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Marketing 3700 > Exam 1 Review > Flashcards

Exam 1 Review Flashcards

1
Q

What is Marketing?

A

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

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2
Q

Marketing Concept

A

Management philosophy according to which a firm’s goals can be best achieved through identification and satisfaction of the customers’ stated and unstated needs and wants.

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3
Q

Market Orientation

A

A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers, competition, and the macroenvironment.

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4
Q

Facilitate the Exchange

A
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5
Q

creating, communicating, delivering, value

A
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6
Q

The Offering

A

some combination of products, services, information, or experiences offered to a market to satisfy a need or want. These not just physical products, but also services—activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.

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7
Q

The Society at Large

A
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8
Q

Value Proposition

A

the set of benefits or values a company promises to deliver to customers to satisfy their needs.

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9
Q

Marketing Mix

A

4 P’s

  • Product (offering)
  • Price
  • Place (distribution)
  • Promotion (selling and advertising
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10
Q

Social responsibility

A

an ethical ideology or theory that an entity, be it an organization or individual, has an obligation to act to benefit society at large.

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11
Q

societal marketing concept

A
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12
Q

Production Concept

A

consumers will favor products that are available and affordable, therefore management should focus on improving production and distribution efficiency.

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13
Q

Product Concept

A

consumers will favor products that offer the most in quality, performance, and innovative features, therefore marketing strategy focuses on making continuous product improvements.

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14
Q

Selling Concept

A

Consumers will not buy enough without a large scale selling and promotion effort

typically practiced with unsought goods—those that buyers do not normally think of buying, such as insurance or blood donations.

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15
Q

Marketing Concept

A

customer focus and value are the paths to sales and profits.

The job is not to find the right customers for your product but to find the right products for your customers.

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16
Q

societal marketing concept

A

holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and the society’s well being.

(electricity generated by windmills)

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17
Q

unsought products

A

those that buyers do not normally think of buying, such as insurance or blood donations.

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18
Q

Customer Relationship Management (CRM)

A

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

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19
Q

Marketing Myopia

A

when a company becomes so focused on their own products that they lose sight of underlying customer needs.

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20
Q

Consumer generated marketing

A

ads created by the consumers, very beneficial to the company bc they dont have to make the ads

(doritos super bowl commercials)

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21
Q

CLV (Customer Lifetime Value)

A

the value of the entire stream of purchases that the customer would make over a lifetime of patronage.

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22
Q

needs

A

states of felt deprivation. They include physical, social, and individual needs. These needs are not created by marketers; they are a basic part of the human makeup.

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23
Q

wants

A

the form needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac.

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24
Q

demands

A

wants that are backed by buying power

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25
Q

Customer Value

A

the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

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26
Q

Segmentation

A

the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes

  • Geographic, demographic, psychographic
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27
Q

Targeting

A

the process of evaluating each market segment’s attractiveness and selecting one or more segments to serve.

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28
Q

Geographic Segmentation

A
  • region: by continent, country, state, or even neighborhood
  • size of population
  • population density
  • according to weather patterns
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29
Q

Demographic Segmentation

A

age, gender, family size etc.

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30
Q

psychographic segmentation

A

set groups according to lifestyle

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31
Q

Product/brand positioning

A

the arrangement of a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer.
the graph with the suvs w luxury and offroad

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32
Q

demographics

A

the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

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33
Q

Boston Consulting Group’s (BCG) model for analysis of a firm’s strategic business units

A
  • Stars are high-growth, high-share businesses or products requiring heavy investment to finance rapid growth. They will eventually turn into cash cows.
  • Cash cows are low-growth, high-share businesses or products that are established and successful SBUs requiring less investment to maintain market share.
  • Question marks are low-share business units in high-growth markets requiring a lot of cash to hold their share.
  • Dogs are low-growth, low-share businesses and products that may generate enough cash to maintain themselves but do not promise to be large sources of cash.
34
Q

Corporate Level

A
35
Q

mission statement

A

a statement of the organization’s purpose – what it wants to accomplish in the larger environment. It acts as an “invisible hand” that guides people in the organization.

36
Q

Tariffs

A

taxes on certain imported products designed to raise revenue or to protect domestic firms

37
Q

Quotas

A

limits on the amount of foreign imports that a country will accept in certain product categories. The purpose of a quota is to conserve on foreign exchange and to protect local industry and employment.

38
Q

Non-tariff trade barriers

A

biases against U.S. company bids, restrictive product standards, or excessive regulations.

39
Q

GATT

A

The General Agreement on Tariffs and Trade (GATT) is a 60-year-old treaty designed to promote world trade by reducing tariffs and other international trade barriers.

40
Q

WTO

A

established to enforce GATT rules, mediate global disputes, and impose trade sanctions.

41
Q

EU

A

groups of nations organized to work toward common goals in the regulation of international trade, represents one of the world’s single largest markets

42
Q

NAFTA

North American Free Trade Agreement

A

established a free trade zone among the United States, Mexico, and Canada

43
Q

Exchange Controls

A

limits on the amount of foreign exchange and the exchange rate against other currencies.

44
Q

Countertrade

A

barter, compensation, and counterpurchase

45
Q

barter

A

direct exchange of goods or services

46
Q

indirect exporting

A

working through independent international marketing intermediaries. It involves less investment and less risk.

47
Q

Direct Exporting

A

where the company handles their own exports. The investment and risk are somewhat greater in this strategy, but so is the potential return.

48
Q

Joint Venturing

A

joining with foreign companies to produce or market products or services.

49
Q

Licsensing

A

a simple way for a manufacturer to enter international marketing. For a fee or royalty, the licensee buys the right to use the company’s manufacturing process, trademark, patent, trade secret, or other item of value.

50
Q

Contract Manufacturing

A

occurs when the company contracts with manufacturers in the foreign market to produce its product or provide its service.

51
Q

Management Contracting

A

when the domestic firm supplies management know-how to a foreign company that supplies the capital. This is a low risk method of getting into a foreign market, and it yields income from the beginning.

52
Q

Joint Ownership

A

consist of one company joining forces with foreign investors to create a local business in which they share joint ownership and control. A company may buy an interest in a local firm, or the two parties may form a new business venture.

53
Q

Direct Investment

A

the development of foreign based assembly or manufacturing facilities. This approach provides lower costs in the form of cheaper labor or raw materials, foreign government investment incentives, and freight savings.

54
Q

Global Competition

A
  • -Global competitors might attack the company’s home market by offering better products or lower prices.
  • -The company might want to counterattack these competitors in their home markets.
  • -The company’s home market might be stagnant or shrinking.
  • -Foreign markets may present higher sales and profit opportunities.
  • -The company’s customers might be expanding abroad and require international servicing.
55
Q

Subsistence economies

A

The vast majority of people engage in simple agriculture. They consume most of their output and barter the rest for simple goods and services. They offer few market opportunities.

56
Q

industrial economy

A

Major exporters of manufactured goods, services, and investment funds. They trade goods among themselves and also export them to other types of economies for raw materials and semifinished goods.

57
Q

industrializing economies

A

Manufacturing accounts for 10 to 20 percent of the country’s economy. The country needs more imports of raw textile materials, steel, and heavy machinery, and fewer imports of finished textiles, paper products, and automobiles.

58
Q

raw-material exporting economies

A

These economies are rich in one or more natural resources but poor in other ways. These countries are good markets for large equipment, tools and supplies, and trucks.

59
Q

SBU

Strategic Business Unit

A

a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses.

60
Q

market penetration

A

involves making more sales to current customers without changing its products.

61
Q

market development

A

involves identifying and developing new markets for its current products.

62
Q

product development

A

offering modified or new products to current markets.

63
Q

diversification

A

where a company starts up or buys businesses outside of its current products and markets

64
Q

value delivery network

A

made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system and deliver high value to customers.

65
Q

Gen Xrs

A

The baby boom was followed by a “birth dearth,” creating another generation of people born between 1965 and 1976. They developed a more cautious economic outlook.

66
Q

baby boomers

A

born between 1946 and 964, account for nearly 30 percent of the population and hold three-quarters of the nation’s financial assets.

67
Q

millenials

A

Born between 1977 and 2000, these are the children of the boomers. This group includes the large population of tweens, teens, and young adults.

68
Q

macroenvironment

A
  1. economic
  2. demograohic
  3. natural
  4. technology
  5. political/legal
  6. cultural
69
Q

market share

A
70
Q

Functional Organization

A

the most common form of marketing organization with different marketing functions headed by a functional specialist (usually called top management)

71
Q

strategic planning of market segmentation strategy

A

a strategic planning method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in a project or in a business venture.

72
Q

barnacle

A

those that are highly loyal but not very profitable

73
Q

customer equity

A

The total combined customer lifetime values of all of the company’s current and potential customers.

74
Q

customer satisfaction

A

depends on the product’s perceived performance relative to a buyer’s expectations

75
Q

societal marketing

A

questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.

76
Q

business markets

A

buy goods and services for further processing or for use in their production processes.

77
Q

Suppliers and marketing intermediaries are part of a company’s ______.

A

marketing channel firms

78
Q

Industrial structure and _____ are the two economic factors that reflect the country’s attractiveness as a market.

A

income distribution

79
Q

A mode of entering the foreign market, which involves the least change in the company’s product lines, organization, investments, or mission is _____.

A

exporting

80
Q

Which of the following is a disadvantage of licensing?

A

It could create a new competitor.

81
Q

_____ have country managers who are responsible for salespeople, sales branches, distributors, and licensees in their respective countries.

A

Geographical organizations

82
Q
A

Marketing 3700 (4 decks)

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