Mkt 451 First Exam

Front 1

4 Parts of Organization's Strategic Plan:

Back 1

1. Mission
2. Objectives
3. Strategies
4. Portfolio Plan

Front 2

3 Important Variables of a Mission Statement:

Back 2

1. Practical
2. Easy to identify with
3. Easy to remember

Front 3

description of the reason for an organization's existence

Back 3

mission statement

Front 4

Organizational Growth Strategies:

Present Customers / Present Products

Back 4

Market Penetration

Front 5

Organizational Growth Strategies:

Present Customers / New Products

Back 5

Product Development

Front 6

Organizational Growth Strategies:

New Customers / Present Products

Back 6

Market Development

Front 7

Organizational Growth Strategies:

New Customers / New Products

Back 7

Diversification

Front 8

Six Major Areas of Concern with Situation Analysis:

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1. Cooperative Environment
2. Competitive Environment
3. Economic Environment
4. Social Environment
5. Political Environment
6. Legal Environment

Front 9

Three Steps of Marketing Planning:

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1. Establishing marketing objectives
2. Selecting the target market
3. Developing the marketing mix

Front 10

Three Steps of Controlling the Marketing Plan:

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1. Results are measured
2. Results compared with objectives
3. Decisions are made on whether the plan is achieving objectives

Front 11

Five Ps of the Research Process:

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1. Purpose of the research
2. Plan of the research
3. Performance of the research
4. Processing of research data
5. Preparation of research report

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data collected specifically for the research problem under investigation

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primary data

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data that has been collected for other purposes but can be used for the problem at hand

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secondary data

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typically involves face-to-face interviews with respondents designed to develop a better understanding of what they think and feel concerning a research topic

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qualitative research

Front 15

involves more systematic procedures designed to obtain and analyze numerical data

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quantitative research

Front 16

3 Social Influences of Consumer Decision Making:

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1. Culture and Subculture
2. Social Class
3. Reference Groups and Families

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comprise 14 percent of the population and are differential mainly by having high incomes

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Upper Americans

Front 18

comprises 34 percent of the population and these consumers want to do the right thing and buy what is popular

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middle class

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comprises 38 percent of the population, people who are "family folk" who depend heavily on relatives for economic and emotional support

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working class

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comprise 16 percent of the population and are as diverse in values and consumption goals as are other social levels

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lower Americans

Front 21

Four Marketing Influences on Consumer Decision Making:

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1. Product
2. Price
3. Promotion
4. Place

Front 22

Five Situational Influences on Consumer Decision Making:

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1. Physical features
2. Social features
3. Time
4. Task features
5. Current conditions

Front 23

Two Psychological Influences on Consumer Decision Making:

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1. Product Knowledge
2. Product Involvement

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refers to the amount of information a consumer has stored in her or his memory about particular product classes, product forms, brands, models, and ways to purchase them

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product knowledge

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refers to a consumer's perception of the importance or personal relevance of an item

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product involvement

Front 26

Five Steps of Consumer Decision Making:

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1. Need recognition
2. Alternative search
3. Alternative evaluation
4. Purchase decision
5. Post purchase evaluation

Front 27

Four Categories of Organizational Buyers:

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1. Producers
2. Intermediaries
3. Government Agencies
4. Other Institutions

Front 28

Six Purchasing Roles:

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1. Initiators
2. Users
3. Influencers
4. Buyers
5. Deciders
6. Gatekeepers

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those who start the purchasing process by recognizing a need or problem in the organization

Back 29

initiators

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those who are the people in the organization who actually use the product

Back 30

users

Front 31

those who affect the buying decision, usually by helping define the specifications for what is bought

Back 31

influencers

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those who have the formal authority and responsibility to select the supplier and negotiate the terms of the contract

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buyers

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those who have the formal or informal power to select or approve the supplier that receives the contract

Back 33

deciders

Front 34

those who control the flow of information in the buying center

Back 34

gatekeepers

Front 35

involves routinely reordering from the same supplier a product that has been purchased in the past

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straight rebuy

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involves considering a limited number of alternatives before making a selection

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modified rebuy

Front 37

involves an extensive search for information and a formal decision process

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new task purchase

Front 38

Three Common Bases for Segmentation:

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1. Benefit
2. Psychographic
3. Geodemographic

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benefits people are seeking in consuming a given product are the basic reasons for the existence of true market segments

Back 39

benefit segmentation

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focuses on consumer lifestyles

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psychographic segmentation

Front 41

Five Product Positioning Strategies:

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1. Focusing on their superiority to competitive products
2. By use or application
3. In terms of particular types of product users
4. Relative to a product class
5. Directly against particular competitors

Front 42

Three Criteria that segment must meet:

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1. Measurable
2. Meaningful
3. Marketable

Front 43

the degree of excellence or superiority that an organization's product possesses

Back 43

quality

Front 44

what the customer gets in exchange for what the customer gives

Back 44

value

Front 45

Four Steps of Product Life Cycle:

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1. Introduction
2. Growth
3. Maturation
4. Decline

Front 46

5 Groups in Product Adoption and Diffusion:

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1. Innovators
2. Early Adopters
3. Early Majority
4. Late Majority
5. Laggards

Front 47

those who are the first to buy a new product

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innovators

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if the experience of innovators is favorable, then this group begins to buy

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early adopters

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tend to avoid risk and to make purchases carefully

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early majority

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not only avoid risks, but are cautious and skeptical about new ideas

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late majority

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reluctant to make changes and are comfortable with traditional products

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laggards

Front 52

products that are inventions

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new-to-the-world products

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products that take a firm into a category new to it, but that are not new to the world

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new category entries

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products that are line extensions, flankers, and so on, to the firm's current markets

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additions to product lines

Front 55

current products made better

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product improvements

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products that are retargeted for a new use or application

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repositioning

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involves the risk of not matching the role or purpose of a new product with a specific strategic need or issue of the organization

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strategic risk

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the risk that a new product won't meet a market need in a value-added, differentiated way

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market risk

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the risk that a new product won't be developed within the desired time and budget

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internal risk

Front 60

Eight Criteria for Determining Perceptions of Quality:

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1. Performance
2. Features
3. Reliability
4. Conformance
5. Durability
6. Serviceability
7. Aesthetics
8. Overall Evaluation

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How well does the product do what it is supposed to do?

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performance

Front 62

Does the product have any unique features that are desirable?

Back 62

features

Front 63

Is the product likely to function well and not break down over a reasonable time period?

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reliability

Front 64

Does the product conform to established standards for such things as safety?

Back 64

conformance

Front 65

How long will the product last before it will be worn out and have to be replaced/

Back 65

durability

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How quickly and easily can any problems be corrected?

Back 66

serviceability

Front 67

How appealing is the product to the appropriate senses of sight, taste, smell, feel, and/or sound?

Back 67

aesthetics

Front 68

Considering everything about the product, including its physical characteristics, manufacturer, brand image, packaging, and price, how good is the product?

Back 68

overall evaluation

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the producer's statement of what it will do to compensate the buyer if the product is defective or does not work properly

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warranty

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an assurance that the product is as represented and will perform properly

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guarantee