Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MKT 5243 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

A consequence of mature industries, where slowing innovation, extensive product assortment, excess supply, and frugal consumers force margins to the floor.

A

Commoditization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The Challenges and Opportunities of Marketing in Today’s Economy?

A
  1. Power shift to customers
  2. Massive increase in product selection
  3. Audience and media fragmentation
  4. Changing value propositions
  5. Shifting demand patterns
  6. Privacy, security, and ethical concerns
  7. Unclear legal jurisdiction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A collection of buyers and sellers; a group of individuals or institutions that have similar needs.

A

Market

Ex: Housing Market, Automobile Market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Electronic marketplace unbound by time or space.

A

Marketspace

Ex: Amazon, Ebay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A ______ is a cluster of closely related goods and services that center around a specific consumption activity.

A

Metamarket

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A ______ provides a single access point where buyers can locate and contact many different sellers in the metamarket.

A

Metamediary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The process of obtaining something of value from someone by offering something in return; this usually entails obtaining products for money.

A

Exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Five conditions of Exchange?

A
  1. There must be at least two parties to the exchange.
  2. Each party has something of value to the other party.
  3. Each party must be capable of communication and delivery.
  4. Each party must be free to accept or reject the exchange.
  5. Each party believes it is desirable to exchange with the other party.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The ability of a product to satisfy a customer’s desires.

A

Utility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Attributes or features that set the product apart.

A

Form Utility

Ex: Luxury Cars

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Products available when customers want them

A

Time Utility

Ex: 24/7, Overnight shipping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Products available where customers want them

A

Place Utility
Ex: Home delivery of any kind.
Products that are high in both time and place utility are valuable to customers because they provide the most convenience.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Transfer of ownership or title; ease of acquisition.

A

Possession Utility

Ex: Layaway, Store financing, accepts cards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Positive experiential attributes that customers find satisfying.

A

Psychological Utility

Ex: Sporting events or vacations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Outlines the organization’s game plan for success.

A

Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Addresses specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets.

A

Tactical planning

17
Q

Provides an outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive.
Also: address the implementation, control, and refinement of these decisions.

A

Marketing Plan

18
Q

Involves establishing a mental image, or position, of the product offering relative to competing offerings in the minds of target buyers.

A

Product positioning

19
Q

Involves the objective review of internal information pertaining to the firm’s current strategy and performance, as well as the current and future availability of resources.

A

Internal Analysis

20
Q

Involves analyzing the capabilities, vulnerabilities, and intentions of competing businesses.

A

Competitive Intelligence

21
Q

Involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

A

Environmental Scanning

22
Q

The overall process of collecting and interpreting internal, competitive, and environmental information.

The use of all three analysis.

A

Situation analysis

23
Q

The goal of __________ is to complete a large number of discrete exchanges with individual customers. The focus is acquiring customers and making the sale. Not always attending the needs and wants of customers

A

Transactional Marketing

24
Q

The goal of __________ is to develop and maintain long-term mutually satisfying arrangements where both buyer and seller focus on the value obtained from the relationship.

A

Relationship Marketing

MKT 5243 (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions