Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How do customers determine value?

A

Consumer benefits minus Consumer costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How do consumers determine satisfaction?

A

Satisfaction is when consumer benefits outweigh consumer costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

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

A

Consumer costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is an exchange?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Pricing

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Distribution

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Promotion

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Product

A

A good, service or idea

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Goods

A

An entity you can touch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Services

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Ideas

A

Concepts, philosophies, images, and issues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Core Competency

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Competitive advantage

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Marketing opportunity

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

SWOT analysis

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a strategic business unit?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Boston Consulting Group Matrix

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Dogs

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Cash Cows
Have a dominant share of the market, but low prospects for growth; generate more cash than is required to maintain market share
26
Stars
Products with a dominant share of the market and good prospects for growth; use more cash than they generate in order to finance growth'
27
Question Marks
Have small share of a growing market and require a large amount of cash to build market share
28
Brand Competitors
Market products with similar features and benefits to the same customers at similar prices
29
Product Competitors
Compete in the same product class but market products with different features, benefits, and prices
30
Total Budget Competitors
Firms that compete for the limited financial resources o the same customers
31
Monopoly
Competitive structure in which an organization offers a product hat has no close substitutes, making the organization the sole source of supply
32
Oligopoly
A competitive structure in which a few sellers control the supply of a large proportion of a product
33
Monopolistic competition
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
34
Pure Competition
A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
35
Disposable Income
After tax income
36
Discretionary Income
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
37
Buying Power
Resources, such as money, goods, and services, that can be traded in an exchange
38
Social responsibility
An organization's obligation to maximize its positive impact and minimize its negative impact on society
39
Ethical Issues
An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical
40
Cause-related Marketing
The practice of linking products to a particular social cause on an ongoing or short term basis
41
Green Marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
42
What are the steps in the market research process?
Locate/define problems, design research project, collect data, interpret finding, and report findings
43
Hypothesis
An informed guess or assumption about a certain problem or set of circumstances
44
Exploratory Research
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
45
Conclusive Research
Research designed to verify insights through objective procedures and to help marketers in making decisions
46
Reliability
A condition that exists when a research technique produces almost identical results in repeated trials
47
Validity
A condition that exists when a research method measures what it is suppose to measure
48
Secondary Data
Data compiled both inside and outside the organization for some purpose other than the current investigation
49
Advantages of secondary data
Relatively low cost and effort
50
Disadvantages of secondary data
Can be difficult to find exactly what you want
51
Primary Data
Data observed and recorded or collected directly from respondents
52
Advantages of primary data
Can find exactly what you want to find
53
Disadvantages of primary data
Can be expensive
54
Sources of secondary data
General reports, internal information, online databases
55
Sample
A limited number of units chosen to represent the characteristics of a total population
56
Probability Sampling
A type of sampling in which every element in the population begin studied has a known chance of being selected for study
57
Non-Probability Sampling
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
Five Primary Steps in the Consumer Decision Process
Problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation
59
Internal Information Search
An information search in which buyers search their memories for information about products that might solve their problem
60
External Information Search
An information search in which buyers seek information from sources other than their memories
61
Cognitive Dissonance
A buyer's doubts shortly after a purchase about whether the decision was the right one
62
How can you minimize cognitive dissonance?
Have salespeople call or email recent customer to make sure they are satisfied with their purchase; inform them of others who are satisfied
63
Psychological influences on the buying decision process
Perception, motives, learning, attitudes, personality, lifestyles
64
Selective Exposure/Attention
The process by which some inputs are selected to reach awareness and others are not
65
Selective Distortion
An individual's changing or twisting of information that is inconsistent with personal feelings or beliefs
66
Selective Retention
Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not
67
Motive
An internal energizing force that directs a person's behavior toward satisfying needs or achieving goals
68
Learning
Changes in an individual's thought processes and behavior caused by information and experience
69
Three Components of Attitudes
Cognitive, affective, and behavioral
70
Cognitive
A person's knowledge and information about the object/idea
71
Affective
The individual's feelings and emotions toward the object/idea
72
Behavioral
The person's actions regarding the object/idea
73
Lifestyle
An individual's pattern of living expressed through activities, interests, and options
74
Three components of lifestyle
Activates, interest, opinions

Mgmt 322 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions