question

Customer Satisfaction

answer

Extent to which a firm fulfills a customer's needs, desires and expectations

question

Innovation

answer

the development and spread of new ideas goods and services

question

Marketing

answer

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

question

Macro Marketing

answer

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

question

Economies of Scale

answer

As a company produces larger numbers of a particular product, the cost of each unit goes down

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Market information function

answer

collection, analysis and distribution of all the information needed to plan, carry out, and control marketing activities

question

collaborators

answer

firms that facilitate or provide one or more of the marketing functions other than buying or selling

question

e-commerce

answer

exchange between individuals or organizations based on applications of information technology

question

economic system

answer

way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society

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Command Economy

answer

government officials decide what and how much is to be produced and distributed by whom, when to whom and why

question

market directed economy

answer

individual decisions of the many producers and consumers make the macro level decisions for the whole economy

question

production era

answer

industrial revolution to 1920s. time when a company focuses on production of a few specific products. "if we can make it it will sell"

question

Sales era

answer

1920s-1950 company emphasizes selling because of increased competition

question

Marketing department era

answer

time when all marketing activities are brought under the control of one department to improve short run policy planning and to try to integrate the firms activities - focus on demand

question

Marketing company era

answer

time when in addition to short run marketing planning, marketing people develop long range plans and the whole company effort is guided by marketing concept

question

Marketing concept

answer

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

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Customer Value

answer

difference between the benefits a customer sees from a market offering and the cost of obtaining those benefits

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micro macro dilemma

answer

what is good for firms and consumers may not be good for society

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social responsibility

answer

firm's obligation to improve its positive effects on society and reduce its negative effects

question

Marketing Management Process

answer

1) Planning marketing activities 2) Directing the implementation 3) Controlling these plans

question

strategic management planning

answer

the managerial process of developing and maintaining a match between an organization's resources and its market opportunities

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Tactical Marketing Mix Variables

answer

- controllable variables 1) Product 2) Price 3) Place 4) Promotion

question

channel of distribution

answer

any series of firms that particiapte in the flow of products from producer to final user or consumer

question

personal selling

answer

direct spoken communication between sellers and potential customers

question

customer service

answer

personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase

question

mass selling

answer

communicating with large numbers of customers at the same time

question

advertising

answer

any paid form of nonpersonal presentation of ideas goods or services by an identified sponsor

question

publicity

answer

unpaid form of nonpersonal presentation of ideas, goods and services

question

sales promotion

answer

promotion activities other than advertisement or publicity that stimulate interest, trial or purchase i.e. coupons

question

marketing plan

answer

written statement of a marketing strategy and the time related details for carrying out the strategy

question

marketing program

answer

blends all the firm's marketing plans into a plan

question

customer equity

answer

expected earnings stream of a firm's current and prospective customers over some period of time

question

breakthrough opportunities

answer

opportunities that help innovators develop hard to copy marketing strategies that will be profitable for a long time

question

competitive advantage

answer

a firm has a marketing mix that the target market sees as better than a competitor's mix

question

SWOT Analysis

answer

1) Strenghts 2) weaknesses 3) Oportunities 4) THreats

question

Differentiation

answer

marketing mix is distinct from and better than what is available from a competitor

question

market penetration

answer

trying to increase sales of a firm's present products in its present market

question

market development

answer

trying to increase sales by selling present products in new markets

question

product development

answer

offering new or improved products for present markets

question

diversification

answer

moving into totally new lines of business

question

value Imperatives market driven organization, customer value, brand equity

answer

1) market driven organization 2) customer value 3) brand equity

question

External Markets environment

answer

1) Economic 2) Political and legal 3) Technological 4) Cultural and Social

question

mission statement

answer

sets out an organization's basic purpose for being

question

competitive environment

answer

affects the number and types of competitors the marketing manager must face and how they may behave

question

competitor analysis

answer

organized approach for evaluating the strengths and weaknesses of current or potential competitors marketing strategies

question

competitive rivals

answer

firms that will be the closest competitors

question

competitive barriers

answer

conditions that may make it difficult for a firm to compete in a market

question

economic environment

answer

macro economic factor including national income, economic growth and inflation that affect pattern sof consumer and business spending

question

cultural and social environment

answer

affects how and why people live and behave like they do which affects customers buying behavior and eventually the political and legal environment

question

sustainability

answer

the idea that its important to meet present needs without compromising the ability of future generations to meet their own needs

question

strategic business unit (SBU)

answer

an organizational unit that focuses on some product- market and is treated as separate profit center

question

Economic buyers

answer

people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money

question

Economic Needs

answer

1) economy of purchase 2) efficiency in operation 3) dependability 4) improvement of earnings 5) convenience

question

discretionary income

answer

what is left of income after paying taxes and paying for necessities

question

needs

answer

discrepancy between actual state and ideal state 1) Utilitarian 2) Psychological

question

wants

answer

needs that are learned during a person's life

question

drive

answer

strong stimulus that encourages action to reduce a need

question

Hierarchy of needs

answer

1) Physiological 2) Safety 3) Social 4) Personal

question

Perception types

answer

1) Selective exposure 2) Selective perception 3) Selective retention

question

perception

answer

how we gather and interpret information from the world around us

question

learning

answer

change in a person's thought processes caused by prior experience 1) cues 2) response 3) Reinforcement

question

cues

answer

products, signs, ads and other stimuli in the environment

question

response

answer

effort to satisfy a drive

question

reinforcement

answer

occurs when the response is followed by satisfaction, strengthens relationship between cue and response

question

attitude

answer

person's point of view toward a product, an advertisement, a salesperson, a firm or an idea

question

belief

answer

person's opoinion about something

question

expectation

answer

an outcome or event that a person anticipates or looks forward to

question

trust

answer

confidence a person has in the promises or actions of a brand or company

question

psychographics/ lifestyle analysis/ AIOs

answer

analysis of a person's day to day pattern of living as expressed in that person's activities, interests and opinions

question

reference group

answer

people to whom an individual look when forming attitudes about a particular topic

question

opinion leader

answer

person who influences other

question

Consumer Decision Making Process

answer

1) Need Recognition 2) Information Search 3) Evalution of alternatives 4) Purchase decision 5) Post purchase behavior

question

Basic Needs

answer

1) Esteem 2) Belonging 3) Control 4) Meaningfulness

question

Information Search methods

answer

1) Internal Search - consideration set 2) External Search - interpersonal - WOM -Influenced by motivation

question

Heiristics

answer

Low effort decision making. choice tactics of rules of thumb. shortcuts used by consumers to make quick choices 1) Price 2) habit 3) Normative 4) More is better

question

Factors that influence satisfaction

answer

1) Performace Quality (least) 2) Equity 3) Value 4) Expectations

question

disconfirmation

answer

satisfaction or dissatisfaction occurs when there is a discrepancy either positive or negative between our expectations and the product's actual performance

question

Satisfaction equation

answer

Perceived Performance- expectation

question

Consumer Effort Range

answer

1) Extensive problem solving 2) Limited Problem solving 3) Routinized response behavior

question

dissonance

answer

feeling of uncertainty about whether a correct decision was made

question

business and organizational culture

answer

any buyers who buy for resale or to produce other goods and services

question

purchasing managers

answer

buying specialists for their employers

question

Buying Center

answer

1) Users 2) influencers 3) buyers 4) Deciders 5) Gatekeeper

question

Buying Process for businesses

answer

1) New task buying 2) Straight rebuy 3) Modified rebut

question

competitive bid

answer

terms of sale offered by the supplier in response to the purchase specifications posted by a buyer

question

generic market

answer

market with broadly similar needs and sellers offering various ways to meet those needs i.e. entertainment seekers

question

product market

answer

market with very similar needs and sellers offering close substitutes for those needs i.e. products to record memories on trips (postcard, camera)

question

Multiattribute Model

answer

attempt to quantify the high effort evaluation of alternative process. importance of attribute (1-7) performance of brant (-3,3)

question

utilitarian dimension

answer

whther the product serves the purely functional purpose it is intended to serve

question

hedonic dimension

answer

whether or not the product gives you pleasure

question

Macro Marketing

answer

Social process that direct an economy's flow of goods and services from producer to consumer in a way that effectively matches supply and demand and accomplishes the objectives of society

question

Universal Functions of marketing

answer

1) buying 2) selling 3) standardization and grading 4) Financing 5) Risk taking 6) Market Information

question

Evolution of marketing

answer

1) Production orientation 2) Sales orientation 3) Marketing concept 4) Competitor orientation 5) relationship Management 6) Customer centricity/ Value Marketing

question

Marketing Strategy

answer

selects target market and marketing mix -Situation analysis- 5Cs -Strategic options and objectives -implementation plan (4 Ps)

question

5 Cs

answer

- situation analysis 1) Company (swot) 2) Customers 3) Competitors 4) Collaborators 5) Context

Marketing 101 Quiz 1 – Flashcards

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