Marketing Exam 1

Front 1

marketing

Back 1

process of creating, distributing and pricing good and service and ideas to facilitate satisfying exchange relationships with stakeholders in a dynamic environment

Hint 1

chapter 1

Front 2

target market

Back 2

purchasers of organizations products, the focal point of all marketing

Hint 2

chapter 1

Front 3

marketing concept

Back 3

organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals

Hint 3

chapter 1

Front 4

marketing strategy

Back 4

a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market

Hint 4

chapter 2

Front 5

competitive advantage

Back 5

the place where opportunities, core competencies and strategic windows meet

Hint 5

chapter 2

Front 6

mission statement

Back 6

long term view or org’s customer, competencies, what org wants to become

Hint 6

chapter 2

Front 7

Strategic business unit

Back 7

a division line, or other profit center within a parent company

Hint 7

chapter 2

Front 8

market

Back 8

a group (individuals or companies) that have needs related to a product class who have ability, willingness, and authority to purchase

Hint 8

chapter 2

Front 9

Elements of the growth share matrix

Back 9

star, question mark, cash cow and dog

Hint 9

chapter 2

Front 10

marketing plan

Back 10

mix must be customized for each target market with target market selection and creating a marketing mix

Hint 10

chapter 2

Front 11

Environmental scanning

Back 11

the process of collecting information about forces in the marketing environment

Hint 11

chapter 3

Front 12

brand competition

Back 12

market products with similar features and benefits to the same customers at similar prices (Ex. Android vs. iPhone)

Hint 12

chapter 3

Front 13

monopoly

Back 13

ability to charge more than competitors when have only product of its kind (ex. Cancer cure)

Hint 13

chapter 3

Front 14

product attributes that we should emphasize during recession

Back 14

value and utility

Hint 14

chapter 3

Front 15

buying power

Back 15

resources- money, goods and services- which can be traded in an exchange

Hint 15

chapter 3

Front 16

discretionary income

Back 16

disposable income minus the basic necessities of food, clothing and shelter

Hint 16

chapter 3

Front 17

Sherman Antitrust Act (1890)

Back 17

prohibits restraining trade and monopolizing markets (act of legislation)

Hint 17

chapter 3

Front 18

 Which federal entity most heavily regulates marketing activities?

Back 18

FTC (Federal Trade Commission)

Hint 18

chapter 3

Front 19

six elements of the external environment

Back 19

competitive, political, economic (recession/ recovery), technological, sociocultural (morals/ behavior), legal and regulatory

Hint 19

chapter 3

Front 20

What are 4 elements of corporate responsibility?

Back 20

philanthropic, ethical, economic, legal

Hint 20

chapter 4

Front 21

What is an ethical issue?

Back 21

An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical

Hint 21

chapter 4

Front 22

What is the primary value of marketing research?

Back 22

mproves marketing decision making

Hint 22

chapter 5

Front 23

What is the research design?

Back 23

an overall plan for obtaining the information needed to address a research problem or issue

Hint 23

chapter 5

Front 24

What is the first step in marketing research?

Back 24

locating and defining issues or problems

Hint 24

chapter 5

Front 25

What are exploratory, descriptive and experimented research? When are they used?

Back 25

exploratory-reasearch conducted to gather more information about a problem or to make a tentative hypothesis more specific
descriptive- often measuring demographics, attitudes, opinions. Demands prior knowledge. Assumes problem/issue is clearly defined. May require statistical and predictive tools (sending out a survey)
experimental- allows marketers to make casual deductions. Manipulate the independent variable. Measure the dependent variable. Provides strong evidence of cause and effect (controlled experiment)

Hint 25

chapter 5

Front 26

What is a sample?

Back 26

limited number of units chosen to represent the total population

Hint 26

chapter 5

Front 27

When do we use primary vs. Secondary data?

Back 27

Primary- gathered to address our research problem, observed and recorded or collected directly from respondents, gathered when specific problem cannot be answered by secondary data alone
Secondary- are gathered for some purpose other than the current investigation, is compiled both inside and outside the organization, status is an important source of gov’t secondary data (ex. Census when you need to know the population for another question)

Hint 27

chapter 5

Front 28

What are 2 basic types of sampling?

Back 28

Probability (every unit has a known chance of being included)
Nonprobability (the chances of any unit being included is unknown, unsure of population)

Hint 28

chapter 5

Front 29

What are segmentation variables used for?

Back 29

Characteristics of individuals, groups or organizations which are used to divide a market into segments

Hint 29

chapter 6

Front 30

Differentiated vs. undifferentiated strategies

Back 30

differentiated- diffuses risk , but may require resources, several mixes for several segments

undifferentiated- one marketing mix for everyone, assumes a homogenous market

concentrated- One marketing mix for one specific segment, Specialize in the needs of one group of people, Putting all eggs in one basket is risky though

Hint 30

chapter 6

Front 31

What is a segment?

Back 31

individuals, groups or organizations sharing one or more similar characteristics that case them to have similar product needs

Hint 31

chapter 6

Front 32

What is positioning?

Back 32

creating and maintaining a certain concept of a product in customers’ mind

Hint 32

chapter 6

Front 33

What is cannibalization?

Back 33

sales of our new product may come at the expense of sale of our existing products

Hint 33

chapter 6

Front 34

What is sales potential?

Back 34

maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product

Hint 34

chapter 6

Front 35

sales forecast

Back 35

The amount of a product a company expects to sell during a specific period at a specified level of marketing activities.

Hint 35

chapter 6

Front 36

market potential

Back 36

total possible sales for all market

Hint 36

chapter 6

Front 37

sales potential

Back 37

maximum market share I think I can have

Hint 37

chapter 6