Rate	Amount or frequency of product use.
80/20 Rule	80 percent of sales often come from 20 percent of customers.
Customer Lifetime Value (CLV)	Total value a customer provides over time.
Product Positioning	Place a product occupies in consumers' minds.
Product Repositioning	Changing a product's perceived position.
Perceptual Map	Visual comparison of consumer perceptions of brands.
Personas	Detailed descriptions of typical customers.
Geographic Segmentation	Segmenting based on location.
Demographic Segmentation	Segmenting based on age, income, gender, and similar characteristics.
Psychographic Segmentation	Segmenting based on lifestyle and values.
Behavioral Segmentation	Segmenting based on actions and buying behavior.
Organizational Synergy	Increased effectiveness through cooperation.
Cannibalization	One product takes sales from another company product.
Product	A good, service, or idea exchanged for value.
Service	An intangible activity provided to satisfy needs.
Consumer Product	Product purchased for personal use.
Convenience Product	Frequently purchased with minimal effort.
Shopping Product	Product consumers compare before purchasing.
Specialty Product	Product requiring special effort to obtain.
Unsought Product	Product consumers do not actively seek.
Business Product	Product purchased for operations or resale.
Product Item	Specific version of a product.
Product Line	Group of related products.
Product Mix	All product lines offered by a company.
Protocol	Statement describing market, customer needs, and product requirements.
Open Innovation	Using both external and internal ideas for innovation.
New Product Development Process	Seven-step process used to create new products.
Continuous Innovation	Minimal change requiring little new learning.
Dynamically Continuous Innovation	Moderate change requiring some learning.
Discontinuous Innovation	Radical innovation requiring major learning.
Product Line Extension	Addition to an existing product line.
Brand Extension	Existing brand applied to a new product.
Jump in Innovation	Major breakthrough product innovation.
Groupthink	Avoiding disagreement within a group.
Not-Invented-Here (NIH)	Rejecting ideas developed outside the organization.
International Firm	Uses essentially the same marketing strategy in all countries.
Multinational Firm	Develops different marketing strategies for different countries.
Transnational Firm	Balances global standardization with local adaptation.
Geographic Segmentation	Dividing a market by location.
Demographic Segmentation	Dividing a market by age, income, gender, occupation, or education.
Psychographic Segmentation	Dividing a market by lifestyle, values, attitudes, and personality.
Behavioral Segmentation	Dividing a market by usage, benefits sought, or purchasing behavior.
Market Size	How large a target market segment is.
Expected Growth	The future growth potential of a market segment.
Competitive Position	The firm's ability to compete within a segment.
Cost of Reaching Segment	The cost required to market to a segment.
Compatibility	The degree to which a segment fits company objectives.
Head-to-Head Positioning	Directly competing against competitors on similar attributes.
Differentiation Positioning	Creating a unique image or benefit in consumers' minds.
Convenience Product	Product bought frequently with minimal effort.
Shopping Product	Product that consumers compare before purchasing.
Specialty Product	Product consumers make a special effort to obtain.
Unsought Product	Product consumers are unaware of or do not actively seek.
Components	Business products that become part of the finished product.
Installations	Buildings and major equipment used in operations.
Accessory Equipment	Tools and office equipment that support production.
Supplies	Items used in daily operations such as paper and cleaning products.
Industrial Services	Maintenance, repair, consulting, and other business services.
No Point of Difference	Product fails because it does not stand out from competitors.
Incomplete Protocol	Product fails because planning was inadequate.
Does Not Satisfy Needs	Product fails because it does not meet customer expectations.
Bad Timing	Product launched at the wrong time.
Poor Access to Buyers	Customers cannot easily find or purchase the product.
Poor Marketing Mix	Weak product, price, promotion, or place strategy.
Weak Market Attractiveness	Market demand is too small or declining.
Poor Product Quality	Product contains defects or does not perform well.