Marketing Exam 1

Front 1

Marketing

Back 1

Marketing is a social and managerial process by which indivdualsand groups obtain what they need and want through creating and exchanging values with others

Front 2

Two ways to manage profitable relationships

Back 2

attract new customers, retain and grow current customers

Front 3

needs

Back 3

state of felt deprivation

Front 4

wants

Back 4

the form of needs as shaped by culture and individual

Front 5

demands

Back 5

wants which are back by buying power

Front 6

marketing offer

Back 6

combination of products, services, and information or experiences that satisfy a want or need. Offer may include services, attitudes, people, places, information, or ideas

Front 7

Exchange

Back 7

The act of obtaining a desired object from someone by offering something in return.

Front 8

Maslows Hierarchy of needs

Back 8

physiological, safety, social, esteem, self actualization

Front 9

Four P's of marketing

Back 9

product, place, price, promotion

Front 10

place

Back 10

distribution, have to get product to the place it needs to be

Front 11

four subdivisions of marketing

Back 11

advertising, public relations, personal selling, sales promotion

Front 12

advertising

Back 12

paid form of non personal presentation and program

Front 13

public relations

Back 13

unpaid form of advertising, building good relations with the company's publics

Front 14

personal selling

Back 14

personal communication of information to persuade someone to buy something, most personal of 4 subdivisions

Front 15

sales promotion

Back 15

incentives to buy the product

Front 16

Marketing

Back 16

Marketing is a social and managerial process by which indivdualsand groups obtain what they need and want through creating and exchanging values with others

Front 17

Two ways to manage profitable relationships

Back 17

attract new customers, retain and grow current customers

Front 18

needs

Back 18

state of felt deprivation

Front 19

wants

Back 19

the form of needs as shaped by culture and individual

Front 20

demands

Back 20

wants which are back by buying power

Front 21

marketing offer

Back 21

combination of products, services, and information or experiences that satisfy a want or need. Offer may include services, attitudes, people, places, information, or ideas

Front 22

Exchange

Back 22

The act of obtaining a desired object from someone by offering something in return.

Front 23

Maslows Hierarchy of needs

Back 23

physiological, safety, social, esteem, self actualization

Front 24

Four P's of marketing

Back 24

product, place, price, promotion

Front 25

place

Back 25

distribution, have to get product to the place it needs to be

Front 26

four subdivisions of promotion

Back 26

advertising, public relations, personal selling, sales promotion

Front 27

advertising

Back 27

paid form of non personal presentation and program

Front 28

public relations

Back 28

unpaid form of advertising, building good relations with the company's publics

Front 29

personal selling

Back 29

personal communication of information to persuade someone to buy something, most personal of 4 subdivisions

Front 30

sales promotion

Back 30

incentives to buy the product

Front 31

four steps to strategic planning process

Back 31

defining the company's mission, setting company's objectives and goals, designing the business portfolio, planning marketing and other functional strategies

Front 32

what a mission statement should address

Back 32

should be an invisible hand, neither too narrow nor too broad, fitting of marketing environment, based on distinctive competencies

Front 33

business portfolio

Back 33

collection of businesses and products that make up the company

Front 34

2 steps to business portfolio planning

Back 34

analyzing the current business portfolio, shaping the future portfolio by developing strategies

Front 35

4 strategies involved with BCG matrix

Back 35

build, harvest, hold, divest

Front 36

build

Back 36

increase market share, works well for question marks

Front 37

hold

Back 37

preserve market share, good for cash cow

Front 38

harvest

Back 38

increase short term cash flow, good for weak cash cows , question marks, and dogs

Front 39

divest

Back 39

sell or liquidate, good for dogs and question marks

Front 40

The effect of diversity on Disney's portfolio

Back 40

during the past eight years, sales have grown only 2.8% annually while income has fallen

Front 41

4 types of marketing segmentation

Back 41

geographic, demographic, psychograpic, behavioral

Front 42

geographic

Back 42

region, city, size, density

Front 43

demographic

Back 43

age, income, education, most important segmentation

Front 44

psychographic

Back 44

lifestyle - sports or outdoor examples

Front 45

behavioral

Back 45

benefits desired, how they act, ex. hours of ESPN watched

Front 46

market segmentation

Back 46

group of customers ho respond in similar ways to marketing efforts

Front 47

market targeting

Back 47

evaluation of each segment's attractiveness, selection of segments with greatest long term profitability

Front 48

market positioning

Back 48

most important, place the product occupies in the customer's mind, products are positioned relative to competitor products

Front 49

Force effecting a microenvironment

Back 49

company, suppliers, marketing intermediaries, customers, competitors, publics

Front 50

different publics that are part of microenvironment

Back 50

financial, media, government, citicen action,

Front 51

Forces effecting macroenvironment

Back 51

demographic, economic, natural, technological, political, cultural

Front 52

changes that effect the demographic environment

Back 52

most important is the changing age structure

Front 53

baby boomers facts

Back 53

41-59, 28.2%, born between 1946 and 1964, 50% of income, many mini segments exist within

Front 54

generation X

Back 54

29-40, 16.4 %, born between 1965 and 1976, latchkey children (both parents worked)m cautious economic outlook, $1.4 trillion in purchasing power

Front 55

Generation Y

Back 55

11-28, 25.8%, born between 1877 and 1994, 72 million strong, almost as big as parent's population. new products, services, and media, challenging target for marketers

Front 56

Four factors effecting consumer behavior

Back 56

cultural, social, personal, psychological

Front 57

four components of psychological factors

Back 57

learning, perception, beliefs, and attitudes

Front 58

5 stages in adoption process

Back 58

awareness, interest, evaluation, trial, adoption