Exam 1

Question 1

marketing

Answer 1

creating, communicating, delivering, and exchanging offerings

Question 2

marketing exchange

Answer 2

two+ parties w unsatisfied needs, desire and ability to satisfy that need, a way for parties to communicate, something of value to exchange

Question 3

4P’s of the Marketing Mix

Answer 3

Product, price, place, promotion

Question 4

kinds of organizations

Answer 4

for-profit, non-profit, government agency

Question 5

BCG model

Answer 5

• low market growth rate, low relative market share: dog
• low market growth rate, high relative market share: cash cow
• high market growth rate, low relative market share: question mark
• high market growth rate, high relative market share: star

Question 6

strategic levels in an organization

Answer 6

corporate, strategic business unit, and functional

Question 7

mission statement

Answer 7

a brief description of an organization’s purpose and goals

Question 8

organizational culture

Answer 8

the shared values, beliefs, and behaviors that guide how people work together in a company

Question 9

strategic business unit

Answer 9

a separate, fully-functional unit of a business that has its own vision and direction

Question 10

Product/Market Expansion Grid

Answer 10

• existing products in existing market: market penetration
• existing products in new market: market developments
• new products in existing market: product development
• new products in new market: diversification

Question 11

environmental scanning

Answer 11

continually acquiring information on events occurring outside the organization to identify and interpret potential trends

Question 12

forces in the microenvironment

Answer 12

The company, suppliers, marketing intermediaries, competitors, public, consumers

Question 13

forces in the macroenvironment

Answer 13

Demographic, economic, natural, technological, political, cultural

Question 14

monopolistic competition

Answer 14

market structure where many companies compete for customers by selling similar but distinct products

Question 15

ethics vs. laws

Answer 15

Ethics are based on moral values and can vary among individuals and groups
Laws are universal within a jurisdiction and dictate what we must do

Question 16

factors influencing personal ethical behavior

Answer 16

Societal norms, business culture, and corporate expectations

Question 17

concepts of social responsibility

Answer 17

profit responsibility, stakeholder responsibility, and societal responsibility

Question 18

classifying marketing
decisions

Answer 18

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

Question 19

caveat emptor

Answer 19

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

Question 20

consumer bill of rights

Answer 20

a set of rights that protect consumers from unsafe products and deceptive business practices

Question 21

situational influences

Answer 21

purchase tasks, social surroundings, physical surroundings, and temporal effects

Question 22

stages of consumer purchase
decision process

Answer 22

recognize need, information search, evaluate options, purchase decision, and post-purchase behavior

Question 23

consideration set

Answer 23

a list of brands or products that a buyer considers before making a purchase

Question 24

countertrade

Answer 24

trade by barter

Question 25

trade feedback effect

Answer 25

the tendency for an increase in the economic activity of one country to lead a worldwide increase in economic activity

Question 26

forms of economic protectionism

Answer 26

tariffs, quotas, embargo, and currency exchange controls

Question 27

multidomestic marketing strategy

Answer 27

a company's approach to customizing its products, services, and marketing to meet the needs of local markets

Question 28

market-entry strategy options

Answer 28

exporting, licensing, joint venture, and direct investment

Question 29

uses of marketing research

Answer 29

defining a problem and opportunity, systematically collecting and analyzing info and recommending actions

Question 30

marketing research process

Answer 30

define problem, develop the research plan, collect relevant data, analyze the data and develop findings, and take marketing actions

Question 31

observation

Answer 31

a research method that involves watching and recording consumers in a natural or controlled environment

Question 32

focus group

Answer 32

a market research method that involves a moderated discussion with a small group of people

Question 33

open-ended questions

Answer 33

questions that can't be answered with a simple "yes" or "no"

Question 34

close-ended questions

Answer 34

a question that has a limited number of possible answers

Question 35

market segment

Answer 35

a group of people with shared characteristics who are targeted by a company for marketing purposes

Question 36

segmentation variables

Answer 36

demographic, geographic, psychographic, and behavioral

Question 37

product differentiation

Answer 37

a marketing strategy that makes a product stand out from competitors

Question 38

build-to-order strategy

Answer 38

a methodology and manufacturing practice where a product is created once a confirmed order is received