Marketing Principles and Information Technology Flashcards

0
Q

Markets exist when?

A

groups of people express a demand for different kinds of commodities.

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1
Q

What are the 4Ps of marketing?

A

Product, Price, Place, and Promotion

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2
Q

Commodities can be?

A

goods or services. In fact, anything that can be bought or sold is a commodity.

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3
Q

Marketing has eight functions. What are they?

A

Exchange includes

  1. Buying—You have to have something to market.
  2. Selling—Hopefully, you can sell your goods or services at a profit.

Physical distribution includes

  1. Transportation—Conveying physical goods (merchandise) from where they’re produced to where they can be bought or sold requires transport. People who offer services require some way to get them to the customer.
  2. Storage—Merchandise may be stored (often in warehouses) where it’s produced, where it’s held by wholesalers, and typically, where it’s held in a retailer’s inventory

Facilitating includes

  1. Quality and quantity—A retailer, for example, has to select merchandise that meets quality standards demanded by consumers and in quantities consistent with demand.
  2. Finance—Neither merchandise nor services are conveyed from producers to consumers without the imaginary lubricant of all market transactions—money. Hence the expression, “Money makes the world go ’round.”
  3. Risk—Every market transaction, like every kind of production, involves some measure of risk. In general, the risk is that what is offered for sale won’t be consistent with either supply or demand. 8.Gathering marketing information—Though listed last, this is the thing that comes first. If the characteristics of a market aren’t known, the level of demand will be unknown, and marketing activities are likely to be inefficient, inadequate, or futile.
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4
Q

Market segmentation is?

A

differentiating the characteristics of specific markets.

Example:
Mothers make up most of the market for diapers. Teenagers make up much of the market for iPods and video games. The parents of young children make up most of the market for toys, children’s clothing, and particular kinds of food products.

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5
Q

Geographic segmentation divides?

A

markets by region or locality—such as states, cities, or regions within a nation or different nations.

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6
Q

Demographic segmentation identifies?

A

markets by demographic characteristics, like age, gender, rural or urban residence, income level, education, or social class.

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7
Q

Psychographic segmentation focuses on?

A

the interests and concerns of particular segments of a population.

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8
Q

Benefit segmentation identifies?

A

product or service qualities preferred by consumers.

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9
Q

Volume (usage) segmentation makes?

A

sense when you can identify different kinds and levels of demand within a market.

For example, as a grocery retailer you’ll stock up on pumpkin pies and cranberry jelly in the holiday season, charcoal briquettes and potato salad in the summer months

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10
Q

Niche marketing goes after?

A

specific markets.

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11
Q

Consumer behavior study is?

A

psychology, social psychology, and other fields in the human sciences to better understand what motivates people to buy different kinds of goods and services

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12
Q

Learning—People’s behavior?

A

changes as they process their experiences and sort out the information they’re exposed to. Consumer behavior, like all other forms of social behavior, is learned behavior.

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13
Q

Reference group—People’s behaviors?

A

including buying behavior, are influenced by the people they associate with, such as peer groups. For example, adolescents are very likely to choose sport shoes or casual wear that’s favored among their peers. A peer group is often a reference group.

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14
Q

Culture in consumer behavior is?

A

a system of beliefs, attitudes, values, and standards of behavior shared within a society.

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15
Q

Subculture is?

A

—The populations of modern nations are made up of subcultures. In the United States, when we speak of Asian Americans, African Americans, Italian Americans, Irish Catholics, or Somali Muslims, we’re speaking of subcultures. Logically, of course, the presence of subcultures implies a dominant culture.

16
Q

Cognitive dissonance?

A

—Cognitive dissonance occurs when people try to reconcile conflicting beliefs. In the context of consumer behavior, buyer’s remorseexpresses a consumer’s conflicted feelings after having made a significant purchase, such as an automobile.

17
Q

total product offer is ?

A

Everything a person might evaluate before making a purchase.

18
Q

These are four steps in marketing research:

A
  1. Define the question or problem.To find out what people look for in winter wear, you’ll want to gather information from current consumers of winter wear.
  2. Collect data. The data can be numbers, like sales figures, or they can be attitudes or preferences expressed by potential consumers.
  3. Analyze the data. Look over your data to see what it suggests about marketing strategies.
  4. Act. Choose and implement marketing decisions suggested by what you learn from your research.
19
Q

Primary research is ?

A

An example is a focus group.Twelve to 15 people representing a particular market are gathered in a room.

20
Q

Secondary research?

A

depends on demographic and other kinds of research data that have been gathered by others. A number of firms are in the business of market research offered to commercial organizations.

21
Q

A product line is a?

A

group of products that are physically similar. If your market research focuses on one product in a line, such as lip gloss in a cosmetics line, it may have applications to other products in the line.

22
Q

Quantitative research gathers?

A

and analyzes data from representative samples. A sample is representative if each person in the population from which it’s drawn has an equal chance of being selected. The main advantage of quantitative research is that it can be analyzed using the methods of statistics

23
Q

Convenience goods and services are?

A

(consumer products) include the wide array of products that consumers buy or use often, like milk, gum, candy, snacks, gasoline, and banking services (like those provided by an ATM). Services, such as banking, are made more convenient for customers by providing online sites for quick and easy access to account information

24
Q

Shopping goods and services are?

A

things consumers buy only as they weigh price and value. You might say shopping is comparing. Specialty shops and retail chains, like Target, Books-A-Million, and Sears, serve this kind of consumption.

25
Q

Specialty goods and services are?

A

distinctive and unique. They’re often focused on niche markets among the affluent. Godiva chocolates, Rolex watches, and BMW automobiles are examples of this sort of product. Services offered by medical specialists, business consultants, or corporate accounting firms may fall into a B2B subset of this category.

26
Q

Unsought goods and servicesmay be needed even though?

A

they aren’t normally high on anyone’s to-buy list. Funeral, dental, and legal services related to contract disputes are examples.

27
Q

In marketing research, qualitative research is?

A

gathering data by observing, talking to, and listening to people. A focus group is an example of qualitative research.

28
Q

Brand loyalty is?

A

a value—an asset.

29
Q

brand equity is?

A

brand’s reputation, perceived image, and perceived quality

30
Q

The 4Ps of Marketing: Price Typical objectives in pricing strategies include:

A
  • Achieving a target return on investment—profit.
  • Building traffic—Grocery chains may offer below-cost prices for a time. Such a loss leader, as it’s called, is designed to attract customers.
  • Achieving greater market share—Due to the principles of supply and demand, there are limits to the size of any market. Businesses compete to gain market share. One aim of pricing is building market share.
  • Creating an image—“If you have to ask how much it costs, you can’t afford it.” If you’ve ever heard that quip, you get the idea. Rolex watches cost arms, legs, and second mortgages. So why would anyone buy one? The two-word answer is “social status.” Furthering social objectives—A firm may want to keep prices low so that people with little money can afford them. Government subsidies for basic food products like milk and wheat are also aimed at meeting the basic food needs of those who are “the least among us
  • Furthering social objectives—A firm may want to keep prices low so that people with little money can afford them. Government subsidies for basic food products like milk and wheat are also aimed at meeting the basic food needs of those who are “the least among us
31
Q

Marketing research is?

A

The analysis of markets to determine opportunities and challenges, and to find the information needed to make good marketing decisions.