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50 Cards in this Set
- Front
- Back
More than _____ of all new businesses fail within _____ years of their launch.
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half; five
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The idea of _______ refers to the trade of things of value between buyer and seller so that each is better off after the trade – in the context of marketing
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exchange
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A ______ occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.
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need
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In a marketing context, a _______ refers to people with both the desire and ability to buy a specific offering
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market
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A _________ refers to one or more specific groups of potential consumers toward which an organization directs its marketing program
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target market
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The "marketing mix" or controllable factors are encompassed by the 3 P's, which are...
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product, price, promotion, and place
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The marketing concept refers to the idea that an organization should:
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(1) strive to satisfy the needs of consumers
(2) while also trying to achieve the organization's goals. |
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An organization that focuses its efforts on these three things is said to have a market orientation.
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(1) continuously collecting information about customers' needs;
(2) sharing this information across departments; and (3) using it to create customer value |
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How an individual organization directs its marketing activities and allocates its resources to benefit its customers is known as __________.
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micromarketing
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Units such as manufacturers, retailers, and government agencies that buy goods and services for their own use or for resale are referred to as ___________.
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organizational buyers
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___________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society.
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Social entrepreneurship
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Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as ________.
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goals
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Data visualization is the information about an organization's marketing metrics graphically so marketers can quickly:
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(1) spot deviations from plans and
(2) take corrective actions. |
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A _______ refers to a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
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marketing plan
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_________ include all of the following: profit, customer service, resources, and employee skills.
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Competencies
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The axes of the the Boston Consulting Group's classification of organizations are:
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Vertical: more or less market share
Horizontal: more or less growth potential |
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_____________ is a marketing strategy to increase sales of current products in current markets.
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Market penetration
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__________ refers to the marketing strategy of selling new products to new markets
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Diversification
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What does SWOT stand for?
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strengths, weaknesses, opportunities, and threats
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____________ refer to those characteristics of a product that make it superior to competitive substitutes
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Points of difference
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The four components of the implementation phase include:
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(1) obtaining resources;
(2) designing the marketing organization; (3) developing planning schedules; and (4) actually executing the marketing program designed in the planning phase |
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__________ refer to the detailed day-to-day operational decisions essential to the overall success of marketing strategies
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Marketing tactics
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_____________ trends come from social, economic, technological, competitive, and regulatory forces
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Environmental scanning
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The population explosion has occurred primarily in:
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the developing countries of Latin America, Asia, and Africa.
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_________ is predicted to have the world's largest population in 2050 with 1.75 billion people. _______ will be a close second with 1.44 billion people
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India; China
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Generally, _________ are receptive to products that are healthier for them
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baby boomers
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___________ includes the 15 percent of the population born between 1965 and 1976. These consumers are self-reliant, supportive of racial and ethnic diversity, and better educated than previous generations. They are not prone to extravagance and are likely to pursue lifestyles that are a blend of caution, pragmatism, and traditionalism. They are also collaborative decision-makers. __________ is replacing baby boomers as the largest segment of business travelers.
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Generation X
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____________ includes those born between 1977 and 1994. This was a period of increasing births, which resulted from baby boomers having children. This cohort is sometimes referred to as the echo-boom or baby boomlet.
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Generation Y
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Consumers under 20 years old rank _______ third, while the 20-to-29 and 30-to-39 age groups rank ________ and ________ as their third most important values, respectively.
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friendship; self-esteem; health and fitness
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In developing a marketing program, companies must consider the factors that drive competition:
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entry,
the bargaining power of buyers and suppliers, existing rivalries, and substitution possibilities. |
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Registration under the __________ provides important advantages to a trademark owner that has used the trademark in interstate or foreign commerce, but it does not confer ownership
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Lanham Act
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The best-known self-regulatory group is the __________. Although it has no legal power, it does try to use "moral suasion" to get members to comply with its standards
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Better Business Bureau
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After recognizing a problem, a consumer begins to search for ___________, first by scanning one's memory for previous experiences with products or brands.
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information
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Five situational influences have an impact on a consumer's purchase decision process:
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purchase task,
social surroundings, physical surroundings, temporal effects, and antecedent states. |
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The way people see themselves and the way they believe others see them is referred to as ________.
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self-concept
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__________ refers to the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world
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Perception
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The process of seeing or hearing messages without being aware of them is referred to as ______________
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subliminal perception
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A need that moves an individual to action is a _______. A ________ is a stimulus or symbol perceived by consumers.
A _________ is the action taken by a consumer to satisfy a drive. |
drive; cue; response
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About __ percent of U.S. product sales are directly tied to word of mouth activity among friends, family, and colleagues.
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67
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____________ refers to relatively permanent, homogenous divisions in a society in which people sharing similar values, interests, and behavior can be grouped
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Social class
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____________ refers to the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others.
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Business marketing
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Wholesalers and retailers that buy physical products and resell them without any reprocessing are referred to as __________. Federal, state, and local agencies that buy goods and services for the constituents they serve are referred to as _____________.
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reseller firms; government units
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____________ provides common industry definitions for Canada, Mexico, and the United States
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The North American Industry Classification System (NAICS)
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The objective attributes of the supplier's products and services and the capabilities of the supplier itself are collectively referred to as
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organizational buying criteria
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__________ refers to the standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures developed by the International Standards Organization.
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ISO 9000
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A ____________ exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate customer
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supply partnership
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___________ aims to integrate environmental considerations into all stages of an organization's buying process with the goal of reducing the impact on human health and the physical environment
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Sustainable procurement
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Several people often participate in the organizational buying process. Called a _________, these people share common goals, risks, and knowledge important to a purchase decision
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buying center
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The third stage of the organizational buying decision process is __________.
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alternative evaluation
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A __________ refers to an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other
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reverse auction
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