Exam 1 Flashcards
marketing
creating, communicating, delivering, and exchanging offerings
marketing exchange
two+ parties w unsatisfied needs, desire and ability to satisfy that need, a way for parties to communicate, something of value to exchange
4P’s of the Marketing Mix
Product, price, place, promotion
kinds of organizations
for-profit, non-profit, government agency
BCG model
- low market growth rate, low relative market share: dog
- low market growth rate, high relative market share: cash cow
- high market growth rate, low relative market share: question mark
- high market growth rate, high relative market share: star
strategic levels in an organization
corporate, strategic business unit, and functional
mission statement
a brief description of an organization’s purpose and goals
organizational culture
the shared values, beliefs, and behaviors that guide how people work together in a company
strategic business unit
a separate, fully-functional unit of a business that has its own vision and direction
Product/Market Expansion Grid
- existing products in existing market: market penetration
- existing products in new market: market developments
- new products in existing market: product development
- new products in new market: diversification
environmental scanning
continually acquiring information on events occurring outside the organization to identify and interpret potential trends
forces in the microenvironment
The company, suppliers, marketing intermediaries, competitors, public, consumers
forces in the macroenvironment
Demographic, economic, natural, technological, political, cultural
monopolistic competition
market structure where many companies compete for customers by selling similar but distinct products
ethics vs. laws
Ethics are based on moral values and can vary among individuals and groups
Laws are universal within a jurisdiction and dictate what we must do
factors influencing personal ethical behavior
Societal norms, business culture, and corporate expectations
concepts of social responsibility
profit responsibility, stakeholder responsibility, and societal responsibility
classifying marketing
decisions
ethical but illegal
ethical and legal
unethical and illegal
unethical but legal
caveat emptor
the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made
consumer bill of rights
a set of rights that protect consumers from unsafe products and deceptive business practices
situational influences
purchase tasks, social surroundings, physical surroundings, and temporal effects
stages of consumer purchase
decision process
recognize need, information search, evaluate options, purchase decision, and post-purchase behavior
consideration set
a list of brands or products that a buyer considers before making a purchase
countertrade
trade by barter
trade feedback effect
the tendency for an increase in the economic activity of one country to lead a worldwide increase in economic activity
forms of economic protectionism
tariffs, quotas, embargo, and currency exchange controls
multidomestic marketing strategy
a company’s approach to customizing its products, services, and marketing to meet the needs of local markets
market-entry strategy options
exporting, licensing, joint venture, and direct investment
uses of marketing research
defining a problem and opportunity, systematically collecting and analyzing info and recommending actions
marketing research process
define problem, develop the research plan, collect relevant data, analyze the data and develop findings, and take marketing actions
observation
a research method that involves watching and recording consumers in a natural or controlled environment
focus group
a market research method that involves a moderated discussion with a small group of people
open-ended questions
questions that can’t be answered with a simple “yes” or “no”
close-ended questions
a question that has a limited number of possible answers
market segment
a group of people with shared characteristics who are targeted by a company for marketing purposes
segmentation variables
demographic, geographic, psychographic, and behavioral
product differentiation
a marketing strategy that makes a product stand out from competitors
build-to-order strategy
a methodology and manufacturing practice where a product is created once a confirmed order is received
