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mktg 351 > exam 1 > Flashcards

exam 1 Flashcards

(60 cards)

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1
Q

what does marketing require

A

market, market offering, exchange between 2 willing parties

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1
Q

marketing

A

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

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2
Q

marketing philosophies

A
  • production philosophy
  • product philosophy
  • sales philosophy
  • marketing philosophy
  • societal philosophy
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3
Q

production philosphy

A

focus on products, works well when demand > supply, produces most for least money $

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4
Q

product philosophy

A

focus on producing highest quality goods, maybe not what customers want

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5
Q

sales philosophy

A

push & hard selling (door to door)

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6
Q

marketing philosophy

A

meet companies long-term goals by serving customers needs & wants

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7
Q

societal philosophy

A

should be goof for society too

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8
Q

what is the core marketing philosophy?

A

companies exist to satisfy customers wants and needs better than competition

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9
Q

what are the 4 P’s of marketing?

A

product - create value
price - capture value
place - delivering value
promotion - communicating value

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10
Q

customer value

A

relationship of benefits to cost, what customers get for what they give

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11
Q

customer satisfaction

A

customers evaluation if product/service meets expectations

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12
Q

relationship marketing

A

develop and enhance long term relationship with customer

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13
Q

strategic planning

A

process of creating and maintaining a fit between the organizations objectives and resources and the changing market opportunities

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14
Q

ansoffs strategic opportunity matrix

A

market penetration, product development, market development, diversification

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15
Q

strategic business unit (SBU)

A

independently operated diversions that make up a parent company

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16
Q

BCG portfolio growth matrix

A
  • stars- high growth rate & high market rate
  • question marks - high growth rate & low market share
  • cash cows- low growth rate & high market share
  • dogs - low market & growth rate
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17
Q

portfolio matrix by GE

A
  • has more levels and axes than BCG
  • low= harvest/divest
    medium= cautiosly invest
    high= invest/grow
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18
Q

Swot Analysis

A

Strength (internal)
Weakness (internal)
Opportunity (external)
Threats (external)

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19
Q

ethics

A

principles & values that generally govern the conduct of indivudual/group

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20
Q

laws

A

rules that a country/community recognized as regulating actions that are enforced with penalties

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21
Q

preconventional morality

A

childlike; based on reward/punsihment

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22
Q

conventional morality

A

teens; concern for societal expectations & legality

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23
Q

post conventional morality

A

mature; judge themselves

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24
company ethics
create company code of ethics to match employee short term goals and company long term goals
25
corporate social responsibility pyramid
philanthropic --> ethical --> legal --> economic
26
sustainability
focus on long term effects rather than short-term profits
27
triple bottom line
people, planet, profits
28
cause related marketing
monetary/donation, no risk
29
corporate political advocacy
publicly taking a stand; controversial and risky
30
green marketing
focus on environment (recycling)
31
green washing
deceptive marketing to seem more environmentally friendly
32
marketing environment
all the factors that influence a company's ability to create and maintain successful marketing strategies and customer relationships
33
environmental factors that affect marketing
social factors- american values demographic- diff generations growing ethnic markets- hispanic, african, asian economics- income and purchasing power technological- research innovation political and legal- FDA, laws competitive- global competition
34
global marketing
must understand, adapt, and serve to other countries
35
what are some forces affecting the global market?
- multilateral trade agreements - transportation & communication - converging market needs and wants product development costs
36
exporting
selling goods produced in one country to another
37
licensing
contract where licensor makes asset available to others for royalties or fees
38
franchising
operating a business developed by a franchisor in exchange for fee/adherence to policies
39
joint ventures
partners start shared ownership of new business
40
direct investment
high risk, high potential; greenfield or acquisition
41
global marketing mix
* standardized approach- same product and promotion * promotion adaptation- same product, modified approach * product adaptation- adapt product to local use but still same concept * product invention- dual adaptation to change for legal/cultural reasons
42
fishbein model
looks at both importance of attributes and brand performance
43
disjunctive model
focus on only important attributes
44
extensive decision making
lots of research because product may be expensive or unfamiliar
45
limited decision making
moderate research, common but not frequently bought
46
routine response behavior
no search at all; familiar and lower cost
47
culture
set of values & norms associated with a nation
48
subculture
politics, religion, musics
49
social class
group with similar income and status
50
social influences
* reference groups - friends and role models * opinion leader- lots of influence * family- most influential
51
individual influences
age, stage of life, gender and personality
52
selective exposure
noticing some things but ignoring others
53
selective distortion
twisting info that conflicts with your beliefs
54
selective retention
only remembering information that matches beliefs
55
maslows needs hierarchy
pshysiological/basic, safety, social, esteem, self actualization
56
BTB marketing
business to business; do not buy for their own consumption fewer, larger customers, geographically concentrated, no middle man
57
derived demand
demand for raw materials used for production is based on demand for producers end product
58
inelastic demand
demand for product doesn't fluctuate, even if price changes
59
fluctuating demand
changes in demand for end products = a lot of demand for raw materials

mktg 351 (3 decks)

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