MKT 300 – Exam 1 – UKY Hapke – Flashcards
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Marketing Enviroment
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The competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect the marketing mix.
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Marketing
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The process of creating, distributing, promoting and pricing goods, services and ideas that facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
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Exchanges
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The provision or transfer of goods, services or ideas in return for something of value.
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Value
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A customers subjective assessment of benefits relative to costs in determining the worth of a product.
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Marketing Mix
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Four marketing activities - product, pricing, distribution and promotion - that a firm can control to meet the needs of customers within it's target market
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Marketing Concept
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A management philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals.
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Customer Relationship Management (CRM)
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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
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Relationship Marketing
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Establishing long-term, mutually satisfying buyer-seller relationships.
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Corporate Strategy
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A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
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Marketing Objective
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A statement of what is to be accomplished through marketing activities
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Market
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A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
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Strategic Marketing Management
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The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
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Market Growth/Market Share Matrix
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A helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy
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Marketing Plan
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A written document that specifies the activities to be performed to implement and control the organization's marketing strategies
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Strategic Windows
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Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
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Mission Statement
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A long-term view, or vision, of what the organization wants to become
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Strategic Planning
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The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy
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Marketing Strategy
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A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
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Marketing Implementation
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The process of putting marketing strategies into action
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Marketing Cost Analysis
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Analysis of costs to determine which are associated with specific marketing efforts
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Competitive Advantage
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The result of a company matching a core competency to opportunities it has discovered in the marketplace
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Strategic Business Unit (SBU)
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A division, product line, or other profit center within the parent company
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Performance Standard
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An expected level of performance against which actual performance can be compared
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Corporate Identity
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A corporate identity is the manner which a corporation, firm or business presents themselves to the public, such as customers and investors as well as employees.
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Disposable Income
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After-tax income.
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Environmental Analysis
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The process of assessing and interpreting the information gathered through environmental scanning
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Environmental Scanning
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The process of collecting information about forces in the marketing environment
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Technology
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The application of knowledge and tools to solve problems and perform tasks more efficiently
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Sociocultural Forces
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The influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles
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Consumerism
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Organized efforts by individuals, groups, and organizations to protect consumers' rights
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Self-Regulation
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Advertising and marketing self-regulation is a system by which the advertising, marketing, agency and media industry set voluntary rules and standards of practice that go beyond their legal obligations.
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Consumer Protection Legislation
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Consumer protection is a group of laws and organizations designed to ensure the rights of consumers as well as fair trade, competition and accurate information in the marketplace.
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Types of Competitive Structures
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Five different competitive structures - perfect, monopoly, oligopoly, monopolistic competition, and contestable markets.
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Perfect Competition
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Many firms, freedom of entry, homogeneous product, normal profit.
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Monopoly
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One firm dominates the market, barriers to entry, possibly supernormal profit.
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Oligopoly
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An industry dominated by a few firms, e.g. 5 firm concentration ratio of > 50%
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Monopolistic Competition
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Freedom of entry and exit, but firms have differentiated products. Likelihood of normal profits in the long term.
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Contestable Markets
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An industry with freedom of entry and exit, low sunk costs. The theory of contestability suggests the number of firms is not so important, but the threat of competition.
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Ethical Issues
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An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical
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Social Responsibility
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An organization's obligation to maximize its positive impact and minimize its negative impact on society
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Strategic Philanthropy
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The synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits
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Marketing Citizenship
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The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
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Marketing Ethics
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Principles and standards that define acceptable marketing conduct as determined by various stakeholders
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Philanthropy Responsibilities
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Philanthropic corporate social responsibility involves donating funds, goods, or services to another organization or cause.
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Experimental Research
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Research that allows marketers to make causal inferences about relationships
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Marketing Research
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The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
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Research Design
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An overall plan for obtaining the information needed to address a research problem or issue
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Exploratory Research
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Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
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Hypothesis
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An informed guess or assumption about a certain problem or set of circumstances
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Sample
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A limited number of units chosen to represent the characteristics of a total population
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MIS (Types of Technology)
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A framework for managing and structuring information gathered regularly from sources inside and outside the organization
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Market Segmentation
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Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
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Segmentation Variable
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Characteristics of individuals, groups, or organizations used to divide a market into segments
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Company Sales Potential
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The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
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Consumer Market
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Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
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Target Marketing Selection Process
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A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
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Targeting Strategies
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A strategy in which an organization targets two or more segments by developing a marketing mix for each segment
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Situational Influences
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Influences that result from circumstances, time, and location that affect the consumer buying decision process
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Attitude Scale
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A means of measuring consumer attitudes by gauging the intensity of individuals' reactions to adjectives, phrases, or sentences about an object
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Consumer Buying Decision Process
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A five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation
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Consumer Buying Behavior
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The decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
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Lifestyles
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An individual's pattern of living expressed through activities, interests, and opinions
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Perception
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The process of selecting, organizing, and interpreting information inputs to produce meaning
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Consumer Misbehavior
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Behavior that violates generally accepted norms of a particular society
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Motives
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An internal energizing force that directs a person's behavior toward satisfying needs or achieving goals
