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Marketing 305 Final > FINAL > Flashcards

FINAL Flashcards

1
Q

– the process of continually acquiring information on events occurring outside the organization to identify and interpret new trends.

A

Environmental Scanning

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2
Q

– the idea that an organization should 1) strive to satisfy the needs of consumers 2) while trying to achieve the organization’s goals.

A

Marketing Concept

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3
Q

– people with both the desire and ability to buy a specific offering.

A

Market

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4
Q

– the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.

A

Marketing

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5
Q

– the marketing manager’s controllable factors: product, price, promotion, and place – that can be used to solve a marketing program.

A

Marketing Mix Factors

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6
Q

– one or more specific groups of potential consumers toward which an organization directs its marketing program.

A

Target Market

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7
Q
  • the money left over after a business firm’s total expenses are subtracted from its total revenues or sales and is the reward for the risk it undertakes in marketing its offer.
A

Profit

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8
Q

– society’s values and standards that are enforceable in courts.

A

Laws

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9
Q

– the moral principles and values that govern the actions and decisions of an individual or a group.

A

Ethics

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10
Q

– involves aggregating prospective buyers into groups, ro segments, that 1) have common needs and 2) will respond similarly to a marketing action.
What are the TYPES OF THIS??

A

Market Segmentation

• types of; psychographic, demographic, socioeconomic, usage, behavioral, geographic

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11
Q

Selecting a Target Market

A

estimated size of the market in the segment

projection of the future size of the segment

position in segment relative to: current competition and expected future competition

Accessibility of segments is to marketing actions

ability to reach the segment profitably.

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12
Q
  • a statement of the organization’s function in society, often identifying its customers, markets, products, and technologies. Often used interchangeably with vision.
A

Mission Statement

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13
Q

– is a chart created to help corporations with analyzing their business units or product lines. This helps the company allocate resources and is used as an analytical tool in brand marketing, product management, strategic management, and portfolio analysis.

A

BCG portfolio matrix

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14
Q

– a road map for the marketing activities of an organization for a specified future time period such as one year or five years.

A

Marketing Plan

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15
Q

Steps in the marketing process

A

1) situation SWOT analysis
2) market product focus and goal setting
3) marketing program

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16
Q

– a personal moral philosophy that focuses on “the greatest good for the greatest number,” by assessing the costs and benefits of the consequences of ethical behavior.

A

Utilitarism

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17
Q

– a personal moral philosophy that considers certain individual rights or duties ad universal, regardless of the outcome.

A

Moral Idealism

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18
Q

– the amount of an individual’s income that is left for spending, investing, or saving, after taxes and personal necessities. Includes money spent on luxury items, vacations, and non-essential goods and services.

A

Discretionary Income

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19
Q

Pure Competition, Monopolistic, oligopoly, Pure Mononpoly

A

Pure competition: when there are many sellers and they each have a similar product.

Monopolistic competition: many sellers compete with substitute products within a price range.

Oligopoly: when few companies control the majority of industry sales.

Pure Monopoly: when only one firm sells the product

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20
Q
  • occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through promotion of one of its products.
A

Cause Marketing

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21
Q

Maslow Hierarchy of needs know the order

A

1) Physiological needs (food, water, shelter oxygen) BOTTOM LAYER
2) Safety needs (freedom from harm, financial security)
3) Social needs (friendship, belonging, love)
4) Personal needs (status, respect, prestige)
5) Self – actualization needs (self – fulfillment)

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22
Q

– a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.

A

Brand

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23
Q

– a favorable attribute toward and consistent purchase of a single brand over time.

A

Brand Loyalty

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24
Q

– any organized effort to gather information about markets or customers.

A

Market Research

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25
Q

Market Research Process

A

– defines the tasks to be accomplished in conducting a marketing research study.

1) problem definition
2) developing an approach to problem
3) research design formulation
4) fieldwork
5) data preparation and analysis
6) report generation and presentation.

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26
Q

– facts and figures that are newly collected for the project.

A

Primary Data

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27
Q

– facts and figures that have already been recorded before the project at hand.

A

Secondary Data

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28
Q

– a government tax on goods or services entering a country, primarily service to raise price on imports.

A

Tariff

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29
Q

– a restriction placed on the amount of a product allowed to enter or leave a country

A

Quota

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30
Q

– a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value.x

A

Products

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31
Q

– a group of service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are type of outlets, or fall within a given price.

A

Product Line

32
Q

– consists of all the product lines offered by an organization.

A

Product Mix

33
Q

– any attributes relating to personality, values, attitudes, interests, or lifestyles.

A

Psychograpic

34
Q

– products purchased by the ultimate consumer.

A

Consumer Products

35
Q

– products that assist directly or indirectly in providing products for resale. Also called B2B products or industrial products.

A

Business Products

36
Q

– a global market entry strategy in which a company produces goods in one country and sells them in another country.

A

Exporting

37
Q

– a business arrangement in which one company gives another company permission to manufacture its product for a specified payment.

A

Licensing

38
Q

– a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenue, expenses, and assets.

A

Joint Venture

39
Q

– when manufactures export a product to another country at a price either below the price charged in its home market, or in quantities that cannot be explained through normal market competition.

A

Dumping

40
Q

– a marketing decision by an organization to use a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors.

A

Branding

41
Q

– reducing risk by investing in a variety of assets.

A

Diversification

42
Q

– an adjustment made to an existing product, usually made for greater appeal or functionality. A modification may include a change to a product’s shape, adding a feature or improving its performance. Often a product modification is accompanied by a change in packaging.

A

Product Modification

43
Q

– occurs when a company enters/penetrates a market in which current products already exist.

A

Market Penetration (MM)

44
Q

– the place an offering occupies in consumers minds on important attributes relative to competitive products.

A

Product Position

45
Q
  • changing the place an offering occupies in consumers minds on important attributes relative to competitive products.
A

Product Repositioning

46
Q

Benefits of Packaging

A

A) Communication benefits: the label info conveyed to the consumer
B) Functional benefits: storage, convenience, protection, or product quality
C) Perceptual benefits: package and label shape, color, and graphics distinguish one brand from another, convey a brand positioning, and build brand equality.

47
Q

– expenses that change in proportion to the activity of a business. The sum of marginal costs over all units produced.

A

Variable Cost

48
Q

– business expenses that are not dependent on the level of goods or services produced by the business.

A

Fixed Cost

49
Q

Break Even Point Equation

A

– fixed costs/ price – variable costs

50
Q

– setting the highest initial price that consumers really desiring the products are willing to pay.

A

Skimming Pricing

51
Q

– (opposite of skimming pricing) setting a low initial price on a new product to appeal immediately to the mass market.

A

Penetration Pricing

52
Q

– setting process a few dollars or cents under an even number.

A

Odd-Even pricing

53
Q

– (premium/image pricing) marketing strategy where prices are set higher than normal because lower prices will hurt instead of helping sales, such as for high end products.

A

Prestige Pricing

54
Q

– funds given by a manufacturer to a middleman or retailer for promoting its product. Also called push money.

A

Promotional Allowance

55
Q

– incentive offered by a seller to a buyer for purchasing or ordering greater then usual or normal quantity of goods or materials, to be delivered at one time or over a specified

A

Quantity discount

56
Q

– the marketing of two or more products in a single package price. Provides a lower total cost to buyers and lower marketing cost to sellers.

A

Bundle Pricing

57
Q

– the discount given to middlemen or others who act in the capacity of performing distributive services that would have to be performed by the manufacturer itself. The discount sometimes prevails regardless of the quantities involved.

A

Functional Discount

58
Q

– a pricing strategy win which the same price is offered to every customer who purchases the product under the same conditions. Also the prices are set and cannot be negotiated by customers.

A

One Price Policy

59
Q

Three Degrees of Distribution

A

a. Mass coverage - (intensive distribution) strategy attempts to distribute products widely in nearly all locations in which that type of product is sold.
b. Selective coverage – the marketer deliberately seeks to limit the locations in which this type of product is sold.
c. Exclusive coverage – some high end products target very narrow markets that have a relatively small number of customers.

60
Q

– total receipts of a firm from the sale of any given quality of a product. What is the Equation?

A

Total Revenue (Total Revenue= Price x Quantity)

61
Q
  • those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest cost possible.
A

Logistics

62
Q

– a third party that offers intermediation services between two trading parties. They act as a conduit for goods or services offered by a supplier to a consumer and offers some added value to the transaction that may not be possible by direct trading.

A

Intermediaries

63
Q

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.

A

Product Life Cylce

64
Q

– directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product.

A

Push

65
Q

– directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.

A

Pull

66
Q

– advertising programs by which a manufacturer pays a percentage of the retailers local advertising expense for the advertising of the manufacturer’s products.

A

Cooperative Advertising

67
Q

– when a firm sells a product in a foreign country below its domestic price or actual cost.

A

Dumping

68
Q

– the ratio of perceived benefits to price, Value= Perceived benefits/ price

A

Value

69
Q

–the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.

A

Multichannel Marketing

70
Q

– marketing technique for testing the “memorability” of an advertisement or commercial. The test subjects are shown the advertisement and are asked if they saw or heard it before.

A

Aided recall

71
Q

– the moderator asks respondents to recall information without the aid of a cue or prompt.

A

Unaided Recall

72
Q

Personal Selling (MM)

A

– Sales activities occurring before and after the sale itself

1) prospecting
2) pre-approach
3) approach
4) presentation
5) close
6) follow up.

73
Q

– a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

A

Moral Idealism

74
Q

– the concept of designing marketing communication programs that coordinate all promotional activities- advertising, personal selling, sales promotion, public relations, and direct marketing- to provide a consistent message across all audiences.

A

Integrated Marketing Communication (IMC)

75
Q

Promotional Mix

A

– the combination of one or more communication tools used to:

1) inform prospective buyers about the benefits of the product
2) persuade them to try it
3) remind them later about the benefits they enjoyed by using the product.

76
Q

Selecting Target Market

A

Step 1: Ground Potential Buyers into segments
Step 2: Group products to be sold into categories
Step 3: Develop a market product grid and estimate the size of markets
Step 4: Select Target Markets
Step 5: Take Marketing Action to Reach Target Markets

Marketing 305 Final (1 decks)

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