Concepts in Marketing, Sales, and Customer Contact - D077 Questions and Answers Rated A

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A/B testing ✔✔A marketing experiment where two variants of a campaign are tested to see which one is most effective Accommodation ✔✔Style of handling conflict focused on empathy over self-in... terest Adaptive selling ✔✔Using social styles to customize a sales approach to the specific customer Administered Vertical Marketing System ✔✔Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence Advertising ✔✔Paid form of nonpersonal promotion Amiable ✔✔People with this social style want to know "why" Analytical ✔✔People with this social style want to know "how"artificial intelligence ✔✔Intelligent machines (computers) capable of learning and interacting Attitudes ✔✔Positive, negative, or ambivalent evaluation of people, objects, event, activities, ideas, or anything else in the environment Attributes ✔✔Characteristics that define a product and will influence the customer's purchase decision Avoidance ✔✔Style of handling conflict with little empathy or self-interest B2B sales ✔✔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 ✔✔Fraudulent practice where an advertised product is unavailable so a customer is guided to a more expensive one Bargaining ✔✔The fourth phase in the negotiation process, where the parties seek an agreementBargaining power of buyers ✔✔One of Porter's Five Forces—the power of customers to drive down prices if supply exceeds demand Bargaining power of suppliers ✔✔One of Porter's Five Forces—the power of suppliers when there are few alternative sources for the products' components BCG Matrix ✔✔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 ✔✔Primary marketing research technique involving formal or informal observation of customers and noncustomers Boycott ✔✔Voluntary and intentional refusal to buy products from a certain person, company, or country for ethical or political reasons Brand ✔✔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 competitorsbrand equity ✔✔One of the drivers of customer equity, based on how the customer assesses the value of the brand brand loyalty ✔✔The faithfulness of customer's to a particular company and its products Bundling ✔✔Grouping related products together and pricing them as a single product. business cycle ✔✔Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend business to business (B2B) ✔✔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 business to consumer (B2C) ✔✔Sales directly to the individuals who consume a finished productbusiness-to-business (B2B) ✔✔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 business-to-consumer (B2C) ✔✔Sales directly to the individuals who consume a finished product for personal use Buyers ✔✔Individuals at an organization who are responsible for the purchase contract, often a purchasing department buying center ✔✔Group of decision makers for a purchase by an organization Channel conflict ✔✔When a company sells products directly to consumers, in competition with the company's own channel partners Closed-ended questions ✔✔Questions where a researcher provides a set of options from which to choose a response, also called structured questionsClosure ✔✔The final phase of negotiation, where an agreement is reached or the negotiation fails cognitive dissonance ✔✔Mental discomfort triggered by holding two or more contradictory beliefs, ideas, or values Collaboration ✔✔Style of handling conflict with high concern for both empathy and self-interest Competition ✔✔Style of handling conflict focused on self-interest over empathy Competitive pricing strategy ✔✔Setting the price for a product or service relative to competitors Compromise ✔✔Middle-ground style of handling conflict Concentrated marketing ✔✔Targeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketingconsultative selling ✔✔Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand her needs Consumer ✔✔The user of a purchased product or service consumer behavior ✔✔The study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services consumer confidence ✔✔Statistical measure of consumers' level of optimism about current and future economic conditions Consumer involvement ✔✔Level of consumer interest, search, or complex decision-making Consumers ✔✔The user of a purchased product or service Content marketing ✔✔Promotion through the creation and sharing of messages and materials designed to stimulate interest in a productcontractual vertical marketing system ✔✔Cooperation between levels of a distribution channel as described by a formal agreement Cookies ✔✔A small packet of information stored on your web browser to help a website keep track of your visits and activity Corporate Social Responsibility (CSR) ✔✔Way of conducting business with commitment to the values, norms, and expectations of society for social responsibility corporate vertical marketing system ✔✔Ownership by a single company of all levels of production and distribution Culture ✔✔The customs, arts, social institutions, beliefs, and value systems of a particular people, nation, or social group Customer ✔✔The purchaser of a product or service customer equity ✔✔The combined customer lifetime values of all the company's customerscustomer life cycle ✔✔The steps in the customer relationship with a company, from initial contact to loyalty Customer lifetime value ✔✔The total profit a company expects to gain from a customer throughout the relationship Customer relationship management (CRM) ✔✔Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention customer satisfaction ✔✔A measure of how products or services delivered by a company meet or exceed customer expectations Customers ✔✔The purchasers of a good or service Database marketing organizations ✔✔Companies (also known as customer insights service providers) that collect and analyze massive data sets on consumers which can be used as secondary data for marketing researchDeception ✔✔Hiding the truth, especially to get an advantage Deciders ✔✔Individual(s) at an organization making the final purchase decision, often the person who owns the budget Deductive ✔✔Negotiating by beginning with the big picture then turning to details Demographic segmentation ✔✔Dividing the market into subgroups based on demographic data such as age, education, gender, or income Determining Your Desired Outcome ✔✔The second phase in the negotiation process, where you define what you would like to get from the negotiation, also called a Best Alternative to a Negotiated Agreement (BATNA) differentiated marketing ✔✔Targeting strategy where a company provides separate offerings to each different market segment that it targets digital marketing ✔✔All of a company's marketing efforts that use an electronic device or the InternetDirect distribution ✔✔Sale of products from the producer to the end user without an intermediary Distribution ✔✔Process of acquiring raw materials and moving materials and finished products from the producer to customers Distribution channels ✔✔Chain of intermediaries through which a good or service moves from the producer to reach the end consumer distributive view ✔✔Win-lose negotiation that sees the situation as a fixed pie to be divided Diversification ✔✔Growth strategy that focuses on creating new products for expansion into new markets Driver ✔✔People with this social style want to know "what" Dual Concern Model ✔✔Maps five styles of handling conflict on a grid according to their degree of cooperation or assertivenessE-commerce ✔✔Buying and selling of goods and services over the Internet using websites and/or mobile applications End users ✔✔Individuals at an organization who will use the product or service to be purchased environmental sustainability ✔✔Processes that are capable of being continued with minimal long-term effect on the environment esteem needs ✔✔Human requirement to feel respected and valued by others as well as yourself Ethical consumerism ✔✔Type of consumer activism where ethical products are favored and unethical products or companies are avoided Ethnographic research ✔✔Study through direct observation of users in their natural environment (as opposed to a laboratory environment) experiential learning ✔✔Changes in behavior in response to direct experiencelearning as a reflection on doing ✔✔ experimental research ✔✔Primary marketing research technique that explores the impact of one or more factors, such as the comparison of two marketing campaigns Expressive ✔✔People with this social style want to know "who" extended problem solving ✔✔Complex, high-involvement purchase decision process with significant investment in information searching and product comparison External factors ✔✔Factors an organization may be able to influence, but not control (such as technology innovations, competition, economic trends, and government policies) a company, which can represent opportunities or threats fair trade ✔✔Organized social movement that seeks to help producers in developing countries achieve better trading conditions while promoting sustainabilityfocus groups ✔✔Primary marketing research technique using small groups to delve deeply into a topic of interest Gatekeepers ✔✔Individuals at an organization who control the flow of information to and among others within the buying center often administrative professionals ✔✔ generation gaps ✔✔Differences in outlook, opinions, values, and cultural norms between people of different generations Geographic segmentation ✔✔Dividing the market into sub-groups based on region or geographic characteristics Good ✔✔Physical product offering manufactured by a business Groupthink ✔✔Psychological phenomenon in which individual members of a group accept a viewpoint or conclusion that represents a perceived group position (even when it conflicts with their own beliefs or judgment)Guerilla marketing ✔✔Innovative, unconventional promotional tactics that engage customers through unique experiences hard selling ✔✔Sales approach using psychological pressure and insistent language to push a customer to a quick purchase decision high-involvement decisions ✔✔Complex purchase decisions that are important to the consumer and involve some risk Implementation ✔✔Process of implementing the marketing strategy through specific actions or tactics in-depth interviews ✔✔Primary marketing research technique using structured one-on-one conversations to delve deeply into a topic of interest Indirect distribution ✔✔Sale of products where intermediaries assist in moving goods and services from producers to end usersindividual marketing ✔✔Targeted micromarketing focused on the needs of individuals, sometimes call mass customization or one-to-one marketing Inductive ✔✔Negotiating by beginning with details and working up to a larger agreement Inflation ✔✔General increase in prices of goods and services over time and decrease in the purchasing power of money influencer marketing ✔✔Using paid brand advocates who have large social followings with a target audience to promote a product or brand on social media Influencers ✔✔Individuals at an organization who affect a purchase decision, sometimes brought into the buying process to provide technical expertise Initiators ✔✔Individuals at an organization who suggest purchasing a product or service integrated marketing communications (IMC) ✔✔Immersive and targeted communication with customers to help move them through the various stages of the buying processintegrative approach ✔✔Win-win negotiation that looks for ways to expand the pie so each party gets more internal data ✔✔Information from within a company, such as sales and marketing records, that can be used for secondary data in marketing research internal factors ✔✔Factors controlled by the organization (such as financial resources, product lines, or technical capabilities), which can be either strengths or weaknesses internet search ✔✔An entry into a search engine based on a keyword or phrase, also called a search query Investigation ✔✔The initial phase in the negotiation process, where information is gathered Leader pricing ✔✔Pricing products below market price to attract customers to a store where they would not otherwise shop Leads ✔✔Information about a potential customerLearning ✔✔Changes in behavior that result from previous experiences Limited problem-solving ✔✔Moderately involved purchase decision-making process where a consumer has some prior knowledge but still conducts light research local marketing ✔✔Targeted micromarketing focusing on very small segments in a given geography Love and belonging needs ✔✔Human requirement for interpersonal relationships (family, friendships, intimacy) and feelings of belongingness Low-involvement decisions ✔✔Straightforward, often routine purchases that require less effort and pose lower risk to the consumer market development ✔✔Growth strategy focused on expanding existing products into new markets market penetration ✔✔Growth strategy focused on current products and current markets with the goal of increasing market sharemarket segmentation ✔✔Process of dividing the market into subgroups of consumers (segments) market share ✔✔A company's percentage of the total sales in a particular market Marketing ✔✔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 marketing concept ✔✔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 ✔✔Explanation of why the marketing plan exists and what problem it hopes to solve marketing mix ✔✔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 ✔✔Specific, measurable achievements that an organization wants from its marketing activities within a specified time frame marketing plan ✔✔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 ✔✔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 ✔✔Process of gathering, recording, and analyzing data about consumers, competitors, and the market Micromarketing ✔✔Targeting strategy that focuses narrowly on catering to the needs of individuals or very small segments in a targeted geography Mixed negotiations ✔✔A blend of inductive and deductive negotiation [Show More]

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