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Principles of Marketing > Exam #1 > Flashcards

Exam #1 Flashcards

1
Q

AMA Marketing Definition

A

The activity, set of institutions and processes for creating, communicating, and exchanging offerings that have value for customers, clients, partners, and society at large.

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2
Q

Relationship between Marketing and the key functions of a firm:

A

Marketing may be the most important function.

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3
Q

Marketing’s role:

A

to understand the organizations customers and markets in an effort to develop strategies to sell products or services that produce profit.

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4
Q

Meeting customer needs

A

Aim of marketing is to provide customer value by conducting research to understand needs

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5
Q

Marketing environment

A

Internal and external factors that affect a firm’s ability to succeed and formatted to identify SWOT

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6
Q

Strategic planning

A

the process of thoughtfully defining a firm’s objectives and developing a method for achieving those objectives; shifting conditions requires modification

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7
Q

Marketing Strategy

A

the set of actions taken to accomplish organizational objectives

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8
Q

Marketing Mix

A

a combination of activities that represent areas a firm can adjust to influence demand for its good, service, or idea (known as the 4P’s).

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9
Q

Marketing manager

A

responsible for short and long term marketing operations and strategy. Can be considered brand manager or segment manager.

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10
Q

Strategy activity

A

How to achieve objectives by developing product value propositions, marketing objectives, forecasts, and budgets, and monitoring results.

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11
Q

Operational activity

A

included implementing promotional campaigns, graphic design, social media, and marketing research.

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12
Q

Selling Concept

A

Marketing belief that customers will not buy enough; focuses on transactions and use large-scale selling and promotions.

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13
Q

Marketing Concept

A

Holds that achieving organizational goals depends on knowing the needs/wants of customers and delivering the desired satisfaction better than competitors.

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14
Q

Marketing Myopia

A

Focusing on the specific products rather than the benefits/experiences produced.

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15
Q

Customer Value

A

Perceived benefits that customers received form a product compared to its cost.

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16
Q

Value

A

an equation of benefits that meet needs/wants minus costs

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17
Q

Actual Costs

A

Often more than the initial price.

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18
Q

Value Creation

A

Occurs when customers use products or services that satisfy their wants and needs.

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19
Q

Exchange

A

the act of obtaining a desired object from someone by offering something of value in return.

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20
Q

With more value…

A

firms can gain a competitive advantage.

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21
Q

Product

A

Central element around which all others revolve. A specific combination of goods, services, and ideas that a firms offers to customers.

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22
Q

Price

A

The amount of something that a buyer exchanges with a seller to obtain a product.

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23
Q

Place

A

Includes the activities of the firm to make its product available to customers.

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24
Q

Promotions

A

What most people think of when they think of marketing; successful promotion involves the firm’s ability to integrate its promotional activities in a way that maximizes the value of each.

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25
Q

Needs

A

State of felt deprivation; marketers do not create needs

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26
Q

Wants

A

the form human needs take; something you would like to have

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27
Q

Value proposition

A

the set of benefits it promises to deliver to customers to satisfy their needs/wants; successful propositions include the applications of technology (Customer needs, technology, target market, benefits)

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28
Q

Capturing Value

A

For firms to capture value, they must identify ways in which they can gain in some way through the exchange; primary way is price

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29
Q

Ethics

A

Moral standards expected by society

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30
Q

Marketing Ethical Issues

A

Clearly understand norms/values expected, act in a positive manner, consequences of not adhering can be serious, unethical practices hurt customers, employees and society.

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31
Q

AMA Code of Ethics

A

Six core values: honesty, responsibility, fairness, respect, transparency, citizenship

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32
Q

Decision Making framework

A
  1. Determine the facts unbiasedly
  2. Identify the ethical issues
  3. Identify stakeholders impacted
  4. Consider all available alternatives
  5. Consider how decision affects stakeholders
  6. Discuss the pending decision with stakeholders
  7. Make the decision
  8. Monitor
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33
Q

Corporate Social Responsibility

A

Refers to an organization’s obligation to maximize its positive impact and minimize its negative impact on society

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34
Q

Four dimensions of CSR

A

Economic, Legal, Ethical, Philanthropic

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35
Q

Sustainable Marketing

A

The process of creating, communicating, and delivering value to customers through the preservation and protection of the natural systems that provide the natural resources upon which our society and economy depend.

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36
Q

Tactical Greening

A

Involves implementing limited change within a single area of the organization.

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37
Q

Quasi-Strategic Greening

A

Usually involves more substantive changes throughout the organization.

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38
Q

Strategic Greening

A

Requires a holistic approach that integrates and coordinates all the firm’s activities on environmental issues across every functional area.

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39
Q

Social Criticism of Marketing

A

Materialism, high prices, deceptive pricing, deceptive packaging, deceptive promotions, high-pressure selling, shoddy/unsafe products, planned obsolescence, marketing to children

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40
Q

Strategic planning

A

the process of thoughtfully defining the firm’s objectives and developing an approach for achieving those objectives. Conducted on a continual basis as conditions change. One of the most important marketing tasks.

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41
Q

Chain of Events in Strategic Planning:

A

Define company mission, set company objectives and goals, design a collection of businesses and products, marketing plan (strategies guided by mission, goals, objectives, and portfolio)

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42
Q

Firms work to perfect their strategic plan so…

A

they can form a sustainable competitive advantage.

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43
Q

Strategy

A

Set of actions undertaken to accomplish organizational objectives

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44
Q

Objectives

A

Specific, realistic results marketers aim to achieve consistency with company goal and objectives

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45
Q

Mission

A

the organizations purpose - what it wants to accomplish in the larger environment; should be market oriented (defined in terms of satisfying basic customer needs).

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46
Q

Vision

A

Road map indicating what the company wants to become

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47
Q

Values Statement

A

word, phrase, or sentence that conveys the core values of the company (what is important).

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48
Q

Company goals

A

desired result you want to achieve, typically broad and long-term

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49
Q

Company objectives

A

defines the specific, measurable, realistic actions that must be taken to achieve the overall goal

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50
Q

Marketing objectives

A

objectives for a functional area (marketing)

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51
Q

Competitive environment

A

direct and indirect competitors

52
Q

Direct Competitiors

A

firms that compete with products designed around the same or similar interests

53
Q

Indirect competitors

A

firms that compete with products that have different characteristics but serve a similar function.

54
Q

Sustainable competitive advantage

A

the superior position a product enjoys over competing products if customers believe it has more value than other products. Valuable, rare, costly to imitate, and non-substitutable.

55
Q

Customer Excellence

A

Strategy designed to put the customer at the center of all marketing activities; marketing goal is consistent delivery of value, satisfaction, and quality resulting in loyalty

56
Q

Product Excellence

A

strategy that focuses on the importance of high-quality and value-adding products

57
Q

Operational Excellence

A

Focusing on operational principles, systems, and tool on improving customer satisfaction with the firm’s products and services

58
Q

Locational Excellence

A

focus on having strong physical location and/or internet presence

59
Q

Market penetration

A

Increase of sales of existing products to existing customers without product changes

60
Q

Product development

A

creating new or modified products for an existing market

61
Q

Market development

A

selling existing products to new customers

62
Q

Diversification

A

developing new products to new markets unrelated to an existing product

63
Q

Using data analysis for Strategic Planning

A

Establishing Systematic data collection processes, ID direct and indirect competitors (market scanning), and set objectives based on SWOT analysis

64
Q

SWOT drives the…

A

marketing mix

65
Q

Situation analysis

A

the process of gathering information on the internal and external environments to assess the firm’s SWOT and to guide its goals and objectives

66
Q

Segmentation, targeting, and positioning

A

selecting target market, identifying target market needs and positioning the new product v. competition

67
Q

Macro environment

A

the act of monitoring developments that influence the marketing plan but outside of the firm’s control with the goal of responding to threats and opportunities

68
Q

Demographic

A

the statistical characteristics of human populations (population growth, gender distribution, income distribution, age, education, family structure)

69
Q

The Cohort effect

A

tendency of members of a generation to be influenced and bound together by significant events in their formative years (17 to 22)

70
Q

Economic

A

trends in these factors have a direct or indirect impact on a company since it affects the purchasing power of consumers, affecting pricing policy

71
Q

Social-Cultural

A

trends in these factors are the larger scale forces that affect the thoughts, feeling and behaviors of consumers

72
Q

Core Beliefs and Values

A

Beliefs and values are persistent and are passed on from parents to children

73
Q

Secondary beliefs and values

A

beliefs and values are more open to change and include other’s views of themselves including people, organizations, society, nature, and the universe

74
Q

Legal/Political

A

trends in these factors overlap and are about how and to what degree a government intervenes in the economy, industry, or market

75
Q

Competitive

A

how a business is affected by its competition and how it adapts its businesses practices to enable it to compete effectively

76
Q

Technological

A

trends in these factors pertain to innovations in technology influencing industry operations and the market conditions. these may affect decisions to enter and industry, launch new products, or outsource abroad

77
Q

Micro Environment

A

the current internal environment where marketing is influenced by the firm’s choices and firms may alter them

78
Q

Organizational Structure

A

degree to which the organizational structure facilitates market driven strategic planning

79
Q

Corporate Culture

A

shared values and beliefs that characterize members of the organization, define its nature and govern how people behave

80
Q

Human resources

A

role played in workforce planning, employee and labor relations, training and development, etc.

81
Q

Leadership

A

people in the organization that make major decision

82
Q

Marketing Research

A

Act of collecting, interpreting, and reporting information concerning a specific, clearly defined marketing problem

83
Q

Steps in Marketing Research Process (11)

A
  1. Establish need
  2. Understand Problem
  3. Define problem and establish objectives*
  4. Determine research design
  5. Identify information sources
  6. Methods to access data
  7. Design data collection form
  8. Sampling plan and sample size
  9. Collect data
  10. Analyze data
  11. Prepare final report**
84
Q

“Every process is perfectly designed…

A

to achieve the results it gets.”

85
Q

Purpose of marketing research

A

to provide information the reduce uncertainty associated with decision making

86
Q

When is marketing research needed?

A

when manager must make a decision and if benefits outweigh costs

87
Q

Failure to meet objective (actual v. planned)

A

Control system: Key performance indicators

88
Q

Failure to identify opportunities (actual v. potential)

A

Control system: environmental scanning

89
Q

Symptoms

A

change in control system that alert managers to problems

90
Q

Problem statement defined

A

summarizes the problem (what decision maker needs to accomplish) Most Important!

91
Q

Research objectives defined

A

tell the researcher exactly what must be done to obtain the information necessary to solve the problem

92
Q

Research design

A

set of advanced decision specifying methods and procedures used to answer research questions or solve the research problem

93
Q

Exploratory

A

Unaware of the problem; to learn more about the problem (mostly qualitative)

94
Q

Descriptive

A

Aware of the problem; describe problem (quantative)

95
Q

Causal

A

Problem defined; experiments isolate cause and effect (quantative)

96
Q

Protocol Analysis

A

placing a person in decision making situation and asking them to verbalize everything considered in the decision

97
Q

Pluralistic

A

combination of quantitative and qualitative research methods

98
Q

Causal (experiments)

A

investigating how a change in an independent variable might cause changes in one or more dependent variables

99
Q

Internal Validity

A

the extent to which changes in the outcome variable were actually caused by manipulations of the independent variable conditions

100
Q

External Validity

A

the extent to which the results of the experiment can be generalized beyond the study sample

101
Q

Form Design

A

used to request and record information gathered in marketing research; regardless of method, standardized forms called questionnaires record information

102
Q

Sampling plan

A

process of selecting a predetermined number of elements from a population; sampling plan determines if sample is representative

103
Q

Probability Sample

A

member of the population have a known changes of being selected (random); representative

104
Q

Simple Random

A

every member of population has equal chance of selection

105
Q

Systematic random

A

skip interval

106
Q

Nonprobability sample

A

Convenience, referral, quota; not representative

107
Q

Sampling error

A

any error that occurs because a sample is used that can be measured

108
Q

Nonsampling error

A

all errors that are not due to sampling error, cannot be measured

109
Q

Data analysis

A

entering data into computer files, inspecting data for errors, tabulating and analyzing data

110
Q

Coding

A

the process of assigning a word, phrase, or number to a selected portion of data so that it can later be easily sorted and summarized

111
Q

Descriptive statistics

A

used to describe characteristics of research data and study sample

112
Q

Final report

A

second most important step; must be communicated in a way that will be understood, should solve the marketing problem and answer questions, report limitations, and include a current report and historical document

113
Q

Consumer behavior

A

the way individuals make decisions to spend resources

114
Q

Aspects of consumer behavior

A

complex, understanding processes, collect information, ethical issues

115
Q

Consumer decision process

A
  1. Problem/need recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase
  5. Post-purchase behavior
116
Q

Internal information search

A

consumers use past experiences with items from the same brand or product class as sources or information

117
Q

External information search

A

consumers seek information beyond their personal knowledge and experience

118
Q

Evoke set

A

consists of those brands which the consumer is aware of and considers for purchase

119
Q

Cognitive dissonance

A

a mental conflict that occurs when consumers acquire new information that contradicts their beliefs or assumptions about the purchase

120
Q

Attitudes

A

a consumer’s overall evaluation of a product, which involves general feelings of like or dislike; brand switching requires changing attitudes

121
Q

Situation and personal influences on consumer behavior

A

time, personality, lifestyle, culture, surroundings

122
Q

Reference groups

A

made up of people to whom a consumer compares himself or herself

123
Q

Opinion leaders

A

individuals who exert an unequal amount of influence on the decisions of others

124
Q

Purchase involvement

A

the level of concern for or interest in the purchase process; triggered by need to consider particular purchase; soap v. a house

125
Q

Noncompensatory decision making

A

used for routine problem solving; consumers buy whatever they did before

126
Q

compensatory decision making

A

used for novel problems that involve some level of risk; consumers assign weights to various criteria and the sum of these weights (weighted preference) will be used to make a purchase decision

Principles of Marketing (3 decks)

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