GBS 151 chapter 11

Marketing
What is the term for the process of creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders?
Services
What is the term for intangible products, such as time, expertise, or an activity that can be purchased?
Brand competition
What is the term for the type of competition based on buyers’ perceptions of the benefits of products offered by particular companies?
Marketing plan
What is the term for a detailed strategy for focusing marketing efforts on consumers’ needs and wants?
Target markets
What do marketers call groups of people with similar wants and needs?
Consumer behavior
What is the decision process by which customers come to purchase and consume products?
Brand loyalty
What type of behavior do consumers exhibit by regularly purchasing products because they are satisfied with their performance?
Industrial goods
What type of goods include raw materials and integrated circuits?
Service marketing
What type of marketing do insurance companies, airlines, investment counselors, health clinics, and public accountants typically engage in?
What is data warehousing?
The process of collecting, storing, and retrieving data in electronic files.
Promotion
What part of the marketing mix includes communicating information about products?
Target markets
Which is usually the first step in the marketing strategy?
I️nformation seeking
Reading the relevant issues of consumer reports prior to purchasing a product is an example of what part of the consumer buying process?
Frequent and enduring buyer-seller relationships
What do B2B buyer-seller situations often involve?
Specialty good
What type of good is a custom-made wedding gown classified as?