Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
68 Cards in this Set
- Front
- Back
|
All of the following are accurate descriptions of modern marketing today, except which one?
a.Marketing is creation of value for customers. b.Marketing is managing profitable customer relationships. c.Selling and advertising are synonymous with marketing. d.Marketing involves satisfying customers’ needs. e.Marketing is used by for-profit and not-for-profit organizations. |
Selling and advertising are synonymous with marketing.
|
|
|
When backed by buying power, wants become ________.
a.social needs b.demands c.physical needs d.self-esteem needs e.exchanges |
Demands
|
|
|
_____ is the act of obtaining a desired object from someone by offering something in return.
a.A value proposition b.Exchange c.Value d.Donation |
Exchange
|
|
|
_____ is the set of actual and potential buyers of a product.
a.A market b.An audience c.A group d.A segment e.An exchange |
A market
|
|
|
In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently.
a.marketing b.demarketing c.value marketing d.surplusing e.negotiating |
demarketing
|
|
|
The mousetrap case I narrated in the very first class reflects the ________.
a.production concept b.marketing concept c.selling concept d.product concept e.target marketing |
product concept
|
|
|
A highly profitable, short term customer is a ________.
a.true friend b.butterfly c.stranger d.barnacle e.true believer |
butterfly
|
|
|
A church targeting different demographic groups to increase attendance is an example of ________.
a.for-profit marketing b.not-for-profit marketing c.mindless marketing d.ethics in marketing e.societal marketing |
not-for-profit-marketing
|
|
|
Which of the following terms is used to describe the factors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers?
a.the marketing environment b.strategic planning c.target markets d.the marketing mix e.none of the above |
the marketing environment
|
|
|
Percy Original caters to a market of individuals and households that buys goods and services for personal consumption. What type of market does Percy Original cater to?
a.business b.reseller c.government d.consumer e.marketing intermediary |
consumer
|
|
|
Which type of market buys goods and services for further processing or for use in the production process?
a.business b.reseller c.wholesale d.consumer e.retail |
business
|
|
|
Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched?
a.demographic b.psychographic c.economic d.geographic e.cultural |
demographic
|
|
|
The three largest age groups in America are the baby boomers, Generation Xers, and ________.
a.seniors b.Millennials or Generation Y c.teens d.tweens e.toddlers |
Millennials or Generation Y
|
|
|
The most commercially influential American demographic group today is ________.
a.Generation X b.the baby boomers c.the Millennials or Generation Y d.the seniors e.the infants |
the baby boomers
|
|
|
Baby boomers were born between the years 1946 and _____.
a.1954 b.1960 c.1964 d.1970 e.1980 |
1964
|
|
|
1.Products and Services
2.Value,satisfaction, and quality 3.Exchange,transactions, and relationships 4.Markets 5.Needs,wants, and demands |
Core marketing concept
|
|
|
is identifying and satisfying consumer needs.
|
Marketing
|
|
|
1.Defining the Problem and Research Objectives
2.Developing the Research Plan 3.Implementing the Research Plan 4.Interpreting and Reporting the Findings |
The Marketing Research Process
|
|
|
Observational research
|
gathering primary data by relevant people, actions, and situations.
|
|
|
personal interviewing that involves inviting 6 to 10 people to gather for a few hours with trained interviewer to talk about their product.
|
Focus-group research
|
|
|
gathering primary data asking people ?s about their knowledge, attitudes, preferences, and buying behavior.
|
Survey research
|
|
|
Tries to explain cause-and-effect relationships.
|
Experimental research
|
|
|
Stars
|
high growth, high market share businesses or products.
|
|
|
Cash Cows
|
low growth, high market share businesses or products.
|
|
|
Question marks
|
low share business units in high growth markets.
|
|
|
Dogs
|
low growth, low market share business.
|
|
|
Factors Influencing Consumer Behavior
1. Cultural |
Culture, Sub-culture Social class
Exert broadest and deepest influence. |
|
|
2.Social
|
Reference Groups-membership-primary vs. secondary, Family roles, and status.
|
|
|
3.Personal
|
Age and life-cycle, Occupation,
Economic situation, Lifestyle, Personality, and self-concept |
|
|
4.Psychological
1. Motive |
need that is sufficiently pressing to direct the person to seek satisfaction.
|
|
|
2. Perception
|
the process by which people select, organize, and interpret information from a meaningful picture of the world.
|
|
|
3.Learning
|
changes in an individual's behavior arising from experience.
|
|
|
4. Beliefs/ Attitudes
|
A descriptive thought that a person holds about something.
How someone feels about the product. |
|
|
Compared to Consumer Markets, Business Markets have?
|
Fewer buyers Close relationships with their supplier-customers
Larger buyers, Geographically concentrated buyers |
|
|
Market Segmentation:
1.Measurable 2.Accessible 3.Substantial 4.Differential 5.Actionable |
Size, purchasing power, profiles
of segments can be measured Segments can be effectively reached and served. Segments are large or profitable enough to serve. Segments are large or profitable enough to serve. Effective programs can be designed to attract and serve the segments. |
|
|
Deeds,processes,and performance
1.Intangible 2.Perishable Challenged by human interaction: 3.Produced/Consumed Simultaneously 4.Heterogeneous |
Service Products are?
|
|
|
New-Product Development Process
1.Idea generation 2.Idea Screening 3.Product concept |
the systematic search for new-product ideas.
Screening new product ideas in order to spot good ideas and drop poor ones asap. Detail version of the new-product idea stated in meaningful consumer terms. |
|
|
4.Marketing Strategy
5.Business Analysis |
Designing an initial marketing for a new product based on product concept.
A review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the company's objectives. |
|
|
Product Development
Test marketing |
Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.
The stage of new-product development in which the product and marketing program are tested in realistic market setting. |
|
|
Product life cycle:
1.Introduction 2.Growth |
Period of slow sales growth as the product is introduced into the market.
Period of rapid market acceptance and increasing profits. |
|
|
3.Maturity
4.Decline |
Period of slowdown in sales and growth because the product has achieved acceptance by most potential buyers.
Period when sales fall off and profit drops. |
|
|
Setting Prices:
Price |
the amount of money charged for a product or service.
|
|
|
Factors to Consider When Setting Prices decisions
Internal Factors: |
include the company's overall marketing strategy, objectives, mix, and organization for pricing.
|
|
|
Factors to Consider When Setting Prices decisions
External factors: |
include the nature of the market and demand, competitors' strategies and prices, and environmental factors such as the economy.
|
|
|
Price Elasticity of Demand
A. Inelastic Demand B. Elastic Demand |
Demand Hardly Changes With
a Small Change in Price.True for unique, exclusive products or necessities Demand Changes Greatly With a Small Change in Price.Example: air travel |
|
|
Vertical Marketing Systems:
|
A distribution structure in which producers, wholesalers, and retailers act as a unified system.
|
|
|
Corporate VMS:
|
a vertical marketing system that combines successive stages of production and distribution under single ownership-channel leadership is established through common ownership.
|
|
|
Contractual VMS:
|
a vms in which independent firms at different levels of production and distribution join together through contract to gain more economies or sales impact that they could achieve alone.
|
|
|
Administered VMS
|
vms that coordinates successive stages of production and distribution not through a common ownership or contractual ties.
|
|
|
Franchise Organization
|
a contractual vertical system in which a channel member called a franchisor, links several stages in the production, distribution process.
|
|
|
Specialty Store
(Bed bath and Beyond) |
Narrow Product Line, Deep Assortment i.e. The Limited or Athlete’s Foot
|
|
|
Department Store
(Sears) |
Wide Variety of Product Lines i.e. Clothing, Home Furnishings, & Household Items
|
|
|
Supermarkets
(Hyvees) |
Wide Variety of Food, Laundry, & HouseholdProducts
|
|
|
Convenience Stores
(7-11) |
Limited Line of High-Turnover Convenience Goods
|
|
|
Superstores
(New WalMarts) |
Large Assortment of Routinely Purchased Food & Nonfood Products, Plus Services
|
|
|
Giant Specialty Store that Carries a Very Deep Assortment of a Particular Line
|
Category Killers
(Best Buy) |
|
|
Hypermarkets
(Woolworth) |
Huge Superstores
|
|
|
Integrated Marketing Communications
|
1.Consumer receive messages from various sources
2.All these messages get blurred and form a general impression about the company/product/brand 3.Conflicting messages means the consumer is confused about what you stand for. A premium product advertising does not go well with frequent promotions and price cuts 4.Often companies have a “communications director” who makes sure that the messages are consistent |
|
|
Major Decisions in Advertising
1.Advertising objective 2.Budget Decision 3.Advertising Strategy 4.Evaluation |
A specific communication task to be accomplished with a specific target audience during a specific period of time.
The dollars and other resources allocated to product or company advertising program. The strategy by which the company accomplishes its advertising objectives. Evaluating advertising campaigns. |
|
|
personal selling
|
Involves two-way, personal communication between salespeople and individual customers whether: face to face,by telephone,through video conferencing,or by other means.
|
|
|
The term salesperson covers a wide spectrum of positions from
|
1.Order Taking (department store salesperson)
2.Order Getting (someone engaged in creative selling 3.Missionary Selling (building goodwill or educating buyers |
|
|
Sales Force Structures
1.Territorial: |
Exclusive Territory to Sell theCompany’s Full Product Line
1.Sales easy to track 2.Longterm relations 3.Low travel expenditure |
|
|
Sales Force Structures
Product |
Sales Force Sells Along
Product Lines Better product knowledge Can be difficult to coordinate |
|
|
Sales Force Structure
Customer: |
Sales Force Sells Along
Customer/ Industry Lines Large vs. small Industrial vs. institutional |
|
|
Sales Force Structure
4.Complex |
Combination of Above Types of Sales Force Structures
Territorial, and within that, customer-based |
|
|
GATT (General Agreement on Tariffs and Trade)
|
1.World treaty to reduce trade barriers and promote world trade, initiated in 1948
2.So far 8 rounds to set rules of international trade 3.The most recent: Uruguay round. Focus on agriculture and intellectual property rights |
|
|
WTO (World Trade Organization)
|
1.Uruguay round established WTO in 1995
2.Is an institution, not an agreement like GATT 3.Has binding power unlike GATT 4.Oversees implementation of GATT and other trade-related issues |
|
|
Regional Free Trade Zones
|
1.Groups of nations organized to work towards common goals in international trade
2.Typically, provides for favorable treatments for members, and entry-barriers for non-members |
