question

the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, organization, stakeholders, and society

answer

marketing

question

the trade of things of value between buyer and a seller so that each is better off after the trade

answer

exchange

question

people with both the desire and the ability to buy a specific offering

answer

market

question

one or more specific groups of potential consumers toward which an organization directs its marketing programs

answer

target market

question

a good service, or idea to satisfy the consumer's needs

answer

product

question

what is exchanged for the product

answer

price

question

a means of communication between the seller and buyer

answer

promotion

question

a means of getting the product to the consumer

answer

place

question

the four P's. product, price, promotion, place. controllable factors

answer

marketing mix

question

a cluster of benefits that an organization promise costumers to satisfy their needs

answer

customer value proposition

question

affect a marketing decision- social, economic, technological, competitive, and regulatory forces

answer

environmental forces

question

benefits received by targeting buyers that includes quality, convenience, on time delivery, and both before-sale and after-sale service at a specific price

answer

customer value

question

developing and maintaining defective customer relationships

answer

relationship marketing

question

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

answer

marketing program

question

relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action

answer

market segments

question

idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals

answer

marketing concept

question

focuses on efforts on continuously collecting information about customers' needs, sharing this information, and using it to create customer value

answer

market orientation

question

the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization ands its offerings so that buyers will choose them in the marketplace

answer

customer relationship management (CRM)

question

the internal response that customers have to all aspects of an organization and its offering

answer

customer experience

question

the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

answer

societal marketing concept

question

a good, service, or idea consisting of a bundle of tangible attributes that satisfies consumers needs and is received in exchange for money or something else of value

answer

product

question

people who use the products and services purchased for a household

answer

ultimate consumers

question

those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

answer

organizational buyers

question

the benefits or customer value received by users of the product

answer

utility

question

the money left after a for-profit organization subtracts its total expenses form its total revenues and is the reward for the risk it undertakes in marketing its offerings

answer

profit

question

an organizations long-term course of action designed to deliver a unique customer experience wile achieving its goals

answer

strategy

question

where top management directs overall strategy for the entire organization

answer

corporate level

question

a subsidiary, division, or unit of an organization that markets a set or related offerings to a cleary defined target market

answer

strategic business unit (SBU)

question

managers set a more specific strategic direction for their businesses to exploit value-creating opportunities

answer

strategic business level

question

specialized functions such as marketing and finance

answer

department

question

where groups of specialists actually create value for the organization

answer

functional level

question

fundamental, passionate, and enduring principles that guide its conduct over time

answer

core values

question

employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, customers

answer

stakeholders

question

organization's function in society that often identifies its customers, markets, products, and technologies

answer

mission

question

the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

answer

organizational culture

question

the clear, broad, underlying industry or market sector of an organizations offering

answer

business

question

statements of an accomplishment of a task to be achieved, often by specific time.

answer

goals or objectives

question

the ration of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

answer

market share

question

a road map for the marketing actions of an organization for a specified future time period

answer

market plan

question

th visual computer display of the essential information related to achieving a marketing objective

answer

marketing dashboard

question

a measure of the quantitative value or trend of a marketing action or result

answer

marketing metric

question

a technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) as thigh they were a collection of separate investments

answer

business portfolio analysis

question

large amounts of cash , far more than they can use

answer

cash cows

question

high share of high-growth markets they may need extra cash to finance their own rapid future growth

answer

stars

question

low share of high-growth markets

answer

question marks

question

low shares slow-growth markets

answer

dogs

question

a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

answer

diversification analysis

question

a marketing strategy to increase sales of current products in current markets

answer

market penetration

question

an organization allocates its marketing mix resources to reach its target markets (planning, implementing, and evaluation

answer

strategic marketing process

question

taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it

answer

situation analysis

question

internal Strengths and Weaknesses and its external Opportunities ad Threats

answer

SWOT analysis

question

which involves aggregating prospective buyers into groups, or segments that have common needs and will respond similarly to a marketing action

answer

market segmentation

question

characteristics of a product that make it superior to competitive substitutes

answer

points of difference

question

the means y which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it

answer

marketing strategy

question

actions that comprise a marketing program for an offering

answer

marketing tactics

question

process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

answer

environmental scanning

question

the environment includes the demographic characteristics of the population and its culture

answer

social forces

question

age gender ethnicity income and occupation

answer

demographics

question

the generation of children between 1946 and 1964

answer

baby boomers

question

following the baby boom- includes 50 million people between 1965 and 1976, the number of children born each year was declining. a generation of consumers who are self-reliant and supportive of diversity and better educated

answer

generation X (baby bust)

question

72 million born between 1977 and 1994 with influence of music sports computers video games and all forms of communication and networking

answer

Generation Y

question

merging two previously separated units into a single household (step family)

answer

blended family

question

combinations of the marketing mix that reflect the unique attitudes, ancestry, communications preferences, and lifestyles of different races

answer

multicultural marketing

question

social force; set of values, ideas, and attitudes that ares learned and shared among members of a group

answer

culture

question

the concern for obtaining the best quality, features, and performance of a product or service for a given price

answer

value consciousness

question

component of environment; income, expenditures, and resources that affect the cost of running a business and household

answer

economy

question

total amount of money made in one year by a person, household, or family, unit

answer

gross income

question

the money a consumer has left after paying taxes to use for necessities such as food housing clothing and transportation

answer

disposable income

question

the money that remains after paying for taxes and necessitates

answer

discretionary income

question

the third environmental forces; inventions or innovations from applied science or engineering research

answer

tecchnology

question

information and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies

answer

marketplace

question

activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, ad payment of products and services

answer

electronic commerce

question

alternative firms that could provide a product to satisfy a specific markets needs

answer

competition

question

business practices or conditions that make it difficult for new firms to enter the market

answer

barriers to entry

question

restrictions state and federal laws place on business with regard to the conduct of its activities

answer

regulation

question

a grassroots movement starteed in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

answer

consumerism

question

alternative government control; an industry attempts to police itself

answer

self-regulation

question

moral principles and values that govern the actions and decisions of an individual or group

answer

ethics

question

society's values and standards that are enforceable in the courts

answer

laws

question

let the buyer beware- legal concept before 1960s

answer

caveat emptor

question

JFK codified the ethics of exchange between buyers and sellers. 1- safety. 2- to be informed. 3- to choose. 4- to be heard

answer

Consumer Bill of Rights

question

the clandestine collection of trade secrets or proprietary information about a company's competitors (illegal ad unethical)

answer

economic espoinage

question

a formal statement of ethical principles and rues of conduct

answer

code of ethics

question

employees who report unethical or illegal actions of their employers

answer

whistle- blowers

question

personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

answer

moral realism

question

a personal moral philosophy that focus on the "grater good for the greatest number" by assessing cost and benefits of the consequences of ethical behavior

answer

utilitarianism

question

organizations are part of a larger society that are accountable to that society for there actions

answer

social responsibility

question

recognition of the need for organizations to improve the state of people. the planet, and profit simultaneously if they are to achieve sustainable, long term growth

answer

tripple-bottome line

question

marketing efforts o produce, promote, and reclaim environmentally sensitive products

answer

green marketing

question

occurs when the charitable contributions of a firm are tied directly to the customer revenues produced thought he promotion of one of its products

answer

cause marketing

question

a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility

answer

social audit

question

involves conducting business in a way that protest the natural environment while making economic progress

answer

sustainable development

question

problem recognition, information search, alternative evaluation, purchase decision, purchasing behavior

answer

purchase decisions process

question

personal sources, pubic sources, marketer dominated sources

answer

external information

question

objective attributes of a brand such as display, and the subjective ones uh as prestige, you use to compare different products and brands

answer

evaluative criteria

question

the group of brands a consumer would consider acceptable from among all the brands in the product class of which he or she is aware

answer

consideration set

question

feeling of post purchase psychological tension or anxiety

answer

cognitive dissonance

question

the personal, social, and economic significance of the purchase to the consumer

answer

involvement

question

the energizing force that stimulates behavior to satisfy a need

answer

motivation

question

a persons consistent behaviors or responses to recurring situations

answer

personality

question

the way people see themselves and the way they believe others see them

answer

self-concept

question

the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

answer

perception

question

organize and interpret information, filtering of exposure

answer

selective perception

question

occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them

answer

selective exposure

question

you see or hear messages without being aware of them

answer

subliminal perception

question

the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

answer

perceived risk

question

those behaviors that result from repeated experience and reasoning

answer

consumer learning

question

process of developing automatic responses to a situation built up through repeated exposure to it

answer

behavioral learning

question

thinking, reasoning, and mental problem solving without direct exposure

answer

cognitive learning

question

a favorable attitude toward and consistent purchase of a single brand over time

answer

brand loyalty

question

shaped by our values and beliefs which are learned

answer

attitude

question

consumers subjunctive perception of how a product or brand performs on different attributes. based on personal experience, advertising, and discussions with other people

answer

beliefs

question

a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.

answer

lifestyle

question

thinkers (mature, reflective, well educated) believers (conservative, conventional with beliefs baed on tradition)

answer

ideals-motivated groups

question

achievers (busy, goal directed, deep commitment) strivers (trendy, fun loving, less self confident than achievers)

answer

achievement-motivated groups

question

experiencers (young enthusiastic, impulsive) makers (fewer resources, express themselves, experience the world by working on it, set sufficient)

answer

self-expression-motivated groups

question

innovators (successful, sophisticated, take charge, high self esteem) survivors (least resources, focuses on meeting basic needs rather than fulfilling desires)

answer

high-and-low-resource groups

question

exert direct or indirect social influence over others. knowledgeable about or users o particularly good products and searches

answer

opinion leader

question

influencing people during conversations

answer

word of mouth

question

people to whom an individual looks as a basis for self appraisal or as a source of personal standards. affect consumer purchases because they influence information, attitudes, and aspiration levels that help set a consumer standard

answer

reference groups

question

specialized group of consumers brand

answer

brand community

question

people acquire skills, knowledge, and attitudes to function as consumers.

answer

consumer socialization

question

distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors

answer

family life cycle

question

relatively permanent divisions in a society into which people sharing similar values, interests, and behavior can be grouped

answer

social class

question

subgroups within the larger, or national, culture with unique values, ideas, and attitudes

answer

subcultures

question

the marketing of goods and searches to companies, governments, or not for profit organizations for use in the creation of foods and services that they can produce and market to others

answer

business marketing

question

provides common industry definitions for canada, mexico, and US which makes it easier to measure economic activity

answer

North American Industry Classification System (NAICS)

question

demand for industrial products and serves is driven by or derived from demand for consumer products and services

answer

derived demand

question

objective attributes of the suppliers products and services and the capabilities of the supplier itself

answer

organizational buying criteria

question

involves the deliberate effort by organizational buyer to build relationships that shape suppliers products, services, and capabilities to fit a buyers needs

answer

supplier development

question

exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of produces and services delivered to the ultimate consumer

answer

supply partnership

question

individuals in the cross-functional group

answer

buying center

question

new buy, straight buy, modified buy

answer

buy classes

question

decision making process that an organization uses to establish the need for products and choose among alternative brands and suppliers

answer

organizational buying behavior

question

evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself

answer

make-buy decision

question

a systematic appraisal of the design, quality, and performance of a product to reduce purchasing cost

answer

value analysis

question

a list of firms believed to be qualified to supply a given item

answer

bidder's list

question

significant development in organizational buying of online trading communities

answer

e-market places

question

a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other

answer

traditional auction

question

a buyer communicates a need for a product or service and wound-be suppliers are invited to bud on competition with each other

answer

reverse auction

question

the practice of using barter rather than money for making global sales

answer

ciuntertrade

question

the monetary value of all products and services produced in a country during one year

answer

gross domestic product (GDP)

question

the difference between the monetary value of a nations exports and imports

answer

balance of trade

question

a government tax on on products or services entering a country (raise prices on imports)

answer

tariffs

question

a restriction placed on the amount of a product allowed to enter or leave a country

answer

quota

question

when firms originate, produce, and market their products and services worldwide

answer

global competition

question

agreements among two or more independent firms to corporate for the purpose of achieving common goals such as a competitive advantage or customer value creation

answer

strategic alliances

question

multinationals have as many different product variations, brand names, and advertising programs as countries in which they do business

answer

multidomestic marketing strategy

question

the practice of standardizing marketing actives when there are cultural similarities and adapting them when cultures differ

answer

global marketing strategy

question

a brand marketed under the same name in multiple countries with similar ventrally coordinated marketing programs

answer

global brand

question

consumer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services

answer

global consumers

question

the study of similarities and differences among consumers in tow or more nations or societies

answer

cross-cultural analysis

question

personally or socially preferable modes of conduct or states of existence that tend to persist over time

answer

values

question

normal and expected aout the way people do things in a specific country

answer

customs

question

things that represent ideas and concepts

answer

cultural symbols

question

translated word or phrase is retranslated into the original language by a different interpreter to catch errors

answer

back translation

question

the tendency to believe that it is inappropriate to purchase foreign-made products

answer

consumer ethnocentrism

question

the practice of offering small collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities

answer

microfinance

question

the price of ones country currency in terms of another countries currency

answer

currency exchange rate

question

producing products in one country and selling them in another country

answer

exporting

question

foreign company and a local firm invest together to create a local business

answer

joint ventures

question

entails domestic firm actually investing in and owning a foreign subsidiary or division

answer

direct investment

question

when a firm sells a product in a foreign country below its domestic price or below its actual cost

answer

dumping

question

products are sold through unauthorized channels of distribution

answer

gray market

question

the process of defining a marking problem and opportunity

answer

marketing research

question

criteria or standards used in evaluating proposed solutions to the problem

answer

measure of success

question

restrictions placed on potential solutions to a problem

answer

contraints

question

operating computer networks that can store and process data

answer

information technology

question

the total sales o a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

answer

sales forecast

Marketing 301 (exam 1) (ch. 1-8) – Flashcards

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