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Marketing Exam 1 Flashcards

1
Q

Is ensuring that financial statements correctly reflect the value of the firm’s brands a core aspect of marketing?

A

No

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2
Q

Are Satisfying customer needs and wants, creating value, and an exchange process part of marketing?

A

Yes

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3
Q

Does marketing have to do with product, place, and promotion decisions?

A

Yes

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4
Q

What is it called when customers give up things that they value - for example, time, money, or information - to a firm in return for goods, services, or ideas?

A

A Marketing Exchange

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5
Q

What do the four P’s comprise?

A

Marketing Mix

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6
Q

What is the Marketing Mix?

A

The controllable set of activities that the firm uses to respond to the wants of its target market

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7
Q

What are Services?

A

Intangible customer benefits that are produced by people or machines, and cannot be separated from the producer

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8
Q

What is the goal of promotion?

A

To inform, persuade, or remind potential buyers about a good or service to influence their options and elicit a response

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9
Q

Do marketing firms focus on making a profit above all else to become more value driven?

A

No

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10
Q

What four activities do Marketing Firms focus on to become more Value Driven?

A
  1. ) Sharing information about their customers and competitors
  2. ) Striving to balance their customer’s benefits and costs
  3. ) Concentrating on building relationships with customers
  4. ) Taking advantage of new technologies such as social and mobile media
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11
Q

Do customers seek benefits and consider trade-offs among them, while also considering costs?

A

Yes

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12
Q

In Value-Based marketing, must the marketer seek the lowest cost of the goods and avoid expensive features to give customers the greatest value?

A

No

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13
Q

In Value-Based marketing, must the marketer find opportunities to meet as many needs as possible while also keeping costs down?

A

Yes

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14
Q

Firms that focus on the lifetime profitability of their relationships with their customers as opposed to how much money they make in each transaction operate under a ____________ orientation.

A

Relational

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15
Q

What is the distribution chain?

A

The group of firms that make and deliver a given set of goods and services

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16
Q

Do marketers advice the human resource department on the right type of employees to hire?

A

No

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17
Q

Do marketers advise how much of a product should be produced?

A

Yes

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18
Q

Do marketers advise the logistics department when it should ship products?

A

Yes

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19
Q

Do marketers create long-lasting relationships between the company and the firms from which it buys?

A

Yes

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20
Q

Do marketers assist the firm in whether or not to expand globally?

A

Yes

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21
Q

What are sources of a Sustainable Competitive Advantage?

A

Supply Chain Efficiency, A Strong Brand Name, and Customer Satisfaction

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22
Q

What can marketers develop a sustainable competitive advantage through if their products have high perceived value and effective branding or positioning?

A

Product Excellence

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23
Q

What document analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four P’s, action plans, and pro forma financial statements?

A

The Marketing Plan

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24
Q

Which of the five steps of the strategic marketing planning process comes first?

A

Define the business mission

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25
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats

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26
Q

Which parts of SWOT are internal?

A

Strengths and Weaknesses

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27
Q

Which parts of SWOT are external?

A

Opportunities and Threats

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28
Q

What happens in target marketing?

A

Evaluating of each potential segment’s attractiveness

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29
Q

What happens in the implementation stage of market planning?

A

Executing of pricing, promotion, place, and product strategies

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30
Q

What are measuring systems that quantify a trend, dynamic, or characteristic?

A

Metrics

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31
Q

What has high growth rate and a high market share?

A

Star

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32
Q

What has high growth rate and low market share?

A

Question Mark

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33
Q

What has low growth rate and high market share?

A

Cash Cow

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34
Q

What has low growth rate and low market share?

A

Dog

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35
Q

Is market development on of the four major growth strategies?

A

Yes

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36
Q

Are Mergers and Acquisitions part of the major growth strategies?

A

No

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37
Q

A firm’s macroenvironment includes ___________ factors, which the marketer cannot ___________________.

A

External; Control

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38
Q

What is the center of all marketing efforts?

A

The consumer

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39
Q

Are demographics a macroenvironmental factor?

A

Yes

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40
Q

Are changes in laws and regulations a macroenvironmental factor?

A

Yes

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41
Q

Are the firm’s competitors a macroenvironmental factor?

A

No

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42
Q

What is culture?

A

The shared meanings, beliefs, morals, values, and customs of a group of people

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43
Q

What is marketing?

A

A set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

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44
Q

Compared to other groups, members of the ______________ generation are more likely to marry and buy homes later in life, are more cynical, are shopping savvy, and are considered to be absolute customers.

A

Generation X

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45
Q

Must marketers monitor red/blue marketing in election years?

A

No

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46
Q

Must marketers monitor the green market?

A

Yes

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47
Q

Must marketers monitor privacy concerns?

A

Yes

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48
Q

What information provides marketers with a snapshot of the typical customer in a specific target market?

A

Demographics

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49
Q

Does Marketing entail an exchange?

A

Yes

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50
Q

What are the four P’s?

A
  1. ) Product
  2. ) Price
  3. ) Promotion
  4. ) Place
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51
Q

What does Product do in the four P’s?

A

Create Value

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52
Q

What does Price do in the four P’s

A

Capturing Value

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53
Q

What does Promotion do in the four P’s?

A

Communication Value

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54
Q

What does Place do in the four P’s?

A

Delivering Value

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55
Q

What is the fundamental purpose of marketing?

A

To create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs

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56
Q

When marketers systematically collect, record, analyze, and interpret data in order to aid in decision making, they are engaged in…

A

Marketing Research

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57
Q

What uses a variety of statistical analysis tools to uncover previously unknown patterns in data or relationships among variables?

A

Data Mining

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58
Q

What type of data can be tailored to meet specific marketing research needs?

A

Primary

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59
Q

What is another word for Place (Four P’s)

A

Supply Chain Management

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60
Q

What describes all activities necessary to get the product to the right customer when the customer wants it?

A

Place

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61
Q

What is Promotion?

A

Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response

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62
Q

Is Marketing performed by individuals or organizations?

A

Both

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63
Q

What are the 3 Phases of a Strategic Plan?

A
  1. ) Planning
  2. ) Implementing
  3. ) Controlling
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64
Q

What are the 5 Steps of the Marketing Plan?

A
  1. ) Business Mission and Objectives
  2. ) Situation Analysis (SWOT)
  3. ) Identify Opportunities
  4. ) Implementing Marketing Mix
  5. ) Evaluating Performance Using Marketing Metrics
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65
Q

What 2 Steps of the Marketing Plan are in the Planning Phase?

A
  1. ) Step 1: Business Mission & Objectives

2. ) Step 2: Situation Analysis (SWOT)

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66
Q

What 2 Steps of the Marketing Plan are in the Implementation Phase?

A
  1. ) Step 3: Identify Opportunities

2. ) Step 4: Implementing Marketing Mix

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67
Q

What Step of the marketing Plan is in the Control Phase?

A

Step 5: Evaluate Performance Using Marketing Metrics

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68
Q

What does a Firm’s Marketing Strategy Identify?

A
  1. ) The firms target market
  2. ) A related marketing mix (4 P’s)
  3. ) The basis on which a firm plans to build a sustainable competitive advantage
69
Q

What is a sustainable competitive advantage?

A

An advantage over the competition that is not easily copied, and thus can be maintained over a long period of time

70
Q

What are the Four Macro Strategies to develop a sustainable competitive advantage?

A
  1. ) Customer Excellence
  2. ) Operational Excellence
  3. ) Product Excellence
  4. ) Locational Excellence
71
Q

What is Customer Excellence?

A

Outstanding customer service and excelling at retaining loyal customers

72
Q

What is Locational Excellence?

A

Physical excellence and internet presence

73
Q

What is Operational Excellence?

A

Supply Chain Management, Relationship with suppliers, sophisticated information systems

74
Q

What does STP stand for?

A

Segmentation, Targeting, and Positioning

75
Q

What type of strategy is growing the business from existing customers?

A

Product Development and Market Penetration

76
Q

Which Strategy is the riskiest?

A

Diversification

77
Q

What does the Immediate Environment Include?

A

The company’s capabilities, competitors, competitive intelligence, and the company’s corporate partners

78
Q

What does JIT stand for?

A

Just in Time delivery systems

79
Q

Why are firms part of alliances?

A

Firms work together to create a system that delivers goods and services to customers when and where they want them

80
Q

What does PEST stand for?

A

Political, Economic, Social, Technology

81
Q

What is PEST used in?

A

Environmental Analysis

82
Q

What does the Political part of PEST include?

A

Competitive Practice and Trade Legislation

83
Q

What are Examples of the Economic part of PEST?

A

Foreign Currency Fluctuations and inflation and interest rates affecting firms’ ability to market goods and services

84
Q

What are Examples of Social Trends?

A
  1. ) Health and Wellness Concerns
  2. ) Green
  3. ) Privacy
85
Q

True or False: Technology is arguably the most important change in the way we live

A

True

86
Q

Country Culture vs. Regional Culture

A

Goods can sometimes be removed by a company entirely and this may cause an uprise in a region that this good sells well in. This causes the company to only sell the good in that one region

87
Q

Baby Boomers

A

Value Leisure time and are careless about how they spend

88
Q

Gen Y

A

Children of Baby Boomers, Work/Life balance, marriage is secondary

89
Q

Gen Z

A

High Purchasing power, internet, highly influenced by peers

90
Q

Demographics

A

Provide an easily understood snapshot of the typical consumer in a specific target market

91
Q

What is the center of everything in marketing??

A

The consumer

92
Q

What is the key to STP

A

Understanding the consumer

93
Q

What is the key to the marketing mix?

A

Understanding Needs

94
Q

What are the steps of STP

A
  1. ) Dividing the marketplace into subgroups or segments
  2. ) Determine which of those segments to pursue
  3. ) Deciding how to position yourself and your products and services to best meet the needs of your target market
95
Q

What comes after the situation Audit?

A

STP

96
Q

What part of the 4 P’s are goods, services or ideas?

A

Product

97
Q

Is Price (in the 4 P’s) cost based or market based?

A

Both

98
Q

What part of the 4 P’s communicates, Persuades, and informs?

A

Promotion

99
Q

What part of the 4 P’s delivers the product to the customer?

A

Place

100
Q

What are the 5 steps of the consumer decision process?

A
  1. ) Need Recognition
  2. ) Information Search
  3. ) Alternative Evaluation
  4. ) Purchase
  5. ) Post Purchase
101
Q

What are the two types of needs that customers fulfill?

A

Functional and psychological

102
Q

What are the two types of information searches?

A
  1. ) Internal

2. ) External

103
Q

What are 2 Factors affecting Consumer’s Search Process?

A
  1. ) Perceived Benefits

2. ) Perceived Costs

104
Q

What are the 5 Types of Risks?

A
  1. ) Performance Risk
  2. ) Financial Risk
  3. ) Social Risk
  4. ) Physiological Risk
  5. ) Psychological Risk
105
Q

What is Performance Risk?

A

The perceived danger inherent in a poorly performing product or service

106
Q

What is Financial Risk?

A

The monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service

107
Q

What is Social Risk?

A

Worry others might not regard their purchase posatitively

108
Q

What is Physiological risk?

A

Fear of an actual harm should the product not perform properly

109
Q

What is Psychological Risk?

A

Risks associated with the way people feel if the product or service does not convey the right imagetri

110
Q

What are the 3 Attribute Sets?

A
  1. ) Universal
  2. ) Retrieval
  3. ) Evoked
111
Q

What are Universal Attribute Sets?

A

All possible choices for a product category

112
Q

What are Retrieval Attribute sets?

A

Brands or stores that can be readily brought forth from memory

113
Q

What are Evoked Sets?

A

Comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision

114
Q

What does Evaluative Criteria consist of?

A

A set of important attributes about a particular product

115
Q

What are Determinant Attributes?

A

Product or service features that are important to the buyer and on which competing brands or stores are perceived to differ

116
Q

What are Consumer Decision Rules?

A

A set of criteria that consumers use consciously or subconsciously to quickly and efficiently select among several alternatives

117
Q

What is the conversion rate used for?

A

measuring how well retailers convert purchase intentions into actual purchases

118
Q

What are the Psychological Factors that influence consumer decisions?

A
  1. ) Motives
  2. ) Attitudes
  3. ) Perceptions
  4. ) Learning
  5. ) Lifestyle
119
Q

What are Motives?

A

Needs or wants that are strong enough to cause the person to seek satisfaction.

120
Q

What is Attitude?

A

A person’s enduring evaluation of his or her feelings about behavioral tendencies toward an object or idea

121
Q

What are the 3 components of Attitudes?

A
  1. ) Behavioral
  2. ) Cognitive
  3. ) Affective
122
Q

What is Perception?

A

The process by which we select, organize, and interpret information to form a meaningful picture of the world.

123
Q

Can Perception Change?

A

Yes

124
Q

What is the difference between Learning and Lifestyle?

A

Learning affects both attitudes and perceptions

Lifestyle involves decisions in spending time and money

125
Q

What are the Social Factors that Influence Consumer Decisions?

A
  1. ) Family
  2. ) Reference Groups
  3. ) Culture
126
Q

Why is family important in customer decisions?

A

Many purchase decisions are made about products or services that the entire family will consume or use

127
Q

What are Reference Groups?

A

One or more people who an individual uses as a basis for comparison regarding feelings, beliefs, and behaviors

128
Q

What do Reference Groups Provide?

A
  1. ) Information
  2. ) Rewards
  3. ) Self-Image
129
Q

What is Culture?

A

The shared meanings, beliefs, morals, values, and customs of a groups of people

130
Q

What are the 2 Situational Factors?

A
  1. ) Purchase situation

2. ) Shopping situation

131
Q

What is Marketing Research?

A

It consists of a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.

132
Q

What are the 5 steps of Market Research?

A
  1. ) Defining the Objectives and research needs
  2. ) Designing the research
  3. ) Data collection process
  4. ) Analyzing data and developing insights
  5. ) Action Plan and implementation
133
Q

What are the 2 types of external secondary data?

A
  1. ) Scanner Research

2. ) Panel Research

134
Q

What are the 4 types of Qualitative Research?

A
  1. ) Observation
  2. ) In-Depth Interviews
  3. ) Focus Groups
  4. ) Social Media
135
Q

What are the 4 types of Quantitative Research?

A
  1. ) Experiments
  2. ) Survey
  3. ) Scanner
  4. ) Pannel
136
Q

Observation often costs nothing. TRUE OR FALSE

A

True

137
Q

What are the advantages to Secondary Research?

A
  1. ) Saves Time

2. ) Free or inexpensive

138
Q

What are examples of secondary Data?

A
  1. ) Census Data
  2. ) Sales Invoices
  3. ) Internet Information
  4. ) Books
  5. ) Journal Articles
  6. ) Syndicated Data
139
Q

What are Disadvantages of Secondary Data?

A
  1. ) May not be precisely what you want
  2. ) Might not be within recent time
  3. ) May not be original sources
  4. ) May use inappropriate data collection methods
  5. ) Data sources may be biased
140
Q

What are examples of Primary Data?

A
  1. ) Observed Customer Behavior
  2. ) Focus Group
  3. ) Survey
  4. ) Experiments
141
Q

What are Advantages of Primary Data?

A
  1. ) Specific
  2. ) Behavioral Insight
  3. ) Not available from secondary research
142
Q

What are disadvantages of primary data?

A
  1. ) Expensive
  2. ) Time consuming
  3. ) Harder to do
143
Q

What 2 Parts of STP are in segmentation?

A
  1. ) Strategy or Objectives

2. ) Segmentation Methods

144
Q

What 2 Parts of STP are in Targeting?

A
  1. ) Evaluate Segment Attractiveness

2. ) Select Target Market

145
Q

What part of STP is in Positioning?

A

Identify and Develop Positioning Strategy

146
Q

What are the 5 types of segmentation?

A
  1. ) Geographic
  2. ) Demographic
  3. ) Psychographic
  4. ) Benefits
  5. ) Behavioral
147
Q

What is Geographic Segmentation?

A

Regional: Continent, country, state, county

148
Q

What is Demographic Segmentation?

A

Age, Gender, Income

149
Q

What is Psychographic Segmentation?

A

Lifestyle, Self-Concept, Self-Values

150
Q

What is Benefits Segmentation?

A

Convenience, Economy, Prestige

151
Q

What is Behavioral Segmentation?

A

Occasion, Loyalty

152
Q

What is the most common segmentation?

A

Demographic

153
Q

What are the 5 determinants of segment attractiveness?

A
  1. ) Substantial
  2. ) Reachable
  3. ) Responsive
  4. ) Profitable
  5. ) Identifiable
154
Q

What is a target market?

A

A group of consumers against whom we want to aim our marketing

155
Q

How large should a target market be?

A

Large enough to represent a growth opportunity but narrow enough for our marketing to be relevant

156
Q

What is Positioning?

A

The act of designing the company’s offering and image to occupy a distinct place in the mind of the target market

157
Q

What are the 4 elements that help define the brand?

A
  1. ) Target Market
  2. ) Frame of Reference
  3. ) Point of Difference
  4. ) Product Attributes
158
Q

What is Frame of Reference?

A

Consumer grouping of like products or services for which our brand can effectively substitute

159
Q

What is Point of Difference?

A

Specific benefit we want consumers to primarily associate with our Brand

160
Q

What is Product Attributes?

A

Most convincing and preemptive support (usually product-based)

161
Q

Product Positioning Statement Example

A

To ______________________ (core user), Product ________________ is the ________________________ (Frame of Reference) that _______________________ (Point of difference).

162
Q

What are the Components of a product?

A
  1. ) Actual Product (Name, Quality level, Packaging, Features)
  2. ) Associated Services (Financing, Product Warranty, Product Support)
163
Q

What is a product Mix?

A

The complete assortment of products a company offers

164
Q

What are Product Lines?

A

Groups of associated items that consumers tend to think of as a part

165
Q

What is Breadth?

A

The number of product lines

166
Q

What is Depth?

A

Number of products within a product line

167
Q

What Makes a brand?

A
  1. ) Brand Name
  2. ) URLs
  3. ) Logos and Symbols
  4. ) Characters
  5. ) Slogans
  6. ) Jingles / Sounds
168
Q

What is Brand Equity?

A

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service

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