question

Which of the following is the closest to the current GDP of the USA (in trillions of dollars)?

answer

17

question

In marketing, VALUE is expressed as a relationship between ___

answer

cost and benefit

question

The American Marketing Association's (2013) definition of marketing could entail any of the following, except ___

answer

governments

question

The idea that we are surrounded by marketing stimuli, which exist all around us and everywhere, is best expressed by which of the following characteristics that contribute to the significance of consumer behavior?

answer

ubiquitous

question

Of the 4 Ps of marketing, which is another name for distribution?

answer

place

question

In an ideal marketing transaction, which of the following parties gain value?

answer

both the buyer and the seller

question

The American Marketing Association's (2013) definition of marketing suggests that, primarily, marketing is concerned with delivering value to all of the following, except ____

answer

investors

question

Modern Age is referred to

answer

Age of the Consumer

question

Consumer spending accounts for roughly how much of the GDP?

answer

2/3

question

Contemporary marketing scholars think of ___ and ___ as central tenets of marketing

answer

exchange and value

question

AMA definition of marketing

answer

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

question

Focus has shifted from 4 P's to

answer

creating, communicating, delivering, exchanging

question

Focus have shifted from ____-centric to ____-centric

answer

organization; consumer

question

Stakeholders addressed in AMA definition are

answer

customers, clients, partners, society

question

Value equals

answer

benefits minus costs

question

Dyad

answer

something that consists of two elements or parts

question

Marketing management

answer

"the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value"

question

Functional areas of marketing

answer

brand management, customer service, distribution, market research, product management, promotions, public relations, retailing, sales

question

Resources flow from the ____ to the ___

answer

industry; consumer

question

Money and information flow from ____ to ____

answer

consumers (market); organizations (industry)

question

Evolution of marketing

answer

Production orientation, product orientation, selling orientation, marketing concept, societal marketing concept, holistic marketing concept

question

Production orientation

answer

dealt with mechanized manufacturing, Henry Ford, emphasis on increasing efficiency in manufacturing, lowering costs, achieving high levels of quality control

question

Product orientation

answer

focus on novelty, quality, and uniqueness of product offferrings

question

Limitations of product orientation

answer

consumer perspectives not given much consideration, products and services hit market and then perish because consumers are not ready for them

question

Marketing myopia

answer

when marketers focus on making a product that is better from THEIR perspective

question

Selling orientation

answer

focuses on informing and educating consumers about the various nuances of the brands and products a business organization might have to offer

question

Selling orientation emphasizes

answer

"push" technique; often involves aggressive promotions, pricing discounts, and "hard sell" tactics

question

Most predominant philosophy among contemporary business organizations

answer

marketing concept

question

Marketing concept

answer

urges business to uncover wants and needs of the consumer, then find ways of adapting business; "customer is king"

question

Arguments against marketing concept

answer

There are many products and services that would have never existed had firms merely reacted to consumer demands; approach stifles innovation; concept focuses disproportionately on individual needs and wants

question

Societal marketing concept

answer

updated version of marketing concept; in addition to wants and needs of consumer, the well-being of consumers and society as a whole receives significant attention; has been used effectively in drug abuse prevention, heart disease awareness (public health campaigns)

question

Holistic marketing concept

answer

"based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and inter dependencies"

question

Four components of holistic marketing concept

answer

relationship marketing, internal marketing, integrated marketing, and performance marketing

question

Relationship marketing (holistic marketing)

answer

organization is devoted to building long-lasting relationships with their stakeholders

question

Internal marketing (holistic marketing)

answer

focuses on process of aligning, motivating and empowering employees on all levels of management

question

Integrated marketing (holistic marketing)

answer

All functional areas and departments within an organization contribute to value and brand of a market offering; all marketing tasks (PR, TV ads, etc) should tie together to maximize positive impact it has on its customer

question

Why is integrated marketing important?

answer

Often consumers perceive an organization as a complete and singular entity, and there are possible synergies that may be harvested in the company's communications to consumers

question

Performance marketing (holistic marketing)

answer

non-monetary metrics for assessing the performance of organizations

question

Consumer behavior definition

answer

"the study of individuals, groups. or organizations and the processes they use to select, secure, use and dispose of products, services, experiences, or ideas to satisfy needs and impacts that these processes have on the consumer and society"

question

Consumer behavior can occur ___ or as a ____

answer

individually; group

question

Consumer behavior external factors

answer

culture, subculture, demographics, social class, reference groups, family, situational factors

question

Consumer behavior internal factors

answer

perception, learning, memory, motivation, personality, emotions, attitudes

question

Consumer behavior antecedent variables

answer

External factors, internal factors

question

Consumer behavior intermediary variables

answer

self-concept, lifestyle

question

Consumer decision process

answer

need recognition, information search, alternative evaluation and selection, purchase, postpurchase processes

question

Consumer behavior outcome

answer

Consumer decision process

MKTG 3650 5W2 Exam 1 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards