Marketing Flashcards
What is marketing?
The process of creating and communicating the value of something to an audience
According to the American Marketing Association (AMA), marketing is more than simply selling things or satisfying customers.
Who typically conducts marketing?
The seller, usually a retailer or manufacturer
What are the two types of marketing targets?
- B2B (business to business)
- B2C (business to consumer)
What are the two responsibilities of a Christian business leader?
- To run the organization with a goal of producing profits
- To use the leadership role to transform lives through faith
What does honesty in marketing imply?
Marketing must be viewed as a results-driven function designed to increase top-line revenue
What is the concept of authentic marketing?
Marketing that is rooted in values
What was the focus of early producers in marketing?
Making products needed by themselves and their neighbors
What defined the Production Era of marketing?
Companies sold products without advertising because customers typically had only one choice
What is the Marketing Concept?
The whole company aims all its efforts at satisfying customers - at a profit
What notable service did AOL provide?
Dial-up internet service and pioneered instant messaging and chat rooms
What are macroeconomic factors affecting marketing?
- National income
- Economic growth
- Inflation
What is the charge for borrowing money called?
Interest rate
What is inflation?
The rate at which the prices of goods and services rise
What does the political environment in marketing refer to?
The total of a nation’s laws and governmental regulations
What are the four basic kinds of competitive market situations?
- Monopoly
- Oligopoly
- Pure competition
- Monopolistic competition
What motivates consumer buying behavior?
Needs and wants
What are the components of economic needs?
- Price
- Ease/quickness
- Dependability/durability
Define selective attention.
The process where individuals notice only information that interests them
What are the steps in the problem-solving process?
- Information search
- Identify alternatives
- Set criteria
- Evaluate alternatives
What is buyer’s remorse?
The feeling of regret after making a purchase decision
What are heuristics in decision-making behavior?
Mental shortcuts that simplify decision-making
What is the availability heuristic?
Making decisions based on how easily something comes to mind
What does familiarity refer to in consumer behavior?
Having more favorable opinions of things previously experienced
What is the affect heuristic?
Making choices influenced by an individual’s current emotions
