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Intro to Marketing > Midterm 1 > Flashcards

Midterm 1 Flashcards

1
Q

What is Marketing?

A

the activity, institutions, and processes for creating, communicating, delivering, and exchanging value.

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2
Q

What are the typical elements that make up the marketing process?

A
  1. Two or more parties with an unsatisfied need.
  2. The desire to Satisfy that need.
  3. Ability to satisfy the need
  4. A place for the exchange to happen
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3
Q

What are the requirements for marketing to occur?

A
  1. Two or more parties with an unsatisfied need.
  2. The desire to Satisfy that need.
  3. Ability to satisfy the need
  4. Communication
  5. A place for the exchange to happen
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4
Q

what is marketed?

A

Products, Services, Ideas

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5
Q

4 types of utility

A

Form:
Place:
Time:
Possession:

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6
Q

What are the controllable and uncontrollable elements in
an organization?

A

controllable elements: 4 P’s
Uncontrollable: environmental

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7
Q

What are consumer “needs” and “wants”?

A

I need to eat. I want to eat a burger. Marketing kicks in to make people want your product when they need to be satisfied.

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8
Q

What is Customer Value?

A

The unique benefits target buyers receive include quality, convenience, on-time delivery, and both before and after-sale service at a specific price.

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9
Q

Customer value strategies

A

best price: Target / Walmart
Best service: Nordstrom’s
Best product: Starbucks

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10
Q

What is Customer Value Proposition?

A

Customer value proposition- Your promise to customers what your product will do for them. (Apple: to provide premium, high-quality, innovative, and user-friendly technology products and services that enrich the lives of its customers)

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11
Q

What are the different levels within an organization and what is the purpose of each of those levels?

A

Board of directors - manage visions
C suite- directs overall strategy
SBU- focus on one product or brand

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12
Q

What are the different types of organizations we define in marketing?

A

For-profit
nonprofit
government

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13
Q

What are marketing dashboards and marketing metrics? What are their purposes?

A

Visualize data in charts or other visuals to get a good idea of information. What’s working well, what needs to be improved, and where are the opportunities to improve or add additional support or funding?

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14
Q

What are visionary organizations?

A

an organization that can look into the future and attempt to see changes in the future and adapt in real-time. Visionary organizations follow the why, what, and how.

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15
Q

What elements make-up the visionary organizations?

A

Foundation: why
Direction: what
strategy: how

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16
Q

Strategic Marketing Process

A

Planning
Implementation
Execute
Evaluate

17
Q

What is environmental scanning and what is its purpose?

A

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

18
Q

What are the different stages in the consumer purchase decision process?

A
  1. problem recognition
  2. information search
  3. alternative evaluation
  4. purchase decision
  5. post-purchase behavior
19
Q

What is consumer involvement? What are the three different types of consumer
involvement?

A

-high involvement
-moderate involvement
-limited involvement

20
Q

What are the major psychological influences on consumer behavior?

A

motivation
personality
perception
learning
attitude
lifestyle

21
Q

What are the major sociocultural influences on consumer behavior?

A

opinion leaders
word of mouth
reference groups
family structure

22
Q

Selective Exposure

A

paying attention only to messages consistent with your beliefs and attitudes: only going to the Apple store to buy a smartphone.

23
Q

Selective Comprehension

A

interpreting information that is consistent with your beliefs: snow pup is weak becuase it sounds weak, snow master is strong becuase it sounds strong

24
Q

Selective Retention

A

retaining only information that you care about. Furniture salespeople send you home with a brochure to help you retain info

25
Q

What are industrial markets?

A

make or alter products to sell

26
Q

What are reseller markets?

A

no alterations to products

27
Q

What are government markets?

A

government agencies

28
Q

What is derived demand?

A

the idea that the demand for industrial products is driven by a corresponding demand at the consumer level.

29
Q

What are the characteristics of organizational buying?

A

derived demand
size of order
buying objective

30
Q

What are the key organizational buying criteria?

A

ensuring the products or services they buy meet requirements (performance, ease of use). They evaluate the suppliers and the product itself—a way to trust the suppliers.

31
Q

What are the three different types of “buy classes” in a buying center?

A

users
buyers
influencers
gatekeepers

Intro to Marketing (3 decks)

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