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Marketing 3300 > Test 1 Ch 1-5 > Flashcards

Test 1 Ch 1-5 Flashcards

1
Q

What is marketing?

A

Activity for creating, communicating, delivering and exchanging offerings that benefit the organization, stakeholders and society at large

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2
Q

Market vs Target Market

A

Market: people with both the desire and the ability to buy a specific offering
TM: one or more specific groups of potential consumers toward which an organization directs its marketing program

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3
Q

What are the 4 Ps and explain how to identify each.

A

Product: Good or service to satisfy a need
Price: Exchange for the product/service
Promotion: Communicating the product
Place: Getting the product to consumer (distribution)

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4
Q

What is CREST?

A

This references environmental forces.
Competitive Regulatory Economic Social Technological

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5
Q

Relationship Marketing

A

Links the organization to its individual customers, suppliers, employees and other partners for their mutual long-term benefits

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6
Q

Societal Marketing Concept

A

: satisfying customers’ needs in a way that provides for society’s well being

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7
Q

Ultimate and Organizational Buyers

A

Ultimate: Consumer who actually uses the product
Called “B2C”
Food, clothes, music, education…
Organizational: Intermediate customer that ultimately resells the product
Called “B2B”
Computer chips sold to laptop manufacturer; car batteries sold to a hybrid car manufacturer

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8
Q

Value

A

Unique combination of benefits received by buyer
Beneficial exchanges
“Win-Win” between buyer and seller

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9
Q

Strategic Business Analysis

A

Subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined target

Allows:
Focus strategic efforts
Exploit opportunities

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10
Q

Triple Bottom Line

A

Measures company’s financial, social and environmental performance over time

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11
Q

Market Share

A

Sales revenue of a firm divided by total sales revenue of all firms in industry

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12
Q

Business Portfolio Analysis

A

STARTS AT QUESTION MARK
Question Mark: Low share, high growth
Stars: High share, high growth
Cash Cows: High share, low growth
Dogs: Low share, low growth

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13
Q

Diversification Analysis

A

Market Penetration: Sell current product to current market
Market Development: Sell current product to new market
Product Development: Sell new product to current market
Diversification: Sell new product to new market

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14
Q

SWOT

A

Build on a strength
Correct a weakness
Exploit an opportunity
Avoid a threat

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15
Q

CREST

A

Competitive Forces
Regulatory
Economic Forces
Social Forces
Technological Forces

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16
Q

Baby Boomer

A

1946 – 1964
71.6 million (U.S. Census Bureau 2021)
Were the largest U.S. generation until overtaken by Millennials in 2019
Interested in finance, health, wellness, appearance
Still have substantial buying power

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17
Q

Gen X

A

1965 – 1980: The “Baby Bust”
Fewer in number than Boomers
65 million (U.S. Census Bureau 2021)
Largest set of travelers
Casual, tech-friendly
Self-reliant
Supportive of diversity
Pragmatic

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18
Q

Gen Y/Millenials

A

1981 – 1996
72.1 million (U.S. Census Bureau 2021)
Huge spending block: beat Boomers as largest cohort in 2019 (Pew Research)
Oldest Millennials remember a world before mobile tech/being dependent on family laptop
For the most part grew up experiencing good economy, but now have fewer financial resources than their parents
Those who graduated college in late 2000s and early 2010s faced tough employment market and many owe thousands in student debt
Environmental, expect sustainability
Optimistic
Sometimes seen as having been overly protected by parents
Attracted to purposeful work
As teens, preferred conspicuous
consumption of brands

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19
Q

Gen Z

A

1997 – 2010
67 million (U.S. Census Bureau 2021)
Have always had mobile in their lives
Learned frugality by growing up in global financial crisis
Interested in other cultures and seek entertainment from outside U.S.
See college/college debt as not worth it, seeking less expensive alternatives
Less brand friendly than Millennials
Social-justice oriented
Less likely to conform to gender norms

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20
Q

Value conciousness

A

concern for obtaining the best quality, features and performance of an offering for a given price.

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21
Q

Changes in marketing to men and women

A

1970s: Distinctive Lines
Laundry: women
Golf: men

1990s: Address New Challenges
Women: Balance career and family

2000s: Blurred Lines
Beer marketed to all
Men = Caregiver

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22
Q

Four Basic Types of Competition

A

Pure Competition: Distribution (Place) is critical
Monopolistic Competition: Promotion often focuses on price (coupons)
Oligopoly: Do consumers lose because companies hesitant to compete on price?
Pure Monopoly: One firm to rule them all

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23
Q

Technological forces

A

Artificial Intelligence (AI)
Many important applications for marketers

Social Networks
Functionality, community, identity

Natural User Interfaces
Gesture, touch, voice interaction
Hands-free technology
Wristwatch monitors

Green Technologies
Smart homes, The Internet of Things
Precycling: Reduced packaging/long-lasting products

Biotechnology
Genetically modified crops for improved farm output

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24
Q

Macroeconomic Conditions

A

Recessionary: Slow economic activity
Inflationary: Prices rise faster than income => selective purchasing
Consumer Confidence Index (CCI) important for marketers to watch

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25
Q

Social Factors

A

World population is growing. Go with the growth.

World
Africa, Asia, Latin America population growing, especially China and India
People 60+ years will more than triple by 2050

U.S.
Larger, older, more diverse
Impact of Hispanic market, esp in Texas
Multicultural marketing
Largest growing ethnic group: mixed race

26
Q

Gross Income

A

Gross: Total pay before taxes.

27
Q

Consumer Bill of Rights

A

JFK.
The right:
To Safety
To Be Informed
To Choose
To Be Heard

28
Q

Sherman Anti Trust

A

Forbids restraint of trade that harms competition
Difficult to prove restraint of trade
American Sugar Refining Co: 98% of US sugar
Supreme Court: Not a violation/no definite restraint

29
Q

Clayton Act: Potential Restraint of Trade

A

Beefed up Sherman; said even if no harm has yet occurred, certain actions may be illegal if comp likely lessened

30
Q

Robinson-Patman Act

A

Forbids different prices for different consumers for same product where it may negatively impact competition

31
Q

Patent

A

Inventors can exclude others from making, selling their invention

32
Q

Consumerism (2 Acts, 1 Commission)

A

Fair Packaging & Labeling Act
Consumer Product Safety Act
CPS Commission: monitor product safety & set standards

33
Q

Foreign Corrupt Practices Act

A

United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests

34
Q

Ethics vs Law

A

Ethics: personal moral principles and values
Law: society’s values enforceable in court

35
Q

Culture’s Impact on Ethics

A

Upbringing, Societal, Business, and Corporate Ethics dictate personal moral philosophy and ethics

36
Q

Bribery

A

Illegal in US and unethical
US: Foreign Corrupt Practices Act
China/Russia: bribery commonplace
Some countries: tax deductible
US may lose international business to other countries

37
Q

Economic Espionage

A

Clandestine collection of proprietary information about a company’s competitors
Illegal and unethical
$300 billion in lost sales/year
Includes everything from “dumpster diving” to wiretapping to violations of noncompete agreements

38
Q

Ethics of Exchange

A

Both buyer and seller should be better off after an exchange

39
Q

Profit Responsibility

A

The social responsibility of business is to increase its profits.

40
Q

Stakeholder Responsibility

A

Companies must consider effect on consumers, employees, suppliers, and distributors (all of whom help achieve the firm’s objectives)

Responsible:
Perrier recalls 160 million after trace amounts of toxic chemical found in 13 bottles, even though not harmful to humans in tiny amount.

Not Responsible:
Toyota’s sticky gas pedals (sudden acceleration); recall only after pressure from NTSA.
GM: Ignition shuts off (24 deaths)

41
Q

Societal Responsibility

A

Organizations have an obligation to preserve the ecological environment and to the general public

42
Q

Research on socially responsible companies shows they:

A

Benefit from WOM among consumers

Outperform less-responsible companies financially

43
Q

Green Marketing

A

Efforts to promote and produce environmental products. DO NOT GREEN WASH
3M: “Pollution Prevention Pays” project

44
Q

Cause marketing

A

Ties revenues to charity
Yoplait: “Save Lids to Save Lives”

45
Q

Consumer Purchase Decision Process

A

Problem Recognition/Information Search/Assess Value/Purchase Decision/Postpurchase Behavior

46
Q

Problem Recognition

A

Perceiving a Need

47
Q

Information Search

A

Seeking Value
Personal sources: Friends and family
Public sources: ConsumerReports.com
Marketer-dominated sources: POP/POS in cell phone carrier stores

48
Q

Assess Value

A

Consumers evaluate alternatives on important attributes

49
Q

Post Purchase Behavior

A

Value in Consumption

Cognitive Dissonance
Post-purchase doubt
Satisfied customers tell 3
Dissatisfied customers tell 9!!

50
Q

Reducing Cognitive Dissonance

A

Share success stories
“You’re one of 1,000s enjoying your new phone”

Respond to questions/concerns
Training and tech help available

Ongoing communication
Make client feel part of the culture

51
Q

Extended Problem Solving

A

High-Involvement Purchases

Real Estate
Phones, Laptops
Cars

52
Q

Limited Problem Solving

A

Less Involvement than Extended

Restaurant for lunch
Coffee machine

53
Q

Routine Problem Solving

A

Low-Involvement Purchases

Milk
Kitchen cleaner
Paper towels

54
Q

High-Involvement Purchase Strategies

A

Advertising
Personal selling
Blogs
Branded sites

55
Q

Low-Involvement Purchase Strategies

A

Maintain product quality
Avoid stock outs
Repetitive ad messages
Link purchase to high-involvement issues

56
Q

Maslow’s Hierarchy of Needs

A

Physiological/Safety/Social/Esteem/Self Actualisation

57
Q

Perceived Risk

A

The anxiety felt when a consumer cannot anticipate the possible negative outcomes of a purchase

58
Q

Disposable Income

A

$ left over after paying taxes (we pay for housing, food, etc. with this).

59
Q

Discretionary

A

$ left over after paying taxes and necessities (we buy vacations, fancy cars, etc. with this)

60
Q

Digital Millennium Copyright Act

A

protect copyright of digital material

Marketing 3300 (2 decks)

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