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marketing > exam 1 (1-3) > Flashcards

exam 1 (1-3) Flashcards

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1
Q

Marketing definition:

A

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers partners, and society at large

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2
Q

Goal of marketing:

A

Discover needs and wants of customers and satisfy them

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3
Q

Needs vs. wants:

A

Need: Occurs when someone is deprived of a basic necessity
Want: Need that is shaped by a person’s knowledge, culture, and personality

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4
Q

4 criteria/conditions for marketing to occur:

A

Two+ parties with unsatisfied needs, a desire and ability to be satisfied, a way for the parties to communicate, and something to exchange

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5
Q

Who engages in marketing and the 3 types of marketing (B2C, B2B, C2C):

A

B2C: Business to consumer (end or ultimate user), B2B: Business to business (organizational buyer), C2C: Consumer to consumer

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6
Q

Controllable factors (aka marketing mix) – know and be able to describe the 4 P’s:

A

Product: create value, Price: capture values, Promotion: communicating value, Place: delivering value

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7
Q

Value:

A

Consumer’s perception of the benefits of a product or service against the costs of acquiring and consuming it

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8
Q

Market vs. Target market:

A

Market- potential customers; people with both desire and ability to buy something
Target Market: one or more specific groups of potential customers toward which an organization directs its marketing program

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9
Q

Customer Value Proposition:

A

A cluster of benefits that an organization promises customers to satisfy their needs

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10
Q

Utility and types:

A

Utility: benefits or customer value received by users of product.
Types- Form: what type of product or production of good, Place: “WHERE” available consumer needs it,
Time: “WHEN” availability when customers need it, Possession: the amount of usefulness or perceived value a consumer derives from owning a specific product and being able to use it as soon as possible, Information: any data that helps the consumer make buying decisions

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11
Q

Marketing Orientation vs. Product Orientation:

A

Marketing Orientation: is focused on responding to customers’ needs and wants, Product Orientation: is focused on creating and marketing the highest-quality offerings or on what the company is good at doing

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12
Q

How to employ market orientation:

A

Continuously collect info about needs (marketing research), share info across departments, and use it to create value (product)

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13
Q

Four questions to ask when developing strategy (from Knowledge Knugget):

A

Where do we compete? What unique value do you bring? What resources and capabilities do we utilize? How do we sustain our value?

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14
Q

Business plan

A

Business Plan: Road map for the entire organization overtime, short term (1 year) and long term (3-5 years), focuses on decisions pertaining to all the functional departments and future growth strategies.

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15
Q

marketing plan

A

Marketing plan: how the business plan will be achieved, road map for marketing activities of the company, integral part of the business plan

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16
Q

key terms: goals & marketing versions

A

Goal: what you hope to accomplish this year; specific objectives described in a marketing plan,

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17
Q

key terms: strategies & marketing versions

A

Strategy: how will you achieve your objectives; an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals

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18
Q

key terms: KPI & marketing versions

A

KPI (Key Performance Indicators): the key indicators for measuring the success of your objectives (profit, sales, market share, quality, customer satisfaction, employee welfare, social responsibility),

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19
Q

key terms: tactic & marketing versions

A

Tactic: The concrete, the implementation, the action, Metric: indicators to measure the success of your tactics

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20
Q

Why strategy is needed:

A

Can’t be all things to all people, limited resources, need to decide where to focus

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21
Q

Organizational foundation (why)

A

core values, mission statement, organizational culture

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22
Q

Organization direction (what)

A

– business, goals

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23
Q

Organizational strategies

A

what strategy is: an orgnaization’s long-term course of action designed to deliver a unique customer experience while achieving its goals, marketing strategy: means by which a marketing goal is to be achieved and includes- firms target market, marketing mix, method of obtaining sustainable competitive advantage

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24
Q

Why strategy is important/needed:

A

Can’t be all things to all people, limited resources, need to decide where to focus

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25
Competitive advantage vs. Sustainable competitive advantage:
Competitive advantage:Something your firm does better or goods/services that is offered that competitors do not, possibly short lived. Sustainable competitive advantage: Something the firm can persistently do better than its competitors that cannot be easily replicated, longer term, ultimate goal to be successful
26
Marketing metric and purpose:
Measure of the quantitative value or trend of a marketing action or result, used to spot deviations (negative or positive) from plan
27
Market share calculation and meaning:
ratio of revenue of a firm to the total revenue of all firms in industry. Calculation: sales revenue/ total industry sales
28
Market growth calculation and meaning:
increase demand for type of product or service over time. Calculation: (current years sales-pervious years sales) / previous years sales
29
Strategic marketing process – planning
1. Situation analysis:(Strenghts, Weakness, Opportunities, Threats), build on a strength, correct a weakness, exploit an opportunity, and avoid a disaster 2. Market-product focus & goal setting, set goals for your marketing plan (what marketing plan should accomplish), STP takes place (segmentation, targeting, positioning) 3. Marketing program- develop marketing mix: how to satisfy target market needs/wants (Product, Price, Place, Promotion)
29
Strategic marketing process – implementation
mplementation: Implement the marketing plan- obtain resources, design the marketing organization, define precise tasks responsibilities and deadlines, execute the plan
30
Environmental scanning
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential threats, critical to business success, ask “what trends might affect marketing in the future”
31
Strategic marketing process – evaluation
Evaluation: Evaluate performance using marketing metrics- compare results to goals set for plan, act on deviations (exploit a positive deviation & correct a negative deviation), important because this is how companies improve performance and grow
32
Gen X:
1965-1976, 50 million, felece and jeans, latchkey kids, self-reliant, diverse, family orientated, better education, largest number of business travelers, sandwich generation
33
social forces/Population trends worldwide and in the US:
Marketers need to pay attention to ethical/racial subcultures due to economic impact they will have in the future
34
Demographic:
describe a population according to selected characteristics (age, gender, ethnicity, income)
35
Baby boomers
1946-1964, 76 million, all will be 65+ by 2030, retiring at rate of 10,000 every 24 hours, wealthiest generation
36
Gen Y:
1977-1994, 70-80 million, echo-boom, personal experiences, work/life balance, beginning career
37
Gen Z:
1995-2010, choice, technology, tough for marketers, balance interest of shareholders employees and society, broadest diversity
38
Racial and ethnic diversity:
Marketers need to pay attention to ethical/racial subcultures due to economic impact they will have in the future
39
Multicultural marketing:
combinations of the marketing mix that reflect the unique attributes, ancestry, communication preferences and lifestyles of different races
40
Other trends discussed:
Values are changing, emphasis on health& wellness, sustainabillity (green consumers), privacy concerns, equality and individualism
41
Technological forces:
Technology has impacted every aspect of marketing, decreasing costs, increasing focus on quality, service, and relationships (new products, new forms of communication, new retail channels), data analytics
42
Economic forces:
Macroeconomic- perfomance based on large-scale economic indicators, infaltion, recessions Microeconomics: ability of consumers to buy, income (purchasing power is tied to income, broad range of incomes creates marketing opportunities at high and low end)
43
Competitive forces:
Know their strengths, weaknesses, and likely reactions to firm’s marketing activities
44
Regulatory forces:
Legislation to encourage and protect competition in all industries, product-related legislation- patent law, copyright law, trademarks, illegal to price fix, environmental regualtion, promotion-related legislation- protects against false advertising, legislation to protect consumers dealing with businesses
45
To serve both buyers and sellers, marketing seeks to ________ and satisfy the needs and wants of prospective customers.
discover
46
A need that has been shaped by a person's knowledge, culture, and personality results in a?
A want
47
Suppose you want a snack after taking this exam. Dominos is located across the street from your College of Business classroom. Unfortunately, you forgot your wallet in the haste of getting to class on time to take the test. Therefore, you have no means to pay for the pizza. Which of the following reasons explain why marketing fails to occur here between you and Dominos?
The ability to satisfy a need is missing
48
People with both the desire and ability to buy a specific offering are referred to as?
A market
49
Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Other items in the product line contain small bottles of Chiquita Strawberry Banana Fruit smoothie, Capri-Sun juice, or Kool-Aid. The box is bright yellow and the quantity of food contained within it is small. The target market for Kraft Lunchables is most likely?
Moms with school-age children who pack simple, healthy lunches for them
50
A customer value proposition is?
The cluster of benefits that an organization promises customers to satisfy their needs
50
Jakubowski Farms Gourmet Bread Base is the brand name for a mix designed for use in bread making machines. The mixes are sold in 2-pound canisters for $14.99 plus shipping. People learn about the product through word-of-mouth and bread machine demonstrations the company's founder gives to groups in Wisconsin, where she lives. The products are only available through the mail. This is a description of the company's?
Marketing Mix
51
The benefits or customer value received by users of a product is called?
utility
52
An organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value is said to have a?
Market orientation
53
As discussed in the Knowledge Knugget for chapter 2, which of the following is NOT a question to ask when developing a strategy?
What do we want to accomplish and by when
54
A marketing plan is?
How the business plan will be achieved and is road map for marketing activities of company
55
What is a business plan?
Road map for entire organization over time that includes goals and missions for the business
56
By understanding its core values, an organization can take steps to define its ________, a statement of the organization's function in society that often identifies its customers, markets, products, and technologies.
Mission
56
Employees at fashion apparel company, The Sak Brand Group work to embody its ________, which include trust (being honest and credible), action (making independent decisions), and ownership (treating the company as if one were a founder).
Core values
57
Recently, St. Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year. The hospital touts universal values to "keep health care human" and employees consistently put patients first, which unites them in a common goal. Hospital President Kathy Young believes that St. Joseph's ________ makes both her employees and patients happier in her hospital.
Organizational culture
57
Goals (or objectives) are?
Statements of an accomplishment of a task to be achieved, often by a specific time
58
A unique strength relative to competitors that provides superior returns, often based on quality, time, cost or innovation, is referred to as a?
Competitive advantage
59
Which of the following is least likely to provide a sustainable competitive advantage?
Lowering prices
60
Why are KPIs important to the planning process?
they are used to measure the success of your goal/objective
61
The term used to identify an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as?
Strategy
62
A marketing metric refers to?
A measure of the quantitative value or trend of a marketing activity or result
63
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, referred to as?
A market share
64
key terms: objective & marketing versions
Objective: the goal, using SMART (Specific, Measurable, Attainable, Relevant, TImely) criteria

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