Marketing Terms and Concepts

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What term refers to the amount of word of mouth going on in a market?

Community

Influencer marketing

Buzz (correct)

Lead User

Which type of influencer panel participates regularly in marketing research activities?

Lead User

Interested

Heavy User

Active influencer (correct)

What does the term 'loyal' refer to in the context of marketing?

Someone who sticks to one brand when it works (correct)

Someone who actually uses or consumes the offering regularly

Someone willing to try new products and offer feedback

Someone who isn't loyal because the right offering hasn't been created

Which term describes a social group that centers its attention on a particular brand or product category?

Community Signup and view all the answers

What characterizes an 'interested' individual in the context of marketing?

Greater intrinsic interest in the product category than the average user Signup and view all the answers

What does the term 'lead user' signify in the context of marketing?

Someone willing to try new products and offer feedback Signup and view all the answers

What is the second dimension of loyalty?

Attitudinal loyalty Signup and view all the answers

What are switching costs?

The costs associated with moving to a new supplier Signup and view all the answers

What does the accelerator effect refer to?

Consumers speeding up purchases when they are about to reach a higher award level in a loyalty program Signup and view all the answers

What is the blocker effect?

The personal value equation of a loyalty program member is enhanced because he or she doesn’t need to spend any time and effort shopping around Signup and view all the answers

What is viral marketing?

The spread of the company’s message through the community like a computer virus Signup and view all the answers

What do loyalty programs reward?

Frequent purchases and consumption of offerings Signup and view all the answers

What is meant by the term 'spreader effect'?

Members of a loyalty program being more likely to try related products offered by the marketer Signup and view all the answers

What do customer communities form around?

Social networks Signup and view all the answers

What is the longevity effect?

Lengthening the lifetime value of a customer Signup and view all the answers

What is deal-prone?

Willingness to succumb to special offers or lower prices from competitors Signup and view all the answers

The marketing plan helps determine the target market, how to reach them, and the price point for the product or service.

True Signup and view all the answers

The executive summary of a marketing plan is not essential for the company's executives to make informed decisions.

False Signup and view all the answers

SWOT analysis captures internal factors such as strengths and opportunities but does not consider external factors like threats.

False Signup and view all the answers

SWOT analysis should be narrow in scope, focusing only on the internal conditions of the company.

False Signup and view all the answers

The SWOT analysis should be honest and capture the full range of factors that could impact a business.

True Signup and view all the answers

Marketing Terms and Concepts

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Questions and Answers

What term refers to the amount of word of mouth going on in a market?

Which type of influencer panel participates regularly in marketing research activities?

What does the term 'loyal' refer to in the context of marketing?

Which term describes a social group that centers its attention on a particular brand or product category?

What characterizes an 'interested' individual in the context of marketing?

What does the term 'lead user' signify in the context of marketing?

What is the second dimension of loyalty?

What are switching costs?

What does the accelerator effect refer to?

What is the blocker effect?

What is viral marketing?

What do loyalty programs reward?

What is meant by the term 'spreader effect'?

What do customer communities form around?

What is the longevity effect?

What is deal-prone?

The marketing plan helps determine the target market, how to reach them, and the price point for the product or service.

The executive summary of a marketing plan is not essential for the company's executives to make informed decisions.

SWOT analysis captures internal factors such as strengths and opportunities but does not consider external factors like threats.

SWOT analysis should be narrow in scope, focusing only on the internal conditions of the company.

The SWOT analysis should be honest and capture the full range of factors that could impact a business.

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