Exam 1

Question 1

Marketing

Answer 1

Seeks to discover needs and wants of customers to satisfy them

Question 2

Requirements for marketing to occur

Answer 2

1. two parties with unsatisfied needs
2. a way for parties to communicate
3. the desire to satisfy need
4. something of value to exchange

Question 3

4 P’s of markeeting

Answer 3

Price
Product
Place
Promotion

Question 4

Strategic business levels

Answer 4

1. corporate
2. Strategic business unit
3. Functional level

Question 5

Functional level includes:

Answer 5

finance
research and development
information systems
marketing
manufacturing operations
human resources

Question 6

Kinds of Organizations

Answer 6

For-profit
non profit
government agency

Question 7

foundation for strategic planning

Answer 7

core values
mission statement
organizational culture
goals/objectives

Question 8

Steps to strategic planning

Answer 8

1. define the mission
2. set goals/objectives
3. design business portfolio
4. plan marketing ad other functional strategies

Question 9

BCG Model

Answer 9

Star: high market growth rate, high market share

Question mark: high market growth rate low market share

cash cow: low market growth rate high market share

dog: low market growth rate, low market share

Question 10

Product/ Market Expansion Grid

Answer 10

Market penetration: existing product, existing market

Market development: existing product, new market

Product development: new product, existing market

Diversification: new product, new market

Question 11

Marketing plan vs. business plan

Answer 11

marketing plan DOES NOT have:
research and development
operations
manufacturing activities

Question 12

mission statement

Answer 12

a concise explanation of an organization’s reason for existence and describes its purpose, intention, and overall objectives

Question 13

organizational culture

Answer 13

all of a company’s beliefs, values, and attitudes, and how these influence the behavior of its employees

Question 14

microenvironment

Answer 14

actors close to the company:

company
suppliers
marketing intermediaries
competitors
customers
public

Question 15

macroenvironment

Answer 15

larger societal forces”

demographic
economy
technology
politics
culture

Question 16

porters 5 forces

Answer 16

threat of new entrants
powerful buyers
powerful suppliers
substitutes
rivalry among competitors

Question 17

monopolistic competition

Answer 17

when many companies offer competing products or services that are similar, but not perfect, substitutes

Question 18

consumer bill of rights (1962)

Answer 18

rights to:

safety
chose
be informed
be heard

Question 19

moral idealism

Answer 19

identifies morality with the ideal set of moral rules, where this set of rules is in turn identified in terms of a moral ideal.

Question 20

utalitarianism

Answer 20

the doctrine that an action is right insofar as it promotes happiness, and that the greatest happiness of the greatest number should be the guiding principle of conduct.

Question 21

ama code of ethics

Answer 21

1. do no hard
2. foster trust
3. embrace ethical values

Question 22

Concepts of social responsibility

Answer 22

profit-responsibility
stakeholder responsibility
societal responsibility

Question 23

ways of classifying marketing decisions

Answer 23

ethical and legal
ethical and illegal
unethical and legal
unethical and illegal

Question 24

caveat emptor

Answer 24

the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.

Question 25

influencing factors of customer behavior

Answer 25

cultural factors social factors personal factors psychological factors situational factors

Question 26

situational factors

Answer 26

purchase task social surroundings physical surroundings temporal effects antecedent states

Question 27

buyer purchase decision process

Answer 27

need recognition information search evaluation of alternatives purchase decision postpurchase behavior

Question 28

consideration set

Answer 28

represent all of the brands and products a consumer evaluates before making a final purchase

Question 29

cognitive dissonance

Answer 29

postpurchase tension or anxiety consumers may experience when faced with two or more highly attractive alternatives

Question 30

Types of Global Firms

Answer 30

international firm: expansion of home marketing multinational firm: multi domestic marketing transnational firm: global brand and marketing

Question 31

economic espionage

Answer 31

unlawful college of trade secrets or proprietary information

Question 32

economic protectionism

Answer 32

tariffs quotas embargo currency exchange controls

Question 33

market entry strategies

Answer 33

1. exporting 2. licensing 3. joint venture 4. direct investment

Question 34

standardized global market

Answer 34

same marketing strategy in all international markets

Question 35

adapted global market

Answer 35

adjusted marketing strategy

Question 36

marketing research process

Answer 36

1. define the problem 2. develop the research plan 3. collect relevant data 4. analyze the data and develop findings 5. take marketing actions

Question 37

exploratory research

Answer 37

Used to gather preliminary information. defines process and suggests the hypothesis

Question 38

descriptive research

Answer 38

used to describe market potential for a product or demographics and attitude of customers

Question 39

casual research

Answer 39

(experiments) used to test the hypothesis

Question 40

market segmentation

Answer 40

dividing the total market into smaller groups

Question 41

steps in segmentation

Answer 41

1. group potential buyers into segments 2. group products to be sold into categories 3. develop a market-product grid 4. select target markets 5. take marketing actions to reach target markets

Question 42

segmentation strategies

Answer 42

1. one product in multiple markets 2. multiple products multiple markets 3. mass customization