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Mgmt 322 > Exam 1 Flash Cards > Flashcards

Exam 1 Flash Cards

1
Q

Marketing

A

The process of creating, distributing, promotion, and price goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

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2
Q

How do customers determine value?

A

Consumer benefits minus Consumer costs

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3
Q

How do consumers determine satisfaction?

A

Satisfaction is when consumer benefits outweigh consumer costs

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4
Q

What part of the satisfaction model do marketers have more control over?

A

Consumer costs

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5
Q

What is an exchange?

A

The provision or transfer of goods, services, or ideas in return for something of value

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6
Q

Marketing Mix

A

Four marketing activities- product, pricing, distribution, and promotion - that a firm can control to meet the needs of consumers within its target market

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7
Q

Pricing

A

Relates to decisions and activities associated with establishing pricing objectives and policies and determining product prices

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8
Q

Distribution

A

Products must be available at the right time and in convenient locations

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9
Q

Promotion

A

Relates to activities used to inform individuals or groups about the organization and its products

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10
Q

Product

A

A good, service or idea

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11
Q

Goods

A

An entity you can touch

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12
Q

Services

A

The application of human and mechanical efforts to people or objects to provide intangible benefits to customers

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13
Q

Ideas

A

Concepts, philosophies, images, and issues

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14
Q

Strategic Planning

A

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan

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15
Q

Core Competency

A

Things a company does extremely well, which sometimes give it an advantage over its competition

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16
Q

Competitive advantage

A

The result of a company matching a core competency to opportunities it has discovered in the marketplace

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17
Q

Marketing opportunity

A

A combination of circumstances and timing that permits an organization to take action to reach a particular target market

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18
Q

Strategic window

A

Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market

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19
Q

SWOT analysis

A

Assessment of an organization’s strengths, weaknesses, opportunities, and threats

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20
Q

What are the two primary questions to be answer in a mission statement?

A

What are the goals and vision/long term view of the organization

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21
Q

What are the qualities of good objectives?

A

Should be expressed in clear, simple terms, should be measurable, should use a specific time frame, and should be achievable

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22
Q

What is a strategic business unit?

A

A division, product line, or other profit center within the parent company

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23
Q

Boston Consulting Group Matrix

A

A market growth or market share matrix used to determine marketing strategy

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24
Q

Dogs

A

Have a subordinate share of the market and low prospects for growth

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25
Q

Cash Cows

A

Have a dominant share of the market, but low prospects for growth; generate more cash than is required to maintain market share

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26
Q

Stars

A

Products with a dominant share of the market and good prospects for growth; use more cash than they generate in order to finance growth’

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27
Q

Question Marks

A

Have small share of a growing market and require a large amount of cash to build market share

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28
Q

Brand Competitors

A

Market products with similar features and benefits to the same customers at similar prices

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29
Q

Product Competitors

A

Compete in the same product class but market products with different features, benefits, and prices

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30
Q

Total Budget Competitors

A

Firms that compete for the limited financial resources o the same customers

31
Q

Monopoly

A

Competitive structure in which an organization offers a product hat has no close substitutes, making the organization the sole source of supply

32
Q

Oligopoly

A

A competitive structure in which a few sellers control the supply of a large proportion of a product

33
Q

Monopolistic competition

A

A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product

34
Q

Pure Competition

A

A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply

35
Q

Disposable Income

A

After tax income

36
Q

Discretionary Income

A

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

37
Q

Buying Power

A

Resources, such as money, goods, and services, that can be traded in an exchange

38
Q

Social responsibility

A

An organization’s obligation to maximize its positive impact and minimize its negative impact on society

39
Q

Ethical Issues

A

An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical

40
Q

Cause-related Marketing

A

The practice of linking products to a particular social cause on an ongoing or short term basis

41
Q

Green Marketing

A

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

42
Q

What are the steps in the market research process?

A

Locate/define problems, design research project, collect data, interpret finding, and report findings

43
Q

Hypothesis

A

An informed guess or assumption about a certain problem or set of circumstances

44
Q

Exploratory Research

A

Research conducted to gather more information about a problem or to make a tentative hypothesis more specific

45
Q

Conclusive Research

A

Research designed to verify insights through objective procedures and to help marketers in making decisions

46
Q

Reliability

A

A condition that exists when a research technique produces almost identical results in repeated trials

47
Q

Validity

A

A condition that exists when a research method measures what it is suppose to measure

48
Q

Secondary Data

A

Data compiled both inside and outside the organization for some purpose other than the current investigation

49
Q

Advantages of secondary data

A

Relatively low cost and effort

50
Q

Disadvantages of secondary data

A

Can be difficult to find exactly what you want

51
Q

Primary Data

A

Data observed and recorded or collected directly from respondents

52
Q

Advantages of primary data

A

Can find exactly what you want to find

53
Q

Disadvantages of primary data

A

Can be expensive

54
Q

Sources of secondary data

A

General reports, internal information, online databases

55
Q

Sample

A

A limited number of units chosen to represent the characteristics of a total population

56
Q

Probability Sampling

A

A type of sampling in which every element in the population begin studied has a known chance of being selected for study

57
Q

Non-Probability Sampling

A

A sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen

58
Q

Five Primary Steps in the Consumer Decision Process

A

Problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation

59
Q

Internal Information Search

A

An information search in which buyers search their memories for information about products that might solve their problem

60
Q

External Information Search

A

An information search in which buyers seek information from sources other than their memories

61
Q

Cognitive Dissonance

A

A buyer’s doubts shortly after a purchase about whether the decision was the right one

62
Q

How can you minimize cognitive dissonance?

A

Have salespeople call or email recent customer to make sure they are satisfied with their purchase; inform them of others who are satisfied

63
Q

Psychological influences on the buying decision process

A

Perception, motives, learning, attitudes, personality, lifestyles

64
Q

Selective Exposure/Attention

A

The process by which some inputs are selected to reach awareness and others are not

65
Q

Selective Distortion

A

An individual’s changing or twisting of information that is inconsistent with personal feelings or beliefs

66
Q

Selective Retention

A

Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not

67
Q

Motive

A

An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals

68
Q

Learning

A

Changes in an individual’s thought processes and behavior caused by information and experience

69
Q

Three Components of Attitudes

A

Cognitive, affective, and behavioral

70
Q

Cognitive

A

A person’s knowledge and information about the object/idea

71
Q

Affective

A

The individual’s feelings and emotions toward the object/idea

72
Q

Behavioral

A

The person’s actions regarding the object/idea

73
Q

Lifestyle

A

An individual’s pattern of living expressed through activities, interests, and options

74
Q

Three components of lifestyle

A

Activates, interest, opinions

Mgmt 322 (3 decks)

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