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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
Dynamic forces of the market
Competitive. Economic. Political. Legal and regulatory. Technology. Social and cultural.
25
Social factors
Attitudes. Values. Lifestyle.
26
Social factors influence
Products purchased. Prices paid for products. Effectiveness of promotions. How where and when people purchase.
27
Tweens
8 to 14 years old. 29 million
28
Generation Y
1979 to 1994. 60 million
29
Generation X
1965 to 1978. 40 million
30
Baby boom
1946 to 1964. 77 million
31
Diversity can result in
Bottom line benefits to companies
32
Multiculturalism
All groups are equally represented by a given area
33
Ethnicity
United States overall. All groups are represented differently
34
Prosperity
Employment, income levels, and buying power are all rising. Generally characterized by consecutive increases of GDP.
35
Recession
Employment, income levels, and buying power are all falling. Two consecutive quarters of decline in real GDP
36
Inflation
A measure of the decrease in the value of money, expressed as a percent in value since the previous year
37
Purchasing power
A comparison of the relative cost of a set standard of goods and services in different geographic areas
38
Three types of consumer income
Gross income, disposable income, discretionary income.
39
Gross income
Your pay without any deductions
40
Disposable income
Net pay, paycheck, after deductions
41
Discretionary income
Your pay after you pay for your necessities. Money left over after rent, gas, food, etc.
42
4 competitive structures
Monopoly. Oligopoly. Monopolistic. Pure competition.
43
Monopoly
One company has a product that has no close substitutes
44
Oligopoly
Few companies control the market
45
Monopolistic
Many competitors, but a company can differentiate its product
46
Pure competition
Large number of sellers without any one influencing price or supply
47
Laws and regulations protect
New technology. Society. Businesses. Consumers.
48
Copyright
Protects the idea
49
Patent
Protects invention that can be put into product
50
Global marketing mix
Cultural. Economic development. Technological development. Political structure. Demography. Natural resources.
51
Cultural
Values, language, customs, traditions
52
Economic and technological development
Depends on its stage of industrial development which in turn affects average family incomes
53
Political structure
Tariffs quotas boycotts exchange controls trade agreements and market groupings
54
Demography
Size of a population age and geographic distribution, purchasing power
55
Natural resources
Dependence, Independence
56
Tariffs
Tax on imports or exports
57
Quota
Fix number or amount of people or things
58
GATT
After World War II, promote free trade
59
WTO
Established to replace GATT. Has enforcing power
60
NAFTA
Trade agreement between Mexico, US, Canada, some products have no Tariff, others have low Tarrif
61
European Union
28 countries. No visa needed to travel between countries. Own currency called euro
62
Aspects of culture
Values. Customs. Symbols. Language.
63
Global market entry strategies
Exporting, licensing, joint venture, direct investment
64
Exporting
Low profit potential, low risk,indirect and direct exporting
65
Licensing
Semi low profit potential, semi low risk, contract manufacturing, contract assembly, franchising
66
Joint venture
Two companies work together, mid profit potential, semi risky
67
Direct investment
More risky, high profit potential
68
Product strategies
Product extension, product adaptation, product invention
69
Product invention
Total change rather than change in just one feature.
70
Product adaptation
Same promotion adapt product
71
Product extension
Same product same promotion
72
Promotion strategies
Identical message, communication adaptation, dual adaptation
73
Communication adaptation
Same product adapt promotion
74
Dual adaptation strategy
Adapt product adapt promotion
75
Exchange rate
The price of one's currency in terms of another country's currency
76
Dumping
The sale of an exported product at a price lower than what is charged for the same product in the exporters home market
77
Countertrade
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
Consumer behavior
Process a consumer uses to make a purchase and to use and dispose of purchased goods or services
79
Consumer decision-making process
Need recognition, information speech, evaluation of alternatives, purchase, post purchase behavior
80
Need recognition
Marketing helps consumers recognize an inbalance between present status and preferred state
81
Stimulus
Any unit of input affecting one or more of the five senses
82
Information search
Internal and external information search
83
Internal information search
Recall information in memory
84
External information search
Seek information and outside environment. nonmarketing controlled, marketing control
85
Evoked set
Group of brands resulting from an information search from which a buyer can choose
86
Evaluation of alternatives and purchase
Analyze product attributes. Use cut off criteria. Rank attributes by importance
87
Cognitive dissonance
Inner tension that a consumer experiences after realizing an inconsistency between behavior and values or opinions
88
Consumer buying decisions
Routine response behavior. Limited decision-making. Extensive decision-making.
89
Factors determining the level of consumer involvement
Previous experience. interest. Perceived risk of negative consequences. Situation. Social visibility.
90
High involvement purchases require
Extensive and informative promotion to target market
91
Low involvement purchases require
In-store promotion, eye-catching package design, good displays, coupons
92
Factors influencing buying decisions
Cultural, social, individual, psychological
93
Culture
Set of values norms attitudes and other meaningful symbols that shape human behavior
94
Components of culture
Values, language, myths, customs, rituals, laws, material artifacts
95
Social class
A group of people in a society who are considered nearly equal in status
96
Social class measurements
Occupation, income, education, wealth, other variables
97
Individual influences
Gender, age lifecycle, personality self-concept lifestyle
98
Psychological influences
Perception, motivation, learning, beliefs and attitudes
99
Perception
Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture
100
Maslow's hierarchy of needs
A method of classifying human needs and motivations into five categories in ascending order of importance
101
List of needs
5. Physiological 4. Safety 3. Social 2. Esteem 1. Self actualization
102
Types of learning
Experiential, conceptual
103
Experiential learning
An experience changes behavior
104
Conceptual learning
Not learned through direct experience
105
Belief
And organized pattern of knowledge that an individual holds as true about his or her world
106
Attitude
A learned tendency to respond consistently toward a given object

MKTG 361 (1 decks)

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