market development - Correct Answer-Growth strategy focused on expanding existing
products into new markets
market penetration - Correct Answer-Growth strategy focused on current products and
current markets with the goal of increasing market share
market segmentation - Correct Answer-Process of dividing the market into subgroups of
consumers (segments)
market share - Correct Answer-A company's percentage of the total sales in a particular
market
marketing concept - Correct Answer-Business philosophy holding that a company's goals
can best be achieved by identifying and satisfying the target customer's needs and wants
,marketing mission statement - Correct Answer-Explanation of why the marketing plan exists
and what problem it hopes to solve
marketing mix - Correct Answer-The controllable elements in the marketing environment,
made up of the product, price, promotion, and place; also known as the 4Ps of marketing
marketing objectives - Correct Answer-Specific, measurable achievements that an
organization wants from its marketing activities within a specified time frame
marketing plan - Correct Answer-A comprehensive document or blueprint, informed by
analysis of the organization, customer, and market environment, that outlines marketing
efforts (including objectives, strategies, and tactics) for an identified period
marketing planning process - Correct Answer-The steps an organization goes through to
create a marketing plan (includes analysis of the organization, customer, and market
environment) with specific objectives, strategies, and tactics for the marketing effort
Marketing research - Correct Answer-Process of gathering, recording, and analyzing data
about consumers, competitors, and the market
marketing - Correct Answer-Business function that identifies, satisfies, and retains
customers through a set of activities related to creating, communicating, delivering, and
exchanging offerings that have value for the customer
Micromarketing - Correct Answer-Targeting strategy that focuses narrowly on catering to
the needs of individuals or very small segments in a targeted geography
,artificial intelligence - Correct Answer-Intelligent machines (computers) capable of learning
and interacting
attitudes - Correct Answer-Positive, negative, or ambivalent evaluation of people, objects,
event, activities, ideas, or anything else in the environment
attributes - Correct Answer-Characteristics that define a product and will influence the
customer's purchase decision
Avoidance - Correct Answer-Style of handling conflict with little empathy or self-interest
B2B sales - Correct Answer-Sales to another company that consumes the product or
services as part of operating the business or uses the product in the assembly of the final
product it sells to consumers
Bait and switch - Correct Answer-Fraudulent practice where an advertised product is
unavailable so a customer is guided to a more expensive one
Bargaining power of buyers - Correct Answer-One of Porter's Five Forces—the power of
customers to drive down prices if supply exceeds demand
Bargaining power of suppliers - Correct Answer-One of Porter's Five Forces—the power of
suppliers when there are few alternative sources for the products' components
, Bargaining - Correct Answer-The fourth phase in the negotiation process, where the parties
seek an agreement
BCG Matrix - Correct Answer-Planning tool which uses a quadrant to map the strategic
position of a business brand based on the brand's market share and the market's growth
potential
behavioral observation - Correct Answer-Primary marketing research technique involving
formal or informal observation of customers and noncustomers
boycott - Correct Answer-Voluntary and intentional refusal to buy products from a certain
person, company, or country for ethical or political reasons
brand equity - Correct Answer-One of the drivers of customer equity, based on how the
customer assesses the value of the brand
brand loyalty - Correct Answer-The faithfulness of customer's to a particular company and
its products
brand - Correct Answer-The unique identity and associations of a company, often captured
in a design, sign, symbol, or words that identify a product and differentiate it from
competitors
Bundling - Correct Answer-Grouping related products together and pricing them as a single
product.
products into new markets
market penetration - Correct Answer-Growth strategy focused on current products and
current markets with the goal of increasing market share
market segmentation - Correct Answer-Process of dividing the market into subgroups of
consumers (segments)
market share - Correct Answer-A company's percentage of the total sales in a particular
market
marketing concept - Correct Answer-Business philosophy holding that a company's goals
can best be achieved by identifying and satisfying the target customer's needs and wants
,marketing mission statement - Correct Answer-Explanation of why the marketing plan exists
and what problem it hopes to solve
marketing mix - Correct Answer-The controllable elements in the marketing environment,
made up of the product, price, promotion, and place; also known as the 4Ps of marketing
marketing objectives - Correct Answer-Specific, measurable achievements that an
organization wants from its marketing activities within a specified time frame
marketing plan - Correct Answer-A comprehensive document or blueprint, informed by
analysis of the organization, customer, and market environment, that outlines marketing
efforts (including objectives, strategies, and tactics) for an identified period
marketing planning process - Correct Answer-The steps an organization goes through to
create a marketing plan (includes analysis of the organization, customer, and market
environment) with specific objectives, strategies, and tactics for the marketing effort
Marketing research - Correct Answer-Process of gathering, recording, and analyzing data
about consumers, competitors, and the market
marketing - Correct Answer-Business function that identifies, satisfies, and retains
customers through a set of activities related to creating, communicating, delivering, and
exchanging offerings that have value for the customer
Micromarketing - Correct Answer-Targeting strategy that focuses narrowly on catering to
the needs of individuals or very small segments in a targeted geography
,artificial intelligence - Correct Answer-Intelligent machines (computers) capable of learning
and interacting
attitudes - Correct Answer-Positive, negative, or ambivalent evaluation of people, objects,
event, activities, ideas, or anything else in the environment
attributes - Correct Answer-Characteristics that define a product and will influence the
customer's purchase decision
Avoidance - Correct Answer-Style of handling conflict with little empathy or self-interest
B2B sales - Correct Answer-Sales to another company that consumes the product or
services as part of operating the business or uses the product in the assembly of the final
product it sells to consumers
Bait and switch - Correct Answer-Fraudulent practice where an advertised product is
unavailable so a customer is guided to a more expensive one
Bargaining power of buyers - Correct Answer-One of Porter's Five Forces—the power of
customers to drive down prices if supply exceeds demand
Bargaining power of suppliers - Correct Answer-One of Porter's Five Forces—the power of
suppliers when there are few alternative sources for the products' components
, Bargaining - Correct Answer-The fourth phase in the negotiation process, where the parties
seek an agreement
BCG Matrix - Correct Answer-Planning tool which uses a quadrant to map the strategic
position of a business brand based on the brand's market share and the market's growth
potential
behavioral observation - Correct Answer-Primary marketing research technique involving
formal or informal observation of customers and noncustomers
boycott - Correct Answer-Voluntary and intentional refusal to buy products from a certain
person, company, or country for ethical or political reasons
brand equity - Correct Answer-One of the drivers of customer equity, based on how the
customer assesses the value of the brand
brand loyalty - Correct Answer-The faithfulness of customer's to a particular company and
its products
brand - Correct Answer-The unique identity and associations of a company, often captured
in a design, sign, symbol, or words that identify a product and differentiate it from
competitors
Bundling - Correct Answer-Grouping related products together and pricing them as a single
product.
