Marketing Terms and Definitions, Quizzes of Marketing Business-to-business (B2B)

Download Marketing Terms and Definitions and more Quizzes Marketing Business-to-business (B2B) in PDF only on Docsity! TERM 1 marketing DEFINITION 1 managing profitable customer relationships and attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. TERM 2 needs DEFINITION 2 are states of felt deprivation TERM 3 wants DEFINITION 3 are the form of humans needs take as they are shaped by culture and personality TERM 4 demands DEFINITION 4 wants are shaped by ones society and are described in terms of objects that will satisfy those needs especially when backed by buying power TERM 5 market offerings DEFINITION 5 combination of products, services, information, or experiences offered to a market to satisfy a need or a want TERM 6 marketing myopia DEFINITION 6 when sellers make the mistake of paying more attention to the specific products they offer than to the benefits and esperiences produced by these products TERM 7 exchange DEFINITION 7 act of obtaining a desired object from someone by offering something in return TERM 8 market DEFINITION 8 is the set of actual and potential buyers of a product or service TERM 9 marketing management DEFINITION 9 art of science of choosing target markets and building profitable relatationships with them TERM 10 strategic planning DEFINITION 10 involves developing a strategy for long term survival and growth TERM 21 complex buying behavior DEFINITION 21 consumers that become highly involved in a purchase and perceive significant differences among brands TERM 22 dissonance DEFINITION 22 reducing behavior occurs when consumers are higly involved but see little difference among brands TERM 23 habitual buying behavior DEFINITION 23 occurs under conditions of low involvement and little significance brand difference TERM 24 variety seeking buying behavior DEFINITION 24 low involvement but significant perceived brand differences TERM 25 product adoption process has 5 stages DEFINITION 25 awarenessinterestevaluationtrialadoption TERM 26 diffusion DEFINITION 26 consumers respond at different rates TERM 27 business market DEFINITION 27 comprises all organization that buy goods and services for use in the production of other companies or to resell and rent them to make a profit TERM 28 business buyers make decisions that vary with 3 types of buying situations DEFINITION 28 straight rebuysmodified rebuysnew tasks TERM 29 steps in business buying decisions DEFINITION 29 problem recognitiongeneral need descriptionproduct specificationsupplier searchproposal solicitationsupplier selectionorder routine specificationperformance review TERM 30 recent advances in technology have given birth to DEFINITION 30 "e-procurement"business buyers buy products and services online!@!! TERM 31 institutional market DEFINITION 31 consists of schools hospitalsprisonsand other institutions that provide goods and services to people in their carecharacterized by low budgets and captive patrons TERM 32 government market DEFINITION 32 consists of government units federal state and local that purchase or rent good and services for carrying out the main functions of government TERM 33 market segmentation DEFINITION 33 is the act of dividing a market into distinct segments of buyers with different needs characteristics of behaviors who might need separate product or marketing mixes TERM 34 market targeting DEFINITION 34 evaluates each market segments attractiveness TERM 35 differentiation involves DEFINITION 35 actually differentiating the market offering to create superior customer value.