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Fall 23 > mktg 301 exam 1 > Flashcards

mktg 301 exam 1 Flashcards

1
Q

What is Marketing?

A

Ability to provide worth to a customer, being able to convince someone to buy a product

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2
Q

What are the 4 P’s of Marketing?

A

Product, Price, Place, Promotion

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3
Q

In the 4 P’s of Marketing, what does Product mean?

A

what do potential customers need and want

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4
Q

In the 4 P’s of Marketing, what does Price mean?

A

how much should we ask customers to pay

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5
Q

In the 4 P’s of Marketing, what does Place mean?

A

how will we get it to the customers

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6
Q

In the 4 P’s of Marketing, what does Promotion mean?

A

how will we communicate with the customers

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7
Q

Is it more profitable for a company to think inside out or outside in?

A

Outside in

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8
Q

The Marketing concept is…

A

looking outward with a focus on customers needs and wants, profit through customer satisfaction

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9
Q

The Selling concept is…

A

looking inward with a focus on factories, profit through sales volume, myopia occurs due to products being created with similar parameters

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10
Q

The Production concept is…

A

consumers choose products available and affordable, focused improvement on distribution and production, myopia occurs due to emphasizing production over product

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11
Q

The Product concept is…

A

products highest in quality, performance, and innovation, focus on improvement of product, myopia occurs due to company focusing on product rather than market

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12
Q

The Societal Marketing Concept is… triangle

A

Consumers, Company, and Society

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13
Q

Purposeful Brands are…

A

companies who create a brand with the intention of focusing on what’s good for society as a large long-term

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14
Q

What value do Superior Customers provide?

A

customer loyalty, retention, referrals, customer equity, higher profits more customers

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15
Q

What is the goal for companies in regards to customers?

A

True Friends and Customer Evangelists

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16
Q

Consumer Generated Marketing is…

A

customers make ads because they love the product

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17
Q

Customer Lifetime Value is…

A

total revenue a customer generates for your company - customer acquisition cost – customer retention costs

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18
Q

What can marketers learn by studying the marketing environment? List of 3

A

understand constraints, opportunities, and threats

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19
Q

How should all departments think in a company? (part of microenvironment)

A

Think Consumer, they must work together to provide the best value for a consumer

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20
Q

Suppliers, a part of the microenvironment..

A

Provide resources needed for production and innovation

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21
Q

Intermediaries, a part of the microenvironment…

A

help the company promote, sell, and distribute the products to end-users

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22
Q

An example of a Reseller, a type of intermediary, is…

A

Increase profitability at Wendy’s drive thru using Coca-Cola in the solution

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23
Q

An example of a Physical Distribution Firm, a type of intermediary, is…

A

Trucking companies that bring French fries to a restaurant

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24
Q

An example of a Marketing Service Agency, a type of intermediary, is…

A

Create ads for a restaurant

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25
Q

An example of a Financial Intermediary is…

A

Banks, offer good terms on a loan

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26
Q

Competitors, a part of the microenvironment…

A

provide reasonable substitutes to customers, use buzzwords like “Competitive Advantage” and Point of Difference”

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27
Q

What is the Law of Color?

A

A brand should use a color that is opposite of its major competitors

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28
Q

The Public, part of the microenvironment…

A

Any group that has an interest in or impact on an organizations ability to achieve its objectives

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29
Q

What are Customers in terms of marketing?

A

Who buys the Products, can be consumers, resellers, government, non-profits, international market, business buyers

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30
Q

Demographics, a force in the Macroenvironment includes…

A

Household Structures, Age Structures, Geographic Population Shifts, Educational Characteristics, Population Diversity, Occupations

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31
Q

In regards to Age Structures, Baby Boomers are…

A

1946-64, most affluent generation, digitally active, care about: staying active and youthful thinking, post-poning retirement

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32
Q

In regards to Age Structures, Gen X is…

A

1965-80, weigh decisions, adapted to tech in young adulthood, high brand loyalty, care about: experiences over materialism and the environment

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33
Q

In regards to Age Structures, Millennials (Gen Y) are…

A

1981-96, large buying power, came of age during technology, frugal and want to connect with brands efficiently, care about: value and sharing experiences, utilize social media, interdependent, now oriented

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34
Q

In regards to Age Structures, Gen Z is…

A

1997-2012, largest generation, fluent in digital technology, cautious spenders, care about: authenticity and creating their own brand experiences, desire sensory info, expect personalized experiences, innovators

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35
Q

In regards to Age Structures, Gen Alpha is…

A

Born after 2012, will be the most formally educated and wealthiest generation, substantial influence on family purchases, privacy is a big issue, Marketing gateway to reach their parents, Important future consumers just beginning to establish brand preferences

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36
Q

Economic Forces, a force in the Macroenvironment includes…

A

Consists of factors that affect consumer purchasing power and spending patterns

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37
Q

Overconsumption, a change in buying behavior…

A

leads to the search for value marketing

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38
Q

What is Treasure Hunter Tradeoffs?

A

The idea that when money is tight we still have things we will spend money on

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39
Q

Name the Income Distribution Brackets?

A

Upper Class, Middle Class, Working Class, Under Class

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40
Q

Natural resources that are needed as inputs by marketers or that are affected by marketing activities include

A

Shortage of raw materials, Increased Pollution, Increased government intervention, Environmentally sustainable strategies

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41
Q

Technology, a force in the Macroenvironment includes…

A

Factors that create new technologies, products, and market opportunities (while making other products obsolete)

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42
Q

Politics, a force in the Macroenvironment includes…

A

Laws, regulations, and pressure groups that influence and limit various organizations and individuals in a given society, Most laws that affect marketing have been passed in order to protect consumers

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43
Q

The Sherman Antitrust Act dealt with…

A

Price fixing, predatory pricing, anti monopoly

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44
Q

The Robinson Patman Act dealt with…

A

Price discrimination is unlawful, amends Clayton act

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45
Q

What are cultural forces?

A

The forces that affect a society’s basic values, preferences, and behavior

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46
Q

Hypertasking, a cultural force, deals with

A

Multitasking in overdrive

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47
Q

Egonomics, a cultural force, deals with

A

Craving recognition of individuality

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48
Q

Mass Mingling, a cultural force, deals with

A

Digital technologies affect mingling in real life

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49
Q

Cocooning , a cultural force, deals with

A

Spending more time at home, Emphasis on at home décor, improvement, and food delivery

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50
Q

Down-aging , a cultural force, deals with

A

Comfort in familiar pursuits and products from decades past

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51
Q

Clanning , a cultural force, deals with

A

Validating one’s own belief system by belonging to a group that shares common beliefs or ideals

52
Q

LOHAS (lifestyles of health and sustainability) , a cultural force, deals with

A

General concern for natural world, Reusable goods, compostable packaging, sustainable materials

53
Q

Renewed Spirituality , a cultural force, deals with

A

Less materialism, greater “meaning of life”

54
Q

Does digital technology make people more social or less social in the real world?

A

More social, people are able to arrange meetups much easier than without digital technology

55
Q

What is the Marketing Information System?

A

Marketing managers want to obtain information (target markets, marketing channels, competitors, public, macroenvironment forces) and use it

56
Q

What can you learn from internal databases?

A

Get rewards from loyalty programs, marketing managers know what we like to buy, what items customers buy together, times we buy, what items go off the shelves the quickest, Develop demographic data on different locations and aim their marketing towards different markets

57
Q

What is Marketing Intelligence?

A

What public information is available

58
Q

What is Marketing Research?

A

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization, consumer insights

59
Q

What is the first step of the Marketing Research Process?

A

Defining the problem and research objectives

60
Q

What is the second step of the Marketing Research Process?

A

Developing the research plan for collecting information

61
Q

What is the third step of the Marketing Research Process?

A

Implementing the research plan, collecting and analyzing the data

62
Q

What is the fourth step of the Marketing Research Process?

A

Interpreting and reporting the findings

63
Q

What are some attributes of Primary Data?

A

Collects specific info, directly applicable, costly

64
Q

What are some Attributes of Secondary Data?

A

rely on existing info, often not as applicable, less expensive

65
Q

What does Exploratory Research do?

A

Gathers preliminary information that will help define the problem and suggest hypotheses

66
Q

What does Descriptive Research do?

A

Describes things (market potential, demographics, attitudes)

67
Q

What does Casual Research do?

A

Test hypotheses about cause-and-effect relationships

68
Q

What does Observational Research do?

A

The gathering of primary data by observing relevant people, actions, and situations

69
Q

What does Ethnographic Research do?

A

Observation in a natural environment, like the grocery store

70
Q

What are some aspects of Mechanical Observation?

A

device monitors, checkout scanners, eye cameras

71
Q

What aspects does eye tracking focus on?

A

Shape, color, area around object

72
Q

What does Big Data track in Marketing?

A

What people searched online for, clicked on, websites visited, social media shares, purchases

73
Q

Survey Research is…

A

Most widely used method for primary data collection, Best for gathering descriptive information

74
Q

Personal Interviews, one of the contact methods…

A

Individual or group, Used for survey and experiments, some observational research

75
Q

Pros of Personal Interviews include…

A

Highly flexible, good control of sample

76
Q

Cons of Personal Interviews include…

A

High cost per respondent, interviewer effect exists

77
Q

Phones, one of the contact methods…

A

Mostly used for survey, some experiments, Gathers information fast, but quantity of data is often smaller than other methods

78
Q

Pros of Phones include…

A

Gathers information fast, greater flexibility than mail surveys

79
Q

Cons of Phones include…

A

Higher cost than mail, interviewer effects exist

80
Q

Mail, one of the contact methods…

A

Mostly used for surveys using a questionnaire, Likely to give more honest answers, but speed of data collection is slow

81
Q

Pros of Mail include…

A

Reaches more people than phone

82
Q

Cons of Mail include…

A

Can’t change it after mailed, low response rate

83
Q

Online Marketing Research, one of the contact methods…

A

Can do surveys, experiments, and personal interviews

84
Q

Pros of Online Marketing Research include…

A

least expensive, flexible, saves time on data processing

85
Q

Cons of Online Marketing Research include…

A

inaccurate answers and a low response rate

86
Q

What are the 4 aspects of Experimental Research?

A

(1)Selected matched groups of subjects (2) Give different treatments (3) Control for unrelated factors (4) Check differences in response between groups, best for gathering casual research

87
Q

Consumer Behavior is…

A

Buying behavior of individuals and households who buy goods and services for personal consumption

88
Q

Cultural Factors are…

A

Most basic cause of a person’s wants and behaviors

89
Q

A Subculture is..

A

the culture of a group of people who share value systems based on common life experiences

90
Q

Social Classes are…

A

society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors

91
Q

Hispanic Americans, an Ethnic Subculture…

A

use twitter more and brand names sell well, family affair

92
Q

African Americans, an Ethnic Subculture…

A

try new products, are trend setters, shop at malls and spend more on clothes

93
Q

Asian Americans, an Ethnic Subculture…

A

use internet most and are brand conscious, prefer brand names

94
Q

Social Factors are…

A

Are malleable, people can shift groups

95
Q

Reference Groups are…

A

groups that a person wants to identify with (aspirational) or does not want to be with (dissociative

96
Q

Family / Households, a social factor are…

A

Most important group for consumer buying, stay loyal to brands used by families, More kids have influences on purchases

97
Q

What is a Role within a group?

A

expected activities

98
Q

What is a Status within a group?

A

esteem given to role by society

99
Q

What are 5 Personal Factors of Consumer Behaviors?

A

(1) Age and life cycle stage (2) Occupation (3) Economic Situation (4)Lifestyle (psychographics, VALS survey) (5) Personality and Self-Concept

100
Q

What is Moderate Incongruity?

A

want to design an ad where you stop to notice it, but it is also simple / easy to understand, consumers are more likely to remember this style of Ad

101
Q

Motivation, psychological factor…

A

the needs that drive people

102
Q

Perception, psychological factor…

A

process by which people select, organize, and interpret information

103
Q

Selective Attention is…

A

too much stimuli, cannot take it all in

104
Q

Selective Retention is…

A

after the fact (reflection) we remember the good points that validated what we believe

105
Q

What are Beliefs?

A

descriptive thoughts

106
Q

What are Attitudes?

A

likes and dislikes

107
Q

Self Actualization is..

A

achieving one’s full potential

108
Q

Esteem needs are…

A

prestige and feelings of accomplishment

109
Q

Belongingness and Love needs are…

A

relationships

110
Q

Safety needs are…

A

security

111
Q

Psychological needs (from VALS) are…

A

food, water, warmth, rest

112
Q

Innovators, from the Vals Survey…

A

at the top, high on resources and high on innovation (Oprah)

113
Q

Survivors, from the Vals Survey…

A

at the bottom, low on resources and low on innovation

114
Q

Ideals, from the Vals Survey…

A

people who value knowledge, philosophical (Gandi)

115
Q

Achievement, from the Vals Survey…

A

want to be successful

116
Q

Self-Expression, from the Vals Survey…

A

creatives, want to express themselves, make something rather than buy it

117
Q

Need Recognition, one part of the Buyer Decision Process…

A

help recognize need, suggest solution to need

118
Q

Information Search, one part of the Buyer Decision Process…

A

provide information conveniently

119
Q

Evaluation of Alternatives, one part of the Buyer Decision Process…

A

competitive advantage, illustrate consequences

120
Q

Purchase Decision, one part of the Buyer Decision Process…

A

availability, added value

121
Q

Post Purchase Behavior, one part of the Buyer Decision Process…

A

reduce cognitive dissonance (idea that when we decide, we have uncertainty)

122
Q

What are the 5 psychological factors in marketing?

A

(1) Motivation (2) Perception (3) Learning (4) Beliefs and Attitudes (5) Moderate Incongruity

123
Q

Federal Food and Drug Act was…

A

forbids manufacturing or sale of fraudulent or mislabeled food and drugs

124
Q

Online meetings, a contact method…

A

Least expensive, but credibility of answers may be questionable

125
Q
A

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