Exam 1

Question 1

Marketing

Answer 1

managing profitable customer relationships

Question 2

Marketing formal definition

Answer 2

social and managerial process by which one obtains what they need/want through collecting & exchanging products and value with others

Question 3

revenue-cost=

Answer 3

profit

Question 4

value

Answer 4

difference between the benefit the customer gains from owning/using a product and the cost of obtaining the product/service

Question 5

key stakeholders

Answer 5

employees, consumers, industry associations, media, government & regulatory authorities, local communities, business partners & vendors, and shareholders & inventors

Question 6

5 conditions of exchange

Answer 6

at least 2 parties
each have something of value the other wants
capable of communication & delivery
free to accept/reject offers
belief that exchange provides mutual benefit/satisfaction

Question 7

stakeholder

Answer 7

person or entity that has vested interest in your business or project

Question 8

target markets

Answer 8

specific group of buyers on whom an organization focuses its marketing efforts

Question 9

4 marketing philosophies

Answer 9

market
sales
production
societal

Question 10

marketing philosophies

Answer 10

how a business goes about executing the core concepts day to day

Question 11

strategic planning goal

Answer 11

long-term profitable growth

Question 12

strategic business units

Answer 12

-have a clearly defined set of competitors
-managers are responsible for developing & implementing their own strategies
-operate like mini & independent businesses
-never share rate of investment (roi) across SBUS

Question 13

SBU

Answer 13

strategic business unit

Question 14

dogs

Answer 14

low market share; small/slow growth market; divest or sell your product

Question 15

question marks

Answer 15

low market share; large/fast growth market; watch products, can go either way

Question 16

stars

Answer 16

high share; fast growth market; invest

Question 17

cash cows

Answer 17

high market shares; slow growth market; hold and “milk” as much profit as possible

Question 18

market planning

Answer 18

designing activities relating to marketing objectives & the changing marketing environment

Question 19

competitive advantage

Answer 19

efficient production costs
product/service differentiation
target market (niches)

Question 20

niche market

Answer 20

choosing a target market that is NOT being served by major competitors

Question 21

business environment

Answer 21

dynamic environment that has a direct influence on how they operate

Question 22

purchasing power

Answer 22

comparison of income vs. the relative cost of living index (coli) in different geographic areas

Question 23

inflation

Answer 23

sustained increase in general price level of goods & services in an economy overtime

Question 24

recession

Answer 24

period of significant economic decline; rise in unemployment, decrease in income/spending, downturn in economy

Question 25

political/legal

Answer 25

encompass government policies, regulations, and stability, which can impact business operations and strategies

Question 26

Dodd-Frank legislation

Answer 26

created the consumer financial protection bureau (CFPB) to oversee accounts, loans, mortgages. deals with unfair, abusive, and deceptive practices

Question 27

Robinson-Patman Act

Answer 27

Prohibits charging different prices to different buyers of merchandise of like grade and quantity; requires sellers to make any supplementary services or allowances available to all purchasers on a proportionately equal basis

Question 28

Robinson-Patman Act

Answer 28

requires that all pricing differences be justified by cost savings, delivery, or market conditions

Question 29

FTC

Answer 29

federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

Question 30

competitive factors

Answer 30

-rivalry among businesses -size of competitors -degree of interdependence within the industry -large retailers such as walmart, exert large power over suppliers

Question 31

behavioral norms for marketers

Answer 31

-ensures that MKTG is effective & socially responsible -builds that with consumers, brand reputation, and prevents legal issues

Question 32

if it's legal does it mean it's ethical?

Answer 32

no

Question 33

business ethics

Answer 33

moral principles or values, generally govern the conduct

Question 34

business laws

Answer 34

often address the lowest common denominator of socially acceptable behavior; enforced by courts

Question 35

self regulation

Answer 35

-voluntary adoption of ethical guidelines -setting higher standards for oneself

Question 36

5 types of ethical theories

Answer 36

deontology utilitarianism casualist moral relativism virtue ethics

Question 37

bribery &foreign corrupt practices act

Answer 37

make it unlawful to make payments to foreign government officials to assist in obtaining/retaining business

Question 38

code of ethics

Answer 38

broad; provides a set of guiding principles that affect employee mindset and decision making

Question 39

stakeholder theory

Answer 39

importance of addressing the intentions of & cheating value for ALL stakeholders

Question 40

philanthropic marketing

Answer 40

engaging in charitable activities to support brand image, build customer loyalty, and contribute positively to society

Question 41

cause-related marketing

Answer 41

the cooperative marketing efforts between a for-profit firm and a nonprofit organization

Question 42

internal data

Answer 42

can also be acquired from retailers using scanner-based data

Question 43

market research process

Answer 43

identify the problem plan research design specify sampling procedures collect primary data analyze data present report follow up

Question 44

cost & time considerations

Answer 44

primary MKTG research: mystery shopping $$$$ experimental research $$ online analytics $$ ethnographic research $$$$ social media monitoring $$ self reported $ observational research $$$$ in-depth interviews $$$$ focus groups $ and $$$$ shopping surveys $

Question 45

frame error

Answer 45

when a sample drawn from a population differs from the target population

Question 46

tech-driven market research

Answer 46

utilizes & unlocks the value of these behavioral data sources