Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/53

Click to flip

53 Cards in this Set

  • Front
  • Back
3 Basic Marketing Functions
-Logistical Functions
-Distribution
-Transactional Funtions
-Selling
-Facilitating Functions
-Financing
Form Utility
-creating something that is in less usefull form into a usefull form
Time Utility
-making products available at times that are useful and convenient to customers
Place Utility
-making products available in places that are useful and convenient
Posession utility
-possesion utility is created when ownership is transferred.
Why do we need marketing?
-exchange processes such as gaps and discrepancies.
-performs activites to bridge.
-economic value is created
What is the marketing concept?
A philosophy of business
-satisfaction of customer needs
-long term goals of business longevity
-involvement of entire enterprise
Societal marketing
-marketing that fulfills needs, but are not harmful
-private wants should be met, but that fulfill public needs.
The Marketing Mix
-Product
-Price
-Place
-Promotion
Product
what the firm makes/sells
Place
distribution of the product
Price
statement of value
Promotion
communication mechanism of marketing
*includes advertising, personal selling, sales promotions
Ethics
principals of right and wrong, justice and fairness governing social conduct.
different from morality and legality
Why is ethics important
defines who you are as a company by the was you respond to a situation.
Marketplace rewards good behavior
Idealism
extent to which a person yields the "right" course of action to have the best outcomes.
relativism
the extent to which a person rejects typical moral ideals and is in favor of situational or subjective approaches.
relativism items
there can never be a moral code of ethics, because what is right and wrong to one person may not be the same as another.
Why do people differ in morals and ethics
different backgrounds
different ideologies
different standards
Why do good people make bad judgements
external pressures
unintentional moral relativism
rationalization
Strategy
a systematic plan of action
Target Marketing
tayloring a market mix to fit a target groups needs
Mass Marketing
Undifferentiated approach, blanket
marketing strategy process
-broad look at market
-SWOT analysis
-segmentation helps pin point market
-differentiaton and positioning
-marketing mix
marketing penetration
sell more present products to current customers
market development
find new products for current markets
product development
develop new products for existting customers
Diversification
New products to new customers
consumer behavior
actions of individuals involing the acquisition, use, and disposal of goods and services including the processes that precede those actions.
Domain of Consumer behavior
1.affect-moods feelings and emotions
2.cognition-thoughts, beliefs, and evaluations
3.behavior-buying, using, and disposing
economic theory of buyer behavior
consumers are rational utility maximizers.
normative model
purchase decision making process
-problem/need recognition
-information search
-evaluation of alternatives (evaluative criteria, importance weighing
-decision
-purchase
-post purchase processes
external social influences
family, social class, reference group,opinion leaders, culture, sub-culture
percetion
selection and interpretation of environmental stimuli.
perception is highly subjective.
people base their decisions on their distorted subjective perceptions.
attitudes
learned predispositions to act favorably or unfavorably to an object.
learning
consumer behavior is a learned behavior.
learning is a change in long term memory based on experience.
personality
inate, enduring response tendencies.
personality traits can act as moderators.
self concept
an individuals perceptions, beliefs, constual of his or herself.
shaped by culture.
consumers tend to use consumption to move from actual to ideal.
culture
collective mental programming.
the sum total of the way of life including things such as;behavior beliefs values languages and living practices.
culture content
belliefs, attitudes, goals and values.
the meaning of characteristic behaviors, rules, and norms
cultural values
widely held beliefs that affirm what is desireable.
individualism
the degree in a country to which individuals prefer to act as individuals rather than a group.
power distance
degree of inequality accepted and considered as normal among members of a society.
masculinity vs. femininity
degree to which values such as, assertiveness, performance, success, materialsim, and the competition prevail over values like the quality of life, maintainig good personal relationships, service, care for the weak, and solidarity
uncertainty avoidance
the degree to which people in a society prefer structured or unstructured situations.
context
how much information is conveyed and how much should be conveyed
low context cultures
messages are explicit and direct, words convey the meaning, circumstances are not so important
high context cultures
words, exact phrasing more important than the relationship, social context
organizational b to b market
any buyers that buy for resale or to produce other goods and services
producers
manufacturers, farmers, finacial institutions, other service providers
middlemen
wholesalers, retailers
governmental units
local, state, federal
non profit
national, red-cross, girl scouts, etc.