Marketing: Ch. 1-4 & 7-9 – Flashcards
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Marketing refers to the activity for
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creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its partners, and society at large.
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-discover -satisfy
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To serve both buyers and sellers, marketing seeks to ________and ____ the needs and wants of prospective customers.
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Exchange
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The trade of things of value between buyer and seller so that each is better off after the trade is referred to as____.
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What are 5 environmental forces that affect an organization?
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Social, economic, technological, competitive, and regulatory.
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Marketing discovers consumer needs by:
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Marketing research
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A ___________ _______ refers to one or more specific groups of potential consumers toward which an organization directs its marketing program
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Target market
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The marketing mix refers to the marketing manager's
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Controllable factors
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What are the marketing mix factors?
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-Price -Place -Promotion -Product
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To attend a winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door. This statement is most closely related to the________ element of the marketing mix.
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Price
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The _______________element of the marketing mix is demonstrated when a company places an ad in the Yellow Pages.
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Promotion
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Refers to an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
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Strategy
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Large organizations are extremely complex, and usually consist of three organizational levels whose strategies are linked to marketing. What are those 3 levels?
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-Corporate level -Strategic business unit level -Functional level
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__________________refers to a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
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Strategic business unit
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The philosophical reason for an organization's existence is referred to as organization's foundation, which can be broken into three key elements:
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1- core values 2- mission 3- organizational culture.
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Several years ago, Black & Decker purchased General Electric's small appliances product line. Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry. GE's small appliances product line is MOST LIKELY a __________________for Black & Decker.
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Cash cow
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Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment that has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would MOST LIKELY be classified as a _______.
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Star
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SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as ______________ __________.
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Question marks.
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If sales revenues of Starbucks VIA Ready Brew instant coffee to U.S. consumers increased as a result of a slight price increase of $0.25 per pack.
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Market penetration
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If Ben & Jerry's starts selling Bonnaroo Buzz Fair Trade-sourced super premium ice cream in Brazil for the first time.
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Market development
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Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the U.S.
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Product development
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If Ben & Jerry's starts selling children's clothing in Brazil to try to capitalize on its brand name.
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Diversification
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The acronym "SWOT" in the term "SWOT analysis" stands for:
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Strengths Weaknesses Opportunities Threats.
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The set of environmental forces that consists of the demographic characteristics of the population and its values is referred to as
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Social
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Age, Income, Occupation and Ethnicity are called _______ characteristics of the population
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Demographic
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Generally, the U.S. population is becoming:
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Larger, more and older
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-Born between 1946 and 1964 -They are currently retiring or nearing retirement age: -The wealthiest generation in U.S. history -Some consumer packaged goods firms have reformulated their products to address concerns about salt, sugar, and saturated fat. They are probably targeting.
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Baby boomers
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-50 million people Born between 1965 and 1976. -Reliant, supportive of racial diversity, and better educated than previous generations -Is becoming the largest cohort in terms of business travel
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Generation X
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-Born between 1977 and 1994 -Exerts influence on music, sports, computers, video games. -Is interested in distinctive, memorable, and personal experiences. -Feels passionate about the environment and is optimism about the future.
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Generation Y
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In an inflationary economy, the cost to produce and buy products and services ________ as prices _________.
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-rises -increases
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The total amount of money made in one year by a person, household, or family unit is referred to as __________ _______.
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Gross income
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The money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation is referred to as disposable ______ _______.
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Disposable income
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The money that remains after paying for taxes and necessities is referred to as __________ ___________.
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Discretionary income
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Society's values and standards that are enforceable in the courts are referred to as ______.
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Laws
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However, moral principles and values that govern the actions and decisions of an individual or group are referred to as ________.
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Ethics
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___________ _______________is the clandestine collection of trade secrets or proprietary information about a company's competitors and includes illegal trespassing, theft, fraud, misrepresentation, wiretapping, the search of a competitor's trash, and violations of written and implicit employment agreements with noncompete clauses.
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Economic espionage
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__________ ____________is the idea that organizations are part of a larger society and are accountable to that society for their actions.
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Social responsibility
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What are the components of social responsibility?
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-Profit responsibility -Stakeholder responsibility -Societal responsibility
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The three main types of marketing research include exploratory research, descriptive research, and causal research.
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-Exploratory research -Descriptive research -Causal research.
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Research that involves trying to find the frequency that something occurs or the extent of a relationship between two factors is referred to as ________ _____________.
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Descriptive research
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Research that provides ideas about a vague problem is referred to as ________ _______________.
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Exploratory research
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Research that involves trying to determine the extent to which the change in one factor changes another one is referred to as _________ __________.
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Causal research.
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________ data are facts and figures that have already been recorded before the project at hand.
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Secondary
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_____________ data are facts and figures that are newly collected for the project.
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Primary
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A sample of consumers or stores from which researchers take a series of measurements is referred to as a(n) ____.
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Panel
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Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as _________ ____________.
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marketing segmentation
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The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as _____.
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positioning
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Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as _______.`
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repositioning
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A graph displaying consumers' perceptions of product attributes in two dimensions is referred to as a _________ _______.
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perceptual map.
