Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Hall > MKTG 2201 > Flashcards

MKTG 2201 Flashcards

1
Q

What is marketing?

A

marketers figure out what customers want,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Maslow’s hierarchy of needs

A

physiological needs, safety needs, belongingness and love, esteem needs, self-actualization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

physiological needs

A

food, water, warmth, rest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Safety needs

A

security, safety

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Belongingness and Love

A

intimate relationships, friends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

esteem needs

A

prestige and feeling of accomplishment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

self-actualization

A

achieiving ones full potential, including creative activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

wants are..

A

needs shaped by culture, individual personality and preference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

demands are..

A

wants backed by buying power (financial resources)— if a customer demands a product it means they are ready to buy it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Equation for value…

A

Value/utility= benefit- price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

value is

A

differnce between the price you are willing to pay and the price you actually pay (Value/surplus= WTP-price)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

market offering

A

combination of products, services, information, and experiences offered to a market to satisfy a need or a want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

utlitarian product

A

purely functional, necessary, and practical (ex plain bar of soap)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

hedonic products

A

for pleasure, fun, excitement (ex. perfum/sports cars)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

misson statment

A

statement of the organizations purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

product-oriented missions

A

in terms of product or technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

market oriented missions

A

satisfying basic customer needs (ex. amazon)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

strategic planning steps

A

defining mission–> setting company objectives/goals–> desiging the business portfolio–>planning marketing and other functional strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

business portfolio

A

collection of busineses and products that make up the company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

market

A

abstractly refers to a group of customers who may potentially pay for your product/offering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

total market

A

maximum prodcut demand in a given market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

available/served market

A

customers with interest and access to the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

target market

A

customers the company intends to pursue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

penetrated market

A

companies current customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

4 ps of marketing

A

product, price, promotion, place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

4Ps w/ 4 As

A

product=acceptability, price=affordability, place= accessibility, promotion= awareness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

microenvironment

A

consists of the actors close to the company that affect its ability to serve its customers (company, suppliers, marketing intermediaries, customers, competitors, and publics)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

public (microenvironment)

A

any group with a actual or potential interest in the company or an actual or potential impact on it (general, local, internal, government, citizen action)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Marketing intermediaries (Microenvironment)

A

help the company to promote, sell, and distribute its products to final buyers (financial intermediaries, resellers, physical distribution)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Competitors

A

gain strategic advantage by positioning products strongly against competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

value delivery network (Microenvironment)

A

the company, its suppliers, its distributors, and its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Macroenvironment

A

forces that a company cannot control, companies must anticipate and adapt to changes, larger societal forces that affect the macroenvironment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Political Environment (Macroenvironment)

A

legal and regulatory forces that influence or limit various organizations and individuals in a society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Natural Environment (Macroenvironment)

A

involves the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activites

35
Q

cultural environment (Macroenvironment)

A

persistance of cultural values, core beliefs and values have a high degree of persistence– secondary beliefs and values are more open to change

36
Q

consumer behavior

A

refers to the processes we use to select, purchase, use and dispose of goods, services, ideas, or the experiences used to satisfy our needs/desires

37
Q

search good

A

product or service that is easy to evaluate before you buy

38
Q

experience good

A

product or service that is hard to evaluate before you buy

39
Q

customer search

A

consumers searching for products and information about these products before buying

40
Q

simultaneous search

A

first makes a list of all the relevant options and then selecting one option

41
Q

sequential search

A

discover options, one after another, at some point the purchase is made and the search stops

42
Q

simultaneous vs sequential

A

all kinds of search processes have both elements, buying a car is simulaneous whereas house hunting is sequnetial

43
Q

when to stop searching

A

cost outweighs benefits

44
Q

sticky choice

A

consumer tends to buy same brand/product repeatedly before switching, harder to acquire consumers than to keep them

45
Q

why is sticky choice important for marketing?

A

helps marketers design solutions to prevent customers from switching to a competitor and acquire customers

46
Q

forward looking behavior

A

when consumers make decsions based on the impact on their pockets or happiness in the future

47
Q

compromise effect

A

tendency for consumers to prefer middle options

48
Q

decoy effect

A

tendency for consumers to prefer options that are easily seen to dominate some other option

49
Q

conditions to search more

A

if there are many products with lots of different qualities/a lot of differentiation

50
Q

if people are likely to find bad news

A

they search more

51
Q

if they are likely to find good news

A

encourage searching/search more

52
Q

customer heterogeneity

A

consumers are different (ex age, gender, education level, income)

53
Q

market segmentation

A

thus a group of consumers who respond in a similar way to given marketing efforts, groups are called segments

54
Q

Geographic segmentation

A

Dividing a market into different geographical units

55
Q

Demographic segmentation

A

Dividing a market into segments based on easily observable, individual-level variables

56
Q

Psychographic segmentation

A

Dividing a market based on social class, lifestyle, and personality characteristics

57
Q

Behavioral segmentation

A

Using consumer behavior (rather than specific characteristics) to distinguish consumer segments

58
Q

usage segmentation

A

how often they use the product (light, medium, heavy product users)

59
Q

user status segment

A

non-users, ex-users, potential users,
first-time users, regular users.

60
Q

Loyalty status segmentation:

A

completely, somewhat, less loyal

61
Q

criteria for effective segment

A

Measurable: The size, purchasing power, and profiles of the
segments can be measured.
* Accessible: The market segments can be effectively reached and
served.
* Substantial: The market segments are large or profitable enough
to serve.
* Differentiable: The segments are conceptually distinguishable
and respond differently to different marketing mix elements and
programs.
* Actionable: Effective programs can be designed for attracting and
serving the segments. Segments are not actionable because:
* The company has limited resources.
* The segments are not responsive to the company’s marketing efforts.

62
Q

positioning

A

a company or product has a strong position in the market when customers can easily identify why their value proposition is better than others

63
Q

More for more

A

providing the most
upscale product or service and
charging a higher price to cover the
higher cost

64
Q

more for the same

A

A company can
attack a competitor’s value proposition
by positioning its brand as offering
more for the same price.

65
Q

more for less

A

Many companies
claim to do this. And, in the short run,
some companies can actually achieve
such lofty positions.

66
Q

same for less

A

Offering the same
for less can be a powerful value
proposition—everyone likes a good
deal.

67
Q

less for much less

A

In many cases,
consumers will gladly settle for less than-optimal performance or give up
some of the bells and whistles in
exchange for a lower price.

68
Q

choosing a position

A

customer, competition, company

69
Q

Differentiation

A

more precisely refers to what makes the product
stand out from other products on the market

70
Q

positioning

A

more precisely refers to the product’s location on the
attribute space.

71
Q

targeting

A

evaluating each market segments attractiveness and selecting one or more target segments to serve

72
Q

target segment

A

group of customers who the company intends to pursue

73
Q

types of targeting strategies (from broad to narrow)

A

undifferentiated, differentiated, concentrated, micromarketing

74
Q

Undifferentiated (mass marketing)

A

focuses on what is common with consumer needs

75
Q

Differentiated (segmented)

A

targets several market segments and designs separate marketing mixes for each other

76
Q

concentrated (niche marketing)

A

instead of going after a small share of a large market, a firm goes after a larger share of one or a few smaller segments in the market

77
Q

micromarketing

A

method of marketing consists of tailoring products and marketing programs to suit the tastes of specific individuals and locations

78
Q

Individual marketing

A

tailoring products and marketing programs to the needs and preferences of individual customers

79
Q

local marketing

A

tailoring to small geographic segments

80
Q

undifferentiated (pros and cons)

A

Pro: low cost and low risk
Con: weak value proposition

81
Q

Differentiated (pros and cons)

A

Pro: low risk and stronger value proposition than undifferentiated
Con: higher cost than undifferentiated

82
Q

Concentrated (pros and cons)

A

Pro: efficient and high growth potential

83
Q

choosing a targeting strategy

A

Company resources: few resources–> undifferentiated or concentrated
product/market variability: moderate to high product variability–> differnetiated, concentrated, or micro
competition: more competition–> differentiated, concentrated, or micro
segment profitability: fewer profitable segments= concentrated, the segments are less profitable–> undifferentiated

Hall (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions