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Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Marketing

A

managing profitable customer relationships

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2
Q

Marketing formal definition

A

social and managerial process by which one obtains what they need/want through collecting & exchanging products and value with others

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3
Q

revenue-cost=

A

profit

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4
Q

value

A

difference between the benefit the customer gains from owning/using a product and the cost of obtaining the product/service

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5
Q

key stakeholders

A

employees, consumers, industry associations, media, government & regulatory authorities, local communities, business partners & vendors, and shareholders & inventors

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6
Q

5 conditions of exchange

A

at least 2 parties
each have something of value the other wants
capable of communication & delivery
free to accept/reject offers
belief that exchange provides mutual benefit/satisfaction

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7
Q

stakeholder

A

person or entity that has vested interest in your business or project

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8
Q

target markets

A

specific group of buyers on whom an organization focuses its marketing efforts

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9
Q

4 marketing philosophies

A

market
sales
production
societal

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10
Q

marketing philosophies

A

how a business goes about executing the core concepts day to day

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11
Q

strategic planning goal

A

long-term profitable growth

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12
Q

strategic business units

A

-have a clearly defined set of competitors
-managers are responsible for developing & implementing their own strategies
-operate like mini & independent businesses
-never share rate of investment (roi) across SBUS

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13
Q

SBU

A

strategic business unit

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14
Q

dogs

A

low market share; small/slow growth market; divest or sell your product

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15
Q

question marks

A

low market share; large/fast growth market; watch products, can go either way

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16
Q

stars

A

high share; fast growth market; invest

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17
Q

cash cows

A

high market shares; slow growth market; hold and “milk” as much profit as possible

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18
Q

market planning

A

designing activities relating to marketing objectives & the changing marketing environment

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19
Q

competitive advantage

A

efficient production costs
product/service differentiation
target market (niches)

20
Q

niche market

A

choosing a target market that is NOT being served by major competitors

21
Q

business environment

A

dynamic environment that has a direct influence on how they operate

22
Q

purchasing power

A

comparison of income vs. the relative cost of living index (coli) in different geographic areas

23
Q

inflation

A

sustained increase in general price level of goods & services in an economy overtime

24
Q

recession

A

period of significant economic decline; rise in unemployment, decrease in income/spending, downturn in economy

25
Q

political/legal

A

encompass government policies, regulations, and stability, which can impact business operations and strategies

26
Q

Dodd-Frank legislation

A

created the consumer financial protection bureau (CFPB) to oversee accounts, loans, mortgages. deals with unfair, abusive, and deceptive practices

27
Q

Robinson-Patman Act

A

Prohibits charging different prices to different buyers of merchandise of like grade and quantity; requires sellers to make any supplementary services or allowances available to all purchasers on a proportionately equal basis

28
Q

Robinson-Patman Act

A

requires that all pricing differences be justified by cost savings, delivery, or market conditions

29
Q

FTC

A

federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

30
Q

competitive factors

A

-rivalry among businesses
-size of competitors
-degree of interdependence within the industry
-large retailers such as walmart, exert large power over suppliers

31
Q

behavioral norms for marketers

A

-ensures that MKTG is effective & socially responsible
-builds that with consumers, brand reputation, and prevents legal issues

32
Q

if it’s legal does it mean it’s ethical?

A

no

33
Q

business ethics

A

moral principles or values, generally govern the conduct

34
Q

business laws

A

often address the lowest common denominator of socially acceptable behavior; enforced by courts

35
Q

self regulation

A

-voluntary adoption of ethical guidelines
-setting higher standards for oneself

36
Q

5 types of ethical theories

A

deontology
utilitarianism
casualist
moral relativism
virtue ethics

37
Q

bribery &foreign corrupt practices act

A

make it unlawful to make payments to foreign government officials to assist in obtaining/retaining business

38
Q

code of ethics

A

broad; provides a set of guiding principles that affect employee mindset and decision making

39
Q

stakeholder theory

A

importance of addressing the intentions of & cheating value for ALL stakeholders

40
Q

philanthropic marketing

A

engaging in charitable activities to support brand image, build customer loyalty, and contribute positively to society

41
Q

cause-related marketing

A

the cooperative marketing efforts between a for-profit firm and a nonprofit organization

42
Q

internal data

A

can also be acquired from retailers using scanner-based data

43
Q

market research process

A

identify the problem
plan research design
specify sampling procedures
collect primary data
analyze data
present report
follow up

44
Q

cost & time considerations

A

primary MKTG research:
mystery shopping $$$$
experimental research $$
online analytics $$
ethnographic research $$$$
social media monitoring $$
self reported $
observational research $$$$
in-depth interviews $$$$
focus groups $ and $$$$
shopping surveys $

45
Q

frame error

A

when a sample drawn from a population differs from the target population

46
Q

tech-driven market research

A

utilizes & unlocks the value of these behavioral data sources

Marketing (1 decks)

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