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Marketing 241 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Marketing’s Role

A

Create value for the firm’s chose customer, meet customer’s functional and emotional needs.

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2
Q

Marketing Mix, 4 P’s

A

Product, Price, Place, Promotion

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3
Q

Corporate Strategy

A

What business should we be in?

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4
Q

Cash Cow

A

Market leader, slow growth, generates more cash than it needs.

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5
Q

Dog

A

Low market share, slow growth

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6
Q

Star

A

Market leader, fast growth

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7
Q

Question Mark

A

Low market share, fast growth

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8
Q

SWOT Analysis

A

Strengths, weaknesses (internal)

Opportunities, threats (external)

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9
Q

Market Penetration

A

Increase market share among existing customers

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10
Q

Product Development

A

Creating new products for existing customers

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11
Q

Market Development

A

Attracting new customers to existing products

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12
Q

Diversification

A

Introduce new products into new markets

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13
Q

Marketing Strategy

A

Addresses a specific target market with a cohesive marketing mix of product, price, promotion and place

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14
Q

Production Orientation

A

If you build it, they will come

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15
Q

Sales Orientation

A

Sell, sell, sell!

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16
Q

Market Orientation

A

Deliver superior customer value

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17
Q

Societal Orientation

A

Preserve and enhance society

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18
Q

Value

A

Benefits - costs

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19
Q

Customer Acquisition

A

Acquire customers profitably, less upfront investment, higher-value customers, eliminate unprofitable acquisition activities

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20
Q

Sales per customer

A

Increase share of customer, generate add-on sales, partner with other firms

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21
Q

Margin

A

Increase price, shift mix toward higher margin, terminate unprofitable customers

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22
Q

Customer retention

A

Eliminate root causes, recover customers, develop loyalty initiatives

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23
Q

Demographics

A

Characteristics of a population: age, gender, ethnicity, income, occupation

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24
Q

Gen Y Cohort

A

60 million people, $200 billion/year purchasing power

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25
Q

Gen X Cohort

A

40 million people, $1 trillion purchasing power

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26
Q

Uncontrollable variables

A

Social, economic, technological, competitive, regulatory factors

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27
Q

Social change with the greatest effect on Marketing

A

The phenomenon of working women

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28
Q

Gross Income

A

Total amount in one year

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29
Q

Disposable Income

A

Money left after taxes for necessities

30
Q

Discretionary Income

A

Money left after taxes and necessities to use on recreation

31
Q

Social Factors

A

Generational cohorts, demographics

32
Q

Economic Factors

A

Income, expenditures, and resources that affect the cost of running a business

33
Q

Regulatory Factors

A

State and federal laws

34
Q

Exporting

A

Selling goods produced in the company’s home country

35
Q

Licensing

A

Agreement with a licensee in the foreign market. The licensee buys the right to use the company’s manufacturing process, trademark, patent, or other items of value.

36
Q

Joint Venture

A

A company joins investors in a foreign market to create a local business, ownership is shared

37
Q

Direct Investment

A

Developing foreign-based manufacturing or assembly facilities

38
Q

Glocal

A

Go global, act local

39
Q

Dumping

A

The pricing of goods at less than their cost of production or less than the price in the home market.

40
Q

Distribution

A

Seller -> channels between nations -> channels within nations -> customer

41
Q

Ethics

A

The moral principles and values that govern the actions and decisions of an individual or group.

42
Q

The Fraud Triangle

A

Opportunity, pressure, rationalization

43
Q

Social Responsibility

A

Organizations are a part of a larger society and are accountable to that society for their actions.

44
Q

Sustainability

A

Organizations will focus on the world’s social problems and view them as opportunities to build profits and help the world.

45
Q

Green Marketing

A

The development and marketing of products designed to minimize negative effects on the environment.

46
Q

USP - Unique selling proposition

A

For [target market] the [name of product] is
[single most important claim] among all
[competitive frame] because [single most important support]

47
Q

Why do market research?

A

Illuminate customers’ needs

48
Q

Marketing = Art + Science

A

Relying on the “art” (the golden gut) without reference to the “science” (marketing research) can lead to disaster.

49
Q

When to not do market research

A

If the cost of a wrong assumption is less than the cost of research

50
Q

Causality and Correlation

A

Causality does lead to correlation (typically). However, correlation does not lead to causality.

51
Q

Marketing Research Process

A

Define problem, design research project, collect data, analyze data, take action

52
Q

Secondary Data

A

Data previously collected for any purpose other than the one at hand.

53
Q

Market Research

A

Information about a specific market

54
Q

Marketing Research

A

Information about how to effectively design, promote, position, distribute, and price products for a given market

55
Q

The Nature of Consumer Behavior

A

People are not all the same - person variability. People make choices depending on their situation - situation variability

56
Q

Buying center

A

Users, influencers, deciders, buyers, gatekeepers

57
Q

Problem recognition

A

Discrepancy between actual and desired state

58
Q

Information Search

A

Internal and external search, as well as problem solving

59
Q

Problem solving continuum

A

Routine, limited, and extensive problem solving

60
Q

Evaluation of alternatives

A

What drives purchasing decisions?

61
Q

Buying from the heart not the mind

A

People make decisions and are motivated to take actions based on an attribute-consequence-values schema.

62
Q

Purchase

A

When, where, how, how much

63
Q

Consumer Behavior Process

A

Problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation

64
Q

Delight

A

Perception > expectation

65
Q

Satisfaction

A

Perception = expectation

66
Q

Dissatisfaction

A

Perception < expectation

67
Q

Factors influencing consumer behavior

A

Social, individual, cultural, psychological

68
Q

Cultural factors

A

Exert the broadest and deepest influence on consumer behavior.

69
Q

Selective attention

A

Screen out information

70
Q

Selective distortion

A

Interpret information to support belief

71
Q

Selective retention

A

Remember good/bad points

Marketing 241 (4 decks)

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