Marketing 303 – Test One – Flashcards
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Activities and processes that implement the Marketing Mix
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marketing
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what are the four P's of the marketing mix?
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price, place (distribution), promotion
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People giving up something to receive something they would rather have..
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Exchange
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Conditions for Exchange to take place
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At Least Two Parties Something of Value(Money, Barter, Trade) Communication and Delivery Freedom to Accept or Reject Desire to Deal with Other Party
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focus is on internal capabilities of the firm.
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production orientation
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focus is on aggressive sales techniques and belief that high sales result in high profits.
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sales orientation
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focus is on satisfying customer needs and wants while meeting objectives.
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market orientation
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focus is on satisfying customer needs and wants while enhancing individual and societal well-being
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societal orientation
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An organization exists not only to satisfy customer wants but also to preserve or enhance individuals' and society's long-term best interests.
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Societal Marketing Orientation
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To increase customer value, marketers:
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Offer products that perform Earn trust Avoid unrealistic pricing Give the buyer facts Offer organization-wide commitment in service and after-sales support Co-Creation
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High Customer Satisfaction occurs in firms where:
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Top management focuses on Customer Satisfaction Employees know their jobs affect customer satisfaction Organizational culture focuses on delighting customers
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The strongest relationship marketing strategies depend on:
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Customer-oriented personnel Employee training programs Empowered employees Teamwork
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Why Study Marketing?
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Plays an important role in society Vital to business survival, profits and growth Offers career opportunities Affects your life every day
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Vital Marketing Activities for Organizations
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Assess the wants and satisfaction of customers Design and manage product offerings Determine prices and pricing policies Develop distribution strategies Communicate with present and potential customers
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One facet of marketing is that it is:
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a philosophy that stresses customer satisfaction
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A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of:
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marketing
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Which of the following occurs when people give up something in order to receive something that they would rather have?
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exchange
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The concept of exchange is important to marketing because:
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marketing activities help to create exchange
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A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation
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production
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The _____ orientation assumes people will buy more if aggressive selling techniques are used
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sales
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Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance, retirement plans, and pre-planned funeral services?
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sales orientation
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Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?
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sales
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Which marketing management philosophy assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product?
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market orientation
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a company that wants to implement a market orientation would need to:
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do research on its customers, competitors, and markets determine how to deliver superior customer value establish and maintain mutually satisfying relationships with customers implement actions that provide value to customers
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An organization with a(n) _____ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
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societal marketing orientation
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When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, _____ is created.
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customer satisfaction
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_____ is a strategy that focuses on keeping and improving relationships with current customers.
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marketing
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Most successful relationship marketing strategies depend on:
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customer oriented personnel effective training programs employees with authority to make decisions and solve problems teamwork
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the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities
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strategic planning
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increases market share among existing customers
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market penetration
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attract new customers to existing products
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market development
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create new products for present markets
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product development
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introduce new products into new markets
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diversification
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a written document that acts as a guidebook for the marketing manager
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marketing plan
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identifying internal strength and weaknesses and also examining external opportunities and threats
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SWOT Analysis
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internal parts of a situation analysis
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strengths weaknesses
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external parts of a situation analysis
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opportunities threats
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things the company does well
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internal strengths
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things the company does not do well
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internal weaknesses
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conditions in the external environment that favor strengths
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external opportunities
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conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses
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external threats
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the collection and interpretation of information about forces, events and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
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environmental scanning
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the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
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competitive advantage
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three types of competitive advantages
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cost product/service differentiation niche strategies
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obtain inexpensive raw materials create efficient plant operations design products for ease of manufacture control overhead costs avoid marginal costs
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cost competitive advantage
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walmart has a _____competitive advantage
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cost
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brand names strong dealer network product reliability image service
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product/service differentiation
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LEXUS has a ______competitive advantage
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product/service differentiation
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used by small companies with limited resources may be used in limited geographic areas product line may be focused on a specific product category
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niche competitive advantage
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dress shops on magazine street have a______competitive advantage
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niche
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the activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges with target markets
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marketing strategy
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three target strategies
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entire market multiple markets single market
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appeal to entire market with one marketing mix
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entire market
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concentrate on one marketing segment
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single market
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appeal to multiple markets with multiple marketing mixes
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multiple markets
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starting point of the 4 Ps
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product
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product availability where and when customers want them
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place
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role is to bring about exchanges with target markets by: informing, educating, persuading, reminding
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promotion
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what a buyer must give up to obtain a product. most flexible of the 4 Ps - quickest to change
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price
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_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
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strategic planning
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Which of the following is a type of strategic alternative that tries to increase market share among existing customers?
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market penetration
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_____ is a strategy of increasing market share for present products in existing markets.
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market penetration
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_____ is a strategy that attempts to attract new customers to existing products.
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market development
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_____ is a marketing strategy that creates new products for present markets.
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...
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_____ is the strategy of increasing sales by introducing new products into new markets.
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diversification
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A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.
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marketing plan
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A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.
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situation analysis
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The SWOT acronym refers to a firm's analysis of its:
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strengths, weaknesses, opportunities and threats
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_____ is defined as the collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
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environmental scanning
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The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n):
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competitive advantage
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Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.
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cost competitive advantage
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The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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marketing mix
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The typical starting point of any firm's marketing mix is the:
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development of the good or service to be sold
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Making sure products are available when and where customers want them is the job of which element of the marketing mix?
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place strategies
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which of the marketing mix elements is often the most flexible?
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pricing
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managers can affect things internally
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product, place, promotion, price
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things managers cannot affect
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external factors such as demographics social change, economic conditions, competition, technology, political and legal factors
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attitudes, values and lifestyles
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social factors
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the way people decide to live their lives rather than to conform to stereotypical
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component lifestyles
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the study of peoples vital statistics, such as age , race, ethnicity and location
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demography
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pre and early adolescents age 8 to 12 want to have control over experiences
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tweens
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13-17 year age bracket love to shop
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teens
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two keys to successfully reach teens:
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make product modern and convenient engage teens
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born between 1979 and 1994 18-33 year age bracket largest cohort impatient, family oriented, inquisitive, opinionated, diverse, time managers, street smart, quick shoppers, want fulfillment, multitaskers
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generation Y
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born between 1965and 1978 34-47 year age bracket trust, straight talk, great deals and communication important to this group
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generation X
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born between 1946 and 1964 48-66 age bracket postponing retirement socially conscious group that believes old age starts at 80
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baby boomers
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age and amount of tweens
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8-12 years 20 million
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years and amount of Generation Y
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1979-1994 75 million
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years and amount of Generation X
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1965-1978 40 million
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years and amount of Baby boomers
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1946-1964 75 million
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pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
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basic research
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an attempt to develop new or improved products
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applied research
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new technology internally creates_______
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a long-term competitive advantage
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_________is becoming a global process
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innovation
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protects consumer safety in and around their houses
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consumer product safety commission
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prevents unfair methods of competition in commerce
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federal trade commission
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enforces safety regulations for food and drug products
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food and drug administration
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two competitive factors
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competition for market share and profits global competition
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A(n) _____ is a defined group that managers feel is most likely to buy a firm's product.
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target market
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The external environment _____.
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must be continually monitored by marketing managers
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Marketing managers cannot control _____, but they can sometimes influence it
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the external environment
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Which of the following is the most difficult for marketing managers to forecast, influence, or integrate into marketing plans?
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social factors
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research indicates that ____is the most important thing to tweens
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being happy
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_____ are strongly attached to technology, family-oriented, and impatient, and are quick shoppers
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Generation Yers
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The group of people in the United States who were born between 1946 and 1964 are known as:
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baby boomers
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Recession, inflation, and consumers' incomes that influence the marketing environment are called _____ factors.
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economic
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_____ is the primary determinant of a person's earning potential.
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education
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The _____ is a governmental body that has the power to prescribe mandatory safety standards for almost all products consumers use.
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consumer product safety commission
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The _____ is an agency that prevents the use of unfair methods of competition in commerce.
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federal trade commission
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Which of the following represents the largest group of consumers in the United States?
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Generation Yers
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Consumers born between 1965 and 1978 form a group called
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Generation X
