Concepts in Marketing, Sales, and Customer Contact - D077

Concepts in Marketing, Sales, and Customer Contact - D077

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Students also studied Terms in this set (223) Western Governors UniversityIT C182 Save D077 Marketing, Sale, and Custome...300 terms lsumner95Preview WGU D077 Study Guide 135 terms Michele_B87Preview WGU D077 Concepts in Marketing, ...386 terms kamsey_schwark Preview Concep 176 term kwo A/B testingA marketing experiment where two variants of a campaign are tested to see which one is most effective AccommodationStyle of handling conflict focused on empathy over self-interest Adaptive sellingUsing social styles to customize a sales approach to the specific customer Administered Vertical Marketing SystemCooperation between levels of a distribution channel where one member sets the terms due to its size and influence AdvertisingPaid form of nonpersonal promotion AmiablePeople with this social style want to know "why" AnalyticalPeople with this social style want to know "how" artificial intelligenceIntelligent machines (computers) capable of learning and interacting AttitudesPositive, negative, or ambivalent evaluation of people, objects, event, activities, ideas, or anything else in the environment AttributesCharacteristics that define a product and will influence the customer's purchase decision AvoidanceStyle of handling conflict with little empathy or self-interest

B2B salesSales 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 switchFraudulent practice where an advertised product is unavailable so a customer is guided to a more expensive one BargainingThe fourth phase in the negotiation process, where the parties seek an agreement Bargaining power of buyersOne of Porter's Five Forces—the power of customers to drive down prices if supply exceeds demand Bargaining power of suppliersOne of Porter's Five Forces—the power of suppliers when there are few alternative sources for the products' components BCG MatrixPlanning 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 observationPrimary marketing research technique involving formal or informal observation of customers and noncustomers BoycottVoluntary and intentional refusal to buy products from a certain person, company, or country for ethical or political reasons BrandThe 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 brand equityOne of the drivers of customer equity, based on how the customer assesses the value of the brand brand loyaltyThe faithfulness of customer's to a particular company and its products BundlingGrouping related products together and pricing them as a single product.business cycleExpansions 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 product 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 product for personal use

BuyersIndividuals at an organization who are responsible for the purchase contract, often a purchasing department buying centerGroup of decision makers for a purchase by an organization Channel conflictWhen a company sells products directly to consumers, in competition with the company's own channel partners Closed-ended questionsQuestions where a researcher provides a set of options from which to choose a response, also called structured questions ClosureThe final phase of negotiation, where an agreement is reached or the negotiation fails cognitive dissonanceMental discomfort triggered by holding two or more contradictory beliefs, ideas, or values CollaborationStyle of handling conflict with high concern for both empathy and self-interest CompetitionStyle of handling conflict focused on self-interest over empathy Competitive pricing strategySetting the price for a product or service relative to competitors CompromiseMiddle-ground style of handling conflict Concentrated marketingTargeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketing consultative sellingSales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand her needs ConsumerThe user of a purchased product or service consumer behaviorThe study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services consumer confidenceStatistical measure of consumers' level of optimism about current and future economic conditions Consumer involvementLevel of consumer interest, search, or complex decision-making ConsumersThe user of a purchased product or service Content marketingPromotion through the creation and sharing of messages and materials designed to stimulate interest in a product contractual vertical marketing systemCooperation between levels of a distribution channel as described by a formal agreement

CookiesA 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 systemOwnership by a single company of all levels of production and distribution CultureThe customs, arts, social institutions, beliefs, and value systems of a particular people, nation, or social group CustomerThe purchaser of a product or service customer equityThe combined customer lifetime values of all the company's customers customer life cycleThe steps in the customer relationship with a company, from initial contact to loyalty Customer lifetime valueThe 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 satisfactionA measure of how products or services delivered by a company meet or exceed customer expectations CustomersThe purchasers of a good or service Database marketing organizationsCompanies (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 research DeceptionHiding the truth, especially to get an advantage DecidersIndividual(s) at an organization making the final purchase decision, often the person who owns the budget DeductiveNegotiating by beginning with the big picture then turning to details Demographic segmentationDividing the market into subgroups based on demographic data such as age, education, gender, or income Determining Your Desired OutcomeThe 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 marketingTargeting strategy where a company provides separate offerings to each different market segment that it targets