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mktg 351 > exam 1 > Flashcards

exam 1 Flashcards

1
Q

what does marketing require

A

market, market offering, exchange between 2 willing parties

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1
Q

marketing

A

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

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2
Q

marketing philosophies

A
  • production philosophy
  • product philosophy
  • sales philosophy
  • marketing philosophy
  • societal philosophy
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3
Q

production philosphy

A

focus on products, works well when demand > supply, produces most for least money $

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4
Q

product philosophy

A

focus on producing highest quality goods, maybe not what customers want

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5
Q

sales philosophy

A

push & hard selling (door to door)

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6
Q

marketing philosophy

A

meet companies long-term goals by serving customers needs & wants

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7
Q

societal philosophy

A

should be goof for society too

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8
Q

what is the core marketing philosophy?

A

companies exist to satisfy customers wants and needs better than competition

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9
Q

what are the 4 P’s of marketing?

A

product - create value
price - capture value
place - delivering value
promotion - communicating value

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10
Q

customer value

A

relationship of benefits to cost, what customers get for what they give

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11
Q

customer satisfaction

A

customers evaluation if product/service meets expectations

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12
Q

relationship marketing

A

develop and enhance long term relationship with customer

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13
Q

strategic planning

A

process of creating and maintaining a fit between the organizations objectives and resources and the changing market opportunities

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14
Q

ansoffs strategic opportunity matrix

A

market penetration, product development, market development, diversification

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15
Q

strategic business unit (SBU)

A

independently operated diversions that make up a parent company

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16
Q

BCG portfolio growth matrix

A
  • stars- high growth rate & high market rate
  • question marks - high growth rate & low market share
  • cash cows- low growth rate & high market share
  • dogs - low market & growth rate
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17
Q

portfolio matrix by GE

A
  • has more levels and axes than BCG
  • low= harvest/divest
    medium= cautiosly invest
    high= invest/grow
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18
Q

Swot Analysis

A

Strength (internal)
Weakness (internal)
Opportunity (external)
Threats (external)

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19
Q

ethics

A

principles & values that generally govern the conduct of indivudual/group

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20
Q

laws

A

rules that a country/community recognized as regulating actions that are enforced with penalties

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21
Q

preconventional morality

A

childlike; based on reward/punsihment

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22
Q

conventional morality

A

teens; concern for societal expectations & legality

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23
Q

post conventional morality

A

mature; judge themselves

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24
Q

company ethics

A

create company code of ethics to match employee short term goals and company long term goals

25
Q

corporate social responsibility pyramid

A

philanthropic –> ethical –> legal –> economic

26
Q

sustainability

A

focus on long term effects rather than short-term profits

27
Q

triple bottom line

A

people, planet, profits

28
Q

cause related marketing

A

monetary/donation, no risk

29
Q

corporate political advocacy

A

publicly taking a stand; controversial and risky

30
Q

green marketing

A

focus on environment (recycling)

31
Q

green washing

A

deceptive marketing to seem more environmentally friendly

32
Q

marketing environment

A

all the factors that influence a company’s ability to create and maintain successful marketing strategies and customer relationships

33
Q

environmental factors that affect marketing

A

social factors- american values
demographic- diff generations
growing ethnic markets- hispanic, african, asian
economics- income and purchasing power
technological- research innovation
political and legal- FDA, laws
competitive- global competition

34
Q

global marketing

A

must understand, adapt, and serve to other countries

35
Q

what are some forces affecting the global market?

A
  • multilateral trade agreements
  • transportation & communication
  • converging market needs and wants
    product development costs
36
Q

exporting

A

selling goods produced in one country to another

37
Q

licensing

A

contract where licensor makes asset available to others for royalties or fees

38
Q

franchising

A

operating a business developed by a franchisor in exchange for fee/adherence to policies

39
Q

joint ventures

A

partners start shared ownership of new business

40
Q

direct investment

A

high risk, high potential; greenfield or acquisition

41
Q

global marketing mix

A
  • standardized approach- same product and promotion
  • promotion adaptation- same product, modified approach
  • product adaptation- adapt product to local use but still same concept
  • product invention- dual adaptation to change for legal/cultural reasons
42
Q

fishbein model

A

looks at both importance of attributes and brand performance

43
Q

disjunctive model

A

focus on only important attributes

44
Q

extensive decision making

A

lots of research because product may be expensive or unfamiliar

45
Q

limited decision making

A

moderate research, common but not frequently bought

46
Q

routine response behavior

A

no search at all; familiar and lower cost

47
Q

culture

A

set of values & norms associated with a nation

48
Q

subculture

A

politics, religion, musics

49
Q

social class

A

group with similar income and status

50
Q

social influences

A
  • reference groups - friends and role models
  • opinion leader- lots of influence
  • family- most influential
51
Q

individual influences

A

age, stage of life, gender and personality

52
Q

selective exposure

A

noticing some things but ignoring others

53
Q

selective distortion

A

twisting info that conflicts with your beliefs

54
Q

selective retention

A

only remembering information that matches beliefs

55
Q

maslows needs hierarchy

A

pshysiological/basic, safety, social, esteem, self actualization

56
Q

BTB marketing

A

business to business; do not buy for their own consumption

fewer, larger customers, geographically concentrated, no middle man

57
Q

derived demand

A

demand for raw materials used for production is based on demand for producers end product

58
Q

inelastic demand

A

demand for product doesn’t fluctuate, even if price changes

59
Q

fluctuating demand

A

changes in demand for end products = a lot of demand for raw materials

mktg 351 (2 decks)

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