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Principles of Marketing #1 > Exam #2 > Flashcards

Exam #2 Flashcards

1
Q

Factor Costs and Activity Location

A 
Market
                                 \/
Technology > Costs in use < Capital Costs
                                 /\
                         Labor Costs
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2
Q

Market

A
  • Tariffs
  • Transaction Costs
  • Lack of knowledge
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3
Q

Technology

A
  • Tacitness
  • Proprietary
  • Capability
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4
Q

Capital Costs

A
  • Taxes

- Property Rights

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5
Q

Labor Costs

A
  • Indirect Costs
  • Training Costs
  • Organizational Costs
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6
Q

Globalization (Integration) V. Localization (Responsiveness)

A

Draw it!

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7
Q

Market Entry Modes (6)

A
  • Exporting
  • Licensing
  • Franchising
  • Joint Ventures
  • Turnkey Contracts
  • Wholly-owned Subsidiaries
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8
Q

International Product & Promotional Strategies

A

Draw it!

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9
Q

Pricing Options (3)

A
  • International uniform price
  • Market-based price in each country
  • Cost-based price in each country
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10
Q

The Seven O’s

A
  • Occupants
  • Objects
  • Objectives
  • Organizations
  • Operations
  • Occasions
  • Outlets
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11
Q

Recognize a Need (6)

A
  • availability of products
  • normal depletion
  • brand performance
  • family changes
  • financial status
  • promotional efforts
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12
Q

Reference Groups (4)

A

Direct (face-to-face membership):
-Direct Primary (small, informal group)
-Direct Secondary (large, formal group)
Indirect (non-membership):
-Indirect Aspirational (desires membership)
-Indirect Nonaspirational (avoids the group)

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13
Q

Decision Alternatives

A 
Awareness Set:
-Evoked Set 
-Inert Set
-Inept Set
Unawareness Set:
Unknown options
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14
Q

Product Adopters (5)

A
  • Innovators (2.5%)
  • Early Adopters (13.5%)
  • Early Majority (34%)
  • Late Majority (34%)
  • Laggards (16%)
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15
Q

Cognitive Dissonance

A

Feeling of doubt after a purchase.

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16
Q

Post Purchase Behavior (5)

A
  • Committed
  • Repeat purchaser
  • Increased use
  • Brand switching
  • Discontinued use
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17
Q

Derived Demand

A

Demand for business goods or services that usually depends on some other product or process (depends upon)

18
Q

Joint Demand

A

Occurs when the demand for each of two or more products are interdependent (interdependent)

19
Q

NAICS

A

North American Industry Classification System:

Replaced the SIC system in 1997 and developed under NAFTA (North American Free Trade Agreement)

20
Q

Major Influences in the Industrial Buying Process (4)

A
  • Environmental
  • Organizational
  • Interpersonal
  • Individual
21
Q

Purchasing Classes (3)

A
  • Straight rebuy
  • Modified rebuy
  • New-task purchase
22
Q

Buying Methods (4)

A
  • Inspection
  • Sampling
  • Description
  • Negotiated contracts
23
Q

Buying Center Roles (6)

A
  • Initiator
  • Influences
  • Decision-makers
  • Gatekeepers
  • Purchaser
  • Users
24
Q

Preference Segments (3)

A
  • Homogeneous
  • Clustered
  • Diffused
25
Q

Market Segments Must Be: (5)

A
  • Measurable
  • Substantial
  • Accessible
  • Differentiable
  • Actionable
26
Q

Niche

A

A narrowly defined group that may seek a special combination of benefits

27
Q

Niche Attractiveness (4)

A
  • Distinct complex needs
  • Price Premium
  • Specialized operations
  • Defendable postions
28
Q

Types of consumer market segmentation (5)

A
  • Geographic
  • Demographic
  • Psychographic
  • Behavioral
  • Geo-Demographic
29
Q

Hybrid Demographics (Segmentation) (6)

A
  • Skippies
  • Mobys
  • Dinks
  • Dewks
  • Puppies
  • Woofs
30
Q

Reliability

A

The amount of agreement between independent attempts to measure the same theoretical concept.
(Repeated studies should produce the same or highly similar results)

31
Q

Validity

A

Measuring specifically what the researcher intends to measure.

32
Q

The Marketing Research Process (6)

A
  • Define the problem
  • Design the research
  • Collect the data
  • Analyze the data
  • Interpret the results
  • Present the findings
33
Q

Research Types (3)

A
  • Exploratory
  • Descriptive
  • Causal
34
Q

Data Types (2)

A

Primary (Gathered directly from subjects for the particular study)
Secondary (Data that have been collected for other purposes)

35
Q

Population

A

The universe of people, places, or things to be investigated

36
Q

Census

A

A survey of every person or item in the population

37
Q

Sample

A

A portion of a population that represents the whole

38
Q

Problems with Sampling Frames (4)

A
  • Omissions
  • Ineligibles
  • Duplications
  • Clustering
39
Q

Closed-ended question formats (5)

A
  • Dichotomous
  • Multiple Choice
  • Semantic Differential
  • Rating Scale Question
  • Likert Agree-Disagree Scale
40
Q

Typical Problems in the Wording of Survey Questions (6)

A
  • Leading question
  • Ambiguous question
  • Unanswerable question
  • Two questions in one (double-barreled)
  • Non-exhaustive question
  • Non-mutually exclusive answers

Principles of Marketing #1 (9 decks)

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