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MKTG 361 > MKTG Test 1 > Flashcards

MKTG Test 1 Flashcards

0
Q

Marketing new

A

Organizational function in a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

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1
Q

Marketing old

A

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

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2
Q

Exchange

A

People giving up something to receive something they would rather have

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3
Q

Conditions for exchange

A

At least 2 parties. Something of value. Communication and delivery. Freedom to accept or Reject. Desire to deal with other party.

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4
Q

If conditions are met can exchange take place?

A

Yes but they may not take place

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5
Q

For exchange to happen

A

An agreement must be reached

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6
Q

If exchange does not take place can marketing occur??

A

Yes

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7
Q

Exchange includes

A

Product. Place. Price. Promotion.

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8
Q

Exchange creates a cycle from

A

Creating value to communicating value to delivering value and back to creating value

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9
Q

Multilayered marketing environment

A

Customer. Marketing environment. Organizational environment. Microenvironment. Macro environment.

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10
Q

Production focuses on

A

Internal capabilities of the firm

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11
Q

Sales focus is on

A

Aggressive sales techniques and belief that high sales results in high profits

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12
Q

Market focus is on

A

Satisfying customer needs and wants while meeting objectives

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13
Q

Societal focuses on

A

Satisfying customer needs and wants while enhancing individual and societal well-being

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14
Q

Production orientation

A

Field of dreams orientation. Doesn’t consider if what is produced meets market needs

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15
Q

Sales orientation

A

Selling=collecting money. Disregards market needs and consumer demand. Failing to recognize what the customer wants leads to business failures

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16
Q

Market orientation

A

Distinguished products from competitors offerings. Integrating orgs activities to satisfy the wants. Achieve long-term goals by satisfying wants and needs legally and responsibly

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17
Q

Societal marketing orientation

A

To satisfy customer wants and to preserve or enhance individuals and societies long-term best interest

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18
Q

4 marketing orientations

A

Production. Sales. Marketing. Societal.

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19
Q

Question to help determine marketing philosophy production

A

What can we make or do best?

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20
Q

Question to help determine marketing philosophy sales

A

How can we sell more aggressively?

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21
Q

Question to help determine marketing philosophy marketing

A

What do you customers want and need?

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22
Q

Question to help determine marketing philosophy societal

A

What do you customers want/need and how can we benefit society?

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23
Q

4 marketing approaches

A

Product (good/service). Price. Place or distribution. Communication or promotion.

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24
Q

Dynamic forces of the market

A

Competitive. Economic. Political. Legal and regulatory. Technology. Social and cultural.

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25
Q

Social factors

A

Attitudes. Values. Lifestyle.

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26
Q

Social factors influence

A

Products purchased. Prices paid for products. Effectiveness of promotions. How where and when people purchase.

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27
Q

Tweens

A

8 to 14 years old. 29 million

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28
Q

Generation Y

A

1979 to 1994. 60 million

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29
Q

Generation X

A

1965 to 1978. 40 million

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30
Q

Baby boom

A

1946 to 1964. 77 million

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31
Q

Diversity can result in

A

Bottom line benefits to companies

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32
Q

Multiculturalism

A

All groups are equally represented by a given area

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33
Q

Ethnicity

A

United States overall. All groups are represented differently

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34
Q

Prosperity

A

Employment, income levels, and buying power are all rising. Generally characterized by consecutive increases of GDP.

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35
Q

Recession

A

Employment, income levels, and buying power are all falling. Two consecutive quarters of decline in real GDP

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36
Q

Inflation

A

A measure of the decrease in the value of money, expressed as a percent in value since the previous year

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37
Q

Purchasing power

A

A comparison of the relative cost of a set standard of goods and services in different geographic areas

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38
Q

Three types of consumer income

A

Gross income, disposable income, discretionary income.

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39
Q

Gross income

A

Your pay without any deductions

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40
Q

Disposable income

A

Net pay, paycheck, after deductions

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41
Q

Discretionary income

A

Your pay after you pay for your necessities. Money left over after rent, gas, food, etc.

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42
Q

4 competitive structures

A

Monopoly. Oligopoly. Monopolistic. Pure competition.

43
Q

Monopoly

A

One company has a product that has no close substitutes

44
Q

Oligopoly

A

Few companies control the market

45
Q

Monopolistic

A

Many competitors, but a company can differentiate its product

46
Q

Pure competition

A

Large number of sellers without any one influencing price or supply

47
Q

Laws and regulations protect

A

New technology. Society. Businesses. Consumers.

48
Q

Copyright

A

Protects the idea

49
Q

Patent

A

Protects invention that can be put into product

50
Q

Global marketing mix

A

Cultural. Economic development. Technological development. Political structure. Demography. Natural resources.

51
Q

Cultural

A

Values, language, customs, traditions

52
Q

Economic and technological development

A

Depends on its stage of industrial development which in turn affects average family incomes

53
Q

Political structure

A

Tariffs quotas boycotts exchange controls trade agreements and market groupings

54
Q

Demography

A

Size of a population age and geographic distribution, purchasing power

55
Q

Natural resources

A

Dependence, Independence

56
Q

Tariffs

A

Tax on imports or exports

57
Q

Quota

A

Fix number or amount of people or things

58
Q

GATT

A

After World War II, promote free trade

59
Q

WTO

A

Established to replace GATT. Has enforcing power

60
Q

NAFTA

A

Trade agreement between Mexico, US, Canada, some products have no Tariff, others have low Tarrif

61
Q

European Union

A

28 countries. No visa needed to travel between countries. Own currency called euro

62
Q

Aspects of culture

A

Values. Customs. Symbols. Language.

63
Q

Global market entry strategies

A

Exporting, licensing, joint venture, direct investment

64
Q

Exporting

A

Low profit potential, low risk,indirect and direct exporting

65
Q

Licensing

A

Semi low profit potential, semi low risk, contract manufacturing, contract assembly, franchising

66
Q

Joint venture

A

Two companies work together, mid profit potential, semi risky

67
Q

Direct investment

A

More risky, high profit potential

68
Q

Product strategies

A

Product extension, product adaptation, product invention

69
Q

Product invention

A

Total change rather than change in just one feature.

70
Q

Product adaptation

A

Same promotion adapt product

71
Q

Product extension

A

Same product same promotion

72
Q

Promotion strategies

A

Identical message, communication adaptation, dual adaptation

73
Q

Communication adaptation

A

Same product adapt promotion

74
Q

Dual adaptation strategy

A

Adapt product adapt promotion

75
Q

Exchange rate

A

The price of one’s currency in terms of another country’s currency

76
Q

Dumping

A

The sale of an exported product at a price lower than what is charged for the same product in the exporters home market

77
Q

Countertrade

A

A form of trade in which all or part of the payment for goods or services is in the form of other goods or services

78
Q

Consumer behavior

A

Process a consumer uses to make a purchase and to use and dispose of purchased goods or services

79
Q

Consumer decision-making process

A

Need recognition, information speech, evaluation of alternatives, purchase, post purchase behavior

80
Q

Need recognition

A

Marketing helps consumers recognize an inbalance between present status and preferred state

81
Q

Stimulus

A

Any unit of input affecting one or more of the five senses

82
Q

Information search

A

Internal and external information search

83
Q

Internal information search

A

Recall information in memory

84
Q

External information search

A

Seek information and outside environment. nonmarketing controlled, marketing control

85
Q

Evoked set

A

Group of brands resulting from an information search from which a buyer can choose

86
Q

Evaluation of alternatives and purchase

A

Analyze product attributes. Use cut off criteria. Rank attributes by importance

87
Q

Cognitive dissonance

A

Inner tension that a consumer experiences after realizing an inconsistency between behavior and values or opinions

88
Q

Consumer buying decisions

A

Routine response behavior. Limited decision-making. Extensive decision-making.

89
Q

Factors determining the level of consumer involvement

A

Previous experience. interest. Perceived risk of negative consequences. Situation. Social visibility.

90
Q

High involvement purchases require

A

Extensive and informative promotion to target market

91
Q

Low involvement purchases require

A

In-store promotion, eye-catching package design, good displays, coupons

92
Q

Factors influencing buying decisions

A

Cultural, social, individual, psychological

93
Q

Culture

A

Set of values norms attitudes and other meaningful symbols that shape human behavior

94
Q

Components of culture

A

Values, language, myths, customs, rituals, laws, material artifacts

95
Q

Social class

A

A group of people in a society who are considered nearly equal in status

96
Q

Social class measurements

A

Occupation, income, education, wealth, other variables

97
Q

Individual influences

A

Gender, age lifecycle, personality self-concept lifestyle

98
Q

Psychological influences

A

Perception, motivation, learning, beliefs and attitudes

99
Q

Perception

A

Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture

100
Q

Maslow’s hierarchy of needs

A

A method of classifying human needs and motivations into five categories in ascending order of importance

101
Q

List of needs

A
  1. Physiological
  2. Safety
  3. Social
  4. Esteem
  5. Self actualization
102
Q

Types of learning

A

Experiential, conceptual

103
Q

Experiential learning

A

An experience changes behavior

104
Q

Conceptual learning

A

Not learned through direct experience

105
Q

Belief

A

And organized pattern of knowledge that an individual holds as true about his or her world

106
Q

Attitude

A

A learned tendency to respond consistently toward a given object

MKTG 361 (1 decks)

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