exam 1 Flashcards
1
Q
Consumer
A
The entity (PERSON OR BUSINESS) who converts the product to value.
2
Q
Marketing
A
the science of probability changing behavior
3
Q
Consumption
A
process by which products are transformed into value
4
Q
exchange
A
acting out the decision to give up something to get something of greater value.
5
Q
Product
A
a good, service or idea (place or person) whatever a person or organization offers for sale in the exchange.
6
Q
Costs
A
negative results of consumption
7
Q
Benefits
A
positive results of consumption
8
Q
Marketing mix
A
A combination of the product itself, the price of the product, the promotional activities that introduce it, and the place where it is made available, that together create a desired response among a set of predefined consumers.
9
Q
what are the four ps
A
price, promotion, place and product
10
Q
Definition of four p’s
A
are the ESSENTIAL INTERRELATED COMPONENTS to create, communicate and deliver VALUE
11
Q
Promotion (marketing communication)
A
The coordination of a marketer’s communication efforts to influence attitudes or behavior.
12
Q
place
A
The availability of the product to the customer at the desired time and location.
13
Q
channel of distribution
A
The series of firms or individuals that facilitates the movement of a product from the producer to the final customer.
14
Q
Price
A
The assignment of value, or the amount the consumer must exchange to receive the offering.
15
Q
Consumer goods
A
are the tangible products that individual consumers purchase for personal or family use.
16
Q
Services
A
are intangible products that we pay for and use but don’t own.
17
Q
business-to-business marketing
A
The marketing of goods and services from one organization to another.
18
Q
Industrial goods
A
Goods that individuals or organizations buy for further processing or for their own use when they do business.
19
Q
e-commerce
A
The buying or selling of goods and services electronically, usually over the Internet.
20
Q
Need
A
a gap between the actual and desired state
21
Q
Want
A
a specific desire representing a way a consumer may go about addressing a recognized need.
22
Q
market orientation
A
identifying and satisfying the needs of consumers to ensure profitability
23
Q
stakeholders include
A
consumers, business buyers, sellers, investors, government agencies and community residents.
24
Q
stakeholders include
A
consumers, business buyers, sellers, investors, government agencies and community residents.
25
market
consists of all consumers who share a common need that can be satisfied by a specific product.
26
Marketplace
is any location or medium used to facilitate an exchange.
27
Value
what you get-what you give up
28
Facebook and twitter are examples of:
social network platforms
29
Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50% off sale for the next 24 hours, and you're very excited about this news. The company that sent you the text message is engaging in _____ marketing.
Mobile
30
If you own a sports bar and restaurant and cater specifically to sports-minded individuals in your food offerings, decoration, events, and ambiance, then you are likely targeting a specific
market segement
31
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as a(n) _____ plan.
marketing plan
32
A product can be all of the following, except a(n
price
33
An edge that a firm has over its competitors that allow it to have higher sales, higher profits, and more customers is known as
competitive advantage
34
Intangible products that are paid for and used, but not owned are known as
services
35
When the Lego Movie appeared, the intent was not necessarily to sell more Legos, but the firm did have a say in decisions about details of the movie. The movie itself is an example of _____ content.
branded
36
If a company states in its advertisements that 10% of all profits go to planting trees in various parts of the world, that company is engaging in _____ marketing.
green
37
includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
promotion
38
ROMI is an acronym that stands for
return on marketing investment
39
If you own a small retail shop and you put ads in the local paper, put flyers on doors in every neighborhood, and buy billboards in the area so that you can reach as many potential consumers as possible, you are engaging in _____ marketing.
mass
40
Coca-Cola is superior to its competitors in its distribution of products. This is an example of _____ competency.
distinctive
41
Which of the following is NOT one of the four distinct eras in the evolution of marketing?
social media era
42
_____ refers to the availability of the product to the customer at the desired time and location.
place
43
Which of the following describes the ultimate user of a good or service?
consumer
44
Suppose a restaurant offers breakfast options 24-hours a day, however, none of the competition even offers breakfast options. This would be an example of a(n) _____ benefit.
differential
45
Which of the following is NOT one of the "Four Ps"?
profit
46
Suppose you work for a company that manufactures and markets toys. You wish to use social media to reach young parents in the 20- to 28-year-old range. This market segment would be your
target market
47
Which of the following terms is defined by the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large?
marketing
48
The _____ marketing concept states that marketers must satisfy customers' needs in ways that also benefit society while they still deliver a profit to the firm.
societal
49
Which of the following is the formula for calculating the lifetime value of a customer?
the amount a person will spend MINUS the cost to maintain the relationship
50
A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product is known as a(n)
value proposition
51
Which of the following is NOT one of the activities involved in the value chain?
disposing
52
_____ is the industry term for inventory and cash losses from shoplifting and employee theft.
shrinkage
53
Two general concepts for understanding the economic environment:
1. measures of economic health and level of development for a country
2. business cycle stages
54
Consumer decision making at 3 levels:
1. competition for discretionary income
2. Brand competition
3. Product competition
55
business cycle
describes the overall pattern of changes or fluctuations of an economy.
56
US excels in what two research types
1. Basic
| 2. Applied
57
T/F New inventions may create a long-term competitive advantage
True
58
External technology by competitors does what two things
1. creates more efficient operation or better products.
| 2. may render existing products obsolete.
59
Political and legal environment
-various legislation and agencies PROTECT CONSUMERS from firms who are BAD ACTORS.
-Other legislation PROTECTS FIRMS from UNFAIR COMPETITION.
-Most of these laws date from 1900's-1960s
AGENCIES ENFORCE these laws.
60
Demographics
- are data relating to a population or specific group within a population
- demographic data are easy to identify, observe and gather.
- data describe individuals such as AGE, INCOME, GENDER, race, ethnicity, location.
61
what are the four social factors that affect marketing
1. Time
2. Values
3. Lifestyles
4. Role changes
62
Discretionary income
the amount of money people have left after they pay for necessities such as housing, utilities, food, and clothing.
63
Product competition
Other organizations offer different ways to satisfy the same consumers’ needs and wants.
64
Brand competition
When firms offering similar goods or services compete on the basis of their brand’s reputation or perceived benefits.
65
Environmental protection agency
Develops and enforces regulations aimed at protecting the environment. Such regulations have a major impact on the materials and processes that manufacturers use in their products and thus on the ability of companies to develop products.
66
Food and drug adminitration
Enforces laws and regulations on foods, drugs, cosmetics, and veterinary products. FDA approval is required before marketers can introduce many products to the market.
67
Which competitive macroenvironment do many athletic shoe manufacturers, including Nike, New Balance, Adidas, and more recently, Under Armour, vigorously compete with one another for consumers?
monopolistic competition
68
An economy experiencing falling demand, employment, and income is in which stage of the business cycle?
Recession
69
Which term refers to the process of gathering and analyzing publicly available information about rivals?
competitive intelligence
70
Which of the following measures is often a good indicator of a country's economic health because it is adjusted for the population size of each country?
Per Capita GDP (gross domestic product)
71
The most commonly used measure of a country's economic health is the country's ________.
Gross Domestic Product
72
Which of the following would be considered a developing or newly industrialized country?
brazil
73
Which of the following refers to a form of protectionism that stipulates a certain proportion of a product must consist of components supplied by industries in the host country or economic community?
local content rules
74
Which of the following terms indicates ways to dress, how to speak, what to eat, how to eat, and how to behave?
social norms
75
Which of the following is the MOST commonly used measure of a country's economic health?
GDP
76
Which law prohibits harmful practices in the production of beef meant for human consumption?
Food and drug act
77
GDP
the total dollar value of goods and services it producers within its borders in a year.
78
developing countries
Countries in which the economy is shifting its emphasis from agriculture to industry.
79
Bottom of the pyramid
consumers who live on less than $2 dollars a day.
80
developed country
boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services.
81
Prosperity
high levels of demand, employment and income.
82
recession
falling demand, employment and income.
83
recovery
gradual improvement in production, lowering unemployment and increasing income.
84
monopoly
one seller controls a market
85
Oligopoly
there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers.
86
Perfect competition (jalapeno peppers)
A market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product.
87
business planning
is an ONGOING PROCESS that guides SHORT AND LONG TERM decisions.
88
Strategy
a general term (not just business) for a LONG TERM PLAN to achieve, and therefore, measure progress towards a goal.
89
Business strategy
a system of activities that provide SUSTAINABLE COMPETITIVE ADVANTAGE.
90
Marketing Strategy
how a company CREATES VALUE for its customers
91
Tactics
methods of IMPLEMENTING the strategy (4 Ps)
92
Operations
DAILY EXECUTION of tactics
93
Strategic planning
is the managerial process that MATCHES FIRMS RESOURCES and capabilities TO THE OPPORTUNITIES.
94
What are some roles of strategic planning
1. Optimize revenues across multiple lines of business
| 2. Minimize Risk in a complex and changing global environment.
95
Strategic planning steps
1. Define the mission
2. Evaluate the internal and external environment
3. Set organizational or SBU objectives
4. Establish the business portfolio
5. Develop growth Strategies
96
Mission Statement
is a formal process of the firms overall purpose and what it hopes to achieve in terms of its customers, products and resources.
97
Key questions in determining mission
1. what business are we in
2. What customers should we serve
3. How should we develop the firms capabilities and focus its efforts.
98
SWOT ( Strengths, Weakness, Opportunities Threats)
synthesize environmental analysis
99
A SWOT analysis catalogs the firms:
INTERNAL strengths and weaknesses( human capital and key processes)
EXTERNAL opportunities and threats(Trends)
100
T/F if you are in marketing, the goals should be external facing
True
101
SMART
Specific, measurable achievable relevant Time-bounding.
102
Market planning steps
1. Perform a situational analysis
2. Set marketing objectives
3. Develop Marketing strategies
4. Implement and control the Marketing Plan
103
T/F Marketing objectives help achieve the overall business objectives and relate directly to STRATEGIC GOALS
True
104
What is the key difference in market planning
relates to focus on issues relating to the marketing mix
105
Which of the following is the document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy?
Marketing plan
106
In step 2 of the strategic planning process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis called?
SWOT Analysis
107
A firm seeking a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing strategies?
Market Penetration
108
__ is a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products.
BCG growthdashmarket share matrix
109
Which of the 4 Ps of marketing is MOST closely related to a distribution strategy?
place
110
According to the BCG growthdashmarket share matrix, ________ are SBUs with a dominant market share in a low-growth-potential market.
cash cows
111
In step 2 of the strategic planning process, a firm engages in a(n) ________ to assess its internal and external environments.
situation analysis, environmental analysis or business review.
112
Which of the following terms refers to a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources?
mission statement
113
According to the BCG growthdashmarket share matrix, ________ are SBUs with a small share of a slow-growth market. They are businesses that offer specialized products in limited markets that are not likely to grow quickly.
dogs
114
Which of the following would NOT be part of a firm's internal environment that would be assessed in step 2 of strategic planning?
New products being offered by a competitor (external)
115
Which of the following refers to step 4 in the market planning process?
Implement and control the marketing plan
116
Which of the following terms refers to the uncontrollable elements outside an organization that might affect its performance either positively or negatively?
external environment
117
Which of the following planning processes focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans?
operational planning
118
Which of the following marketing strategies is NOT one of the quadrants in the product-market growth matrix?
marketing investment
119
Which of the following strategies are utilized to introduce existing products to new markets?
market development
120
According to the BCG growthdashmarket share matrix, ________ are SBUs with products that have a dominant market share in high-growth markets.
stars
121
Which of the following refers to individual units within a firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors?
Strategic business unitsSt (SBUs)
122
Which the following refers to a plan that includes the decisions that guide the entire organization?
business plan
123
Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role (job title) in the organization, when it comes to business planning, which level of planning would MOST describe your activities?
functional planning
124
A ________ refers to the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities.
business portfolio
125
As part of the strategic planning process, step 4 includes conducting a ________, which evaluates a firm's business mix and assesses the potential of an organization's strategic business units.
portfolio analysis
126
According to the BCG growthdashmarket share matrix, ________ are SBUs with low market shares in fast-growth markets.
question marks
127
In _____ of the marketing planning process, marketing managers decide which markets to target and develop the marketing mix strategies to support how they want to position the product in the marke
step 3
128
Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long term?
business planning
129
Which of the following refers to a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival?
strategic planning
130
Internal environment
we mean all the controllable elements inside a firm that influence how well the firm operates.
131
External environment
consists of elements outside the firm that may affect it either positively or negatively.
