Marketing 302 test 1 – Flashcards
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What is marketing?
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Process of creating, distributing, promoting and pricing goods, services and ideas so that both parties may benefit.
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What is value?
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Subjective assessment of benefits relative to costs. Value = Benefits - Cost
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Marketing Mix
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Four marketing activities- product, pricing, place, and promotion- that a company has control over. It is centered around the customer.
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What are the environmental forces?
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Competitive forces, economic forces, political forces, legal and regulatory forces, technological forces, sociocultural forces
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What is the marketing concept?
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Philosophy guiding an organizations activities designed to satisfy customers.
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What is CRM?
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Customer relationship management: using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
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What is a mission statement?
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A long term view of what the organization wants to become.
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What is a SWOT analysis?
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A tool that marketers use to assess an organizations strengths, weaknesses, opportunities, and threats.
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What is the marketing environment?
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The marketing environment consists of external forces that directly or indirectly influence an organization's acquistion of inputs and creation of outputs. It includes six forces: competitive, economic, political, legal and regulatory, technological, and sociocultural.
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What are the different types of competition/competitors?
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Brand competitors: firms that market products with similar features and benefits to the same customers at similar prices. Product competitors: firms that compete in the same product class but market products with different features, benefits, and prices. Generic competitors: firms that provide very different products that solve the same problem or satisfy the same basic customer need. Total budget competitors: firms that compete for the limited financial resources of the same customers.
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What is buying power?
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Resources, such as money, goods, and services that can be traded in an exchange.
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What is disposable income?
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Income that remains after taxes and after necessities have been purchased.
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What is discretionary income?
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Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter.
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What is consumer willingness to spend?
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An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces.
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What is technology?
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The application of knowledge and tools to solve problems and increase efficiency.
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What are socio-cultural forces?
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Influences in a society and its culture that brings about changes in attitudes
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What is social responsibility?
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An organizations obligation to maximize its positive impact and minimize its negative impact on society.
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What is global marketing?
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Involves developing and performing marketing activities across national boundaries. Companies must adapt their products, logos to fit in with the culture of the area they are a part of.
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What is importing?
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The purchase of products from a foreign source.
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What is exporting?
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The sale of products to foreign markets.
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What is franchising? Who is the franchiser/franchisee?
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A form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser's standards. Franciser: parent company Franchisee: individual starting the franchise
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What is consumer buyer behavior?
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Buying behavior of people who purchase products for personal or household use and not for business purposes.
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What influences consumer buying behavior?
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Page 130. Physical situations, timing. Reason for buying, who you are with. Psychological, perception of products, motives (needs/wants) Social influences, friends, family, reference groups, opinion groups, social class.
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What are the four types of business markets?
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Producer markets: individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations. Resellers: intermediates who buy finished goods and resell them for profit. Government markets: federal, state, county, and local governments that buy goods and services to support their internal operations and provide products to their constituencies. Institutional markets: organizations with charitable, educational, community, or other nonbusiness goals.
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What is marketing research?
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The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
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What is a target market?
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A group of people or organizations for which a business creates and maintains a marketing mix specifically designed to satisfy the needs of group members. There has to be a need, willingness to buy and authority to buy.
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What is an undifferentiated strategy?
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A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product.
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What is a differentiated strategy?
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A strategy in which an organization targets two or more segments by developing a marketing mix for each.
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What are segmentation variables?
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Demographic: characteristics that marketers commonly use including age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion and social class. Geographic variables: climate, terrain, city size, population density, and urban/rural areas also influence customer product needs. Psychographic variables: personality characteristics, motives and lifestyles Behavioristic variables: firms can divide a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use.
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supply chain
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the group of firms that make and deliver a given set of goods and services
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transactional orientation
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regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance
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relational orientation
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a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
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customer relationship management
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a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.
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value cocreation
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Customers act as collaborators with a manufacturer or retailer to create the product or service.
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B2C
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business-to-consumer
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employment marketing
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marketing programs to attract applicants to the hiring firm
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marketing strategy
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A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage
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sustainable competitive advantage
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something the firm can persistently do better than its competitors
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planning phase
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The part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success.
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implementation phase
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The part of the strategic marketing planning process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (see STP) and (2) implement the marketing mix using the four Ps.
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control phase
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the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions
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mission statement
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A broad description of a firm's objectives and the scope of activities it plans to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish its goals and objectives?
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situation analysis
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Second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
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STP
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The processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.
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market segment
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a group of consumers who respond in a similar way to a given set of marketing efforts
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market segmentation
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The process of dividing the market into groups of customers with different needs, wants, or characteristics—who therefore might appreciate products or services geared especially for them.
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target marketing
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The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.
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market positioning
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Involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
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SBU
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strategic business unit; , A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.
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product line
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Groups of associated items, such as those that consumers use together or think of as part of a group of similar products.
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relative market share
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A measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry.
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market penetration strategy
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a growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
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market development strategy
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a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international
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product development strategy
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a growth strategy that offers a new product or service to a firm's current target market
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diversification strategy
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A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.
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related diversification
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Entering a new business or industry to create a competitive advantage in one or more of an organization's existing divisions or businesses.
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unrelated diversification
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A growth strategy whereby a new business lacks any common elements with the present business.
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macroenvironmental factors
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aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment
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culture
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the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts(behavior, dress, symbols, ceremonies) and underlying values (thought processes, beliefs, and assumptions).
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country culture
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entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify
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demographics
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Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education
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generational cohort
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A group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.
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green marketing
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Involves a strategic effort by firms to supply customers with environmentally friendly merchandise
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LO 1 How do B2B firms segment their markets?
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* The same basic principles apply to both B2B and consumer segmentation. * B2B firms divide the market into manufactures, resellers, institutions, and government. * B2B firms use NAICS to identify potential customers by type of business and then develop appropriate marketing strategies.
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Business-To-Business (B2B) Marketing
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The process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers.
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Derived Demand
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The linkage between consumer's demand for a company's output and its purchase of necessary inputs to manufacture or assemble that particular output.
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B2B Markets
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* Manufacturers or Producers * Resellers * Institutions * Government
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North American Industry Classification Sysstem (NAICS) Codes
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U.S. Bureau of census classification scheme that categorizes all firms into a hierarchical set of six digit codes.
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Identify the various types of B2B markets.
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* Mnaufacturers * resellers * institutions * government
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What are the NAICS codes and how are they used?
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North American Industry Classification System catagorize all firms into a hierarchical set of six digit codes. They are useful to B to B marketers for segmenting and targeting their markets.
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LO 1 The NAICS system is:
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* the joint system devised by Canada, Mexico, and the US to classify business organizations * a resource for B2B marketers for segmenting and targeting their markets. * the successor to the Standard Industrial Classification (SIC) that had been in place for more than sixty years * a system that can be used in Mexico * all if the above
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LO 1 apaul bought a laptop computer for personal use- mainly gaming- and another one for use in his consulting business. His purchases were:
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* both b-to c purchases * both B2B purchases * THE FIRST WAS B2C AND THE SECOND WAS B2B * the distinction is not clear because he is advising consumers * the distinction is not clear because his gaming helps him understand the needs of his business.
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LO 1 Business-to business marketing refers to selling goods or services to all of the following EXEPT:
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* manufacturers * the federal government *institutions like hospitals * CONSUMERS * retailers
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LO 2 How does B2B buying differ from consumer buying behavior?
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* B2B buying is more formal than consumer buying. * Product specifications are critical to customers. * The RFP process is often used. * Vendor assessment is more formal.
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What are the six steps to the Business-To-Business process?
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* Need recognition * Product Specification * RFP Process * Proposal Analysis, Vendor Negotiation, and Selection * Order Specification * Vendor Performance Assessment Using Metrics
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Request For Proposals (RFP)
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A process through which buying organizations invite alternative suppliers to bid on supplying their required components.
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Identify the stages of the BwB buying process.
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* Need recognition * Product specification * RFP process (Request for proposal) * Proposal analysis and supplier selection * Order specification *Vendor preformance assessment using metrics
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How do you do a vendor analysis?
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* The buying team developes a list of issues that it believs to be important to consider in the evaluation of the vendor(column 1) * Next, in column 2, the buying team assigns an importance sccore to each issue. The more important the issue the higher the score. * In the third column, the buying team assigns a number that reflects its judgment about how well the vendor preforms. * In the fourth column, to get the overall preformance of the vendor, the team muliply column 2 with column 3.
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LO2 The end of the Business-toBusiness Buying process does not end with the receipt of the purchased goods or services. Most companies will:
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* use reverse auctions to git rid of products they mistakenly purchased * evaluate organizational culture **** conduct vensor analysis * return merchandise thay did not use * attempt to renegotiate payment terms
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LO 2 Your firm has recently responded to an RFP from a large manufacturer. You and your team have worked hard on the response, and your next step will be to:
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* contact the manufacturer for the product specification * celebrate the new business and begin planning on how to spend your bonus check **** expect the manufacturer to analyze the proposal and perhaps come back to you to negotiate key provision of what you've submitted * begin work with the production and to schedule the incremental work * None of the above
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LO2 Compared to the B2B process, the information search and alternative evaluation steps in the B2B process:
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* are easy and often not used * are internal functions of a firm and of little intrest to the marketer * ARE MORE FORMAL AND STRUCTURED * make the vendors responsible in the RFP
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LO 3 Organizational culture reflects the values, traditions and customs that guide employee's behavior, I the context of the buying canter, there are number of recoginized cultures of critical importance to B2B marketers. Which of the following is NOT one of these buying cultures?
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**** ethical * Autocratic * Democratic * Consensus * Consultive
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LO 3 Sylvia supervises th print shop in a large nonprofit organization. One of the machine operators has complained to her about a particulat piece of equipment which is continually malfunctioning, After she made the formal request to replace tha equipment, she was asked to serve on a small committee to advise the Purchasing Agent and CFO in what kind of new equipment to purchase. What role does Sylvia play in this buying cinter?
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* user * INITIATOR ( MADE A FORMAL REQUEST TO REPLACE EQUIPMENT) * influencer * decider * gatekeeper
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LO 3 What factors influence the B2B buying process?
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* In B2B sotiatopms. several people wil be involves, oftenin a buying center. * A firm's organizational culture will affect the buying process. * Sales representatives may neel special skills or enperience to match the customers' needs. * Purchasing will differ depending on whether the product or service is being bought for the first time, or if it is modified, or if it is a straight rebuy.
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Buying Center
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The group of people typically responsible for the buying decisions in large organizations.(Initiator, influencer, decider, buyer, user, gatekeeper)
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Initator
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The buying center participant who first suggests buying the particular product or service.
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Influencer
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The buying center participant whose views influence other members of the buying center in making the final decision.
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Decider
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The buying center participant who ultimately determines any part of or the entire buying decisino-- whether to buy or where to buy.
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Buyer
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The buying center participant who handles the paperwork of the actual purchase.
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User
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The person who consumes or uses the product or service puchased by the buying center
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Gatekeeper
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The buying center participant who controls, information or access to decision makers and influencers.
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Organizational Culture
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Reflects the set of values, traditions and customs that guide a firm's employees' behavior.
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Autocratic Buying Center
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A buying center in which one person makes the decision alone, through ther may be multiple participants.
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Democratic Buying Center
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A buying center in which the majority rules in making decisions.
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Consensus Buying Center
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Abuying center in which all members of the team must reach a collective agreement that they can support a particualr purchase.
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Consultive Buying Center
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A buying center in which one person makes the decision but he or she solicits input from others before doing so.
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New Buy
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A situation when a B2B customer purchases a good or service for the first time.
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Modifies Rebuy
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Refers to when the buyer has purchassed a similar priduct in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, options, or so forth.
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Straight Rebuy
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Refers to when the buyer or buying organization simply buys assitional units of products that have previously been puchased.
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What factors affedt the B2B buying process?
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* the buying center * the buying orginizations philosophy or corporate culture * the buying situation
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What are the six different buying roles?
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* initiator- the person who first suggests buying the product or service * influencer- the person whose views influence the other members in making the puchase decision. * decider- the person who ultimatly determines in any part or all, whether to buy, what, how much, where, and when to buy * buyer- the person who handles the actual paperwork of the purchase * user- uses the product or service * gatekeeper- controls info or access
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What is the difference between new buy, rebuy, and modified buy?
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*New buy-first time purchase, involved desision, all six steps of buying process are used,involve many people. * Modified Rebuy-purchased similar products in the past but has decided to change specifications such as price, quality, level of service, ect. * Straight Buy- simply a reorder of thing purchased in the past
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LO 3 In a _____ B2B buying situation, the buying decision is likely to quite simple.
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* new buy * modified Buy * STRAIGHT BUY * either a new buy or modified rebuy * all of the above
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LO 3 The Internet has changed the way B2B salespeople can interact with their customers and prospects. A critical use is to:
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* check the product availability * check on order status * confer with his sales manager about prices * confer with sales manager about discounts **** all of the above
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LO 3 While the B2C and B2B buying processes mirror each other, a significant difference between B2B and B2C marketing is:
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*the importance of the buying center * the importance of the culture of the purchasing firm * the formal structure of the buying process * the context of the buying situation *** all of the above
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How do customers, the company, competitors, and corporate partners affect marketing strategy?
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1. Firms must discover and satisfy the wants and needs of their customers. 2. Firms must monitor their competitors to discover how they appeal to customers. (CI) 3. Firms must work closely with suppliers, market research firms, consultants, and transportation firms to coordinate the process of what customers want and how to get it to them. (create a single, efficient manufacturing system)
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Competitive Intelligence (CI)
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Used by firms to collect and synthesize information about their position with respect to their rivals; enables companies to anticipate market developments rather than merely react to them.
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Why do marketers have to think about their macroenvironment when they make decisions?
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1. Understand what is going on outside the firm. 2. Be sensitive to cultural issues and consider customer demographics. 3. Understand trends. 4. Undestand technological advances. 5. Understand the state of the economy. 6. Understand political and legal issues.
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What are the components of the immediate environment?
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1. The company's capabilities. 2. Competitors and Competitive Intelligence. 3. Corporate Partners.
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Macroenviromental Factors
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Aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment. (CDSTEP)
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Culture (EX MACRO FACT)
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The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exist on two levels: visible artifacts and underlying values.
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Country Culture (EX MACRO FACT)
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Easy to spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and more subtle aspects, wich are trickier to identify. (Cultural gaps)
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Regional Culture (EX MACRO FACT)
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The influence of the area within a country in which people live.
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Demographics (EX MACRO FACT)
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Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education.
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Generational Cohort (demographics)
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A group of people of the same generation-- typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.(emf)
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Seniors (demographics)
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Americas fastest growing generational cohort; people aged 55 to 64. (complain more, need special attention, take time before purchase, have time to shop and money to spend)exmf
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Baby Boomers (demographics)
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Generational cohort of people born after World War II and 1964. (Individualistic, leisure time is high priority, obsessed with looking young)
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Generation X (demographic)
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Generational cohort or people born between 1965 and 1976. exmf (latchkey kids, cynical, shopping savvy at early age,buy houses later in life)
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Generation Y (demographic)
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Generational cohort of people born between 1977 and 1995; biggest cohort since the baby boom. exmf (
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Tweens (demographic)
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Generational cohort of people born berween 1996 and 2000; not quite teenagers, but not young children: in between. exmf (technology is not a novely to them)
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Income (demographic)
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Highest income group keeps growing, but middle and lower-income group are loosing real purchasing power. exmf
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Education (demographic)
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Higher levels of education lead to better incomes. exmf More money to spend
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Gender (demographic)
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Years ago, gender roles appeared clear, but those male/ female roles have been blurred. This shift in attitude and behavior affects the way many firms design and promote thier products and services. (gender neutrality and transend gender boundries) exmf
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Metrosexuals
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having male and female traits exmf
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eco-boomers
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shop for products that make them feel cool
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Ethnicity
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Black people are funny and they dance good, so they may like to buy funny looking dancing shoes.
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Green marketing (social trend)
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Involves a strategic effort by firms to supply sustomers with environmentally friendly merchendise. exmf
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Marketing to children (social trend)
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Center for Science and the Public Intrest (CSPI) has proposed "Guidlines for Responsible Food Marketing to Children" No sugur adds exmf
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Privacy concerns (social trend(exmf))
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More and more consumers worldwide sense a loss of privacy. At the same time that the Internet has created an explosion of accessibility to private information. This made the government jealous and they want in on the action.
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Time-Poor Society (social trend(exmf))
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What do you expect us to do? Take off work for a week for a peaceful demonstration?
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Technological Advances
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Someone comes along with a better mouse-trap. Marketers must keep a close eye on technology.
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Economic Situation
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Macroenvironmental factor that affects the way consumers buy merchamdise and spend money, both in a marketer's home country and abroad; see inflation, foreign currency fluctuationas, and intrest rates.
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Inflation (ECO-SIT)
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Refers to the persistent increase in the prices of goods and services.
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Foreign Currency Fluctuations (ECO-SIT)
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Changes in the value of a country's currency relative to the currency of another country; can influence consumer spending.
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Intrest Rates
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These represent the cost of borrowing money.
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Political/Regulatory Environment
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Compries political parties, government organizations,and legislation and laws. Fair competition, consumer protection or industry specific regulation. Prohibits formation of monopolies, fosters fair pricing practices, Free trade to foreingners. False or misleading adds. Harfull hazardous materials. Reasonable debt collection.
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By paying close attention to customer needs and continuously monitoring the ______, marketers can identify potential opportunities.
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"environment in which it opperates"
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A firm's macroenvironment includes ______ factors, which the marketer cannot _________.
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external; control
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The ________ is the center of all marketing efforts.
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customer
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Competitive Intellegence:
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1. Can include methods such as sending employees to stores to check the store layout and prices. 2. Is critcal for a firm to understand competitors' weaknesses and strengths. 3. Is both ethical and legal if done properly. 4. Can provoke litigation. 5. ALL OF THE ABOVE.!!
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When examining the immediate enviromment, it is essential to concider the role played by corporate partners. Which of the following is NOT ONE OF THE POTENTIAL CONSIDERATIONS:
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1. Suppliers form part of a single, efficeint manufacturing system. 2.Suppliers must provide critical components, and consumers may not know that these were not manufactured by the firm. 3.Green marketintg and sustainability can be enhanced or deviloped through corporate partners. 4.ALL OF THE ABOVE ARE CONCIDERATIONS WHEN ASSESSING THE IMMEDIATE ENVIRONMENT.
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Marketers have learned that _____ influence where, when, how, and what consumers buy.
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A. the media B. corporate social responsibility C. demographics D. CULTURE, BUT COULD BE E. E. all of the above
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Compared to other groups, _____ are more likely to marry and buy homes later, are more cynical, are shopping savvy and are relatively less interested in luxury brands.
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A. Tweens B. Baby Boomers C. GENERATION X ers D Generation Y ers E. Seniors
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Demand for _____ has been a boom to firms that supply them, and customers find an extra measure of value other products do not have.
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A. generic brand products B. two for one promotions C. cohort-specific products D. GREEN-MARKETING PRODUCTS E. co created products
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Which of the following is NOT an important trend marketers must monitor in the macroenvironment?
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A. Green marketing B.RED/BLUE MARKETING IN ELECTION YEARS C.Restrictions on marketing to childern D.Concerns about invations of privacy E.Getting the attention of customers who are faced with many demands on their time
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Technology has enabled a new category of consumers who are tech-savvy and family cintric working mothers. These consumers shop online insteadof in malls, often shoppong almost an hour and a half online each day. This group is called _______?
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A. Greek Goddesses B. New Age Shoppers C. ALPHA Moms**** D.Shopper- moms E.Time Maximizers
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Marketers must consider the political and regulatory environment which may have a profound impact on competition, promotion, product safety and how the marketplace operates. Key players include all of the following EXCEPT:
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A. legislators B.regulatory agencies C. political parties D. courts E.stock exchanges****
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Major factors that must be considered by marketers in examining the economic situation include all of the following EXCEPT:
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A. inflation rates B.foreign currency fluctuations C. income D. interest rates E. All of the above must be considered when analyzing the economic situation****
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What refers to the action of a firm to address the wide range of soicial, environmental and ethical interactions with its community. Though somewhat contoversial, these actions are significant in that the company undertkes them voluntarily, and the firm realizes that these actions can be profitable, too.
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A. Public relations and publicity B. Corporate activism C. CORPORATE SOCIAL RESPONSIBILITY**** D. A code of ethics E. Corporate culture
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The consumer, the company and causes are considered Corporate Social Responsibility _____, while employee and financial well-bieng and awareness and support of issues are considered Corporate Social Responsibility _______.
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A. INPUTS; OUTPUTS**** B. LIABILITIES; ASSETS C.CAUSES; EFFECTS D. REASONS; RESULTS E. VALUES; ACTIONS
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Generational cohort are part of which macroenvironmental factor?
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Demographics
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The component of the macroenvironment that revolves around finantial issues is ?
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Economic situation
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Another catagory of demographic data is:
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Gender
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Marketers use demographic data to better ____ their customers.
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Identify
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The ____ is important to marketers because it effects how much customers will spend and how much.
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Economic situation
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Green marketing is an example of:
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Social Trends
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Five steps to senario planning
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1. Assess strengths and weaknesses (low prices/low wages) 2. Assess opportunities and threats (new markets/legal controls) 3.Identify different senarios (faion apperal/ India) 4. Apply marketing mix to senario ( Price Product Place In other country) 5. Assess senario profitability (evaluate cost/profit)
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In senario planning, marketers identify the senario, apply the marketing mix to it, and assess its:
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Profitability
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Planning for the cost of outdoor advertising in India is part of the _______ step.
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apply marketing mix
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Entering India may be an attractive opportunity for a company if it matches the companys
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competencies
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Swot analysis is the _____ steps in the senario planning process.
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first two steps
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What are the six key macroeconomic factors?
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Culture, demographics, technological advances, economical situation, political/ regulatory environment, social issues.
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Differentiate between country and regional culture.
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Country culture is the entire country, regional culture is based on the region or area of a country.
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What key demension is used to classify an individual into a given cohort?
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Age
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What are some important social trends shaping consumer values these days?
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Greener consumers, Marketing to children, Privacy conserns, Time poor societies.
