Exam 1 Flashcards
1
Q
good service or idea
A
product
2
Q
communicate about your product through personal selling advertisement coupons and publicity
A
promote
3
Q
producer wholesaler or retailer
A
place
4
Q
whether or not to discount the produce to 10.99 or make the prices even at 5.50
A
price
5
Q
individual and organizational activities that satisfy exchange relationships in dynamic ever changing environment
A
marketing
6
Q
transfer of goods/services for something of value
A
exchange
7
Q
what are the 4 things required to have an exchange
A
- 2+ parties
- something of value
- something willing to give up
- Able to communicate
8
Q
group of potential buyers with common needs
A
market
9
Q
individuals by goods for personal use
A
consumer market
10
Q
firms by goods for their products
A
industrial market
11
Q
by finished goods and resell them
A
resellers
12
Q
non business organization ex. universities
A
institution
13
Q
goods services and ideas that are marketed
A
products
14
Q
goods that you can see and are physically present
A
tangible
15
Q
application of human/mechanical effort
A
services
16
Q
philosophy, concepts and points of view
A
idea
17
Q
products must be available at the correct time and location
A
place/distribution
18
Q
communication about one’s produce through advertising, personal selling, sales promotion, and/or publicity
A
promotion
19
Q
relates to the value of a product
A
price
20
Q
3 reason’s to study marketing
A
many organizations use marketing
vital to the economy
improve the quality of life
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
22
Q
what are the 3 factors of moral philosophies
A
Personal moral philosophies
organizational relationships
opportunity
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
24
Q
focuses on specific actions or behaviors of an individual ie Golden rule
A
Ethical Formalism
25
What are organizational relationships
relationships with coworkers and superiors
26
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
27
ethical issues related to products
quality issues
28
ethical issues related to promotion
deception in advertising
personal selling (not disclosing ALL information)
Bribery
29
Ethical issues related to pricing
price fixing
30
ethical issues related to distribution/place
manipulating product availability
31
formal set of rules a company expects from its employees
code of ethics
32
encourage reward for ethical behavior
controlling ethical behavior
33
external forces that directly or indirectly influence an organizations aquisition of inputs and generation of outputs
Marketing enviroment
34
what are inputs examples
labor money - to by raw materials
35
what are outputs
goods services and ideas
36
4 things that should be done to monitor changes in the marketing enviroment
1. environmental scanning
2. Environmental analysis - response to scanning
3. Uncontrollable
4. Controllable
37
environmental forces that include legislation and regulations
political forces
38
environmental forces that create new laws to follow
legal forces
39
law that made monopolies illegal
Sherman Anti-trust act
40
act that made price discrimination, tying contracts, and exclusive dealings illegal
Clayton Act
41
buyer of 1 good must buy from same seller of other goods
tying contracts
42
buyers agree to not by other products related to theirs
exclusive dealings
43
act that prohibits unfair methods of competition such as deception in advertising such as nutrition labels
federal trade act
44
prevent large chain stores from buying and selling goods for less than was paid by small independent stores
Robinson Patman act
45
FTC - prevent unfair competition
Federal Trade Commission
46
FDA - mislabeled and misbranded products
Food and Drug Commission
47
non governmental force that rates businesses to keep them following good regulations
Better Business Bureau
48
societal force that is run by consumers
consumer movement forces
49
general economic condition where wages are high and unemployment is low - goal is to expand marketing mix
prosperity
50
general economic condition where wages are low and unemployment is high - where the goal is to produce functional products
recession
51
economic condition where wages are EXTREMELY low and unemployment is EXTREMELY high
Depression
52
wagers are high and unemployment is low - marketers need flexible strategies to make adjustments
recovery
53
buying power discresionary and disposable
income
54
buying power where you spend now and pay later
credit
55
buying power where you have accumulated large quantities of money in the past
wealth
56
many businesses homogeneous no advertising or barriers to enter
perfect competition
57
one business with unique product with legal barriers
monopoly
58
few businesses with heterogeneous products but homogenous costs
oligopoly
59
many businesses heterogeneous advertising and advertising costs
Monopolistic competition
60
activities performed across national borders planning and control of such activities can differ from marketing switching national borders
International Marketing
61
involves developing same marketing strategies and products as though the entire world were a single entity
Globalization
62
involves developing different marketing strategies and products to various regions or countries based on cultural differences
customization
63
environmental forces in international markets where concepts values and tangible item as such as tools and buildings that make up society
cultural forces
64
environmental force in international markets where things like GDP measure the amount of product produced in the country
Economic
65
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
66
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
67
21 members and promotes free trade between countries with the pacific ocean as a boundary
APEC Asia-Pacific Economic Cooperation
68
established in 1947 and reduced trade restriction among 124 countries
GATT General Agreement on Tariffs and Trade
69
replaced GATT in 1994 and continues to promote free trade around the world
World Trade organization
70
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
71
two companies join forces to product new product
joint venture
72
enter agreement with license in foreign market for a fee
licensor
73
familiarize yourself with a specific market
Exporting
74
sharing of business information maintaining business relationships and conduction transactions including developmetn of a technology infrastructure by means of the internet
e-commerce
75
stratgic process of creating distributing promoting and or pricing products for targeted customers ont the internet
e-marketing
76
name 4 ways to look at e-marketing
1. collectables
2. Automation - ordering online by business
3. Business to business and business to customer exchange
4. Increasing outside the USA
77
Advangages to telecommunications technology (4)
1. Rapid response
2. expanded customer service capability
3. reduced costs of operation
4. reduced geographic barriers
78
electronic marketing depends on 3 things
1. communications infrastructure
2. software
3. products and markets
79
basic characteristic of e-marketing which refers to marketers ability to identify customers before they make a purchase
adressabliity
80
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
81
basic characteristic of e-marketing which gives the ability to access databases with individual customer profiles
memory
82
basic characteristic of e-marketing which refers to customers ability to regulate the information they view
control
83
basic characteristic of e-marketing which gives the ability to obtain the extra ordinary amount of information
accessibility
84
basic characteristic of e-marketing which gives the ability to represent a product as small pieces of information
digitalism
85
online channels where users submit comments for genreating conversation
social media
86
name 5 ways Social media is different from traditional media
```
can reach large and small audience
inexpensive
requires little skill
immediate delivery
changeable
```
87
social network that acts as a brand manager and creates a positive image for a product
facebook
88
social media that allows businesses to send and receive short communications to communicate with customers
twitter
89
social media for business people
linkedin
90
video sharing website that shows the benefits of a product
youtube
91
form of marketing intelligence that involves specific inquires into problems to guide marketers decision making
marketing research
92
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
