Marketing Final Exam Study Guide

Analysis
the process of summarizing, combining, or comparing information so that decisions can be made
Boycott
an organized effort to influence a company by refusing to purchase its products
Bartering
exchanging products or services with others by agreeing on their values without using money
Brand
a unique name, symbol, or design that identifies a product, service, or company
Business Consumers
those who buy goods and consumers to produce and market other goods and services or for resale
Buying Behavior
the decision processes and actions of consumers as they buy services and products
Central Market
a location where people bring products to be conveniently exchanged
Channel of Distribution
all of the business involved in completing marketing activities as products move from the producer to the consumer
Code of Ethics
a set of standards or rules that guide ethical business behavior
Command Economy
a system in which the central government makes all economic decisions
Communism
an economic system in which the central government directs all major economic decisions
Consumerism
the organized of groups or consumers seeking to increase their influence on business practices
Consumer Decision Making Process
the process by which consumers collect information and choose among alternatives
Controlled Economy
an economic system where the government attempts to own and control important resources and to make the decisions about what will be produced ad consumed
Demographics
the descriptive characteristics of a market such as age, gender, race, income, and education level
Determining Customer Needs
based on many things.
Discretionary Purchases
non-essential purchases that satisfy consumers’ wants
Distribution
the locations and methods used to make the product available to customers
Economic Utility
the amount of satisfaction a consumer receives from the consumption of a particular product or service
External Information
provides an understanding of factors outside of the organization
Focus Group
a small number of people brought together to discuss identified elements of an issue or problem
Final Consumers
those who buy a product or service for personal use
Free Economy
an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control
Green Marketing
marketing activities designed to satisfy customer needs without negatively impacting the environment
Image
a unique, memorable quality of a brand
Internal Information
information developed from activities that occur within the organization
Input
information that goes into the system that is needed for decision making
Microeconomics
the study of relationships between individual consumers and producers
Macroeconomics
the study of economic behavior and relationships for the entire society
Market
the prospective customers a business wants to serve and the location of those customers
Marketing Information Systems
an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions
Market Economy
also known as a free economy, an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control
Marketing Concept
using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service
Market Research
researching the market to determine customer wants and needs
Market Segments
groups of similar consumers within a larger market
Market Segmentation
the process of dividing a large group of consumers into subgroups based on specific characteristics and common needs
Marketing Strategy
the way marketing activities are planned and coordinated to achieve an organization’s goals
Marketing
the creation and maintenance of satisfying exchange relationships
Merchandising
offering products produced or manufactured by others for sale to customers
Money System
the use of currency as a recognized medium of exchange
Marketing Mix – Four “Ps”
(Place, Price, Product, Promotion)
Product – anything offered to a market by the business to satisfy needs.
Place – (distribution) – includes the locations and methods used to make the product available to customers
Price – the amount that customers pay and the methods of increasing the value of the product to the customers
Promotion – includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction
Mixed Economy
an economic system in which some goods and services are provided by the government and some by private enterprise
Monopoly
the type of market in which there is only one supplier offering a unique product
Oligopoly
the type of market in which a few businesses offer very similar products or services
Output
the result of analysis that is given to decision makers
Price
the actual amount customers pay and the methods of increasing the value of the product to the customers
Primary Data
information collected for the first time to solve the problem being studied
Private Enterprise
an economic system based on independent decisions by businesses and consumers with only a limited government role regulating those relationships
Product Development
development of the product over a course of time to compare and contrast certain aspects
Product Life Cycle – Stages
identifies the stages a product goes through from the time it enters the market until it is no longer sold
Promotion
any form of communication used to inform, persuade, or remind consumers about a company’s products or services
Production
the business function that creates or obtains products or services for sale
Product Life Cycle
life cycle of a product from its creation to its extent
Profit Motive
the use of resources toward the greatest profit for the producer regulating those relationships
Psychographics
people’s interests and values
Random Sampling
a procedure in which everyone in the population has an equal change of being selected in a sample
Reference Group
a group of people or an organization that an individual admires, identifies with, and wants to be a part of
Self-Regulation
taking personal responsibility for actions
Scarcity
the result of unlimited wants and needs combined with limited resources
Selling
direct, personal communications with prospective customers in order to asses needs and satisfy those needs with appropriate products and services
Self-Concept
an individual’s belief about his or her identity, image, and capabilities.
Specialization of Labor
concentrating effort on one thing or a few related activities so that they can be done well
Standard of Living
a measure of the quality of life for a country’s citizens
Strategy
a plan that identifies how a company expects to achieve its goals
Storage
the resources used to maintain information, including equipment and procedures, so that it can be used when needed
Supply & Demand
supply is how much there is and demand is how much is wanted
Wants and Needs
want is an unfulfilled desire, while a need is anything you require to live.
Place Utility
location
Form Utility
physical form
Possession Utility
way of possession to make available to customers
Test Markets
specific cities or geographic areas in which marketing experiments are conducted
Time Utility
time to increase availability to customers
Value
an individual view of the worth of a product or service
Pure Competition
the type of market in which many suppliers offer very similar products
Target Market
a clearly defined segment of the market to which a business wants to appeal
SWOT Analysis
strength, weaknesses, opportunity, threats