MKTG 310 – Chapters 1-5 Outline – Flashcards
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What is the marketing mix?
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Also know as the four Ps, these are a contorllable set of activities a firm uses to respond to the wants of it's target markets.
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What are the 4 Ps?
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Product- Creating value through goods services and ideas Price - Everything the buyer gives up in exchange for the product, money, time, energy, etc. Place - Delivering Value Proposition; everything necessary to get the right product to the customer when they want it. Promotion - Communicating the Value Propositon
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How do marketers create value for a product or service?
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- Understand customer needs and wants - Offer goods and services at competitve prices - Share information about customers and competitors with co-workers - Balance benefits and cost of customers - Build long standing relationships
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What is marketing?
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Marketing is the activity set of institutions and processes for creating, capturing, communicating, delivering, and exchanging offering that have value for costumers, clients, partners, and society at large.
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Why is marketing important inside and outside of a company?
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- Marketing is integrated throught various departments of a company better enabling them to get the right product to the customer at the right time - Marketing helps support supply chain management - Marketing can show a companies use of solid ethical business practices and charitable contributions - Marketing promotes entrepreneurorship
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What is B2C marketing?
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Process by which businesses sell to consumers.
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What is B2B marketing?
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Process by which selling merchandise or services from one business to another.
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What is Customer Relationship Management (CRM)?
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A business philosophy and set of strategies, programs, and systems, that focus on identifying and builiding loyalty among the firm's most valued customers.
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What is Supply Chain?
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Groups or firms that make and deliver a given set of good and services.
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What is a marketing strategy?
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It identifies a firms target market, a related marketing mix or 4 Ps, and the basis at which the firm plans to build a sustainable competitive advantage.
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What are the 3 components of a marketing strategy?
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1) Identify a firms target market 2) A related marketing mix 3) Bases on which the firms plans to build a sustainable competitive advantage
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What is marketing segmentation?
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The process of dividing the market into groups of customers with different, needs, wants, or characteristics - who therefore might appreciate products or services geared especially for them.
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What is market positoining?
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Defines the marketing mix variables so that target customers have a clear, distinctive, desirable undestanding or what the product does or represents in comparison with competing products.
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What is a marketing plan?
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A written document of an anlysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the 4 Ps, action programs, and projected or pro forma income statements.
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What are the 3 major phases of a markeing plan?
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1) Planning 2) Implementation 3) Control
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Define SWOT analysis for both internal and external factors.
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- SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. - Stregths and Weaknesses are within the company -Opportunities and Threats come from outside the company
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How does a firm grow their business?
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Using Market Penetration, Market Developement, Product Development, and Diversification
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Describe Market Penetration
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Employs existing marketing mix and focuses efforts on existing customers. Requires increased advertising and addtional sales and promotions.
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Describe Market Development
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Uses existing marketing and tries to reach new marketing segments, whether domestic or international.
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Desribe Product Development
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Offering a new product or service to the firms current target market.
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Describe Diversification
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- Offer new product or service to a target market that is not currently served. - 2 types of Diversification 1) Releated Diversification - Current target market and/or marketing mix shares something in common with the new opportunity. 2) Unrelated Diversification - New business lacks any commalities of current business
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What are the 3 major phases of a marketing plan?
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1) Planning 2) Implementation 3) Control
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What are the 5 steps in a marketing plan?
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1) Define the mission 2) Conduct a Situational Analysis 3) Identify Opportunites using STP 4) Implement Marketing Mix 5) Evaluate Performance
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What are 2 questions should a mission statement answer?
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What type of business are we? What do we need to do to accomplish our goals?
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What is used to conduct a situational analysis?
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SWOT - Strengths Weaknesses Opportunities and Threats CDSTEP - Cultural Demographic Social Technilogical Economic and Political forces
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What is STP?
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Segmentation - Seperating consumers into groups with similiar wants and needs Targeting - A firms plan to pursue a segmented group through marketing Positioning - A firm places themselves in a targeted market and works to clearly and distinctively present their product
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What is a sustainable competitive advantage?
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An advantage over the competition that is not easilyed copied and thus can be maintained over long periods of time.
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What is the scope of marketing ethics in business today?
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Anyone in a business must be aware of the ethical implications of their actions. Some things to be aware of are societal issues such as environmental concerns, global issues such as child labor, or individual consumer issues such as deceptive advertising.
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What is phishing?
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Attempting to require information in an unethical manner.
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Describe Corporate Social Responsability.
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Generally entails efforts by the company to address ethical, social, and environmental impacts of its business operations and stakeholders. Giving back some of your profits and lessoning the negative affects of your companies operations on the environment.
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What is business Ethics?
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Morals and ethical dilemas that may arise in a business setting.
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What is Marketing Ethics?
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Those ethical problems specific to the domain of marketing.
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What is an Ethical Climate?
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A notion of a firm acting in a socially responsible manner and employees have high ethical standards and understand how individual decisions lead to optimal collective actions.
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What are the 4 steps to ethical decision making?
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1) Identify Issues 2) Gather Information and Identify Stakeholders 3) Brainstorm and Evaluated Alternatives 4) Choose Best Cours of Action
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What are the 3 inputs and outputs of Corporate Social Responsability?
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1) Consumer 2) Company 3) Cause/Issue Each are considered inputs and outputs
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Who lies at the center of the marketing environment?
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Consumers - Firms must keep track of customer needs and wants and stay ahead of their competitors in providing satisfing those needs.
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In analyzing a marketing environment, what are the components of an immediat environment?
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1) Company Capabilities 2) Competition 3) Corporate Partners
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What are the 6 components of a macroenvironmental environment?
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CDSTEP 1) Culture 2) Demographics 3) Social Issues 4) Technilogical Advances 5) Economic Situation 6) Political/Regulatory Environment
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What are the 2 dimensions of culture marketers must take into account?
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1) Country Colture 2) Regional Culture
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What are generational coherts?
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A term used to describe a demographic or a group of people from the same generation that have similar behaviors because they share similar experiences and are in the same stage of life.
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What are baby boomers?
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After WWII the birth rate rose dramatically, 78 million americans were born between 1946 and 1964.
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What a 4 common traits of baby boomers?
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1) Individualistic 2) Leisure time high priority 3) Believe they will always be able to take care of themselves 4) Obsessed with maintaining youth 5) Love Rock n Roll
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What are generation Xers?
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A group of people born between 1965 and 1976 which represents 41 million americans.
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What are 4 common traits of Xers?
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1) Came from latchkey families 2) Unlikley to be more successfull than parrents 3) Get married and buy houses at older ages = Greater spending power 4) Savvy consumers don't believe ads
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What are generation Yers?
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A group of people born between 1977 and 2000, represents 60 million americans.
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What are 2 common traits of gen Yers?
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1) Stong emphasis on balancing work and life 2) Tweens are the younger members technologically saavy
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What are the 5 social trends affecting consumers today?
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1) Price Sensitivity 2) Health and Wellness 3) Green Consumption 4) Privacy Concerns 5) Time-Poor societies
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What is green marketing?
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Strategic effort by firms to supply consumers with enironmentally friendly merchandise.
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What are the 5 steps in consumber decision making process?
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1) Need recognition 2) Information Search 3) Alternative Evaluation 4) Purchase 5) Post Purchase
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What is the difference in a consumer need and want?
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Need - The difference between your actual state and your desired state Want - Goods and services that are not necesarily needed but are desired
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What are the 5 types of percieved risk that will cause a consumer to engage in an extended search for a good or service?
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1) Performance 2) Financial 3) Social 4) Physiological (safety risk) 5) Psychological
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What is the difference is in funcitional and psychological risk?
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Functional risk are those that affect the functionality of the product (ie performance, physiological, financial) Psychological risk are those associated with the way people feel about the product, including social risk.
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What are the 3 factors that influence a consumers decision making process?
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1) Physicological factors 2) Social factors 3) Situational factors
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Describe and give 3 examples of decision heuristics.
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Mental shortcuts that help consumers narrow down choices. 1) Price 2) Brand 3) Product Presentation
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What is External Locus and Internal Locus of control?
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External locus - Believe their fate and other external factors control their outcomes. If they make a wise decision or poor decision is not to their credit. Internal locus - Believe they have some control over the outcomes of their actions.
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What is impulse buying?
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Buying decision made by a consumer on the spot when they see the product.
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What are 5 parts of Maslow's Hiearchy of Needs?
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1) Physiological 2) Love 3) Esteem 4) Safety 5) Self-actualization
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What is post purchase cognitive dissonance?
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It is an internal conflict that arises from inconsistencies between two beliefs, or between beliefs and behaviors. Buyers Remorse.
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What is self-acualization?
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Occurs when you feel completely satisfied with your life or how you live.
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What is extended problem solving?
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A consumer takes considerable time and effort analyzing alternatives, which is common when the consumer feels there is alot of risk.
