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REVIEWER > MARKETING > Flashcards

MARKETING Flashcards

1
Q

It refers to the trade of things or service of value between the buyer and the seller.

A

Exchange

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2
Q

These are the things or services required by a human being for the health and well-being of his body and mind.

A

Human needs

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3
Q

It refers to the needs shaped by culture and individual preferences.

A

Human want

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4
Q

This is the desired result of an activity.

A

Objective

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5
Q

The firm produces the product then adapts a selling strategy designed to convince a group of perceived customers.

A

Selling concept

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6
Q

The company attempts to find interested buyers after producing the product.

A

Product concept

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7
Q

The firm defines its target market and determine the needs, wants, and values of the market. The firm then adapts a strategy to satisfy those needs and wants more effectively and efficiently than its competitors.

A

Marketing

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8
Q

is a plan of action designed to achieve the marketing goal.

A

Marketing strategy

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9
Q

The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.

A

Marketing mix

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10
Q

The amount of money paid by the customer to the selling firm so the customer can use the product.

A

Price

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11
Q

The tangible commodity or the intangible service that the business firm offers for sale to prospective customers.

A

Product

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12
Q

The location and time required by buyers to make the company’s products available.

A

Place

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13
Q

The provision of required information to prospective customers so that they are persuaded to buy.

A

Promotion

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14
Q

It includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers

A

Marketing Environment

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15
Q

is a strategy used in segmenting people by lifestyle of life state instead of age.
Lifestyle - particular way of living; the way a person lives or a group of people live

A

Generational Marketing

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16
Q

whose job requires manual labor

A

Blue-collar worker

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17
Q

is a person who performs professional, managerial, or administrative work.

A

White-collar worker

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18
Q

whose labor is related to customer interaction, entertainment, sales, or other service-oriented work.

A

Pink-collar worker

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19
Q

consists of factors that affect consumer purchasing power and spending patterns.

A

Economic environment

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20
Q

Is a non-monetary economy which relies on natural resources to provide for basic needs, through hunting, gathering, and subsistence agriculture.

A

Substance economy

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21
Q

involves ways to offer financially cautious buyers’ greater value—the right combination of quality and service at a fair price.

A

Value marketing

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22
Q

involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities

A

Natural environment

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23
Q

consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

A

Political environment

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24
Q

consists of institutions and other forces that affect a society’s basic values, perceptions, and behaviors.

A

Cultural environment

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25
Q

Aggressive actions to affect forces in the environment

A

Proactive

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26
Q

Watching and reacting to forces in the environment

A

Reactive

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27
Q

React and adapt to forces in the environment

A

Uncontrollable

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28
Q

Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and the product use.

A

Consumer Behavior

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29
Q

Result of an imbalance between actual and desired states.

A

Need recognition

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30
Q

Any unit of input affecting one or more of the five senses

A

Stimulus

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31
Q

Recognition of an unfulfilled need and a product (or attribute or feature) that will satisfy it.

A

Want

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32
Q

Process of recalling past information stored in the memory.

A

Internal information search

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33
Q

Process of seeking information in the outside environment.

A

External information search

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34
Q

Analyze product attributes.

A

Evaluation Alternatives

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35
Q

To buy or not to buy

A

Purchase

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36
Q

Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.

A

Cognitive Dissonance

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37
Q

Groups of individuals with common practices, beliefs, dialect, or orientation, and belong to similar geographic location.

A

Sub-culture

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38
Q

A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.

A

Social class

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39
Q

Set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.

A

Culture

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40
Q

These are the elite or people who are wealthy or those from well-known families.

A

CLASS A

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41
Q

They may also have comfortable lifestyle and good income.

A

CLASS B

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42
Q

This is the middle class, which is composed of workers who live in modest residences, and if located in the city are often rented.

A

CLASS C

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43
Q

This refers to the upper-lower class made up of skilled and unskilled laborers, low-waged earners.

A

CLASS D

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44
Q

Enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct.

A

Value

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45
Q

A group in society that influences an individual’s purchasing behavior.

A

Reference group

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46
Q

The analytical technique used to examine consumer lifestyles and to categorize consumers.

A

Psychographics

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47
Q

Consumer changes or distorts information that conflicts with feelings or beliefs

A

Selective Distortion

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48
Q

Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.

A

Perception

49
Q

Consumer notices certain stimuli and ignores others

A

Selective Exposure

50
Q

Consumer remembers only that information that supports personal beliefs

A

Selective Retention

51
Q

A method of classifying human needs and motivations into five categories in ascending order of importance.

A

Maslow’s Hierarchy of needs

52
Q

A process that creates changes in behavior, immediate or expected, through experience and practice.

A

Learning

53
Q

Groups that buy goods for production purposes or for reselling.

A

Organizational Markets

54
Q

Organizations that buy goods and services, which they later sell at a profit.

A

Reseller Markets

55
Q

Government agencies that buy products and services for use in the production of public goods and services.

A

Government Markets

56
Q

Nongovernmental organizations that serve their customers but do not have profits as organizational goal.

A

Non-profit organization

57
Q

Organizations that require goods and services for the purpose of producing goods or services.

A

Industrial Markets

58
Q

for product depends on consumer wants and needs

A

Demand

59
Q

firms selling to organizations are few buy products for profit purposes

A

Buying Objectives

60
Q

firms selling consumers are many

A

Potential buyers

61
Q

price, quality specifications, warranties, etc.

A

Buying criteria

62
Q

larger than individual consumers

A

Size of order or purchase

63
Q

Group of people who participate in the buying process

A

The buying centers

64
Q

is a routine repeat purchase.

A

Straight rebuy

65
Q

is undertaken when the items purchased remain the same, but the members of the buying center are not satisfied with the product.

A

Modified rebuy

66
Q

happens when the organization has a new need and the buyer wants a great deal of information.

A

New task buying

67
Q

are persons who influence the buying decision

A

Influencers

68
Q

are those that will use the product or service;

A

Users

69
Q

are persons who make decisions on product requirements and suppliers

A

Deciders

70
Q

are the persons who authorize the proposed actions of deciders or buyers.

A

Approvers

71
Q

are authorized to select the supplier, and arrange the terms of purchase

A

Buyers

72
Q

have the power to prevent sellers or information from reaching members of the buying center.

A

Gatekeepers

73
Q

In support of the efficiency objective, organizations prefer to routinize their purchases.

A

The purchase

74
Q

An agreement where the supplier promises to resupply the buyer as needed on agreed price terms over a specified period of time.

A

Blanket purchase order

75
Q

When competing products are equal in economic terms (product quality, price, service), the buyer may be influenced by the personal factors.

A

Economic factors

76
Q

The influence of economic factors (favors, attention, and risk avoidance), however, will prevail if the competing products differ substantially.

A

Personal factors

77
Q

Organizations are different in terms of policies, organizational structure, procedures, systems, and past experiences.

A

Organizational Factors

78
Q

The economic situation, as well as developments in technology, politics, and competition.

A

Environmental factors

79
Q

Members of the organization’s buying center will have different interests, authority and persuasiveness.

A

Interpersonal factors

80
Q

Each buying center member has his own personal motivations, preferences, and perceptions.

A

Individual factors

81
Q

It is anything offered for sale by a firm to buyers to satisfy their physical, social, symbolic, and psychological wants and needs.

A

Product

82
Q

They may be classified according to: the rate of consumption and tangibility; and the consumer’s shopping habits.

A

Consumer Goods

83
Q

tangible goods which normally
survive many uses.

A

Durable goods

84
Q

tangible products which are consumed in one or a few uses.

A

Non-durable goods

85
Q

intangible goods like activities, benefits, or satisfactions which are offered for sale.

A

Services

86
Q

are those that are bought only after an effort to compare with other goods is made. Mostly durable. furniture’s, dresses, electronic items & appliances etc.

A

Shopping goods

87
Q

are those which are purchased with minimum of effort. Often are non-durable goods. Candy, ice-cream, cold drinks, magazines, medicines etc.

A

Convenience goods

88
Q

are those that the consumers seek to buy and they are not willing or they are not able to accept substitutes.

A

Specialty goods

89
Q

are those that are not yet wanted by or are still unknown to the consumer. Because of the said reasons, consumers use no effort to seek them.

A

Unsought goods

90
Q

are new ideas or products that the consumer still have to know to be motivated to buy.

A

New unsought goods

91
Q

are those that stay unsought but not unbought forever.

A

Regular unsought goods

92
Q

are industrial goods that are used as aids in the production process.

A

Accessory equipment

93
Q

are unprocessed goods that will become part of another product. Raw materials are of two types: farm products; and natural products.

A

Raw materials

94
Q

refer to industrial products with long life, are generally expensive, and they form part of the major capital equipment of an industrial firm.

A

Installations

95
Q

are processed industrial goods that will still be used and become an actual part of the finished product.

A

Component parts and materials

96
Q

are items that are used as aids in the operating process but do not become part of the finished product.

A

Supplies

97
Q

are expense items that assist in the operations.

A

Services

98
Q

A marketing action, which identifies and helps differentiate the goods or services of one seller from those of another.

A

Branding

99
Q
  • A brand is a name, term, sign, symbol, or design, or a combination of these elements, that is intended to identify the goods or services of one seller or a group of sellers.
A

Brand

100
Q

Manufacturer branding is a branding strategy in which the brand name for a product is designated by the manufacturer.

A

Branding strategies

101
Q

is also referred to as private labeling or private branding, refers to the branding strategy of a firm which manufactures products but sell them under the brand name of a reseller.

A

Reseller Branding

102
Q

refers to the use of the manufacturer and reseller brands in a product.

A

Mixed Branding

103
Q

Is a branding strategy which lists no product name, only a description of contents.

A

Generic Branding

104
Q

It refers to all activities involved in designing and producing the container or wrapper for a product.

A

Packaging

105
Q

Part of the product which provides information about the product and the manufacture. It may be part of the package, or a tag attached to the product.

A

Labeling

106
Q

identifies the product or brand.

A

Brand label

107
Q

provides information about the product.

A

Descriptive label

108
Q

identifies the product’s judged quality with a letter, number, or word.

A

Grade label

109
Q

provides attractive graphics to help promote the product.

A

Promotional label

110
Q

are written statements of a manufacturer’s liabilities for product deficiencies.

A

Express Warranties

111
Q

Product warranty is a manufacturer’s written promise as to the extent of the repair, replacement, or otherwise compensation for defective goods.

A

Product Warranty

112
Q

indicating the bounds of coverage and non-coverage of any deficiency found in the product.

A

Limited Coverage

113
Q

statements of liability that has no limits of non-coverage

A

Full Warranty

114
Q

The period between the birth and death of a product.

A

Product Life Cycle

115
Q

In this stage, the product is introduced to the public.

A

Introduction Stage

116
Q

Occurs after a successful introduction stage.

A

Growth Stage

117
Q

When sales slowdown, the maturity stage follows.

A

Maturity Stage

118
Q

The decline stage begins with a permanent drop in sales.

A

Decline Stage

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