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Principles of Marketing > Unit 2 Exam > Flashcards

Unit 2 Exam Flashcards

1
Q

What is global marketing?

A

Marketing that targets markets throughout the world

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2
Q

What is global vision?

A

Recognizing and reacting to international market opportunities, using effective global marketing strategies
Being aware of threats from foreign competitors in all markets

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3
Q

What is absolute advantage?

A

A country can produce and sell a product at a lower cost than any other country or when it is the only country that can provide a product

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4
Q

What is comparative advantage?

A

A country chooses to produce specific products because they can do so more efficiently than producing other products
A country should trade these products with products other countries can produce most efficiently

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5
Q

What is protectionism?

A

Aims to protect home industries from outside competition through tariffs and trade restrictions
Opposite of free trade

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6
Q

What is offshoring?

A

Sending US jobs abroad

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7
Q

What’s inshoring?

A

Returning production jobs to US

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8
Q

What is glocalization?

A

Keeping big things standard and localizing local tactics & strategies

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9
Q

What is a standardization strategy?

A

Presumes that markets throughout the world are becoming more alike and keeps the products the same across markets

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10
Q

What is a multidomestic strategy?

A

Occurs when multinational firms enable individual subsidiaries to compete independently in domestic markets

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11
Q

What is culture?

A

The language, education, religious attitudes, and social values of a particular area

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12
Q

What is a tariff?

A

A tax levied on goods entering a country

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13
Q

What is a quota?

A

A limit on the amount of a product that can enter a country

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14
Q

What are trade agreements and what are 2 big ones?

A

An agreement to stimulate international trade
EU and USMCA

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15
Q

What is an exchange rate?

A

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

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16
Q

What is the balance of trade?

A

The difference between the value of a country’s exports and the value of its imports over a given period

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17
Q

What is the balance of payments?

A

Measures the difference between a country’s total payments to other countries and its total receipts from other countries

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18
Q

What is the World Trade Organization (WTO)?

A

Created to foster global trade
“Most favored nation” concept that establishes that what one member does for another, it will do for all other member nations

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19
Q

What is value?

A

A personal assessment of the net worth one obtains from making a purchase

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20
Q

What is perceived value?

A

The value a customer expects to obtain from a purchase

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21
Q

What is customer behavior?

A

Processes a consumer uses to make a purchase decisions as well as to use and dispose of purchased goods or services
Includes factors that influence purchase decisions and product use

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22
Q

What are the steps of the consumer decision process?

A
  1. Need recognition
  2. Information search
  3. Evaluating alternatives
  4. Purchase decision
  5. Post-purchase evaluation
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23
Q

What is a stimulus?

A

Any unit of input affecting one or more of the 5 senses

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24
Q

What is need recognition?

A

The result of an imbalance between actual and desired states

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25
Q

What is a want?

A

The recognition of an unfulfilled need and a product that will satisfy it

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26
Q

What is an internal information search?

A

The process of recalling information stored in the memory

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27
Q

What is an external information search?

A

The process of seeking information in the outside environment

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28
Q

What is a marketing-controlled information source?

A

A product information source that is associated with advertising or promotion

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29
Q

What is a non-marketing controlled information source?

A

A product information source that originates with marketers promoting the product

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30
Q

What is an evoked set?

A

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

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31
Q

What is a jilting effect?

A

Anticipation of receiving a highly desirable option only to have it become inaccessible

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32
Q

What is cognitive dissonance?

A

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

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33
Q

What is an example of routine decision making and involvement?

A

Groceries, everyday items

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34
Q

Example of limited decision making and involvement:

A

Product that requires an appropriate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category

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35
Q

Example of extensive decision making:

A

Car, home

36
Q

What are cultural effects on consumer behavior?

A

Broadest and deepest influence on purchase decisions
Pervasive, functional, learned, and dynamic

37
Q

What is subculture?

A

A homogenous group of people who share elements of the overall culture as well as unique elements of their own group

38
Q

What is a social class?

A

A group of people in a society who are considered nearly equal in status or community esteem
Socialize among themselves formally and informally, sharing behavioral norms

39
Q

What are reference groups?

A

All formal and informal groups in society that influence an individual’s purchasing behavior

40
Q

What is a membership group?

A

A reference group with which people interact regularly in an informal, face to face manner

41
Q

What is an aspirational group?

A

A reference group someone would like to join

42
Q

What is a non-aspirational group?

A

A group with which an individual does not want to associate

43
Q

What are family effects on consumer behavior

A

Projects strongest influence on values, attitudes, self-concept, and buying behavior

44
Q

What is perception?

A

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

45
Q

What is selective exposure?

A

A process whereby a consumer notices certain stimuli and ignores others

46
Q

What is selective distortion?

A

A process whereby a consumer changes or distorts information that conflicts with his/her feelings or beliefs

47
Q

What is selective retention?

A

A process whereby a consumer remembers only that information that supports his/her personal beliefs

48
Q

What are the levels of Maslow’s Hierarchy of Needs and what is a product that will satisfy each level?

A

Self-actualization (top) - What makes you you - hiking
Esteem - Fashionable clothes
Love/Belonging - Dating app
Safety - smoke alarm
Physiological (bottom) - shelter

49
Q

What is market segmentation?

A

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

50
Q

What is a market segment?

A

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

51
Q

What are 4 criteria for successful market segments and what do they mean?

A

Substantial - must be large enough to warrant a special marketing mix

Measurable - data about a population within geographic boundaries

Accessible - firm must be able to reach members

Responsive - one market needs to respond differently to a certain stimuli than another

52
Q

What is geographic segmentation?

A

Segmentation by region of a country or the world, market size, market density, or climate

53
Q

What is demographic segmentation?

A

Segmentation by age, gender, income, ethnicity, and family life cycle

54
Q

What are characteristics of the Silent Generation?

A

Born before 1946
Quietly persevere through hardships
Taught to play by the rules

55
Q

What are some characteristics of Boomers?

A

1946-1964
Outspend average consumer in nearly every category
Spend time and money doing whatever is necessary to maintain vitality as they age

56
Q

What are some characteristics of Gen X?

A

1965-1979
Sandwich generation
Latchkey kids
Best-educated
Disloyal to brands and skeptical of big business
Parents

57
Q

What are some characteristics of Gen Y?

A

1980-1994
Idealistic
Technology-proficient
Value trustworthiness, creativity, and authenticity
Want experiences
Shop at deep-discounting stores

58
Q

What are characteristics of Gen Z?

A

1995-2015
Work for success
Brands need to be real
Social media etiquette
Cautious

59
Q

3 largest growing ethnicities in the US:

A

Hispanic American
African American
Asian American

60
Q

What is the Family Life Cycle?

A

A series of stages determined by a contribution of age, marital status, and the presence or absence of children

61
Q

What is psychographic segmentation?

A

Segmentation based on personality, motives, lifestyles, or geodemographics

62
Q

What is personality?

A

Reflection of a person’s traits, attitudes, and habits

63
Q

What is a motive?

A

Examples may be caring for loved ones or status

64
Q

What is a lifestyle?

A

The way people spend their time, the importance of things around them, beliefs, and socioeconomic status

65
Q

What are geodemographics?

A

Segmentation based on combination of neighborhood, lifestyle, and other demographic values

66
Q

What is an undifferentiated target market strategy?

A

Views the market as one big market with not individual segments and thus uses a single marketing mix

67
Q

What is a niche (concentrated) marketing mix?

A

A strategy used to select one segment of a market for targeted marketing efforts

68
Q

What is positioning?

A

Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general

69
Q

What are 4 things positioning can be based off of?

A

Benefits
Price
Product class
Emotion

70
Q

What is perceptual mapping?

A

A means of displaying or graphing the location of products, brands, or groups of products in customers’ minds

71
Q

What is the marketing research problem?

A

Determining what information is needed and how that information can be obtained efficiently and effectively

72
Q

What is descriptive marketing research?

A

Gathering factual information
Easiest

73
Q

What is diagnostic marketing research?

A

Analyzing descriptive information
Explaining the data

74
Q

What is predictive marketing research?

A

Addresses “what if” questions

75
Q

What is the marketing research objective?

A

The specific information needed to solve a marketing research problem
Objective should be to provide insightful decision-making information

76
Q

What is the management decision problem?

A

A broad-based problem that uses marketing research in order for managers to take proper actions

77
Q

What are the steps in the marketing research process?

A

Define the problem
Plan
Conduct secondary research
Conduct primary research
Analyze the information
Present the information

78
Q

What is probability sampling?

A

A sample in which every element in the population has a known statistical likelihood of being selected

79
Q

What is random sampling?

A

A sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample

80
Q

What is big data?

A

The exponential growth in the volume, variety, and velocity of information
The development of complex, new tools to analyze and create meaning from such data

81
Q

What are surveys?

A

A researcher interacts with people to obtain facts, opinions, and attitudes

82
Q

What are mall intercepts?

A

A survey research method that involves interviewing people in the common areas of shopping malls

83
Q

What are executive surveys?

A

A type of survey that involves interviewing businesspeople at their offices concerning industrial products or services

84
Q

What are focus groups?

A

7-10 people who participate in a group discussion led by a moderator

85
Q

What are 3 types of questions used on surveys?

A

Open ended
Closed ended
Scaled response

86
Q

What is neuromarketing?

A

A field of marketing that studies the body’s responses to marketing stimuli?

Principles of Marketing (6 decks)

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