Marketing Kerin 9Ed. Ch. 1-5

Front 1

Define Marketing
CH 1

Back 1

The activity for creating, communicating, delievering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.

Front 2

What is Marketed?
CH1

Back 2

Goods, Services, Ideas

Front 3

Criticisms of marketing?
CH1

Back 3

Annoying, encourages materialism, poor quality, buy beyond your means, etc...

Front 4

What does marketing "seek"?
CH1

Back 4

discover needs and wants of customers, Satisfy these needs through exchange transactions

Front 5

What is a target Market?
CH1

Back 5

Group of consumers that can be differentiated from the population as a whole

Front 6

What are the 4 P's?
CH1

Back 6

the CONTROLLABLE marketing Mix: Product, Promotion, Price, Place

Front 7

What are examples of Uncontrollable
Environmental forces?
CH1

Back 7

Social, Economic, Technological, Competitive, Regulatory

Front 8

What does a marketing program entail?
CH1

Back 8

Target Market, Marketing mix for each segment

Front 9

Define Utility:
CH1

Back 9

Utility Consists of the benefits or customer value received by users of the product; it is what consumers pay for in an exchange transaction. "Usefulness"

Front 10

Name the 4 types of Utility.
CH1

Back 10

Form
Possession
Time
Place

Front 11

What is the role/value of middlemen?
CH1

Back 11

Provide a central market with time, place, and possession utility

Front 12

CH2
Developing Successful Marketing Stategies

Back 12

new chapter, heads up

Front 13

Define Core Values.
CH2

Back 13

the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. Basically, "who we are, What we stand for."

Front 14

Define Mission/Vision
CH2

Back 14

Statement of the Org. function in society, often identifying its customers, markets, products, and tech. "basically "why do we exist, for what purpose?"

Front 15

Define Organizational culture.
CH2

Back 15

Consists of a set of values, ideas, attitudes, and norms of behaviors that is learned and shared among the members of an organization

Front 16

What+What=Organizational Strategies?
Ch2

Back 16

Org. Foundation (why) + Org. DIrection (what)

Front 17

What is organizational direction?
CH2

Back 17

What we do? What business are we really in?

Front 18

Goals Should be SMART. Explain.
CH2

Back 18

Specific
Measurable
Attainable
Relevant
Time-based

Front 19

Give examples of common categories of Corporate Goals.
CH2

Back 19

Profit, Sales, Market share
Quality, Employee welfare, Customer Sat., Social resp., Efficiency

Front 20

Define: SBU
CH2

Back 20

Special Business Unit. Can be a department, division, product line, etc... It is a unit of the Co. that has a separate mission.

Front 21

Business Portfolio Analysis. Explain
Ch2

Back 21

Comparing a SBU on axis of Market growth rate and relative market share. Think Dogs, stars, Cash cows, and "?'s"

Front 22

Explain SWOT analysis.
CH2

Back 22

Strengths, Weaknesses, Opportunities, Threats

Front 23

What are the 3 Phases of the strategic marketing process?
Ch2

Back 23

Planning, Implementing, Evaluating

Front 24

What does a marketing program consist of? hint there are 4, AKA the Marketing Mix
Ch2

Back 24

Product, Price, Promotion, Place (distribution)

Front 25

What are Environmental forces?
CH3

Back 25

Social econ, Demographics, Technology, etc...

Front 26

Demographic forces=?
CH3

Back 26

Race, marriage, gender, location, etc...

Front 27

Social Forces?
CH3

Back 27

Changing attitudes and values. More socially conscious? Value conscious?

Front 28

Economic Forces?
CH3

Back 28

Inflation, Recession, Consumer Sentiment

Front 29

CH3
Scanning Market Environment

Back 29

new ch

Front 30

What are Environmental forces?
CH3

Back 30

Social econ, Demographics, Technology, etc...

Front 31

Demographic forces=?
CH3

Back 31

Race, marriage, gender, location, etc...

Front 32

Social Forces?
CH3

Back 32

Changing attitudes and values. More socially conscious? Value conscious?

Front 33

Economic Forces?
CH3

Back 33

Inflation, Recession, Consumer Sentiment

Front 34

Technological Forces?
CH3

Back 34

Is company tech becoming obsolete? still competitive

Front 35

Competitive forces?
CH3

Back 35

number of sellers? product differentiation? Importance of product mix to avoid

Front 36

Regulatory forces?
CH3

Back 36

Government intervention e.g. nutritional labeling, anti trust acts, etc...

Front 37

What types of price fixing are there?
CH3

Back 37

Horizontal (collusion) and vertical price fixing

Front 38

Distribution fixing?
CH 3

Back 38

Exclusive dealing, limiting product avaliability

Front 39

What might a company have to do if they are found guilty of false advertising?

Back 39

Cease and desist.
Corrective advertising

Front 40

CH 4

Back 40

Ethics and social responsibility

Front 41

Who are stakeholders?
CH4

Back 41

Employees, customers, suppliers, community

Front 42

Ethics are?
Laws are?
CH4

Back 42

Ethics are moral principles that govern our actions and decisions.
Laws are society's values and standards that are enforceable in court

Front 43

Moral idealism is?
CH4

Back 43

Standing by personal morals, doing the right thing

Front 44

Utilitarianism is?
CH4

Back 44

The most good for the greatest number of people.

Front 45

Consumer bill of rights?
CH4

Back 45

Informed, safe, choice, be heard

Front 46

Economic espionage?
CH4

Back 46

Companies stealing trade secrets, in some cases might be legal, but is unethical

Front 47

Profit responsibility?
CH4

Back 47

Companies have responsibility to make the most money possible for their owners.

Front 48

Cause marketing?
CH4

Back 48

Aligning a company with a cause. Helps brand image and raises money for charity

Front 49

CH 5

Back 49

Consumer behavior

Front 50

Consumer Behavior is...?

Back 50

Why consumers do what they do. Draws on psych and econ sciences. It is largely an inferential process

Front 51

Why study consumer behavior?

Back 51

Predict group behavior and respond to those predicted actions

Front 52

What is the purchase decision process?

Back 52

Problem recognition > Info. search > Evaluate alternatives >Purchase decision >Post Purchase behavior

Front 53

Problem recognition can be triggered by:?

Back 53

Internal stimulus, external stimulus (external is not as marketer dominated)

Front 54

Information Search is?

Back 54

Process the customer goes through when trying to find out which product to buy. Sources are internal and external. Major sources are personal friends, internet

Front 55

Post Purchase behavior is?

Back 55

either satisfaction, dissatisfaction or cognitive dissonance

Front 56

Methods to reduce cognitive dissonance:?

Back 56

Search for supporting information, minimize purchase importance, minimize control of purchase, rationalize the purchase

Front 57

Define involvement?

Back 57

The personal, social, and economic significance of the purchase to the consumer

Front 58

For low involvement goods what do you need to do to maintain customers

Back 58

Maintain product quality, avoid stockouts, reduce cognitive dissonance with ads

Front 59

What are the influences on consumer perception?

Back 59

Selective exposure, Selective attention, Selective Comprehension, Selective retension

Front 60

What is the order of the stages of perception of stimuli?

Back 60

Exposure > Attention > Comprehension > Retention

Front 61

What are strategies to reduce perceived risk?

Back 61

Seals of approval, endorsements, free samples, good instructions, Warranties/Guarantees

Front 62

What is brand loyalty?

Back 62

Favorable attitude toward and consistent purchase of a single brand over time.

Front 63

What is lifestyle?

Back 63

A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them