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Definition of Marketing

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The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying good and services from producer to customer or client.

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Macro marketing

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is the social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society

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Micro marketing

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is a set of activities performed by organizations

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Universal Functions

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buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information

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Marketing Concept

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an organization aims all its efforts at satisfying its customers - at a profit

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4 P's

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Product, Place, Promotion, Price

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Price

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Setting must consider the kind of competition in the target market and the cost of the whole marketing mix. Manager must also estimate markups, discounts, and other terms of sale.

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Place

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Concerned with all the decisions involved in getting the "right" product to the target market's place. A product isn't much good to a customer if it isn't available when and where it's wanted

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Promotion

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Concerned with telling the target market or others in the channel of distribution about the "right" product. Sometimes focused on retaining current customers. Includes personal selling, mass selling and sales promotion.

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Product

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Concerned with developing the right "product" for the target market. This offering may involve a physical good, a service, or a blend of both.

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Breakthrough Opportunities

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Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.

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5 Step Research Process

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(1) defining the problem, (2) analyzing the situation, (3) getting problem-specific data, (4) interpreting the data, and (5) solving the problem

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Quantitative

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seeks structured responses that can be summarized in numbers, like percentages, averages, or other statistics

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Qualitative

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seeks in depth, open-ended responses, not yes or no answers

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Product v Brand

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The need-satisfying offering of a firm.

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Branding

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The use of a name, term, symbol or design--or a combination of these--to identify a product. It includes the use of brand names, trademarks, and practically all other means of product identification

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Packaging

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involves promoting, protecting, and enhancing the product.

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Product Life Cycle

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the stages a really new product idea goes through from beginning to the end. It is divided into four major stages 1. market introduction 2. market growth 3. market maturity 4. sales decline

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5 Step New Product Development

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1. Idea generation 2. Screening 3. Idea evaluation 4. Development (of product and marketing mix) 5. Commercialization

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Ad Types

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Product advertising and institutional advertising

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From a micro view, marketing

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is a set go activities performed by an individual organization to satisfy its customers

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From macro view, marketing

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emphasis how the whole marketing system works

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Three basic ideas in the "marketing concept"

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1. Customer satisfaction 2. Total company effort 3. Profit

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Marketing means

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much more than selling and advertising

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Selecting the most effective advertising media depends on the

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nature of media, firm's target market, funds available for advertising, firm's promotion objectives

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To guarantee good media selection, the advertiser FIRST must clearly specify its

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target market

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Advertising which tries to develop selective demand for a specific brand rather than a product category is called _____ advertising

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competitive

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The _________ type of competitive advertising points out product advantages to affect future buying decisions

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indirect

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Which of the following is a sales-oriented pricing objective

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growth in market share

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"Promotion" includes

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personal selling, mass selling, sales promotion

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A retailer's promotion objective might be to __________ its target market about its marketing mix

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inform, persuade, remind

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The most popular sales force payment method is

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a combination plan

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Marketing managers should make specific strategy decisions about

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How many and what kind of salespeople are needed How salespeople should be compensated and motivated What kind of sales presentation should be used How salespeople should be selected and trained

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What are the sale presentation approaches?

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Prepared sales presentation Selling formula approach Consultative selling approach

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The traditional communication process

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Source-encoding-message channel-decoding-receiver-feedback

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Which of the following shows the correct sequence of market acceptance of a new idea, as represented in the adoption curve?

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Innovators, early adopters, early majority, late majority, laggards

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The promotional approach emphasizes the importance of securing the wholehearted cooperation of channel members to promote the product in the channel and to the final user

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Pushing

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The AIDA model consists of

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Attention, Interest, Desire, and Action

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The "adoption curve" shows

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when different group accept ideas

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Scrambled merchandising is carrying

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any product lines that a store thinks that they can sell profitably

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"Retailing" refers to

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the sale of products to final consumers

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The adoption curve concept is most likely related to which of the following?

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The product life cycle

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"Advertising" is

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any paid form of non personal presentation of ideas, goods, or services by an identified sponsor

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Personal selling

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involved direct spoken communication between sellers and potential customers

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Trying to get the "cream" of a market at a high price before aiming at the most price-sensitive customers is consistent with a

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skimming pricing policy

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__________ is what a customer must give up to get the benefits offered by the rest of a firm's marketing mix

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Price

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A marketing manager may choose a pricing objective that is

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sales oriented, Status-quo oriented profit oriented any of the above, depending on the situation

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Offering a cumulative quantity discount seeks to

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encourage the buyer to make additional purchases

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Which is a status-quo pricing objective?

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Meeting competitive

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Order getters

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are concerned with established relationships with new customers and developing new business

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The ______ involves developing a good understanding of the individual customer's needs before trying to close the sale

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consultative selling approach

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The commission method of payment

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offers the most incentive for the salesperson

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A _________ is a written statement of what a salesperson is expected to do

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Job description

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Some retailers commonly use prices that end in certain numbers. They seem to assume that their customers see prices with these numbers as substantially lower this is

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odd-even pricing

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The two basic approaches to price setting are

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cost-orientated and demand-oriented price setting

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A retailer who advertises a low price on an item--with no intent to sell that item--but only to attract customers to try to sell more expensive products is using

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bait pricing

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Setting relatively high prices to suggest high-quality or high-status is

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prestige pricing

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Average fixed costs

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decrease steadily as output increases

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Advertising objectives should be

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more specific than personal selling objectives

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"Copy trust" refers to

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what is to be communicated by the words and illustrations

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__________ advertising tries to develop primary demand for a product category rather than demand for a specific brand

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pioneering

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Competitive advertising which makes specific brand comparisons---using actual names---is ______________

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comparative

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All of the following are product-based advertising except

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institutional advertising

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The vertivsl marketing system that typically has the greatest amount of cooperation among channel means

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a corporate channel system

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A convenience product would probably be sold using

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intensive distribution

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Many firms prefer to distribute directly to the final customer or consumer because they

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Want to control the whole marketing job Believe they can serve target customers at a lower cost Think they can do the work more efficiently than intermediaries Can use the internet to make direct distribution easier

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Which of the following is NOT a place decision?

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Recruiting, selecting and managing the sales force

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"logistics" is concerned with

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physical distribution reducing spatial separations between producers and consumers transporting, storing, and handling physical goose along/within channel systems and individual firms

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Public warehouses

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provide flexibility because the user pays only for the space used

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The first retailers show the importance of the mass-merchandising concept were the operations of

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supermarkets

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The main difference between agent wholesalers and merchant wholesalers is

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that agent wholesales do not own the products they sell--while merchant wholesalers do

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Specialty shops

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carry specialty products almost exclusively

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The marketing mix

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helps to organize the marketing strategy decisions area

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A marketing strategy

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specifies a target market and a related marketing mix

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In which of the external environments do changes usually occur most slowly?

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cultural and social environments

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General Electric's "strategic planning grid"

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requires subjective judgements about business strengths and industry attractiveness

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It is towards the end of the _____ stage of the product life cycle when industry profits begin to decline

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Market growth

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Discretionary incomes is defined as

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income available after taxes and necessities

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An economic buyer is a person who

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logically compares choices to get the greatest satisfaction from spreading time and money

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Which of the following is not a selective process used in gathering and interpreting information from the world around us?

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Selective attention

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Psychographics may also be called

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lifestyle analysis

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Markups

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are percentages of selling price---unless otherwise stated

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The three basic tasks of ALL managers

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planning, implementation, and control

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When looking for attractive opportunities, a marketing manager should consider

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a firm's producing capability and flexibility the firm's financial strength whether the firm has good relations with established intermediaries the firm's marketing strengths

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The total market value of goods and services provided in a country's economy per year by both residents and nonresidents of that country

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gross domestic product

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Positioning

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helps strategy planners understand how customers think about various brands or products in relation to each other

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Segmenting

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tries to aggregate together individuals who have similar needs and characteristics

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The purpose of naming broad-product and then segmenting them in order to select target markets and develop suitable marketing mixes is called

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market segmentation

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Which is not included in the four-level hierarchy of needs

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physiological needs

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The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogenous set of people is

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culture

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Which of the following is NOT a psychological variable?

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Social class

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Behavioral scientists recognize different levels of consumer problem solving. Which of the following is not one of these?

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Rational problem solving

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Which of the following is NOT a level of brand familiarity?

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Brand nonexistence

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The scientific method

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is an orderly and objective approach to judging how good an idea really is

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The most difficult step of the marketing research process is

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defining the problem

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A _____refers to all of the people who participate in or influence a purchase

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buying center

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Which of the following statements about social class is not true?

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Measuring social class is based solely on a person's income

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Regarding "marketing research" and "marketing information systems"

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marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality

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