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MK 201 > MK 201 Test 1 > Flashcards

MK 201 Test 1 Flashcards

1
Q

Marketing

A

The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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2
Q

Product

A

Bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value

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3
Q

Three types of products

A

Good: physical or tangible object Service: intangible item Idea: concept or opinion

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4
Q

Ultimate consumers

A

the people who use the products and services purchased for a household

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5
Q

Organizational buyers

A

Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.

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6
Q

Utility

A

the benefits or value received by users of the product

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7
Q

Four Types of utility

A

Form(what), Place(where), Time(when), Possession(how)

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8
Q

Uncontrollable Environmental Forces

A

Social, economic, technological, competitive, regulatory

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9
Q

Fundamental objectives of marketing

A

Discover customers’ needs —> satisfy customers’ needs

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10
Q

Controllable Marketing Mix

A

Four P’s: Product, Place, Promotion, Price

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11
Q

Need

A

feeling deprived of basic a necessity such as food, clothing, or shelter

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12
Q

Want

A

need that is shaped by a person’s knowledge, culture, and personality

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13
Q

market

A

people with both the desire and the ability to buy a specific product

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14
Q

market segments

A

relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action

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15
Q

Target Market

A

one or more specific groups of potential customers toward which an organization directs its marketing program

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16
Q

Product

A

good, service, or idea designed to satisfy customers’ needs

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17
Q

Price

A

money or what is exchanged for

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18
Q

Place

A

distribution channel used to get the product to the customer

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19
Q

Promotion

A

communication between the seller and buyer— including advertising, public relations, sales promotions, and personal selling

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20
Q

marketing program

A

a plan that integrates the elements of the marketing mix to provide a product to a target market

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21
Q

customer value

A

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

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22
Q

Relationship marketing

A

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

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23
Q

Customer relationship management (CRM)

A

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase.

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24
Q

customer experience

A

the internal response that customers have to all aspects of an organization and its offering

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25
Q

marketing concept

A

the idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization’s goals

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26
Q

marketing orientation

A

an organization with a market orientation focuses its efforts on

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27
Q

organization

A

legal entity that consists of people who share a common mission

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28
Q

Three types of organizations

A

For-profit business firms nonprofit organizations government agencies

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29
Q

For-profit

A

legal entity engaged in business activities Solly with the intent of serving its employees without the intent of making a profit

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30
Q

Nonprofit organization

A

nongovernmental organization that serves its customers but does not have profit as an organizational goal

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31
Q

Government agency

A

federal, state, or local unit that provides a specific service to its constituents

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32
Q

Industry

A

the group of organizations that offer similar products

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33
Q

Strategy

A

an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals

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34
Q

Structural of Organizations

A

Board of Directors —> Corporate Level —> Strategic business unit level —> functional level(departments)

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35
Q

Corporate Level

A

top management directs overall strategy for the entire organization

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36
Q

Strategic business unit level

A

managers set a more specific strategic direction for their business to exploit value-creating opportunities

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37
Q

Functional level

A

the specialists within an organization who actually create value are usually a member

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38
Q

organization

A

legal entity that consists of people who share a common mission

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39
Q

organizational purpose

A

describes why an organization exists, problem it wants to solve, and who it wants to be to every person it touches though its work

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40
Q

core values

A

the fundamental, passionate, and enduring principles of an organization that guide its conduct over time

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41
Q

mission

A

a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies

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42
Q

organizational culture

A

the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

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43
Q

goals (or objectives)

A

statements of an accomplishment of a task to be achieved, often by a specific time

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44
Q

business portfolio analysis

A

a technique that managers use to quantity performance measure and growth targets to analyze units (SBUs) as though they were a collection of separate investments

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45
Q

market penetration

A

promotional campaigns & price changes, least risky (current products & current markets)

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46
Q

product development

A

developing new versions of existing products by adding or upgrading features. existing categories, or developing new products in new categories, moderately risk (new products & current markets)

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47
Q

market development

A

sell current products in new markets, include new market segments, and geographic areas, moderately risky (current products & new markets)

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48
Q

diversification

A

developing new products and selling them in new markets, most risky (new products & new markets)

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49
Q

Strategic marketing process

A

planning phase, implantation, evaluation

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50
Q

SWOT analysis

A

Strengths, Weaknesses, Opportunities, Threats

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51
Q

Internal & favorable

A

strengths

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52
Q

External & favorable

A

opportunities

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53
Q

Internal & unfavorable

A

weaknesses

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54
Q

external & unfavorable

A

threats

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55
Q

customer value proposition

A

the cluster of benefits that an organization promises customers to satisfy their needs

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56
Q

points of difference

A

those characteristics of a product that make it superior to competitive substitutes

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57
Q

product positioning

A

the place a product occupies in customers’ minds on important attributes relative to the competition

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58
Q

marketing strategy

A

a marketing goal achieved usually characterized by a target market and a marketing program to reach it

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59
Q

marketing tactics

A

detailed day-to-day operational marketing actions

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60
Q

marketing dashboard

A

the visual display of the essential information related to achieving a marketing objective

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61
Q

diversification analysis

A

a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

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62
Q

situation analysis

A

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it.

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63
Q

environmental scanning

A

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

64
Q

social forces

A

the demographic and its cultural characteristics of the population

65
Q

culture

A

the set of values, ideas, and attitudes that are learned and shared among the members of a group

66
Q

Baby boomers

A

1946 - 1964, optimism and idealism

67
Q

Gen X

A

1965 - 1980, independece and self-reliance, support of racial and ethinc diversity

68
Q

Gen Y

A

1981 - 1996, social and environmental consciousness, expierences over possesions

69
Q

Gen Z

A

individual expression and creativity, diversity and inclusivity,

70
Q

multicultural marketing

A

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races and ethnic groups

71
Q

marketspace

A

an information and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digital offerings

72
Q

Electronic commerce

A

the activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services

73
Q

Internet of Thing (IoT)

A

the network of products embedded with connectivity-enabled electronics

74
Q

Pure Competition

A

many sellers with similar products

75
Q

Monopolistic Competition

A

many sellers with substitutable products in a price range

76
Q

Oligopoly

A

few sellers control the majority of sales

77
Q

Monopoly

A

only one seller

78
Q

regulation

A

restrictions state and federal laws place on a business with regard to the conduct of its activities

79
Q

ethics

A

the moral principles and values that govern the actions and decision of an individual or group

80
Q

caveat emptor

A

the legal concept of “let the buyer beware” that was pervasive in the American business culture prior to the 1960s

81
Q

triple bottom line

A

The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.

82
Q

cause marketing

A

occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

83
Q

economy

A

income, expenditures, and resources that affect the cost of running a business and household

84
Q

consumer behavior

A

the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions

85
Q

purchase decision process

A

the five states a buyer passes through in making choices about which products and services to buy. Problem recognition —> information search —> alternative evaluation —> purchase decision —> post purchase behavior

86
Q

problem recognition

A

perceiving a difference between a person’s ideal state and their current situation

87
Q

Information search

A

internal - consumers scanning their memory for personal experiences with and prior knowledge about a product. external - consumers gathering information from sources outside of their own experiences or existing knowledge — includes personal, public, and marketer-dominated sources

88
Q

Alternative evaluation: assessing value

A

evaluative criteria - objective and subjective attributes of a product that consumers use when choosing among alternatives

89
Q

purchase decision

A

selection of retailer and timing of purchase

90
Q

post purchase behavior

A

satisfaction or dissatisfaction

91
Q

cognitive dissonance

A

post purchase anxiety that an alternative product may offer more benefits than the one purchased

92
Q

involvement

A

the personal, social, and economic significance of the purchase to the consumer

93
Q

extended problem solving

A

high-involvement purchase situations considerable time and effort to search for external information

94
Q

limited problem solving

A

used for purchases that do not require a great deal of time or effort seek information or rely on a friend to help them evaluate alternatives

95
Q

routine problem solving

A

consumes spend little to no time seeking information or alternatives frequently purchased item skips to the purchase decision

96
Q

motivation

A

the energizing force that stimulates behavior to satisfy a need

97
Q

Maslow’s hierarchy of needs (bottom to top)

A

Physiological needs(floodwater,shelter), safety needs(no harm, financial security), social needs(friendship, love), personal needs(status, respect,prestige), self-actualization needs (self-fulfillment)

98
Q

personality

A

an individual’s consistent behaviors or responses to recurring situations

99
Q

self-concept

A

the way people see themselves and the way they believe others see them

100
Q

Actual self-concept

A

how people really see themselves

101
Q

ideal self-concept

A

how people would like to see themselves

102
Q

perception

A

the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

103
Q

selective perception

A

filtering of exposure, comprehension, and retention of information

104
Q

perceived risk

A

The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

105
Q

learning

A

those behaviors that result from (1) repeated experience and (2) reasoning

106
Q

behavioral learning

A

process of developing automatic responses to a situation built up through repeated exposure to it

107
Q

cognitive learning

A

making connections between two or more ideas or simply observing the outcomes of others’ behaviors and adjusting your own accordingly

108
Q

attitude

A

a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

109
Q

beliefs

A

a consumer’s subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussion with other people

110
Q

psychographics

A

the analysis of consumer lifestyles

111
Q

opinion leaders

A

individuals who exert direct or indirect social influence over others

112
Q

influencer marketing

A

the recruitment of individuals to advocate for products and brands rather than focusing exclusively on prospective buyers

113
Q

reference group

A

people an individual looks to as a basis for self-appraisal or as a source of personal standards

114
Q

associative group

A

a person is a member of

115
Q

aspiration group

A

person would like to be a member of or would like to be identified with

116
Q

dissociative group

A

does not want to be associated with because of differences in values or behaviors

117
Q

brand community

A

a group of consumers that share a common passion for a particular brand fellow customers of that brand , and the product in use

118
Q

social class

A

use to group people sharing similar values, interest, and behaviors

119
Q

family life cycle

A

the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors

120
Q

subculture

A

subgroups within the larger, or national, culture with unique values, ideas, and attitudes

121
Q

consumer touchpoints

A

points of contact between a consumer and a product or brand during the purchase decision process - from problem recognition to post purchase behavior

122
Q

organizational buyers

A

Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.

123
Q

business-to-business marketing

A

the marketing of products to organizational buyers that buy products for their own use or for resale

124
Q

derived demand

A

demand for industrial products that is driven by, or derived from, the demand for consumer products

125
Q

organizational buying criteria

A

objective attributes of the supplier’s products and the capabilities of the supplier itself

126
Q

organizational buying behavior

A

The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers.

127
Q

buying center

A

the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision

128
Q

e-marketplaces

A

online trading communities that bring together organizational buyers and suppliers to make possible the real-time exchange of information, money, products, and services

129
Q

traditional auction

A

a seller puts an item up for sale and potential buyers are invited to bid in competitions with each other

130
Q

reverse auction

A

a buyer communicates a need for a product and potential suppliers are invited to bid in competition with each other

131
Q

Marketing Research

A

the process of defining a marketing problem systematically collecting and analyzing information, and recommending actions

132
Q

marketing research process

A

define the problem –> develop the research plan –> collect relevant information –> develop findings –> take marketing action

133
Q

research objectives

A

specific, measurable goals the decision maker seeks to achieve in conducting the marketing research

134
Q

measures of success

A

criteria or standards used in evaluating proposed solutions to the problem

135
Q

exploratory research

A

study conducted at the early stages of a research project to gain a better understanding of a situation

136
Q

descriptive research

A

study conducted to provide a detailed, factual account of a specific phenomenon, market, or consumer group - typically quantitative

137
Q

constraints

A

restrictions placed on potential solutions to a problem-often time or money

138
Q

concepts

A

ideas about products or services

139
Q

new-product concept

A

a picture or verbal description of a potential product

140
Q

research methods

A

techniques and processes used to collect, analyze and interpret data

141
Q

observation

A

surveillance of behaviors in person or through mechanical means

142
Q

questionnaires

A

asking people about their attitudes, awareness, intentions, and behaviors

143
Q

sampling

A

selecting a group of research participants

144
Q

statistical inference

A

using statistical methods

145
Q

secondary data

A

facts and figures recorded prior to the project

146
Q

primary data

A

facts and figures newly collected for the project

147
Q

internal secondary data

A

internal records of a company, valuable as it is readily accessible cost-effective, and specific to the company’s operations

148
Q

inputs

A

budget, customer databases, inventory records

149
Q

outcomes

A

sales records, customer service logs

150
Q

external secondary data

A

published data from outside the organization
- used for benchmarking, identifying trends, and conducting industry analysis

151
Q

personal observation

A

mystery shoppers ethnography

152
Q

mechanical methods

A

people meter

153
Q

neuromarketing techniques

A

eye-tracking, biometric monitoring, facial coding

154
Q

focus group

A

a qualitative research method that involves bringing together a small group of individuals (6 to 10) participants for a structured discussion led by a moderator

155
Q

open-ended questions

A

MK 201 (4 decks)

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