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Marketing > Marketing Exam Ch. 1-7 > Flashcards

Marketing Exam Ch. 1-7 Flashcards

1
Q

What is marketing?

A

An organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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2
Q

What is the marketing concept?

A

The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.

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3
Q

What 3 aspects does the marketing concept include?

A
  1. Customer wants and needs
  2. Integrating organization’s activities to satisfy customer wants
  3. Achieving long term goals by satisfying customer’s wants legally
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4
Q

What must occur for an exchange to take place?

A
  1. 2 more parties with something valuable
  2. The desire and ability to give something up
  3. A way to communicate
  4. Each party can either accept or reject
  5. Each party wants to deal with the other party
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5
Q

What is an example of an exchange?

A

A college provides a learning environment to students, and students provide tuition to the college.

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6
Q

In the Production orientation, what is the focus on?

A

Internal capabilities of the firm

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7
Q

In the Sales orientation, what is the focus on?

A

Aggressive sales techniques and belief that high sales result in high profits

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8
Q

In the Market orientation, what is the focus on?

A

Satisfying customer needs and wants while meeting objectives

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9
Q

In the Societal orientation, what is the focus on?

A

Satisfying customer needs and wants while enhancing individual and societal well-being

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10
Q

What is customer satisfaction?

A

The feeling that a product met or exceeded the customer’s expectations

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11
Q

What is relationship marketing?

A

A strategy that focuses on keeping and improving relationships with current customers.

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12
Q

What is strategic planning?

A

The managerial decision process that matches the organization’s resources and capabilities to its market opportunities for the long-term growth

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13
Q

What do business plans do?

A

They guide entire organization or its business units

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14
Q

What do marketing plans do?

A

They describe the marketing environment, outline marketing strategies, and identify plans for implementation and evaluation

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15
Q

What are the levels of strategy?

A

Corporate level, business unit level, functional level

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16
Q

What does SWOT stand for?

A

Strengths, weaknesses, opportunities, threats

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17
Q

What is marketing myopia?

A

The theory that companies only focus on short term needs. Blockbuster and Nintendo are examples. Netflix replaced Blockbuster.

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18
Q

What are the characteristics of good objectives?

A

Specific, Measurable, Actionable, Realistic, Time Specific

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19
Q

What does the Product-Market growth matrix illustrate?

A
  1. Opportunities for growth in existing or new markets

2. Allocating resources into existing products or new products

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20
Q

List the steps in the marketing planning process.

A
  1. Perform a situation analysis.
  2. Set marketing objectives.
  3. Develop marketing strategies.
  4. Implement marketing strategies.
  5. Monitor and control strategies.
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21
Q

What are the 4 Ps of the Marketing mix?

A
  1. Product
  2. Place
  3. Price
  4. Promotion
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22
Q

What is a target market?

A

A defined group most likely to buy a firm’s product – and who the marketer selects to pursue

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23
Q

What is demography?

A

The study of people’s vital statistics, such as their age, race, ethnicity, location.

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24
Q

What are some of the factors to consider when determining how to market?

A

Demographic factors, social factors, technological factors, political/legal factors, economic conditions

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25
Q

What does competition mean in the microenvironment?

A

It means the alternatives from which the target may choose

26
Q

What is level 1 competition?

A

General – Competition for discretionary income (for income left after a consumer pays for necessities)

27
Q

What Is level 2 competition

A

Indirect – Product competition in which different products attempt to satisfy the same needs or wants

28
Q

What is level 3 competition

A

Direct – Brand competition in which competitors offering similar products compete for consumer choice

29
Q

What is the first step in the research process?

A

Identify the problem – specify research objectives, identify the population of interest, place the problem in an environmental context

30
Q

What is the second step in the research process?

A

Plan the design – What data sources will be used

31
Q

What is primary data?

A

Data collected to solve the problem at hand

32
Q

What is secondary data?

A

Data previously gathered for purposes other than current research

33
Q

What is exploratory research?

A

Technique used to generate insights for future studies – provides qualitative data

34
Q

What is descriptive research?

A

Bases conclusions on large samples of participants – quantitative data

35
Q

What is causal research?

A

Attempts to understand cause - and - effect relationships

36
Q

When you plan the research design, what is the first step and the 2 options?

A

Choose the data collection method. Communication or observation

37
Q

What is the 3rd step in the research process?

A

Specify the sample.

38
Q

What are the 3 types of probability samples?

A

Simple random, systematic random, stratified

39
Q

What are 2 types of non-probability samples?

A

Convenience, quota

40
Q

What is step four in the research process?

A

Collect the data.

41
Q

What is step five in the research process?

A

Analyze and interpret the data

42
Q

What is step six in the research process?

A

Prepare the research report

43
Q

What is step 7 in the research process?

A

Follow up.

44
Q

What is the central question for marketers?

A

How do consumers respond to various marketing efforts the company might use?

45
Q

How does culture affect consumer behavior?

A

It is the most basic cause of a person’s wants and behavior.

46
Q

How do you define subculture?

A

Groups of people with shared value systems based on common life experience

47
Q

How do social factors affect consumer behavior?

A

Reference groups, family, roles (expected activities)/status (esteem given to role by society)

48
Q

What is lifestyle marketing?

A

A person’s lifestyle can help marketers understand consumer values and their impact on buying behavior

49
Q

What is personality?

A

It refers to the unique psychological characteristics that lead to relatively consistent and lasting responses to one’s environment

50
Q

What does self-concept suggest?

A

It suggests that people’s possessions contribute to and reflect their identities

51
Q

What is perception?

A

The process of selecting, organizing, and interpreting information inputs to produce meaning

52
Q

What is selective attention?

A

The process of selecting some inputs to attend to while ignoring others

53
Q

What is selective distortion?

A

An individual’s changing or twisting of information when it is inconsistent with personal feelings or beliefs

54
Q

What is selective retention?

A

Remembering information that supports personal feelings and beliefs and forgetting inputs that do not

55
Q

What is learning?

A

A relatively permanent change in behavior due to the interplay of experience, drives, stimuli, cues, responses and reinforcement

56
Q

What is the difference between a belief and an attitude?

A

A belief is just a thought that someone has about something, but an attitude is consistent opinions.

57
Q

What are the four ways we can get information?

A

Personal (family/friends), Commercial (advertising), Public (mass media), Experimental (handling the product)

58
Q

What is cognitive dissonance?

A

A buyer’s doubts after a purchase about whether it was the right decision

59
Q

What are the 5 stages in the product adoption process?

A
  1. Awareness
  2. Interest
  3. Evaluation
  4. Trial
  5. Adoption
60
Q

What are the 5 product adopter categories?

A
  1. Innovators
  2. Early adopters
  3. Early majority
  4. Late majority
  5. Laggards
61
Q

What is business buyer behavior?

A

It refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented or supplied to others

62
Q

What is a buying center?

A

The decision-making unit of a buying organization

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