Marketing Exam 1 Flashcards

1
Q

What is marketing?

A

Engaging customers and managing profitable customer relationships

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2
Q

Marketing Myopia

A

when companies fail to define products in terms of customers’ needs and wants (and recognize that those needs and wants may evolve)

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3
Q

What is the purpose of a mission statement?

A

Statement of an organization’s purpose, answering questions such as what the business is, who the customer is, what consumers value

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4
Q

Market-oriented mission statement

A

EX: We sell “The Starbucks Experience”

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5
Q

Product-Oriented Mission Statement

A

EX: We sell coffee and snacks

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6
Q

BCG Growth-Share Matrix

A
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7
Q

Product/Market Expansion Grid

A
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8
Q

What is the marketing environment?

A

All the actors and forces that influence a company’s ability to transact business effectively with its target market

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9
Q

Controllable factors in the marketing environment

A

Role of marketing, corporate culture, segmentation strategies, overall objectives: sales vs. profits vs. long-run existence

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10
Q

What are the 4 uncontrollable factors in the marketing environment?

A

Competitors, economy, cultural shifts, independent media

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11
Q

What is the microenvironment?

A

Actors close to the company that affect its ability to serve its customers

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12
Q

What are the 6 factors in the microenvironment?

A

Company, suppliers, marketing intermediaries, customer markets, competitors, publics

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13
Q

What is the macroenvironment?

A

Broader forces that affect the actors in the microenvironment

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14
Q

What are the 6 factors in the macroenvironment?

A

Demographic, economic, natural, technological, political, cultural

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15
Q

Global Product and Communication Strategies

A
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16
Q

The Marketing Research Process

A
  1. Identify the problem
  2. Develop research plan
  3. Conduct research
  4. Analzye and report findings
  5. Take action
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17
Q

What are the three objectives of research?

A

Exploratory, descriptive, causal

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18
Q

What is exploratory research?

A

Gathering background information

19
Q

What is descriptive research?

A

understand the problem, describe the market potential for a new product, demographics

20
Q

What is causal research?

A

test hypotheses to answer what-if questions

21
Q

What is the difference between primary and secondary data?

A

Primary: info collected for specific purpose
Secondary: already exists somewhere

22
Q

What are the 7 primary research methods?

A

Surveys, lab experiments, field experiments, focus groups, interviews, ethnographic, diaries

23
Q

How do we establish causality in research?

A

Using random assignment

24
Q

The Model of Buyer Behavior

A

Environment –> Buyer’s black box –> Buyer responses

25
Q

What is contained within the environment of the model of buyer behavior?

A

Marketing stimuli: product, price, place, promotion

Other: economic, technological, social, cultural

26
Q

What is in the buyer’s black box?

A

Buyer’s characteristics and decision process

27
Q

What is contained in the buyer responses in the model of buyer behavior?

A
  • Buying attitudes and preferences
  • Purchase behavior: what the buyer buys, when, where, and how much
  • Brand engagements and relationships
28
Q

What are the 4 factors that influence buyer behavior?

A

Cultural (basic values, learned values), Social (groups, opinion leader), Personal (activities, interests, opinions), Psychological (Maslow’s hierarchy of needs)

29
Q

What are the levels of Maslow’s hierarchy of needs?

A

Physiological, safety, love and belonging, esteem, self-actualization

30
Q

What is laddering?

A

asking a series of questions to uncover the underlying motivations and values that drive consumer behavior, based on idea that consumers make purchasing decisions based on a hierarchy of needs, questions probe deeper and deeper into the hierarchy, “why, why, why”

31
Q

What is selective attention?

A

We screen out most of the information we are exposed to

32
Q

What is selective distortion?

A

The tendency to interpret information in a way that supports what you already believe (act of twisting the information)

33
Q

What is selective retention?

A

How consumers remember information that supports their pre-existing attitudes and beliefs, while forgetting information that conflicts with them (we only remember what we want to)

34
Q

What are the five states of the buyer decision process?

A
  1. Problem recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase decision (starts long before and continues after with post-purchase behavior)
  5. Post-purchase evaluation (cognitive dissonances)
35
Q

What is cognitive dissonance?

A

Buyer discomfort caused by post-purchase conflict

36
Q

What is market segmentation?

A

Dividing large, diverse markets into smaller “segments”, can be reached more efficiently and effectively with products and services that meet their unique needs

37
Q

What is market targeting?

A

selecting specific market segments

38
Q

What are the 4 types of market segmentation?

A

geographic, demographic, behavioral, psychographic

39
Q

What are the 5 requirements for effective segmentation?

A

Measurable, accessible, substantial, differentiable, actionable

40
Q

What are the market-targeting strategies?

A

Undifferentiated marketing, differentiated marketing, concentrated marketing and micromarketing

41
Q

What is undifferentiated marketing?

A

Mass marketing

42
Q

What is differentiated marketing?

A

Segmented marketing, targeting several market segments and designing separate offerings for each

43
Q

What is concentrated marketing?

A

Niche marketing

44
Q

What is micromarketing?

A

Local or individual marketing