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Marketing 351 > Final Exam Review Ch 1-11 > Flashcards

Final Exam Review Ch 1-11 Flashcards

1
Q

What are the three main points of “A Market”?

A

Point, Place, Sphere

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2
Q

A geographic market area

A

Point

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3
Q

A body or organization of buyers and sellers

A

Place

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4
Q

What are the two categories of Sphere?

A

1) Economic Market

2) Potential Demand

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5
Q

A combination of forces which determine price and exchange opportunity

A

Economic market

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6
Q

Segments of demand for a product or service

A

Potential Demand

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7
Q

Achieving organizational goals depends on determining the needs and wants of the target markets and delivering desired satisfactions more efficiently

A

Marketing Concept

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8
Q

What are the objectives of the marketing concept?

A

1) You must know the customers wants and orientations
2) The whole company must take part in that effort
3) Satisfaction is key to the company

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9
Q

Relevant factors of an organization’s resources. These companies have attributes that others don’t have and cannot replicate

A

Distinctive Capabilities

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10
Q

What are three distinctive capabilities?

A

1) Architecture
2) Reputation
3) Innovation

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11
Q

Based on the degree of immediate consumer satisfaction and long-run consumer benefit

A

Societal Classification of Offerings

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12
Q

What are four offering types of Societal Classification of Offerings?

A

1) Deficient
2) Salutary
3) Pleasing
4) Desirable

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13
Q

Have neither immediate appeal nor long-run benefits (low

immediate satisfaction and low long-run consumer benefit)

A

Deficient Offerings

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14
Q

Have low appeal but benefit the consumer (low immediate

satisfaction and high long-run consumer benefit)

A

Salutary Offerings

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15
Q

Give high immediate satisfaction but may hurt consumers in

the long run (high immediate satisfaction and low long-run consumer benefit)

A

Pleasing Offerings

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16
Q

Give both immediate satisfaction and high long-run benefits

high immediate satisfaction and high long-run consumer benefit

A

Desirable Offerings

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17
Q

Company growth based on markets/products

A

Product/Market Expansion Grid

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18
Q

Existing market, existing product

A

Market penetration

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19
Q

New market, existing product

A

Market development

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20
Q

Existing market, new product

A

Product development

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21
Q

New market, new product

A

Diversification

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22
Q

The sale of an exported product at a price lower than that charged for the same or a like product in the “home” market of the exporter

A

Dumping

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23
Q

All or part of the payment for goods or services is in the form of other goods or services

A

Countertrade

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24
Q

What are the five forms of trade restrictions?

A

1) Tariff
2) Quota
3) Embargo
4) Exchange control
5) Discrimination

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25
Q

Revenue and protective trade restriction

A

Tariff

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26
Q

A limit of trade

A

Quota

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27
Q

A ban of trade

A

Embargo

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28
Q

Amount and rate trade restriction

A

Exchange control

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29
Q

Bids and standards trade restriction

A

Discrimination

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30
Q

What are the five global marketing management forms?

A

1) Exporting
2) Licensing
3) Contract manufacturing
4) Joint venture
5) Direct investment

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31
Q

Selling domestically produced products to buyers in other countries

A

Exporting

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32
Q

The legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

A

Licensing

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33
Q

Contract manufacturing

A

Private label manufacturing by a foreign company

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34
Q

When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

A

Joint venture

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35
Q

What are the four forms of global marketing mix strategies?

A

1) Product decisions
2) Promotion adaptation
3) Place (distribution)
4) Pricing

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36
Q

A nation should export those items which it produces most efficiently and import those items it produces less efficiently

A

Theory of Comparative Advantage

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37
Q

What are the three US comparative advantages?

A

1) Advanced technology
2) Agriculture
3) Large domestic market

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38
Q

A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate

A

portfolio matrix (Boston Consulting Group Grid)

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39
Q

What are the four categories of strategic business units (SBU)?

A

1) Star
2) Cash cow
3) Problem child (question mark)
4) Dog

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40
Q

Fast growing market leader. Large profits but require lots of cash to finance

A

Star

41
Q

Generates more cash flow than it needs to maintain market share. Low-growth market, but it has a dominant market share

A

Cash cow

42
Q

Rapid growth, but poor profit margins. Low market share in a high-growth industry

A

Problem child (question mark)

43
Q

Low growth potential and a small market share

A

Dog

44
Q

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

A

Market segmentation

45
Q

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

A

Targeting

46
Q

arranging for a product to occupy a clear, distinctive, and desirable place relative to
competing products in the minds of target consumers (developing a specific marketing mix to influence
potential customers’ overall perception of a brand, product line, or organization in general)

A

Positioning

47
Q

What are the two Qualifying dimensions?

A

1) Geographic

2) Demographic

48
Q

What are the two Determining dimensions?

A

1) Psychographic

2) Behavioral

49
Q

What are the two forms of migration?

A

1) Immigration

2) Emigration

50
Q

Act in an unified manner to eliminate the Middleman and Agent system for the sales and marketing of products and services in order to enhance profitability.

A

Vertical Marketing System (VMS)

51
Q

Source and distribute the later’s agarbatis

A

Horizontal Marketing System (HMS)

52
Q

Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

A

SWOT analysis

53
Q

Dividing a market into different groups based on social class, lifestyle, or personality characteristics

A

Psychographic segmentation

54
Q

Dividing a market into different groups based on consumer knowledge, attitude, use, or response to a product

A

Behavioral segmentation

55
Q

How spending power is proportionally used. As income went up, food and basic necessities went down. Housing and household operations remained the same.

A

Engel’s Law

56
Q
  1. 5%, first to adopt
    - Guided by respect
    - Young demographic
    - Rely on factual information
    - Tend to be impersonal and scientific
A

Innovators

57
Q
  • 13.5%, opinion leaders
  • Guided by respect
  • Young demographic
  • Creative
  • Greatest contact with salespeople for the product
A

Early Adopters

58
Q
  • 34%, first wave of mass market
  • Pragmatic and tend to be deliberate
  • Rich demographic
    Most contact with the mass media
A

Earl majority

59
Q
  • 34%, late mass market
A

Late majority

60
Q
  • 16%, last to adopt
A

Laggards

61
Q

What are three motivation theories?

A

1) Herzberg’s
2) Freud’s
3) A.H Maslow

62
Q

Certain factors in the workplace that cause job satisfaction while a different set of factors cause dissatisfaction

A

Herzberg’s

63
Q

Hierarchy of needs

A

A.H Maslow

64
Q

All those people in an organization who become involved in the purchase decision

A

Buying center

65
Q

What are the five roles in a buying center?

A

1) Initiator
2) Influencers/evaluators
3) Gatekeepers
4) Decider
5) Purchaser
6) User

66
Q

Person who first suggests making a purchase

A

Initiator

67
Q

People who influence buying decisions

A

Influencers

68
Q

Group members who regulate the flow of information

A

Gate keepers

69
Q

The person who has the formal or informal power to choose or approve the selection of the supplier or brand

A

Decider

70
Q

The person who actually negotiates the purchase

A

Purchaser

71
Q

Members of the organization who will actually use the product

A

Users

72
Q

What are three buying situations?

A

1) New buy
2) Modified buy
3) Straight rebuy

73
Q

A situation requiring the purchase of a product for the first time

A

New buy

74
Q

A situation in which the purchaser wants some change in the original good or service

A

Modified buy

75
Q

A situation in which the purchasers reorder the same goods or services without looking for new information or investigating other suppliers

A

Straight rebuy

76
Q

Systematic design, collection, analysis, and reporting of data relevant to specific marketing situations facing an organization

A

Marketing Research

77
Q

Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

A

Product

78
Q

A specific version of a product that can be designated as a distinct offering among an organization’s products

A

product item

79
Q

A group of closely related product items

A

Product line

80
Q

All product that an organization sells

A

Product mix

81
Q

Any activity or benefit one party can offer another that is essentially intangible and does not result in ownership of anything

A

Service

82
Q

A product and all peripheral factors that contribute to a consumers satisfaction

A

Expanded product

83
Q

What are the three levels of products and services?

A

1) Core
2) Actual
3) Augmented

84
Q

Identifier of a seller’s goods and services (a name, term, symbol, design, or
combination thereof that identifies a seller’s products and differentiates them from competitors’ products)

A

Brand

85
Q

Utterable brand

A

Brand name

86
Q

Nonutterbale brand

A

Brand mark

87
Q

The positive differential effect.. knowing the brand name has on customer response to the product or service

A

Brand equity

88
Q

Legally protected brand

A

Trademark

89
Q

A concept that provides a way to trace the stages of a product’s acceptance, from its introduction to its decline

A

Produt Life Cycle (PLC)

90
Q

A product new to the world, the market, the producer, the seller, or some combination of these

A

New product

91
Q

Products create an entirely new market

A

New-to-the-world products

92
Q

Products, which the firm has not previously offered, allow it to enter an established market

A

New product lines

93
Q

New products that supplement a firm’s established line

A

Additions to existing product lines

94
Q

Product targeted at new marketers or market segments

A

Repositioned products

95
Q

A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

A

New-product strategy

96
Q

Items usually purchased frequently, immediately, and with a minimum of comparison and buying effort

A

Convenience

97
Q

Items whose selection may entail visits to several stores and the expenditure of considerable time and effort from the consumer

A

Shopping

98
Q

Items with unique characteristics and/or brand identification fro which a significant group of buyers is willing to make a special effort to purchase

A

Specialty

99
Q

Items the consumer either does not know about or does not normally think about

A

Unsought

Marketing 351 (12 decks)

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