Mkt 300 Exam 1 Chapters 1-7

Front 1

Product orientation

Back 1

business philosophy that focuses on the internal capabilities of the firm

Front 2

Sales orientation

Back 2

business philosophy that focuses on aggressive marketing techniques

Front 3

Marketing orientation

Back 3

business philosophy that focuses on a customer’s decision to buy a product – synonymous with marketing concept

Front 4

Marketing concept

Back 4

a business’s existence is based on its ability to satisfy customers’ wants and needs

Front 5

Societal marketing orientation

Back 5

a business exists not only to satisfy customers’ wants and needs but also to preserve the best interests of society.

Front 6

5 areas of difference between sales and market orientations

Back 6

focus, business, those to whom the product is directed, primary goal, tools used to achieve goals

Front 7

marketers interested in customer value

Back 7

offer products that perform, earn trust, avoid unrealistic pricing, give the buyer facts, offer excellent support

Front 8

relationship marketing

Back 8

business strategy that focuses on building and keeping relationships with current customers

Front 9

A Firm’s Focus- Firms use ____________ to speed up the customer service process by allowing more authority to be given to customer service reps

Back 9

empowerment

Front 10

A Firm’s Business- A sales oriented firm defines its business in terms of _______ and _________. A market-oriented firm defines its business in terms of the ___________ ___ ___________ _____.

Back 10

goods and services / benefits its customers seek

Front 11

Those To Whom The Product Is Directed- Sales oriented firms target the _________ ________. Market-oriented firms target ____________ ________.

Back 11

average customer / specific groups

Front 12

Firm’s Primary Goal- Sales-oriented firms seek to achieve __________ through ________ _______. Market-oriented firms seek to profit by creating __________ _________

Back 12

profitability, sales volume / customer value

Front 13

Segmenting is

Back 13

Dividing market based on needs/benefits, demographics, lifestyles, behavioral measures

Front 14

Targeting is

Back 14

Selecting the most appropriate markets

Front 15

Positioning is

Back 15

Target marketing messages through 4P’s

Front 16

4 Characteristics of a market

Back 16

1) People or an organization 2) with needs or wants 3) with the ability 4) and willingness to buy

Front 17

Benefit Segmentation

Back 17

grouping customers into market segments according to the benefits they seek from the product.

Front 18

Usage-Rate Segmentation

Back 18

dividing a market by the amount of product bought or consumed

Front 19

80/20 Principle

Back 19

20% of all customers generate 80% of the demand

Front 20

satisficers

Back 20

business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

Front 21

optimizers

Back 21

business customers who consider numerous suppliers carefully before selecting one

Hint 21

think suppliers...

Front 22

undifferentiated targeting strategy

Back 22

marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

Front 23

concentrated targeting

Back 23

strategy used to select one segment of a market for targeting marketing efforts

Front 24

cannibalization

Back 24

when sales of a new product cut in to sales of an existing product

Front 25

one-to-one marketing

Back 25

individualized method of marketing used to build long-term relationships with customers

Front 26

perceptual mapping

Back 26

means of graphing the locations of products or brands in customers’ minds

Front 27

Marketing Sales Potential =

Back 27

number of buyers (b) x the quantity purchased in a given time period (q) x the price/unit (p)

Front 28

What is Weber's Law?

Back 28

the stronger the initial stimulus, the greater the added intensity needed to perceive a difference.

Front 29

What is the Differential Threshold?

Back 29

The point where there is just barely a noticeable difference

Front 30

What is the Zeigernik effect?

Back 30

A person beginning a task needs to complete it.

When one is prevented from doing so, a state of tension is created that manifests itself in improved memory for the incomplete task.

Front 31

The Marketing Plan is a written document that acts as a guidebook of __________ ________ for the marketing manager.

Back 31

marketing activities

Front 32

Marketing Myopia defines a business in terms of ___________ and ____________ rather than in terms of the ____________ that customers seek

Back 32

goods, services, benefits

Front 33

Marketing Myopia occurs when mission statements are too _________

Back 33

narrow

Front 34

SWOT stands for

Back 34

Strengths, Weaknesses, external Opportunities, and Threats

Front 35

4 Characteristics of SBU’s

Back 35

A distinct mission and specific target market, Control over their resources, Their own competitors, Plans independent of other SBU’s

Front 36

Experience Curves are curves that show costs _________ at a predictable rate as ___________ with a product increases

Back 36

declining, experience

Front 37

Product/Service Differentiation

Back 37

Advantage achieved when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than the competition

Front 38

Niche Competitive Advantage occurs when

Back 38

a firm seeks to target and effectively serve a small segment of the market

Front 39

A Portfolio Matrix is a tool for __________ __________ among products or strategic business unites on the basis of __________ __________.

Back 39

allocating resources, market share

Front 40

Market Opportunity Analysis (MOA) is the __________ of the size of potential market segments and the assessment of __________ _________ in these market segments.

Back 40

estimation, key competitors

Front 41

The 4 Types of Strategic Alternatives are market ________, market _________, product __________, diversification

Back 41

penetration, development, development

Front 42

4 P’s of Marketing Mix

Back 42

product, place, promotion, price

Front 43

Rentrenchment is a Consolidation Strategy that ___________ the budget for a product

Back 43

reduces

Front 44

Pruning is a Consolidation Strategy that ___________ a product line

Back 44

eliminates

Front 45

Divesting is a Consolidation Strategy that _________ _____ a product line

Back 45

sells off

Front 46

3 Levels of Ethical Development (moving from more to less childlike)

Back 46

preconventional, conventional, postconventional

Front 47

The phenomena of ________ _______ has had the greatest effect on marketing than any other social change.

Back 47

working women

Front 48

Generic Competition

Back 48

between different types of products

Front 49

Form Competition

Back 49

between firms providing the same type of service (car vs. motorcycle)

Front 50

Industry Competition

Back 50

between firms providing the same class of products (different prices, Honda vs. Mercedes)

Front 51

Brand Competition

Back 51

between firms that offer similar products (Honda vs. Toyota)