Brainscape's Knowledge GenomeTM

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


See full index

mktg 321 > Module 1 > Flashcards

Module 1 Flashcards

ch1 & 3

1
Q

What is marketing?

A

the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

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

how does the American Association of Marketing define marketing?

A

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

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

Why are marketing mix variables views as controllable?

A

they can be modified

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

What is the easiest marketing mix variable to change?

A

price

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

How do companies define their products?

A

by what they do to satisfy their customers

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

What is the essence of marketing?

A

to develop satisfying exchanges from which both customers and marketers benefit

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

What is a target market?

A

A specific group of customers that organizations focus their marketing efforts on

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

What are the 4 variables of the marketing mix?

A

Product, price, promotion, distribution

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

What is a product?

A

A good, service, or idea

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

What is the “one brand” strategy used for?

A

To create a unified global presence

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

Why is price a critical component?

A

customers are concerned about benefits, roles, and costs

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

What is the world’s largest chain?

A

subway

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

What can promotion increase?

A

public awareness of the organization and of new or existing products

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

What does the promotion mix focus on?

A

integrated marketing communication to inform and persuade consumers to purchase a product

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

what is the important element of managing long-term customer relationships and implementing the marketing concept?

A

value

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

what is value?

A

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product

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

what’s the customer value equation?

A

customer value = customer benefits - customer costs

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

what are customer benefits?

A

anything a buyer receives in an exchange

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

what are customer costs?

A

anything a buyer must give up to obtain the benefits the product provides

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

in developing marketing activities, it’s important to recognize that customers receive ______ based on their _______

A

benefits, experience

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

a product that demonstrates value usually has a feature or enhancement that provides…

A

benefits

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

the development of an effective marketing strategy requires understanding… (3)

A

1) the needs and desires of customers
2) designing a marketing mix to satisfy them
3) providing the value they want

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

individuals and organizations engage in marketing to facilitate _____

A

exchanges

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

what 4 conditions need to exist for an exchange?

A
  1. 2 or more individuals, groups, or organizations must participate & possess something of value that the other party wants
  2. exchange provides a benefit or satisfaction to both parties
  3. each party is confident in the promise of the “something of value” held by the other
  4. parties must meet expectations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

to maintain an exchange relationship, both parties must be _____

A

satisfied

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

what does the marketing environment affect?

A

the marketing mix

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

what are the forces that that surround the customer & affects the marketing mix? what is this called?

A

the marketing environment includes the following forces
- competitive
- economic
- political
- legal & regulatory
- technological
-sociocultural

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

can we predict how the marketing environment might affect consumers?

A

no

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

although the marketing environment can pose threats to marketers, they also pose _____

A

opportunities

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

firms that fail to attract customers aren’t doing what?

A

helping potential customers satisfy their wants and needs

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

the marketing concept says that an organization should try to provide products that ______ customers _____ through a coordinated set of activities that also allows the organization to achieve its ____

A

satisfy, needs, goals

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

what is the major focus of the marketing concept?

A

customer satisfaction

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

the development of marketing can be divided into which 3 time periods?

A
  1. production orientation
  2. sales orientation
  3. market orientation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

what is market orientation?

A

an organization-wide commitment to researching and responding to customer needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

a market orientation should recognize the need to…

A

create specific types of value-creating capabilities that enhance organizational performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

an organization can’t be market oriented with an _______ ______

A

information system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

what does customer relationship management focus on?

A

using information about customers to create marketing strategies that develop & sustain desirable customer relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

profits can be obtained through relationships in which 3 ways?

A
  1. acquiring new customers
  2. enhancing the profitability of existing customers
  3. extending the duration of customer relationships
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

what is relationship marketing?

A

establishing long-term, mutually satisfying buyer-seller relationships

40
Q

as the customer’s confidence grows, what else grows?

A

the firm’s understanding of the customer’s needs.

41
Q

customer relationship management provides a bridge between ______ ______ & ____ _____ aimed at long-term relationships

A

information technology, data analytics

42
Q

how much of a consumer’s dollar goes towards marketing expenses for that product?

A

1/2

43
Q

marketing helps create a successful _____ & contributes to the well being of society

A

economy

44
Q

is marketing necessary to advance a global economy?

A

yes

45
Q

marketers have new methods to store, communicate, and share information through advances platforms that access…

A

big data

46
Q

can technology help marketers understand and satisfy more customers?

A

yes

47
Q

companies are starting to use ____ ____ to connect with their customers

A

social media

48
Q

_____ _______ & ______ ______ are part of strategic planning & the implementation of marketing activities.

A

social responsibility, ethical conduct

49
Q

companies are starting to embrace ____ marketing

A

green

50
Q

what is green marketing?

A

a strategic process that involves stakeholder assessment to create meaningful, long-term relationships while maintaining, supporting, and enhancing the natural environment

51
Q

what are some example of green marketing?

A
  1. energy consumption reduction
  2. eco-friendly packaging
  3. recyclable products
52
Q

what did Warby Parker establish?

A

selling cheaper designer-style perscription glasses made in house, and the Buy A Pair, Give A Pair program

53
Q

determining value is a(n) _______ process, while in reality the process of assessing value is highly _______

A

subjective, objective

54
Q

the _____ _____ consists of external forces that directly or indirectly influence an organization’s acquisition of inputs and creation of outputs

A

marketing environment

55
Q

the process of collecting information about forces in the marketing environment is called..

A

environmental scanning

56
Q

the process of assessing and interpreting the information gathered through environmental scanning is called…

A

environmental analysis

57
Q

environmental analysis helps managers do what?

A

identify potential threats and opportunities linked to environmental changes.

58
Q

Marketing managers take two general approaches to environmental forces: accepting them as _____ or attempting to _____ and _____ them

A

uncontrollable, influence, shape

59
Q

An organization that views environmental forces as uncontrollable remains _____ and _____ toward the environment.

A

passive, reactive

60
Q

marketing managers who believe that environmental forces can be shaped adopt a more _____ approach

A

proactive

61
Q

how does a marketer define a firm’s competition?

A

other firms that market products that are similar to or can be substituted for its products in the same geographic area

62
Q

competitors can be classified into which 4 types?

A
  1. brand competitors
  2. product competitors
  3. generic competitors
  4. total budget competitors
63
Q

how do brand competitors market their products?

A

with similar features and benefits to the same customers at similar prices

64
Q

what do product competitiors do?

A

compete in the same product class but market products with different features, benefits, and prices

ex) coke & iced tea

65
Q

what do generic competitors do?

A

provide very different products that solve the same problem or satisfy the same basic customer need

66
Q

what do total budget competitors do?

A

compete for the limited financial resources of the same customers

67
Q

what are the 4 types of competitive structures?

A

monopoly, oligopoly, monopolistic competition, pure competition

67
Q

when does a monopoly exist?

A

when an organization offers a product that has no close substitutes, making that organization the sole source of supply, they control the suppy completely

68
Q
A
69
Q
A
70
Q

when does a oligopoly exist?

A

when a few sellers control the supply of a large proportion of a product

71
Q

when does monopolistic competition exist?

A

when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its product

72
Q

when does pure competition exist? (rare)

A

when there’s a large number of sellers, none of which could significantly influence price or supply

73
Q

why would marketers need to monitor the actions of major competitors?

A

to determine what specific strategies competitors are using and how those strategies affect their own

74
Q

what is buying power?

A

a person’s resources that can be traded in an exchange

75
Q

marketers are most interested in which type of income? why?

A

disposable income because people use it for spending or saving

76
Q

what is discretionary income?

A

Disposable income that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

77
Q

what is wealth?

A

accumulation of past income, natural resources, and financial resources

78
Q

people gain more buying power are their ____ increases

A

wealth

79
Q

what is willingness to spend? what’s it related to?

A

inclination to buy because of expected satisfaction from a product, it’s related to their ability to buy

80
Q

Fluctuations in the economy follow a general pattern, often referred to as the ____ ____

A

business cycle

81
Q

what are the 4 stages of the business cycle?

A

prosperity, recession, depression, and recovery

82
Q

During ____, unemployment is low, and total income is relatively high. Assuming a low inflation rate, this combination ensures high buying power

A

prosperity

83
Q

During a _____, however, unemployment rises, while total buying power declines. Pessimism accompanying a ____often stifles both consumer and business spending.

A

recession

84
Q

A prolonged recession may become a ____, a period in which unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy.

A

depression

85
Q

During ______, the economy moves from depression or recession to prosperity. During this period, high unemployment begins to decline, total disposable income increases, and the economic gloom that reduced consumers’ willingness to buy subsides. Both the ability and the willingness to buy increase.

A

recovery

86
Q

the _____ forces of the marketing environment have the potential to influence marketing decisions and strategies

A

political

87
Q

which federal regulatory unit influences marketing activities the most?

A

The federal trade commission

88
Q

which organization enforces regulations prohibiting the sale and distribution of adulterated, misbranded, or hazardous food and drug products

A

food and drug administration (FDA)

89
Q

which is the local regulatory agency that’s supported by local businesses

A

better business bureau

90
Q

which self regulatory entity considers cases in which an advertiser challenges issues raised by NAD about an advertisement

A

national advertising review board

91
Q

which forces help determine what, where, how and when people buy products?

A

sociocultural forces

92
Q

what is social responsibility?

A

an organization’s obligation to maximize its positive impact & minimize its negative impact on society

93
Q

marketing ______ is the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders.

A

citizenship

94
Q
A

mktg 321 (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions