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MARK 3001 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is the definition of marketing?

A

value

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2
Q

What is the main concept of marketing? What does marketing help create?

A

Marketing creates value and benefits to customers.

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3
Q

Marketing seeks to satisfy consumer___

A

needs and wants

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4
Q

Describe the exchange that occurs when sellers and buyers meet.

A

Each party has something of value to the other, each can communicate and deliver value, each is free to accept or reject, an agreement must be reached.

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5
Q

Define each of the four P’s of marketing and provide an example.

A

Product: goods and services
Price: everything the buyer gives up
Place .(distribution): getting the product to the right customer
Promotion: communicating the product’s value to the customer

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6
Q

What is an example of B2B and B2C marketing transaction?

A

B2B is like TRG. B2C is individual.

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7
Q

What is the definition of value?

A

the relationship of benefits to costs, what the consumer gets for what they give.

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8
Q

What is the difference between transactional and relational customer relationships?

A

Transactional is when each purchase is individual experience. Relational is when a long-term relationship is established.

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9
Q

What does CRM stand for and how is it useful?

A

Customer Relationship Management. It is useful because it tracks everything about a consumer.

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10
Q

What is the definition of marketing strategy?

A

A firm’s target market, marketing mix, and the method of obtaining a sustainable competitive advantage.

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11
Q

What is a sustainable competitive advantage?

A

something that a company can persistently do better than its competitors.

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12
Q

List and define the three macro strategies for developing customer value.

A

Operational excellence: involves a firm’s focus of efficient operations and excellent supply chain management. Cheaper.
Customer Intimacy: involves a focus on retaining loyal customers and excellent customer service.
Product Leadership: involves a focus on achieving high-quality products. Newest, best products.

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13
Q

Characteristics of OE

A

To increase convenience, lower costs, obtain reliability, become easier to use

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14
Q

Characteristics of CI

A

high level of customization/service, offer a complete solution, access to a wide selection, obtain advice and consult, feeling of an experience

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15
Q

Characteristics of PL

A

access to high performance, linked with aesthetics and style, portray sophistication

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16
Q

How does a company survive as customer intimacy?

A

share of wallet strategy, “capture” a customer rather than get all of their money

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17
Q

How does a company survive as a product leader?

A

product development life cycle, always create new product life cycles

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18
Q

Draw a graph of the macro strategies. Provide an example of a company at each level of the graph.

A

(draw the graph)

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19
Q

What are the three phases of the marketing plan? List and define them.

A

Planning phase: define the mission and vision of the business, evaluate the situation both inside and outside of the organization.
Implementation phases: identify and evaluate different opportunities using segmentation, targeting, positioning, and the 4 P’s
Control phase: evaluating the performance of the marketing strategy using marketing metrics

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20
Q

What is a mission statement? Why is is important for a company to develop a strong mission statement?

A

A mission statement is a broad description of a firm’s objective and the scope of activities is plans to undertake.

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21
Q

List and define each of the components of a SWOT analysis. Which are inward and outward focused?

A

Strengths: what your firm does well
Weaknesses: where you are vulnerable, what you don’t do well
Opportunities: possibilities not yet realized
Threats: things you can’t control but must be aware of

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22
Q

define segmentation

A

consumers who respond similarly to a firm’s marketing efforts

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23
Q

define targeting

A

evaluating each segment’s attractiveness and deciding which to pursue

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24
Q

define and provide an example of strategic business units

A

a division of the firm that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives. Example: General Electric

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25
Q

define relative market share

A

provides managers with a products relative strengths compared with that of the largest firm in the industry.

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26
Q

define market growth rate

A

the annual rate of growth of the specific market in which the product competes

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27
Q

define stars

A

occur in high-growth markets and are high market share products. Often require heavy resource investment As market growth slows, starts become cash cows.

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28
Q

define cash cows

A

occur in low-growth markets but are high market share products. have excess resources that can be spun off to other products.

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29
Q

define question marks

A

appear in high-growth markets but have a relatively low market share. Do you increase the investment, or move on to something else?

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30
Q

define dogs

A

in low-growth markets and have relatively low market shares. may generate enough resources to sustain themselves, but should be phased out at they will never become stars.

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31
Q

market penetration strategy

A

employs the existing marketing mix and focuses the firm’s efforts on existing customers. Buy next product.

32
Q

market development strategy

A

employs the existing marketing offering to reach new market segments. New people.

33
Q

Product development strategy

A

offering a new product or service to a firm’s current target market. New product same customers.

34
Q

diversification strategy

A

a firm introduces a new product or service to a market segment that it does not currently serve. New product new customers.

35
Q

list, define, and provide an example of the 4 E’s of social media

A

Excite: offer must be relevant–> personalized offers (amazon “frequently bought together”)
Educate: sell the product’s value proposition and offered benefits (Starbuck’s for iPhone)
Experience: provide information about a firm’s goods and services, simulating real experiences (car design program)
Engage: action, loyalty, and commitment (Zillow)

36
Q

hits

A

total requests for a page

37
Q

bounce rate

A

the percentage of times any pages get viewed by any visitor

38
Q

click paths

A

shows how users proceed through the information

39
Q

conversion rates

A

what percentage of visitors or potential customers acts- e.g., buying, clicking, donating

40
Q

define corporate social responsibility

A

voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders

41
Q

what are two pros and two cons that firms must consider when deciding to be socially responsible?

A

Pros: right thing to do, in can be profitable
Cons: takes focus away from making profits, business executives spend shareholder money on environmental initiatinves

42
Q

what is the publicity test as it relates to ethical behavior?

A

Would I want to see this in the media?

43
Q

What were some positive actions Tylenol took in response to their situation?

A

claimed responsibility, recalled all products, brought a solution to the press, fixed packaging

44
Q

define culture and discuss how culture plays a role in marketing activities

A

Culture is the shared meanings, beliefs, morals, values, and customs of a group of people.
Influences marketing activities: risk tolerances, sales, likes/dislikes, products unique to certain regions

45
Q

What are some examples of regional culture?

A

“What do you call a sweetened, carbonated beverage?”

46
Q

demographics

A

the characteristics of human populations and segments, especially those used to identify consumer markets

47
Q

How does income affect marketing activities?

A

can your customers afford your product? Are your customers worried about their jobs, spending less money?

48
Q

How does education affect marketing activities?

A

Affects customer lifetime value (salary).

49
Q

How do gender and ethnicity affect marketing activities?

A

changing stereotypes of gender roles in society, striving for ‘gender neutral’ in positioning products, traditional network TV isn’t dying for all demographics.

50
Q

describe three social trends

A

Price sensitivity–> great recession
Health and wellness–> childhood obesity, fast food nation
privacy concerns–> internet privacy, theft, etc.

51
Q

What are three questions that marketers must ask when considering technological advances?

A

Is the technology ready?
Are the consumers ready?
Is your firm ready?

52
Q

What are the five steps in the consumer decision making process?

A

Need recognition, information search, alternative evaluation, purchase, post purchase

53
Q

need recognition

A

the beginning of the consumer decision process, occurs when consumers recognize they have an unsatisfied need and want to go from a “needy” state to a desired state

54
Q

functional needs

A

pertain to the performance of a product or service

55
Q

psychological needs

A

pertain to the personal gratification consumers associate with a product or service

56
Q

how can a product fulfill both functional and psychological needs?

A

coat, shoes, food, entertainment

57
Q

Describe the processes that a consumer goes through when conducting an internal search for information

A

the buyer examines their own memory and knowledge about the product or service, gathered through past experiences

58
Q

Describe the processes that a consumer goes through when conducting an external search for information

A

the buyer seeks information outside their personal knowledge base to help make the buying decisions

59
Q

what are three of the risks that consumers consider when making a purchase decision

A

perceived benefits, perceived costs, locus of control

60
Q

universal set

A

include all possible choices for a product category

61
Q

retrieval set

A

those brands that can be readily brought forth from memory

62
Q

evoked set

A

comprises the alternative brands that the consumer states they would actually consider when making a purchase decision

63
Q

define and provide an example of compensatory decision rules

A

the consumer trades off one characteristic against another- good compensate for bad.

64
Q

define and provide and example of non-compensatory decision rules

A

selecting a product or service on the basis of one characteristic or one subset of characteristics, regardless of the values of other attributes

65
Q

define and provide an example of decision heuristics

A

mental shortcuts that help a consumer narrow down choices

66
Q

what are three things that a company can do to deliver post-purchase customer satisfaction

A

build realistic expectations, demonstrate correct product usage, stand behind the products (money back guarantees)

67
Q

define cognitive dissonance, provide an example

A

an uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance,

68
Q

what are three things that a customer can do to relieve cognitive dissonance?

A

take back the item, only focus on the good qualities of the decision, seek positive feedback to justify your purchase

69
Q

what are three things that a consumer can do to increase customer loyalty

A

building a long-term relationship, loyalty cards, consistent employee contact

70
Q

in the context of undesirable consumer behavior, what is a passive consumer? what is negative word of mouth?

A

don’t repeat purchase, don’t recommend product to others

when consumer spread negative information about a product, service, or store to others

71
Q

how can family and reference groups influence consumer behavior?

A

purchase decisions made about products and services that the entire family will consume or use,basis for comparison

72
Q

define situational factors and provide three examples of how firms might us situational factors to increase consumer spending

A

factors specific to the situation that override or influence shopping decisions. ex: store atmosphere, salespeople, crowding

73
Q

how can temporal state affect consumer behavior?

A

when you buy, how tie of shopping influences your mood

74
Q

what are the two categories of the elaboration likelihood model?

A

high and low involvement

75
Q

What is an example of impulse buying? habitual decision making?

A

impulse buying: seeing the bag of oreos when you’re hungy and buying them.

habitual decision making: getting one of the 10/$10 bags of frozen veggies because you always try to eat a veggie with dinner

MARK 3001 (2 decks)

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