Exam 1 Flashcards
good service or idea
product
communicate about your product through personal selling advertisement coupons and publicity
promote
producer wholesaler or retailer
place
whether or not to discount the produce to 10.99 or make the prices even at 5.50
price
individual and organizational activities that satisfy exchange relationships in dynamic ever changing environment
marketing
transfer of goods/services for something of value
exchange
what are the 4 things required to have an exchange
- 2+ parties
- something of value
- something willing to give up
- Able to communicate
group of potential buyers with common needs
market
individuals by goods for personal use
consumer market
firms by goods for their products
industrial market
by finished goods and resell them
resellers
non business organization ex. universities
institution
goods services and ideas that are marketed
products
goods that you can see and are physically present
tangible
application of human/mechanical effort
services
philosophy, concepts and points of view
idea
products must be available at the correct time and location
place/distribution
communication about one’s produce through advertising, personal selling, sales promotion, and/or publicity
promotion
relates to the value of a product
price
3 reason’s to study marketing
many organizations use marketing
vital to the economy
improve the quality of life
moral evaluation of decisions based on commonly accepted principles of behavior this evaluation results in an action being judged right or wrong
marketing ethics
what are the 3 factors of moral philosophies
Personal moral philosophies
organizational relationships
opportunity
type of moral philosophy that focuses on the consequences of actions behaviors only right if it produces greater balance of good consequences
Utilitarianism
focuses on specific actions or behaviors of an individual ie Golden rule
Ethical Formalism
What are organizational relationships
relationships with coworkers and superiors
what is opportunity
good set of conditions that provide some kind of reward
ie. finding a large sum of money and determining whether or not to keep it or find the owner
ethical issues related to products
quality issues
ethical issues related to promotion
deception in advertising
personal selling (not disclosing ALL information)
Bribery
Ethical issues related to pricing
price fixing
ethical issues related to distribution/place
manipulating product availability
formal set of rules a company expects from its employees
code of ethics
encourage reward for ethical behavior
controlling ethical behavior
external forces that directly or indirectly influence an organizations aquisition of inputs and generation of outputs
Marketing enviroment
what are inputs examples
labor money - to by raw materials
what are outputs
goods services and ideas
4 things that should be done to monitor changes in the marketing enviroment
- environmental scanning
- Environmental analysis - response to scanning
- Uncontrollable
- Controllable
environmental forces that include legislation and regulations
political forces
environmental forces that create new laws to follow
legal forces
law that made monopolies illegal
Sherman Anti-trust act
act that made price discrimination, tying contracts, and exclusive dealings illegal
Clayton Act
buyer of 1 good must buy from same seller of other goods
tying contracts
buyers agree to not by other products related to theirs
exclusive dealings
act that prohibits unfair methods of competition such as deception in advertising such as nutrition labels
federal trade act
prevent large chain stores from buying and selling goods for less than was paid by small independent stores
Robinson Patman act
FTC - prevent unfair competition
Federal Trade Commission
FDA - mislabeled and misbranded products
Food and Drug Commission
non governmental force that rates businesses to keep them following good regulations
Better Business Bureau
societal force that is run by consumers
consumer movement forces
general economic condition where wages are high and unemployment is low - goal is to expand marketing mix
prosperity
general economic condition where wages are low and unemployment is high - where the goal is to produce functional products
recession
economic condition where wages are EXTREMELY low and unemployment is EXTREMELY high
Depression
wagers are high and unemployment is low - marketers need flexible strategies to make adjustments
recovery
buying power discresionary and disposable
income
buying power where you spend now and pay later
credit
buying power where you have accumulated large quantities of money in the past
wealth
many businesses homogeneous no advertising or barriers to enter
perfect competition
one business with unique product with legal barriers
monopoly
few businesses with heterogeneous products but homogenous costs
oligopoly
many businesses heterogeneous advertising and advertising costs
Monopolistic competition
activities performed across national borders planning and control of such activities can differ from marketing switching national borders
International Marketing
involves developing same marketing strategies and products as though the entire world were a single entity
Globalization
involves developing different marketing strategies and products to various regions or countries based on cultural differences
customization
environmental forces in international markets where concepts values and tangible item as such as tools and buildings that make up society
cultural forces
environmental force in international markets where things like GDP measure the amount of product produced in the country
Economic
north american free trade agreement which went into effect in January 1994 and no tariffs by 2009 the market population is 440 million annual output is 14 billion
NAFTA
Established in 1993 includes 23 countries, population of 500 million and the purpose is the standardization of business practices which eliminated custom checks and created a common currency
EU European Union
21 members and promotes free trade between countries with the pacific ocean as a boundary
APEC Asia-Pacific Economic Cooperation
established in 1947 and reduced trade restriction among 124 countries
GATT General Agreement on Tariffs and Trade
replaced GATT in 1994 and continues to promote free trade around the world
World Trade organization
own a plant in a foreign market in order to reduce cost, create a better image, full control, and deeper relationship with the cusotmer
Direct Ownership
two companies join forces to product new product
joint venture
enter agreement with license in foreign market for a fee
licensor
familiarize yourself with a specific market
Exporting
sharing of business information maintaining business relationships and conduction transactions including developmetn of a technology infrastructure by means of the internet
e-commerce
stratgic process of creating distributing promoting and or pricing products for targeted customers ont the internet
e-marketing
name 4 ways to look at e-marketing
- collectables
- Automation - ordering online by business
- Business to business and business to customer exchange
- Increasing outside the USA
Advangages to telecommunications technology (4)
- Rapid response
- expanded customer service capability
- reduced costs of operation
- reduced geographic barriers
electronic marketing depends on 3 things
- communications infrastructure
- software
- products and markets
basic characteristic of e-marketing which refers to marketers ability to identify customers before they make a purchase
adressabliity
basic characteristic of e-marketing which allows customers to express their needs and wants directly to the firm and responses to the firms marketing communications
interactivity
basic characteristic of e-marketing which gives the ability to access databases with individual customer profiles
memory
basic characteristic of e-marketing which refers to customers ability to regulate the information they view
control
basic characteristic of e-marketing which gives the ability to obtain the extra ordinary amount of information
accessibility
basic characteristic of e-marketing which gives the ability to represent a product as small pieces of information
digitalism
online channels where users submit comments for genreating conversation
social media
name 5 ways Social media is different from traditional media
can reach large and small audience inexpensive requires little skill immediate delivery changeable
social network that acts as a brand manager and creates a positive image for a product
social media that allows businesses to send and receive short communications to communicate with customers
social media for business people
video sharing website that shows the benefits of a product
youtube
form of marketing intelligence that involves specific inquires into problems to guide marketers decision making
marketing research
establishes framework for the day to day managing and structuring of information gathered regularly form sources both inside and outside an orgainzation
marketing information systems