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Exploring Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

good service or idea

A

product

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2
Q

communicate about your product through personal selling advertisement coupons and publicity

A

promote

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3
Q

producer wholesaler or retailer

A

place

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4
Q

whether or not to discount the produce to 10.99 or make the prices even at 5.50

A

price

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5
Q

individual and organizational activities that satisfy exchange relationships in dynamic ever changing environment

A

marketing

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6
Q

transfer of goods/services for something of value

A

exchange

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7
Q

what are the 4 things required to have an exchange

A
  1. 2+ parties
  2. something of value
  3. something willing to give up
  4. Able to communicate
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8
Q

group of potential buyers with common needs

A

market

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9
Q

individuals by goods for personal use

A

consumer market

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10
Q

firms by goods for their products

A

industrial market

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11
Q

by finished goods and resell them

A

resellers

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12
Q

non business organization ex. universities

A

institution

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13
Q

goods services and ideas that are marketed

A

products

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14
Q

goods that you can see and are physically present

A

tangible

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15
Q

application of human/mechanical effort

A

services

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16
Q

philosophy, concepts and points of view

A

idea

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17
Q

products must be available at the correct time and location

A

place/distribution

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18
Q

communication about one’s produce through advertising, personal selling, sales promotion, and/or publicity

A

promotion

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19
Q

relates to the value of a product

A

price

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20
Q

3 reason’s to study marketing

A

many organizations use marketing
vital to the economy
improve the quality of life

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21
Q

moral evaluation of decisions based on commonly accepted principles of behavior this evaluation results in an action being judged right or wrong

A

marketing ethics

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22
Q

what are the 3 factors of moral philosophies

A

Personal moral philosophies
organizational relationships
opportunity

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23
Q

type of moral philosophy that focuses on the consequences of actions behaviors only right if it produces greater balance of good consequences

A

Utilitarianism

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24
Q

focuses on specific actions or behaviors of an individual ie Golden rule

A

Ethical Formalism

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25
Q

What are organizational relationships

A

relationships with coworkers and superiors

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26
Q

what is opportunity

A

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

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27
Q

ethical issues related to products

A

quality issues

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28
Q

ethical issues related to promotion

A

deception in advertising
personal selling (not disclosing ALL information)
Bribery

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29
Q

Ethical issues related to pricing

A

price fixing

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30
Q

ethical issues related to distribution/place

A

manipulating product availability

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31
Q

formal set of rules a company expects from its employees

A

code of ethics

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32
Q

encourage reward for ethical behavior

A

controlling ethical behavior

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33
Q

external forces that directly or indirectly influence an organizations aquisition of inputs and generation of outputs

A

Marketing enviroment

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34
Q

what are inputs examples

A

labor money - to by raw materials

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35
Q

what are outputs

A

goods services and ideas

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36
Q

4 things that should be done to monitor changes in the marketing enviroment

A
  1. environmental scanning
  2. Environmental analysis - response to scanning
  3. Uncontrollable
  4. Controllable
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37
Q

environmental forces that include legislation and regulations

A

political forces

38
Q

environmental forces that create new laws to follow

A

legal forces

39
Q

law that made monopolies illegal

A

Sherman Anti-trust act

40
Q

act that made price discrimination, tying contracts, and exclusive dealings illegal

A

Clayton Act

41
Q

buyer of 1 good must buy from same seller of other goods

A

tying contracts

42
Q

buyers agree to not by other products related to theirs

A

exclusive dealings

43
Q

act that prohibits unfair methods of competition such as deception in advertising such as nutrition labels

A

federal trade act

44
Q

prevent large chain stores from buying and selling goods for less than was paid by small independent stores

A

Robinson Patman act

45
Q

FTC - prevent unfair competition

A

Federal Trade Commission

46
Q

FDA - mislabeled and misbranded products

A

Food and Drug Commission

47
Q

non governmental force that rates businesses to keep them following good regulations

A

Better Business Bureau

48
Q

societal force that is run by consumers

A

consumer movement forces

49
Q

general economic condition where wages are high and unemployment is low - goal is to expand marketing mix

A

prosperity

50
Q

general economic condition where wages are low and unemployment is high - where the goal is to produce functional products

A

recession

51
Q

economic condition where wages are EXTREMELY low and unemployment is EXTREMELY high

A

Depression

52
Q

wagers are high and unemployment is low - marketers need flexible strategies to make adjustments

A

recovery

53
Q

buying power discresionary and disposable

A

income

54
Q

buying power where you spend now and pay later

A

credit

55
Q

buying power where you have accumulated large quantities of money in the past

A

wealth

56
Q

many businesses homogeneous no advertising or barriers to enter

A

perfect competition

57
Q

one business with unique product with legal barriers

A

monopoly

58
Q

few businesses with heterogeneous products but homogenous costs

A

oligopoly

59
Q

many businesses heterogeneous advertising and advertising costs

A

Monopolistic competition

60
Q

activities performed across national borders planning and control of such activities can differ from marketing switching national borders

A

International Marketing

61
Q

involves developing same marketing strategies and products as though the entire world were a single entity

A

Globalization

62
Q

involves developing different marketing strategies and products to various regions or countries based on cultural differences

A

customization

63
Q

environmental forces in international markets where concepts values and tangible item as such as tools and buildings that make up society

A

cultural forces

64
Q

environmental force in international markets where things like GDP measure the amount of product produced in the country

A

Economic

65
Q

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

A

NAFTA

66
Q

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

A

EU European Union

67
Q

21 members and promotes free trade between countries with the pacific ocean as a boundary

A

APEC Asia-Pacific Economic Cooperation

68
Q

established in 1947 and reduced trade restriction among 124 countries

A

GATT General Agreement on Tariffs and Trade

69
Q

replaced GATT in 1994 and continues to promote free trade around the world

A

World Trade organization

70
Q

own a plant in a foreign market in order to reduce cost, create a better image, full control, and deeper relationship with the cusotmer

A

Direct Ownership

71
Q

two companies join forces to product new product

A

joint venture

72
Q

enter agreement with license in foreign market for a fee

A

licensor

73
Q

familiarize yourself with a specific market

A

Exporting

74
Q

sharing of business information maintaining business relationships and conduction transactions including developmetn of a technology infrastructure by means of the internet

A

e-commerce

75
Q

stratgic process of creating distributing promoting and or pricing products for targeted customers ont the internet

A

e-marketing

76
Q

name 4 ways to look at e-marketing

A
  1. collectables
  2. Automation - ordering online by business
  3. Business to business and business to customer exchange
  4. Increasing outside the USA
77
Q

Advangages to telecommunications technology (4)

A
  1. Rapid response
  2. expanded customer service capability
  3. reduced costs of operation
  4. reduced geographic barriers
78
Q

electronic marketing depends on 3 things

A
  1. communications infrastructure
  2. software
  3. products and markets
79
Q

basic characteristic of e-marketing which refers to marketers ability to identify customers before they make a purchase

A

adressabliity

80
Q

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

A

interactivity

81
Q

basic characteristic of e-marketing which gives the ability to access databases with individual customer profiles

A

memory

82
Q

basic characteristic of e-marketing which refers to customers ability to regulate the information they view

A

control

83
Q

basic characteristic of e-marketing which gives the ability to obtain the extra ordinary amount of information

A

accessibility

84
Q

basic characteristic of e-marketing which gives the ability to represent a product as small pieces of information

A

digitalism

85
Q

online channels where users submit comments for genreating conversation

A

social media

86
Q

name 5 ways Social media is different from traditional media

A 
can reach large and small audience
inexpensive
requires little skill
immediate delivery 
changeable
87
Q

social network that acts as a brand manager and creates a positive image for a product

A

facebook

88
Q

social media that allows businesses to send and receive short communications to communicate with customers

A

twitter

89
Q

social media for business people

A

linkedin

90
Q

video sharing website that shows the benefits of a product

A

youtube

91
Q

form of marketing intelligence that involves specific inquires into problems to guide marketers decision making

A

marketing research

92
Q

establishes framework for the day to day managing and structuring of information gathered regularly form sources both inside and outside an orgainzation

A

marketing information systems

Exploring Marketing (4 decks)

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