Marketing 240 Final Exam Review - Harding University

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Exchange

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People giving up something in order to receive something else they would rather have.

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Four Marketing Philosophies

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Production Oriented (What can we make?), Sales Oriented (Focuses on Sales), Market Oriented (Satisfying Customers) and Societal Marketing Orientation (Best Long-term interest in mind).

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Marketing Concept

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The idea that that the social and economic justification for an organization's existence is the satisfaction of customers wants and needs while meeting organizational objectives.

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Customer Satisfaction

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Customer's Evaluation of a good or service in terms of whether it has met their needs and expectations.

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Customer Value

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The relationship between benefits and the sacrifice necessary to obtain those benefits.

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Expectations

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Target Market

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A group of people that are interested in your product

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Marketing Mix (Four P's)

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A unique blend of product, place, promotion and pricing designed to produce mutually satisfying exchanges.

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Environmental Scanning

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Collection and interpretation of info about forces, events and relationships in the external environment that may affect the future of the business.

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Strategic Planning

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The Managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market.

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Marketing Plans

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A written document that acts as a guidebook for marketing activities for the manager.

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External Environments

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SWOT Analysis

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Identifying internal strengths and weaknesses and also opportunities and threats.

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Inflation

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A measure of the decrease in the value of money.

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Recession

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A period of economic activity characterized as negative in growth.

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Depression

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Basic Research

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Research that aims to confirm an existing theory.

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Applied Research

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Research that attempts to develop new or improved products.

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Business Ethics

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Moral principles or values that govern a business.

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Ethical Development

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Corporate Social Responsibility

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A business's concern for society's welfare.

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Quota

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Boycott

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Avoiding a particular product for any reason.

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Tariff

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Tax on imported goods.

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Exchange Control

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Multinational Firms

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A company that is heavily invested in international trade beyond exporting and importing.

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Global Marketing Standardization

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Production of uniform products that can be sold the same way around the world.

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Exporting

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Joint Ventures

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When a domestic firm buys part of a foreign company or join with a foreign company to create a new entity.

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Direct Foreign Investment

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Active ownership in a foreign company or of overseas manufacturing or marketing facilities.

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Contract Manufacturing

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Private label manufacturing by a foreign company.

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Licensing

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The legal process whereby a licensor allows another firm to use it processes, trademarks, patents.....

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Countertrade

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A form of trade in which all or part of the payment for goods or services is in the form of another good or service.

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Consumer Decision Making Process

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A five step process used by consumers when buying goods or services.

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Cognitive Dissonance

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

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Evoked Set

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

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Internal Stimulus

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External Stimulus

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Types of Decision Making

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Routine Response, Limited Decision and Extensive Decision

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Involvement

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The amount of time and effort a buyer invests in search and evaluation of a product before buying.

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Consumer Decision Making Process

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A five step process used by customers when buying goods or services.

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Culture

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A set of values, norms, attitudes and other meaningful symbols that shape human behavior.

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Subculture

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A homogeneous group of people who share elements of the overall culture as well as a unique element.

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Social Class

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A group of people who are considered similar in status or community esteem.

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Family Life Cycle

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Personality

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a way of organizing and grouping the consistencies of an individuals reactions to situations.

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Self-Concept

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How a person see's themselves

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Perception

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

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Motivation

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A driving force that causes a person to take action to satisfy specific needs.

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Opinion Leaders

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An individual who influences the opinions of others.

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Types of Reference Groups

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Primary Membership, Secondary Membership, Aspirational Group and Non-aspirational group.

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Business vs. Consumer Products

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Business products are sold and marketed in a different way than consumer products and also have different uses.

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Business vs. Consumer Markets

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Types of Business Products

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Major equipment, Accessory Equipment, Raw Materials, Component Parts, Processed Materials, Supplies and Business Services.

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NAICS

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North American Industry Classification System. Detailed numbering system to sort business by their main production process.

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Derived Demand

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The demand for business products

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Joint Demand

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Demand for two or more items used together in a final product.

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Fluctuating Demand

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Demand that fluctuates due to economic situations and consumer spending.

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Elastic Demand

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Demand increases and decreases along with price.

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Inelastic Demand

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Demand stays constant no matter what the price is.

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Buying Centers

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Market Segmentation

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

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Segmentation Bases

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Characteristics of market segments

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Demographic Segmentation

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Segmenting markets by age, gender, income, ethnic background and family.

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Psychographic Segmentation

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Segmenting markets on the basis of personality, motives, lifestyle and geodemographics.

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Targeting Strategies

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undifferentiated, concentrated and multisegment.

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Managerial Decision Problem

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A broad-based problem that takes marketing research for managers to solve.

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Marketing Research Problem

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Determining what info is needed and how that info that be obtained.

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survey research

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When a researcher interacts with people to obtain facts, opinion and attitudes.

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Observation Research

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People watching people, people watching an activity, machines watching people and machines watching an activity.

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Experimental Research

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Primary Data

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Info that was collected for the first time.

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Secondary Data

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Data previously collected for any purpose other than the one at hand.

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Probability Sample

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A sample in which everyone has a known likelihood of being selected.

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Non-Probability Sample

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Any sample in which little attempt is made to get a cross section of the population

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Product

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Everything both favorable and unfavorable that a person receives in an exchange.

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Types of Product

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Convenience product (Simple Inexpensive), Shopping Product (requires comparison), Specialty Product (Extensive Search) & Unsought Product (not Actively Seeking).

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Product Mix

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All Products that an organization sells.

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Search Quality

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quality that can be easily assessed before buying.

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Experience Quality

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quality that can only be assessed after use.

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Credence Quality

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Quality that can be hard to assess even after use because the lack of knowledge on a subject.

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New Products

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A product new to the world, the market, the producer, the seller or some combination of these.

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Steps in Product Development Process

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Brainstorming, screening, concept test, business analysis, development, test marketing, commercialization.

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Product Life Cycle

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A concept that provides a way to trace the stages of a product's acceptance, from its birth to it's death.

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Rate of Diffusion

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The speed at which new ideas or products get into the market.

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Innovators

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First users of a product

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Early Adopters

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Prestige oriented; opinion leaders

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Early majority

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Leading segment of the mass majority

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Late Majority

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Followers of the early majority

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Laggards

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Conservative; price conscious individuals

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Channel Functions

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Selling products through different people.

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Dual Distribution Channel

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Use of two or more channels to distribute product to target markets.

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Nontraditional Channels

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electronic channels that facilitate unique market access of products and services

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Reverse Channel

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Channel that enables customers to return products after use for recycling purposes.

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Intensive Distribution

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Having a product available in every location a target customer might shop.

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Selective Distribution

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a form of screening to eliminate all but a few dealers.

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Exclusive Distribution

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establishes one or a few dealers in a given area.

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Franchising

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A relationship in which the business rights to operate and sell a product are granted by a franchisor to a franchisee.

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Wholesaling

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Selling large quantities of goods to retailers at a low price.

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Retailing

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All activities directly related to the sale of goods and services to the ultimate consumer.

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Category Killers

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A large discount store that specializes in a single line of merchandise and becomes the dominant retailer in it's category.

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Non-Store Retailing

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Shopping without visiting a store

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Atmosphere

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The overall impression conveyed by a store's physical layout, decor and surroundings.

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Retailing Mix (6 P's)

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Product, Promotion, place, price presentation and personnel.

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Positioning

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Influence consumer perception of a brand or product. Clear and unique position in the consumer's mind.

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Revenue

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The amount of money a company actually receives.

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Pricing Objectives

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Survival, Profit, Sales & Status Quo

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Breakeven Analysis

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A method of determining what sales volume must be reached before total revenue equals total costs.

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Yield Management Systems

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A technique for adjusting prices that use complex mathematical formulas to discount early purchases, while limiting sales at these discounted prices and overbooking capacity.

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Cumulative Quantity Discount

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A deduction from list price that applies to buyers total purchase during a specific time period.

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Non-Cumulative Quantity Discount

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A deduction from list price that only applies to a single order rather than all the orders placed during a specific time.

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Cash Discount

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A price reduction if the buyer promptly pays the bill.

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Functional Discount

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a discount to wholesalers and retailers for performing channel functions.

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Seasonal Discount

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A price reduction for buying something out of season.

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Competitive Advantage

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An advantage gained over competitors either by lowering price or adding value to your offering.

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Promotional Mix

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Combination of promotional tools-including advertising, public relations, personal selling, sales promotion and social media- used to reach the target market and fulfill the organization's overall goals.

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Consumer Sales Promotion

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Promotion activities targeted to the ultimate consumer market.

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Trade Sales Promotion

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Promotion activities directed to members of the marketing channel, such as wholesalers and retailers.

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Institutional Advertising

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A form of advertising targeting to enhance a company's image.

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Product Advertising

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A form of advertising aimed at the benefits of a specific good or service.

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Advocacy Advertising

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Expressing views on controversial issues or respond to media attacks.

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Pioneering Advertising

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attempting to stimulate primary demand for a new product.

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Competitive Advertising

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Designed to influence demand for a specific brand.

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Comparative Advertising

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Compares two or more specifically named or shown competing brands on one or more specific attributes.

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Personal Selling

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A purchase situation involving a personal, paid for communication between two people in an attempt to influence each other.

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Public Relations

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The marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in and executes a program of action to earn public understanding and acceptance.