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BA 101 > Midterm 1 > Flashcards

Midterm 1 Flashcards

1
Q

Marketing

A

Activities designed to provide goods and services that provide value and satisfy customers

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2
Q

What is work?

A

Investing energy to create something of value

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3
Q

What is competition?

A

Invisible hand of the market.
Vital part of private enterprise

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4
Q

What is the importance of competition?

A

Applies pressure for lower prices, efficiency, and new/better products

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5
Q

Transaction

A

An exchange for profit

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6
Q

Contract

A

Binding agreement to establish parameters of exchange

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7
Q

Private enterprise system requires existence of these four conditions:

A

Private property, freedom of choice, fair competition, right to keep profits

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8
Q

Stakeholders

A

Citizen, consumer, employee, business owner

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9
Q

Shareholders

A

business owner

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10
Q

Specialized economies has no sure success because of:

A

Uncertainty, Risk, Reward

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11
Q

Most successful innovations involve:

A

experimentation, feedback, openness, and has target market who will benefit

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12
Q

How is first mover and fast follower different?

A

First mover create new products. Fast follower creates a better/more efficient product

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13
Q

Management Process

A

Planning, Organize, Operate, Control

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14
Q

4 areas of management

A

Marketing, Production, Finance, Administrative

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15
Q

Asset

A

items (tangible and intangible) that have value

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16
Q

Economics

A

study of how society employs resources to produce goods/services for consumption

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17
Q

Macroeconomics

A

nation’s economy

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18
Q

Microeconomics

A

people/organization in markets

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19
Q

Resource development

A

study of how to increase resources and create conditions that will better use them

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20
Q

Invisible Hand Theory

A

self-directed gains lead to social and economic benefits

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21
Q

Who is Adam Smith?

A

He is considered the father of modern economics. Smith is most famous for his 1776 book, The Wealth of Nations and theory of the invisible hand

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22
Q

Capitalism

A

Land, factories, stores owned by individuals for profit

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23
Q

State Capitalism

A

All run by state or government

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24
Q

Free Market decisions

A

Decisions in free markets are made by buyers and sellers through signals of supply and demand

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25
Q

Supply

A

quantity of products businesses are willing to sell

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26
Q

Demand

A

quantity of products consumers are willing to buy

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27
Q

Equilibrium

A

market price determined by supply and demand, S = D

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28
Q

Four degrees of Competition:

A

Perfect, Monopolistic, Oligopoly, Monopoly

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29
Q

Perfect Competition

A

similar goods, commodities, can’t compete on product

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30
Q

Monopolistic Competition

A

similar goods but not identical, competes on product

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31
Q

Oligopoly

A

small group of competitors

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32
Q

Monopoly

A

only one supplier of goods/services (often regulated)

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33
Q

What are free market benefits and cons?

A

Allows competition, lowers prices, better goods/services, innovation, opportunity
But driven by greed

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34
Q

Gross Domestic Product

A

(GDP) total value of final goods/services produced in a country in a given year

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35
Q

Inflation

A

general rise in price

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36
Q

Deflation

A

general decline in price

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37
Q

Consumer Price Index

A

(CPI) monthly statistics that measures the pace of inflation or deflation by computing cost of goods/services

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38
Q

Business Cycles

A
  1. economic boom, 2. recession, 3. depression, 4. recovery
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39
Q

Fiscal Policy

A

government’s efforts to keep economy stable through taxes and government spending

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40
Q

Monetary Policy

A

management of money supply and interest rates by the Federal Reserve Bank

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41
Q

Customer Relationship Management

A

(CRM) learning as much as possible about customers to satisfy and meet expectations and build long-term relationships

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42
Q

Customer Perceived Value

A

customer’s evaluation of benefits and costs of a marketing offer

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43
Q

Marketing Mix

A

Product, Price, Place, Promotion

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44
Q

Role of marketing research:

A

process of planning, collecting, analyzing data relevant to marketing decision

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45
Q

Different types of market segmentation

A

Geography, demographics, psychographics, usage rate

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46
Q

Target Market

A

a group of people for which an organization designs, implements, and maintains a marketing mix intended to meet their needs

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47
Q

Customer Behavior

A

processes a consumer uses to make a purchase decision and use/dispose goods/services

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48
Q

Demographic Segmentation

A

Includes age, gender, income, family, life cycles

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49
Q

Psychographic Segmentation

A

personality, motives, lifestyles

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50
Q

Geo-demographic Segmentation

A

based on where you live and lifestyle

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51
Q

Environmental Scanning

A

process of identifying factors that affect market success (global, technological, sociocultural, etc)

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52
Q

Consumer Market (B2C)

A

individuals that want/purchase goods and services

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53
Q

Business 2 Business (B2B)

A

organizations that buy good/services to use in production

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54
Q

Niche Marketing

A

identifies small but profitable market segments

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55
Q

One to One marketing

A

develops unique mix of goods/services for individual consumers

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56
Q

Mass Marketing

A

developing products for large groups of people

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57
Q

Unemployment Rate

A

percent of people over 16 who are unemployed and tried to find a job within the past 4 weeks

58
Q

Real Unemployment Rate

A

standard unemployment rate plus those who’re underemployed, discouraged, looked for a job within the last year

59
Q

Frictional Unemployment

A

people who quit out of dislike and are still without job and those who are entering workforce for the first time

60
Q

Structural Unemployment

A

caused by restructuring of firms or mismatch of skills/location and requirements of available jobs

61
Q

Cyclical Unemployment

A

due to recession or downturn in business cycles (most serious)

62
Q

Seasonal Unemployment

A

demand for labor varies over the year

63
Q

Production Era

A

marketing was a distribution function. Produce as many good as possible

64
Q

Selling Era

A

emphasis on selling and advertising

65
Q

Marketing Concept

A

businesses recognized need to be responsive to consumers

66
Q

Customer Relationship Era

A

focused on enhancing customer satisfaction and long-term loyalty

67
Q

Cost

A

expense of obtaining materials for making products

68
Q

Price

A

something given up in exchange for goods/services

69
Q

Profit Maximization

A

setting prices so that total revenue is as large as possible relative to costs

70
Q

What is revenue?

A

Price x Units sold

71
Q

What is the relationship between supply and demand?

A

It is inverse. As supply decreases, demand increases, and as demand decreases, supply increases

72
Q

Commodities

A

products that are similar without meaningful differentiation

73
Q

What is the value of service?

A

Services provide differentiation; can be influential for commodity products

74
Q

Total Product Offering

A

everything consumers evaluate when deciding whether to buy something or not

75
Q

Product Lines

A

a group of products that are physically similar or intended for similar market

76
Q

Product Mix

A

combination of all product lines offered by a manufacturer or service provider

77
Q

Product Differentiation

A

creation of real/perceived product differences through pricing, advertising, and packaging

78
Q

Why have a mix of products?

A

matches different customer preferences and allows companies to set prices (maximizes profit)

79
Q

Positioning

A

brand meaning perceived by target market

80
Q

Break Even Point

A

point at which cost = income
(no net gain, no net loss)

81
Q

Break Even Analysis

A

process used to determine profitability at various levels of sales; revenue = costs

82
Q

Total Fixed Costs

A

all costs remain the same

83
Q

Variable Costs

A

costs that change according to level of production

84
Q

Formula for Break Even Point

A

Fixed Cost/Contribution Margin

85
Q

Contribution Margin

A

price - variable cost per unit

86
Q

Distributed Product Development

A

handing off various parts of innovation process

87
Q

Good packaging must:

A

attract attention, protect goods, easy to open/use, give info on product, explain benefits

88
Q

Brand

A

name, symbol, design that identifies goods/services of sellers and distinguishes from competition

89
Q

Brand Equity

A

value of brand name and associated symbols

90
Q

Brand Manager

A

has direct responsibility for one brand/product line

91
Q

Product Screening

A

determines whether product has good potential and is marketable

92
Q

Product Analysis

A

making cost estimates and sale forecasts

93
Q

Product Life Cycle

A

Introduction, Growth, Maturity, Decline

94
Q

New Product Development Process:

A

idea generation, product screening, product analysis, development, testing, commercialization

95
Q

Cost Based Pricing

A

market determines price, includes cost of updates, marketing objectives

96
Q

Target Based Pricing

A

based on demand, satisfies customers and meets profit margin

97
Q

Competition Based Pricing

A

based on competition, customer loyalty, perceived differences

98
Q

Skimming Price Strategy

A

prices a new product very high to recover costs and make as much profit as possible while there’s little competition

99
Q

Penetration Pricing

A

introduce low price for new products which undercuts competitors and attracts customers

100
Q

Demand Oriented Pricing

A

marketers set price on basis of consumer demand, not costs

101
Q

Non-Price Competition

A

marketers compete on factors other than price; product images, comfort, style, durability, convenience

102
Q

What is the primary purpose of a business?

A

maximize revenue

103
Q

What is a brand?

A

entire organization as seen through the eyes of stakeholders

104
Q

Brand Loyalty

A

degree to which customers are satisfied and committed to further purchases

105
Q

Brand Awareness

A

how quickly/easily a given brand name comes to mind

106
Q

Introduction

A

introducing new product, keep mix small

107
Q

Growth

A

product gains attention, improve product, keep mix limited

108
Q

Maturity

A

profit peak, differentiate product, expand mix

109
Q

Decline

A

demand goes down, cut product mix,

110
Q

Place

A

how products get to our hands

111
Q

Intermediaries

A

organizations that help move goods/services

112
Q

Channel of Distribution

A

group of market intermediaries

113
Q

Agents/Brokers

A

bring buyers and seller together, assist in negotiating an exchange

114
Q

Wholesalers

A

sells products to other firms

115
Q

Retailers

A

firm that sells products to costumers

116
Q

What is the value of an intermediary?

A

perform marketing tasks quickly, lower costs, make markets more efficient by reducing transactions/contacts

117
Q

Tasks and benefits of intermediaries include:

A

transport, store, sell, advertise, build relationships, inventory, stock, keep track of trends,
Faster and cheaper; provide value

118
Q

Intensive Distribution

A

puts products into as many stores as possible

119
Q

Selective Distribution

A

only preferred group of available retailers

120
Q

Exclusive Distribution

A

only one retail outlet in a given geographic area

121
Q

Direct selling

A

selling goods/services to customers in their homes/workplaces

122
Q

Multi-leveling Marketing

A

uses salespeople who work as independent contractors, paid on sales not slary

123
Q

Direct Marketing

A

directly links manufacturers/intermediaries to customers (online shopping)

124
Q

Integrated Marketing Communications

A

combine promotional tools, creates a positive brand image, meets consumer needs, meets marketing and promotional goals

125
Q

Channel of Distribution Order

A

Producer, Agents, Wholesalers, retailers, consumers

126
Q

Utility

A

is the want-satisfying ability that organizations ad to goods/services by making them more useful and accessible

127
Q

Time Utility

A

products are more available

128
Q

Place Utility

A

products are where consumers want them

129
Q

Possession Utility

A

delivery, installation, guarantees

130
Q

Information Utility

A

opens 2-way flow of information

131
Q

Service Utility

A

fast, friendly service and teaches customers how to best use products over time

132
Q

Merchant Wholesalers

A

independently owned firms that take title to goods they handle

133
Q

What is a disadvantage of Online Retailing?

A

traditional retailers have a price advantage since higher prices cover shipping

134
Q

Corporate Distribution Systems

A

one firm owns all organizations in the channel of distribution

135
Q

Contractual Distribution Systems

A

members are bound by agreements

136
Q

Administered Distribution Systems

A

producers manage marketing functions

137
Q

Supply Chains

A

linked activities organizations perform to move goods/services from materials to consumers

138
Q

Logistics

A

planning, implementing, controlling physical flow of material, final goods, information, from origin to consumption to meet customer requirements

139
Q

7 Right’s

A

right of product, place, customer, time, quantity, condition, price

140
Q

Value

A

Function (scarcity and need)

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