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BUS 160 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Marketing

A

activities designed to expedite transactions by creating, distributing, pricing and promoting goods/services

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2
Q

exchange Relationship

A

The act of giving up one thing (money) in exchange for something else (good/service)

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3
Q

Value

A

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product

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4
Q

customer value equation

A

customer value = customer benefits - customer costs

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5
Q

benefits

A

anything a buyer receives in an exchange

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6
Q

costs

A

anything a buyer gives up to obtain a products benefits

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7
Q

marketing concept

A

the idea that an organization should try to satisfy customers needs thru coordinated activities that also allow it to achieve its own goals

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8
Q

difference between production orientation and sales orientation

A

production orientation = 19th century (manufacturing efficiency)
sales orientation = early 20th century (need to sell)

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9
Q

market orientation

A

approach requiring organizations to gather information about customer needs and share/use information to help build long term relationships with customers

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10
Q

market strategy

A

plan of action for developing, pricing, distributing and promoting products that meet the needs of specific customers

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11
Q

2 major components of market strategy

A

1) select a target market

2) developing an appropriate marketing mix

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12
Q

market

A

group of people who have a need, purchasing power and desire to spend money on goods/services

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13
Q

target market

A

specific group of consumers whose needs and wants a company focuses its marketing efforts on

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14
Q

total-market approach

A

approach whereby a firm tries to appeal to everyone and assumes all buyers have similar needs

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15
Q

market segmentation

A

strategy whereby a firm divides the total market into groups of people who have relatively similar product needs

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16
Q

market segment

A

collection of individuals, groups or organizations who share one or more characteristics and thus have relatively similar product needs and desires

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17
Q

total market approach

A

when a company markets to everyone

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18
Q

concentration approach

A

market segmentation approach where a company develops one marketing strategy for a single market segment

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19
Q

multi-segment approach

A

market segmentation approach where the company aims its efforts at 2 or more segments, developing a separate market strategy for each

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20
Q

niche marketing

A

a narrow market segment focus when efforts are on one small, well-defined group that has a unique, specific set of needs

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21
Q

Reasons why companies segment markets

A
  • demographics (race, ethnicity, gender, age)
  • geographic (climate, terrain, population, resources)
  • pyschographic (personality characteristics, motives, lifestyles)
  • behavioristic (consumer’s behavior to product)
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22
Q

4 marketing activities

A

1) Product
2) Price
3) Promotion
4) Distribution

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23
Q

what is at the center of all marketing activities

A

the buyer or target market

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24
Q

good

A

physical thing you can touch (car or computer)

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25
Q

service

A

Application of human/mechanical efforts to people or objects to provide intangible benefits to customers

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26
Q

idea

A

concept, philosophy, image or issue (attorney advice/politics)

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27
Q

price

A

a value placed on an object exchanged between a buyer and a seller

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28
Q

distribution

A

making products available to customers in the quantity desired

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29
Q

promotion

A

persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups and organizations

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30
Q

marketing research

A

systematic/objective process of gathering information about potential customers to guide market decisions

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31
Q

information systems

A

framework for accessing information about customers from sources both inside (prices/sales/expenses) and outside (census/public stats) the organization

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32
Q

primary data

A

data that is observed, recorded or collected directly from respondents (surveys)

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33
Q

Secondary Data

A

data that is compiled for a purpose other than changing a company’s current situation (census bureau or government agency)

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34
Q

buying behavior

A

the decision processes and actions of people who purchase and use products

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35
Q

psychological Variables of Buying behavior

A
  • Perception
  • motivation
  • learning
  • attitude
  • personality
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36
Q

Social Variables of Buying Behavior

A
  • Social Roles
  • Reference Groups
  • Social Classes
  • Culture
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37
Q

6 steps to developing a new product

A

1) Idea Development
2) New Idea Screening
3) Business Analysis
4) Product Development
5) Test Marketing
6) Commercialization

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38
Q

Idea Development

A

New ideas come up internally from market research/employees or thru external sources like consultants or customers

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39
Q

New Idea Screening

A

Management looks at resources and ability to produce products (most ideas are rejected in this phase)

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40
Q

Business Analysis

A

analyze the products effects on sales, costs and profits

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41
Q

product development

A

prototypes and market strategy are created in this stage

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42
Q

test marketing

A

trial “mini-launch” of the product in limited areas

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43
Q

commercialization

A

full intro of a complete product and marketing strategy

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44
Q

consumer products

A
  • convenience product
  • shopping products
  • specialty products
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45
Q

convenience product

A

item brought frequently with no planning (eggs, bread or milk)

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46
Q

shopping product

A

purchased after consumer has “shopped around”

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47
Q

specialty product

A

require greater research and shopping effort; the consumer is unwilling to accept a substitute

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48
Q

business product

A

a product used directly or indirectly in the operation or manufacturing process of business

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49
Q

product line

A

group of closely related products that are treated as a unit because of similar market strategy

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50
Q

product mix

A

all the products offered by an organization

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51
Q

raw materials

A

natural resources

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52
Q

major equipment

A

large, expensive machinery used in production

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53
Q

accessory equipment

A

items not part of the final product but used in creation of a product (computers, fax machines, tools)

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54
Q

component parts

A

finished items ready to be assembled into the final product

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55
Q

processed materials

A

things used in production that cannot be classified as component parts

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56
Q

supplies

A

materials that make operations possible (pens, papers, pencils, paint)

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57
Q

industrial services

A

financial legal, security or janitorial services

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58
Q

what is the product life cycle order

A

introduction -> growth -> maturity -> decline

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59
Q

introductory stage

A

making consumers aware of the product and its benefits

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60
Q

growth stage

A

firm tries to strengthen market position by emphasizing benefits

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61
Q

Maturity stage

A

severe competition and heavy costs

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62
Q

decline stage

A

firms may eliminate models, cut costs and phase out products

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63
Q

branding

A

process of naming and identifying products

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64
Q

parts of product identification

A
  • brand
  • brand name
  • brand mark
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65
Q

brand

A

term, symbol or design that identifies a product

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66
Q

brand name

A

part that can be put into words and consists of letters, numbers or words

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67
Q

brand mark

A

distinctive sign (logo)

68
Q

trademark

A

brand registered with the U.S patent and trademark office and is legally protected

69
Q

manufacturer brands

A

initiated and owned by the manufacturer to identify products from the point of production to the point of purchase (examples = tide, coke, lays)

70
Q

private distributer brands

A

may cost less than manufacturer brands, owned/controlled by wholesaler or retailer (examples = great value, kirkland or archer farms)

71
Q

generic products

A

products with no brand name that come in simple packages and only carry their generic name (example = medicine)

72
Q

packaging

A

external containers that hold and describe the product that is inside … they influence consumers and provide promotion

73
Q

Labeling

A

presentation of important information on a package (ingredients, nutrition facts, warnings, instructions)

74
Q

quality

A

the degree to which a good/service/idea meets the demands and requirements of customers

75
Q

Marketing channel

A
  • group who moves products from producer to consumer
  • also referred to as the channel of distribution
  • makes sure products are available to customers
76
Q

middleman

A
  • bridge the gap between the manufacturer and consumer
  • also called intermediaries
  • create time, place and ownership utility
77
Q

retailer

A

intermediaries who buy products from manufacturers and sell them to consumers for their use, rather than further retail sale

78
Q

wholesaler

A

people who buy from manufacturers and sell to retailers (buy in large quantities)

79
Q

intensive distribution

A
  • product made available in as many outlets as possible

- used for frequently purchased items

80
Q

selective distribution

A
  • small # of all available outlets are used to expose products
  • used mostly after consumers shop around
81
Q

exclusive distribution

A

transfer of sole right to sell a product from manufacturer to intermediary based on geographic territory (high quality merchandise)

82
Q

transportation

A

shipment of product to buyers (railways, truck, waterways, pipeline, airway)

83
Q

promotion strategy

A

encourages consumers to accept product and influence their opinions/attitudes

84
Q

advertising

A

paid form of communication transmitted thru a mass medium (TV/Magazine)

85
Q

advertising campaign

A

designing a series of advertisements and placing them in various media outlets to reach a target market

86
Q

personal selling

A

direct, 2 way communication with potential or real buyers

87
Q

3 Categories of Salespeople

A

1) order takers (retail sales clerk)
2) creative salesperson ( automobile sales)
3) support salesperson (customer educator)

88
Q

6 step process of personal selling

A

1) prospecting
2) approaching
3) presenting
4) handling objections
5) closing
6) follow up

89
Q

publicity

A

Non-Personal Communication transmitted thru mass media (public relations department)

90
Q

buzz marketing

A

variation of traditional advertising where marketers attempt to create a trend

91
Q

sales promotion

A

direct inducements offering added value or some other incentive for buyers to enter an exchange

92
Q

push strategy

A

attempt to motivate intermediaries to push the product down to their customers

93
Q

pull strategy

A

uses promotion to create consumer demand so consumers create pressure on marketing channel members to make it available

94
Q

objectives of promotion

A
  • stimulate demand
  • stabilize sales
  • inform/remind
95
Q

promotional positioning

A

use promotion to create and maintain an image of a product in a buyers mind

96
Q

how to calculate the value of a product

A

1) identify target customers
2) identify their best alternative
3) determine products difference
4) calculate value based on its differentiation

97
Q

price

A
  • key element in marketing mix

- most flexible variable in the marketing mix

98
Q

Pricing Objectives

A
  • specify role of price on companies strategy

- companies try to maximize on pricing objectives

99
Q

4 common pricing objectives

A

1) maximizing profits
2) boosting market share
3) maintaining status quo
4) survival

100
Q

price skimming

A

charging the highest possible price buyers will pay

101
Q

penetration price

A

low price designed to help a product enter the market and gain market share rapidly

102
Q

psychological pricing

A

encourages purchasing based on emotional rather than rational responses to price

103
Q

Even/Odd Pricing

A

Assume people will buy at $9.99 instead of $10.00 because it seems to be a bargain

104
Q

symbolic/prestige Pricing

A

Assumes that high prices show high quality

105
Q

reference pricing

A

lower priced item is compared to a higher priced brand so consumers will compare

106
Q

discounts

A

temporary price reduction used to boost sales, quantity, seasonal or promotional discounts

107
Q

Place Utility

A

when producers have a convenient retail establishment/place

108
Q

time utility

A

when producers maintain hours of operation

109
Q

types of channels of distribution

A
  • Channel A = Direct
  • Channel B = Retailer
  • Channel C = Wholesaler
  • Channel D = agent
110
Q

broker

A

buys inventory from a manufacturer and takes on risk (agent does this but does not take on risk)

111
Q

integrated marketing communications (IMC)

A

coordinating the promotion mix to give the customer a cohesive view of the product

112
Q

E-Business

A

carrying out the goals of business thru the internet

113
Q

Digital media

A

electronic media that function using digital codes thru computers

114
Q

digital marketing

A

uses digital media to develop communications and exchanges with customers

115
Q

Characteristics of digital marketing

A
  • address-ability
  • Interactivity
  • accessibility
  • connectivity
  • control
116
Q

address-ability

A

the ability of the marketer to identify customers before they make a purchase

117
Q

interactivity

A

the ability of customers to express their needs and wants directly to the firm in response to its marketing communications

118
Q

accessibility

A

the ability for marketers to obtain digital info

119
Q

connectivity

A

ability for consumers to be connected with marketers and other consumers

120
Q

control

A

customer’s ability to regulate the information they view as well as the rate and exposure to that information

121
Q

product considerations

A

digital media connectivity creates opportunities to add services and benefits to products

122
Q

distribution considerations

A

the internet is a new distribution channel for making products available at the right time, place and in the right quantity

123
Q

promotion considerations

A
  • increase brand awareness
  • connecting with consumers
  • form relationships and generate positive publicity
124
Q

social networking

A

website where users can create a profile and interact with other users to engage in communication

125
Q

viral marketing

A

a marketing tool that usually uses social networking sites to spread a message and create brand awareness

126
Q

roles of social media users

A
  • creator (bloggers)
  • conversationalist (status updates)
  • critics (people who comment)
  • collectors
  • joiners (all people who join social media)
  • spectators (read but don’t post)
127
Q

cookies

A

where companies offer to collect personal information from social networking sites

128
Q

Intellectual Property

A

songs, movies, books and software protected by copy rights and patents

129
Q

accounting

A

recording, measurement and interpretation of financial information

130
Q

Certified Public Accountant (CPA)

A

an individual who is certified by the state to provide accounting services

131
Q

Sarbans-Oxley Act

A

required firms to be more rigorous in their accounting and reporting practices

132
Q

Dodd Frank Act

A

strengthens the financial oversight of institutions

133
Q

Private Accountant

A

employed by companies to prepare/analyze their financial statements

134
Q

Certified Management Accountants (CMAs)

A

Private accountants who are certified by the national association of accountants and have some managerial responsibility

135
Q

Uses of financial statements

A

1) aid in internal planning
2) reporting to the IRS and stockholders
3) organizational use
4) stockholder use

136
Q

cash flow

A

the movement of money thru an organization over a daily, weekly, monthly or yearly basis

137
Q

budget

A

an internal financial plan that forecasts expenses and income over a set period of time

138
Q

Annual Report

A

summary of a firms financial products, info and growth plans for owners and potential investors

139
Q

Accounting Equation

A

Assets = Liabilities + owner’s equity

140
Q

The Accounting Cycle

A

1) examining source documents
2) recording transactions in accounting journal
3) posting recording transactions
4) preparing financial statements

141
Q

journal

A

a time ordered list of account transactions

142
Q

ledger

A

a book/computer file with separate sections for each account

143
Q

income statement

A

a financial report that shows an organizations profitability over a period of time

144
Q

cost of goods sold

A

amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies

145
Q

gross income

A

revenues - cost of goods sold

146
Q

net income

A

total profit or loss after all expenses and taxes have been deducted

147
Q

balance sheet

A

a “snap shot” of an organizations financial position at a given moment

148
Q

liquidity

A

how fast assets can be turned in to cash

149
Q

current assets

A

assets used or converted into cash within the course of a calendar year (cash, inventory, accounts)

150
Q

accounts receivable

A

money owed a company by its clients or customers who have promised to pay at a later date

151
Q

current liabilities

A

a firm’s financial obligation to short term creditors, which must be repaid in a year

152
Q

accounts payable

A

the amount a company owes to suppliers for goods/services purchased with credit

153
Q

Accrued Expenses

A

an account representing all unpaid financial obligations incurred by the organization

154
Q

statement of cash flows

A

explains how the company’s cash changed from the beginning of the accounting period to the end

155
Q

cash from operating activities

A

Calculated by the combination of the changes in revenue, expense, current assets and current liability of accounts

156
Q

cash from investing activities

A

calculated from changes in the long-term or fixed asset accounts

157
Q

cash from financing activities

A

calculated from changes in the long-term liability accounts and the contributed capital accounts in owners equity

158
Q

ratio analysis

A

calculations that measure an organizations financial health

159
Q

profitability ratios

A

ratios measuring the net income of an organization is able to generate relative to its assets, owners equity and sales

160
Q

profit margin

A

net income divided by sales (shows how much money you make per dollar of sales)

161
Q

return on assets

A

net income divided by assets

162
Q

return on equity

A

net income divided by owners equity (also called Return on investment)

163
Q

current ratio

A

current assets divided by current liabilities

164
Q

Revenue

A

sales divided by goods or services sold

165
Q

gross profit

A

gross income divided by gross earnings

BUS 160 (3 decks)

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