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MGT 3300 > Quiz 1 Prep (Intro - Lecture 3) > Flashcards

Quiz 1 Prep (Intro - Lecture 3) Flashcards

1
Q

What is a market

A

a medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange

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2
Q

Two types of Market players

A

Intra-Market and Extra Market

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3
Q

Intra-Market Players Examples

A

Company, Consumers, Competitors, Collaborators

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4
Q

Examples of Collaborators

A

manufacturers, wholesalers, retailers, …

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5
Q

Extra Market Players examples

A

Micro and Macro

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6
Q

Micro Market player examples

A

governments, public/ private organizations, financial systems

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7
Q

macro market player examples

A

society/ culture, labor markets, demographics

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8
Q

Market inputs (seller): Product offerings

A

goods, service, experience

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9
Q

market inputs (buyer): consumer demands

A

Needs -> wants -> demands

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10
Q

what is the definition of marketing

A

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

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11
Q

what is the crux of marketing

A

the general idea of exchange

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12
Q

what is the assumption for an economic transaction

A

that the transaction would not occur unless both parties believe they would be better off after the trade

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13
Q

what is the role of marketing

A

balance customer satisfaction with firm profitability

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14
Q

what does value proposition mean

A

the full mix of benefits relative to the costs

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15
Q

Points to consider when thinking about company

A

value proposition, focus/ orientation, value dicipline, competitive strategy, market position

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16
Q

what is a product portfolio

A

the set of all product lines and items that a particular firm offers for sale

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17
Q

what is a product line

A

a group of closely related products that function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

18
Q

how to assess competitors

A

category/ industry, substitutes/ need based view, competitive positions/ strategies

19
Q

what is marketing strategy

A

an organizations integrated pattern of decisions that specify its crutial choices concerning three areas

20
Q

three areas of marketing strategy

A

markets to serve and market segments to target

marketing activities to perform and the manner of performance of these activities

the allocation of marketing resources and markets, market segments and marketing activities

21
Q

what is a gatekeeper

A

household member who collects and controls info important to decider

22
Q

influencer

A

household members who try to express their opinions and influence the decision

23
Q

decider

A

person who actually determines what will be chosen

24
Q

buyer

A

person who physically acquires product

25
Q

user

A

household member who consumes product

26
Q

components of social class

A

occupational prestige, income does not equal social class

27
Q

what are values

A

enduring beliefs regarding what is right or wrong, important, or good/bad

28
Q

what is personality

A

an internal characteristic that determines how individuals behave in various situations

29
Q

what is positioning

A

the way a product is perceived along important attributes relative to competing products

30
Q

What are the 4 P’s

A

Product, Place, Price Promotion

31
Q

What is a brand

A

a brand is a name, term, design, or symbol or any other feature that identifies one seller’s goods or service as distinct from those of other sellers

32
Q

another definition of brand

A

a network of consumer memory nodes (associations)

33
Q

what do brands do

A

help reduce perceived risk, reducing search costs, signaling quality

34
Q

what must brands do to perform in their role

A

create memories that are accessible and meaningful

35
Q

what are some examples of brand assets

A

names, logos, symbols, slogans, characters, packaging, colors, sounds

36
Q

what comprises up the “brand story”

A

the nodes people create through the brand values, promise, purpose, vision, personality, reputation, among others

37
Q

What does STP stand for

A

segmentation, targeting, positioning

38
Q

what does segmentation mean

A

marketing strategy in which select groups of customers are identified so certain products or product lines can be presented to them in a way that appeals to their interests

39
Q

how can you make more money

A

increase transactions or improve margins

40
Q

what is the gap between perceived cost and perceived benefit

A

value

41
Q

what is everything in marketing intended to do

A

induce consideration

42
Q

what is a target market

A

a set of buyers sharing common needs (wants/ demands)

MGT 3300 (1 decks)

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