Principles Of Marketing - Final Exam Review

Front 1

Definition of Exchange

Back 1

Trade of things of value between the buyer and seller so that each is better off.

Front 2

1. The first objective in marketing.
2. Find out what consumers need or want.

Back 2

Discovering needs

Front 3

People with desire and ability to buy a specific offering.

Back 3

Market

Front 4

Specific group of potential consumers toward which an organization directs its marketing program.

Back 4

Target Market

Front 5

The marketing manager's controllable factors - product, price, promotion, and place- that can be used to solve a marketing problem

Back 5

Marketing Mix.

Front 6

What are environmental forces?

Back 6

uncontrollable social, economic, technological competitive, and regulatory foces.
That affect the results of a marketing decision.

Front 7

the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to acheive the organization's goals.

Back 7

Marketing Concept

Front 8

What is social responsibility?

Back 8

the idea that individuals and oganizations are accountable to a larger society.

Front 9

Marketing creates ________, the benefits or customer value received by users of the product.

Back 9

Utility

Front 10

What are the four different utilities?

Back 10

Form
Place
Time
Possession

Front 11

The production of the good or service constitutes ________

Back 11

form utility

Front 12

__________ means having the offering available where consumers need it.

Back 12

place utility

Front 13

_______ means having the offering available when needed.

Back 13

time utility

Front 14

________ is the value of making an item easy to purchase through the provision of credit card or financial arrangements.

Back 14

possession utility

Front 15

Definition of profit

Back 15

reward to a business firm for the risk it undertakes in marketing its offerings

Front 16

an organization's long-term course of action that delivers a unique customer experience while acheiving its goals.

Back 16

strategy

Front 17

The fundamental passionate, and enduring principles that guide an organization

Back 17

Core Values

Front 18

A statement or vision of an organization's function in society.

Back 18

mission

Front 19

Set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization.

Back 19

Organizational Culture

Front 20

Ratio of a firm's sales to the total sales of all firms in the industry, including the firm itself.

Back 20

Market Share

Front 21

_________ refers to a subsidiary, division, or unit of an organization that markets a set of related offerings clearly defined group of customers.

Back 21

Strategic Business Unit (SBU)

Front 22

What is a key role of the marketing department?

Back 22

To look outward, keeping the organization focused on creating value both for it and for customers.

Front 23

a unique strength relative to competitors, often based on quality, time, cost, or innovation.

Back 23

Competitive advantage

Front 24

A consumer's ability to buy is related to ______?

Back 24

Income

Front 25

What is gross income?

Back 25

The total amount of money made in one year by a person, household, or family unit.

Front 26

What is disposable income?

Back 26

the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.

Front 27

What is discretionary income?

Back 27

the money that remains after paying for taxes and necessities. Used for luxury items.

Front 28

________refers to the alternative firms that could provide a product to satisfy a specific market's needs.

Back 28

Competition

Front 29

What is pure competition?

Back 29

every company has a similar product.

Front 30

the many sellers compete with their products on a substitutable basis.

Back 30

Monopolistic competition

Front 31

occurs when a few companies control the majority of industry sales.

Back 31

oligopoly

Front 32

What is pure monopoly?

Back 32

occurs when only one firm sells the product.

Front 33

Moral principles and values that govern the actions and decisions of an individual or a group is what?

Back 33

Ethics

Front 34

Society's values and standards that are enforceable in the courts is what?

Back 34

Laws

Front 35

Codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard.

Back 35

Consumer's bill of rights

Front 36

What are the two most common unethical behaviors in business?

Back 36

Economic espionage
Bribery

Front 37

What are the 5 stages of the purchase decision process?

Back 37

1. problem recognition
2. information search
3. alternative evaluation
4. purchase decision
5. postpurchase decision

Front 38

The stages a buyer passes through in making choices about which products or services to buy is what process?

Back 38

Purchase decision process.

Front 39

In ________ each of the five stages of the consumer purchase decision process is used.

Back 39

Extended problem solving

Front 40

In _________ consumers seek some information or rely on a friend to help them evaluate alternatives.

Back 40

Limited problem solving

Front 41

For products such as table salt and milk, consumers recognize a problem, make a decision, and spend little effort seeking external information and evaluating alternatives. This is what?

Back 41

Routine problem solving

Front 42

________ refers to those behaviors that result from: repeated experience or reasoning.

Back 42

Learning

Front 43

Favorable attitude toward and consistent purchase of a single brand over time is what?

Back 43

Brand loyalty

Front 44

The practice of combining psychology, lifestyle, and demographics is often used to uncover consumer motivations for buying and using products and services is considered?

Back 44

Psychographics

Front 45

Individuals who have social influences over others are called?

Back 45

Opinion leaders

Front 46

People to whom an individual looks as a basis for self-appraised or as a source of personal standards.

Back 46

Reference group

Front 47

Practice of shielding one or more industries of a country's economy from foreign competition through the use of tariffs or quotas....

Back 47

Protectionism

Front 48

Government tax on goods or services entering a country, primarily serving to raise prices on imports...

Back 48

Tariff

Front 49

Restriction placed on the amount of a product allowed to enter or leave a country....

Back 49

Quota

Front 50

Institution that sets rules governing trade between its members through a panel of trade experts....

Back 50

World Trade Organization

Front 51

Producing goods in one country and selling them in another country...

Back 51

Exporting

Front 52

Occurs when a foreign company and a local firm invest together to create a local business, sharing ownership, control, and profits of the new company

Back 52

Joint venture

Front 53

Occurs when a domestic firm actually invests in and owns a foreign subsidiary or division.

Back 53

Direct investment

Front 54

_________ is the process of defining a marketing problem and opportunity systematically, and analyzing info, and recommending actions.

Back 54

Marketing research

Front 55

Facts and figures obtained by watching, either mechanically or in person, how people behave is........

Back 55

Observation data

Front 56

Facts and figure obtained by asking people about their attitudes, awareness, intentions, and behaviors.

Back 56

Questionnaire data

Front 57

Informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks their opinions about the firm's and its competitors' products, how they use these products, and special needs they have that these products don't address....

Back 57

Focus Groups

Front 58

Total sales of a product that a firm expects to sell during a specified time period under specified conditions....

Back 58

Sales Forecast

Front 59

Combining potential buyers into groups that have common needs and will respond similarly to a marketing action....

Back 59

Market segmentation

Front 60

Groups of prospective buyers that result from market segmentation....

Back 60

Market segments

Front 61

Strategy of using different marketing mix activities, such as product features and advertising, to help consumers perceive a product as being different and better than competing products....

Back 61

Product differentiation

Front 62

the increased customer value acheived through perfroming organizational functions more efficiently...

Back 62

synergy

Front 63

Quantity consumed or times visited during a specific period.

Back 63

Usage rate

Front 64

Idea that 80 percent of a firm's sales are obtained from 20 percent of its customers.

Back 64

80/20 rule

Front 65

Products purchased by the ultimate consumer

Back 65

Consumer products

Front 66

Products that assist directly or indirectly in providing products for resale

Back 66

Business products

Front 67

Four unique elements that distinguish services from goods.

Back 67

Intangibility
Inseparability
Inconsistency
Inventory

Front 68

Determines the relationship between total revenue and total cost to determine profitability at different levels of output.

Back 68

Break-even analysis

Front 69

all activities involved in selling, renting, and providing goods/services to ultimate consumers for personal, family, or household use.

Back 69

Retailing

Front 70

Combination of one or more of the communication tools used to inform, persuade, or remind prospective buyers

Back 70

Promotional mix

Front 71

Concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.

Back 71

Integrated marketing communications

Front 72

Process of conveying a message to others

Back 72

Communication

Front 73

The two-way flow of communication between a buyer/seller often in face to face encounter, designed to influence a person's or group's purchase decision.

Back 73

Personal selling

Front 74

Planning the selling program, and implementing and evaluating the personal selling effort of the firm.

Back 74

Sales management

Front 75

Practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time.

Back 75

Relationship selling

Front 76

Generation of children born between 1946 and 1964

Back 76

Baby Boomers

Front 77

Members of the U.S. population born between 1965 and 1976

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Generation X

Front 78

The 72 million Americans born between 1977 and 1994

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Generation Y

Front 79

Consumer socialization, passage through the family life cycle, and decision makig within the family or household is related to:

Back 79

Family influences on consumer behavior

Front 80

Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale....

Back 80

Organizational buyers

Front 81

What are the 5 roles in the buying center...

Back 81

Users
Influences
Buyers
Deciders
Gatekeepers

Front 82

The people in the organization who actually use the product or service, such as a secretary.

Back 82

Users

Front 83

Affect the buying decision, usually by helping define the specifications for what is bought.

Back 83

Influencers

Front 84

Have formal authority and responsibility to select the supplier and negotiate the terms of the contract.

Back 84

Buyers

Front 85

Have the formal or informal power to select or approve the supplier that receives the contract.

Back 85

Deciders

Front 86

Control the flow of information in the buying center.

Back 86

Gatekeepers

Front 87

Study of similarities and differences among consumers in two or more nations or societies.

Back 87

Cross-cultural analysis

Front 88

Socially preferable modes of conduct or states of existence that tend to persist over time

Back 88

Values

Front 89

Norms and expectations about the way people do things in a specific country.

Back 89

Customs

Front 90

Law that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business.

Back 90

Foreign Corrupt Practices Act (1977)

Front 91

Things that represent ideas or concepts

Back 91

Cultural symbols

Front 92

What are three advantages to secondary data?

Back 92

1. The tremendous time savings if the data has already been collected and published or exist internally.
2. The low cost, such as free or inexpensive Census reports.
3. A greater level of detail is often available through secondary data.

Front 93

What are the three disadvantages to secondary data?

Back 93

1. The data may be out of date.
2. The definitions or categories might not be quite right for a researcher's project.
3. Because the data was collected for a different purpose it may not be specific enough.

Front 94

Sales tools used to support a company's advertising and personal selling directed to wholesalers, distributors, or retailers.

Back 94

Trade sales promotions

Front 95

Sales tools, such as coupons, sweepstakes, and samples, used to support a company's advertising and personal selling efforts directed to ultimate consumers.

Back 95

Consumer sales promotions

Front 96

Informing consumers in an effort to increase their level of awareness is the primary promotional objective in the ________________. In general all the promotional mix elements are used at this time.

Back 96

Introduction Stage

Front 97

The primary promotional objective of the _________ is to persuade the consumer to buy the product.

Back 97

Growth stage

Front 98

In the __________ the need is to maintain existing buyers.

Back 98

Maturity Stage

Front 99

The _________ of the product life cycle is usually a period of phase-out for the product, and little money is spent in the promotional mix.

Back 99

Decline stage

Front 100

A firm tries to place its products or services in as many outlets as possible.

Back 100

Intensive distribution

Front 101

Only one retail outlet in a specific geographical area carries the firm's products

Back 101

Exclusive distribution

Front 102

A firm selects a few retail outlets in a specific geographical area to carry its products

Back 102

Selective distribution

Front 103

Professionally managed and centrally coordinated marketing channels designed to acheive channel economics and maximum marketing impact.

Back 103

Vertical marketing systems

Front 104

Things that represent ideas or concepts

Back 104

Cultural symbols

Front 105

What are three advantages to secondary data?

Back 105

1. The tremendous time savings if the data has already been collected and published or exist internally.
2. The low cost, such as free or inexpensive Census reports.
3. A greater level of detail is often available through secondary data.

Front 106

What are the three disadvantages to secondary data?

Back 106

1. The data may be out of date.
2. The definitions or categories might not be quite right for a researcher's project.
3. Because the data was collected for a different purpose it may not be specific enough.

Front 107

When a firm sets an annual target of a specific dollar volume of profit, this is called _________.

Back 107

Target profit pricing

Front 108

The human brain attempts to organize and interpret information with a process called ___________, a filtering of exposure, comprehension, and retention.

Back 108

Selective perception