Marketing 300 Exam 1

Front 1

Marketing

Back 1

Makes sure right goods and services are being produced

Front 2

Production

Back 2

Small segment of marketing that makes the goods and performs the services

Front 3

Why is marketing important?

Back 3

1. You make choices everyday based on marketing; you decide how you want to spend your money

2. It will be important to your job

3. Approach to get your next job

4. Affects innovation and standard of living- stimulates new ideas

Front 4

In marketing innovation what are most products?

Back 4

Evolutionary

Front 5

Give some examples of product evolution

Back 5

Waterproof phones, pedigree zip lock bags for dog food,

Front 6

Give some examples of product revolution

Back 6

ipod, smart phones, electric car, virtual space gaming, car(back in the day)

Front 7

What is the micro view of marketing?

Back 7

A set of activities performed by organizations

Front 8

What is the macro view of marketing?

Back 8

A social process and whole production-distribution system

Front 9

What are the components of the marketing concept?

Back 9

Customer Satisfaction

Profit as an objective

Total Company Effort

Front 10

What does economies of scale mean?

Back 10

AS a company produces larger numbers of a particular product, the cost of each unit goes down.

Front 11

Production Era

Back 11

Industrial Revolution-1920's

*When a company focuses on the production of a few specific products

Front 12

Sales Era

Back 12

1930-1950's

*A time when a company emphasizes selling because of increased competition

-Beat the competition and win customers

Front 13

Marketing Department Era

Back 13

1950-X

*A time when all marketing activities are brought under the control of one department to improve short-run policy planning and try to integrate the firms activities

Front 14

Marketing Company Era

Back 14

1960-Now

*In addition to short-run marketing planning, marketing people develop long range plans- can be 5 or more years ahead- and the whole company effort is guided by the marketing concept

Front 15

What does the marketing concept say?

Back 15

That an organization aims all of its efforts at satisfying its customers AT A PROFIT

Front 16

Product Orientation

Back 16

Making whatever products are easy to produce and THEN trying to sell them

Front 17

Marketing Orientation

Back 17

Means trying to carry out the marketing concept

Front 18

Customer Value

Back 18

The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

Front 19

How do you improve customer value?

Back 19

Find a way to satisfy the need of the customer that others havent thought about yet

Front 20

Micro-Macro Dilemma

Back 20

What is "good" for some companies and consumers may not be good for the society as a whole

Front 21

Marketing Ethics

Back 21

The moral standards that guide marketing decisions and actions

Front 22

Customer lifetime value equation

Back 22

Relationships that develop satisfied customers + who purchase more over time= lifetime value of customers

Front 23

Customer equity

Back 23

*The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time.

Long term focus of a lifetime customer

Front 24

Why doesn't production mentality work?

Back 24

It does not focus on the actual needs of the customer, and sometimes unnecessarily drives up costs.

Front 25

Examples of the micro-macro dilemma?

Back 25

1.Handgun laws but right to bear arms

2.Panera changing to healthy menu while DD moving to unhealthy snacks in light of obesity

3. using plastic bottles for soft drinks but that leads to pollution

Front 26

When will a production mentality work?

Back 26

On an item that is constantly in need by the consumers

Front 27

Strategic (Management) Planning

Back 27

The managerial process of developing and maintaining a match between an organizations resources and its market opportunities.

Front 28

Marketing strategy

Back 28

Specifies a target market and a related marketing mix

Front 29

Target Market

Back 29

A fairly homogeneous group of customers to whom a company wishes to appeal

Front 30

Marketing mix

Back 30

The controllable variables the company puts together to satisfy this target group

Front 31

Target marketing

Back 31

A marketing mix is tailored to fit some specific target customers

Front 32

What are the marketing mix variables

Back 32

Place

Price

Product

Promotion

Front 33

What is the main form of mass selling?

Back 33

Advertising

Front 34

Advertising vs publicity

Back 34

Advertising- paid presentation

publicity- unpaid presentation

Front 35

Marketing Plan

Back 35

A written statement of a marketing strategy AND the time-related details for carrying out the strategy.

Front 36

What are some parts of the marketing plan

Back 36

1. What marketing mix will be offered, to whom and for how long

2. What company resources will be needed

3. What results are expected

Front 37

Why is marketing planning essential?

Back 37

-Significantly increases the chances of success.

-Matches opportunities to the firm's resources and its objectives

-Narrows down opportunities and realistic outcomes

Front 38

Market penetration

Back 38

Trying to increase sales through more frequent purchases

Front 39

Market Development

Back 39

Trying to increase sales by selling present products in new markets

Front 40

Product Development

Back 40

Offering new or improved products for present markets

Front 41

Diversification

Back 41

New market new product

Front 42

Examples of market penetration

Back 42

Starbucks frequent buyer program - getting them to buy more often

Front 43

Examples market development

Back 43

Coca-Cola expanding and selling to difference countries

Front 44

Examples product development

Back 44

Tide- laundry soap, tide stick, release packs

Pc company creating a printer

Front 45

Examples of diversification

Back 45

Honda making cars and then moving into making generators.

Front 46

Objectives must be _______?

Back 46

Measurable

Front 47

SWOT is derived from what?

Back 47

The situation analysis

Front 48

Rank the 4 P's in order of importance

Back 48

1. Product

2. Place

3. Promotion

4. Price

Front 49

What 3 areas are in the direct (Internal) marketing environment?

Back 49

1.Company ( Resources and Objectives of the firm)

2. Customers

3. Competitors

Front 50

What are the 4 areas involved in the indirect (External)marketing environment

Back 50

1.Cultural and Social

2.Political/Legal

3. Economic

4.Technological

Front 51

Discretionary income

Back 51

Income-Taxes-Necessities= Discretionary income

Front 52

What is the first thing you look at in a marketing environment?

Back 52

Your own company; your resources and objectives (Strengths and Weaknesses)

Front 53

What are the 4 basic kinds of market situations?

Back 53

1. Monopoly

2. Monopolistic Competition

3. Oligopoly

4. Pure Competition

Front 54

How would you describe a monopoly and give an example

Back 54

One firm controls a broad market.

Ex. old days; Cable TV

Monsanto; GMO company

Front 55

How would you describe a monopolistic competition and give an example

Back 55

The main structure of the US; offers DIFFERENTIATION in marketing mixes and competition within the market.

Ex. Restaurants and Hotels

Front 56

Economic Environment

Back 56

Economic factors like national income, economic growth, inflation. Changes Rapidly.

Ex. Housing collapse in 2008

Front 57

Technology Environment

Back 57

Alway changing now.

Ex. Future Robot cars driving us around and the implications that follow that change

Front 58

Political/ Legal Environment

Back 58

FDA and the CPSC

Front 59

Federal Trade Commission Act

Back 59

Battles unfair methods of competition and deceptive advertising

Front 60

Robsinson-Patman Act

Back 60

Injures competition by prohibiting fake advertising and price discrimination

Front 61

Magnuson-Moss Act

Back 61

Warranties coverage and that it has to be in writing

Front 62

What are some subcultures in the cultural and social environment?

Back 62

Race

Lifestyle

Hobbies

Age

Front 63

Cultural and Social Environment

Back 63

Slower changing than other external environments

Ex. Role of women changing over the decades, LOHAS,

Front 64

Where has migration in the US occurred?

Back 64

From the Midwest and North East to the Sun Belt in the south due to AIR CONDITIONING (technological change)

Front 65

How has migration in the US changed over time?

Back 65

Rural-->Urban--> Suburban-->Micropolitan

Front 66

What are the 4 population age groups

Back 66

1. Baby boomers-control most of the wealth

2. Gen X-Less materialistic

3. Gen Y- Millennials, spending tons of money and the focus of marketers

4. Gen Z- Upcoming

Front 67

What is the gray market?

Back 67

Segmented into age groups, martial status, health to determine the older people who still want to spend money or earn money.

Front 68

define SMART goals

Back 68

S-Specific

M-Measurable

A-Attainable

R-Relevant

T-Timely

Front 69

5 steps for marketing planning process

Back 69

1. Assess internal and external environments

2. SWOT

3. Narrow down opportunities

4. Define objectives

5. Develop a plan

Front 70

Market Segmentation

Back 70

2 step process (1) NAMING broad product-markets (2) Segmenting these broad product-markets in order to select target markets and develop marketing mixes

Front 71

How do you break down a target market

Back 71

1. Define the customers needs

2. Narrow down to generic market

3. Narrow down to one broad product-market

4. Narrow down to narrow product-markets

5. Select target marketing Approach

Front 72

What are the 3 possible target marketing approaches

Back 72

1. Single target market

2. Multiple target markets

3. Combined target markets

Front 73

Single Target Market approach

Back 73

Picking out one homogeneous segments as the firm's target market

Front 74

Multiple Target Market Approach

Back 74

Choosing 2 or more segments and then treating each as a separate target market needing a different marketing mix

Front 75

Combined Target Market Approach

Back 75

Combining 2 or more submarkets into one larger target market as a basis for ONE strategy

Front 76

What are the 3 ways you can build a segment

Back 76

1. Geographic

2. Demographic

3. Behavioral/ Psychographic ---best one

Front 77

Qualifying Dimensions

Back 77

Those dimensions relevant to including a customer type. Helps identify the core benefits

Front 78

Determining Dimensions

Back 78

Those dimensions that actually affect the customer's purchase of a specific product or brand

Front 79

Qualifying Dimensions example

Back 79

A new car buyer must actually need a new car or something to move the kids around in

Front 80

Determining Dimensions Example

Back 80

If safety is a big deal for a car buyer, they may look at volvo that has side protection and great crash ratings

Front 81

USP

Back 81

Unique selling proposition

Front 82

Why might repositioning need to occur

Back 82

Brand is not being looked at as desired/ planned

New products moving into their product space

Differentiation needs to happen

Front 83

What is an example of a company that needs to be re-positioned?

Back 83

Sears; who is their target market? Competitors are crushing them

Front 84

What are some social influences on consumer behaviors?

Back 84

1. reference groups

2. opinion leaders

3. Culture

4. Family

5. Social class

6. Other peoples perceptions

Front 85

How do consumers decide to buy products? (4)

Back 85

1. Economic concerns

2. Psychological Influences

3. Social Influences

4. Purchase situation

Front 86

What are some psychological influences?

Back 86

Lifestyle

Motivation

Learning

Perception

Attitudes

Front 87

What are some psychographic influences?

Back 87

Activities

Interests

Opinions

Front 88

What is a want?

Back 88

A want is a learned response to a need

Front 89

Hierarchy of PSSP needs

Back 89

1.Physiological needs

2. Safety needs

3. social needs

4. Personal needs

Front 90

What is the learning model from the hierarchy of needs

Back 90

Need>Want>Drive>Cue>Response>Reinforcement

Front 91

Selective exposure

Back 91

Our eyes and brains only notice and pick up on things we want to focus on

Front 92

Selective perception

Back 92

People hear or see what they want to see; we screen out things that contradict with our previous beliefs or attitudes

Front 93

Selective retention

Back 93

we remember things we want to remember

Front 94

Selective generalization

Back 94

Can be positive or negative; tendency for stimuli similar to a conditioned stimulus to evoke unconditioned responses

Front 95

Selective generalization example

Back 95

Nutella vs Other brand

Coppertone vs Walgreens brand

Coppertone brand and knowing all their products are great

Front 96

Selective Discrimination example

Back 96

Coke bottle

Nike swoosh

Front 97

Selective Discrimination

Back 97

Shows the difference betweens brands and makes them recognizable

Front 98

Selective generalization

Back 98

Recognition of the generalizations WITHIN the brand

Front 99

What are some reasons to choose not to research

Back 99

Low risk (possible money loss isnt huge)

short timeline

Front 100

What are some key issues in data interpretation

Back 100

1. population

2. sample

3. Validity

4. Confidence intervals

Front 101

What is the most important step in the scientific method?

Back 101

Defining the problem

Front 102

Projectable measurements come from what type of data?

Back 102

Quantitative data

Ex. Surveys

Front 103

Softer opinions and ideas come from what type of data?

Back 103

Qualitative data

Ex. Focus groups