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Marketing 241 > Exam 1 > Flashcards

Exam 1 Flashcards

(71 cards)

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1
Q

Marketing’s Role

A

Create value for the firm’s chose customer, meet customer’s functional and emotional needs.

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2
Q

Marketing Mix, 4 P’s

A

Product, Price, Place, Promotion

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3
Q

Corporate Strategy

A

What business should we be in?

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4
Q

Cash Cow

A

Market leader, slow growth, generates more cash than it needs.

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5
Q

Dog

A

Low market share, slow growth

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6
Q

Star

A

Market leader, fast growth

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7
Q

Question Mark

A

Low market share, fast growth

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8
Q

SWOT Analysis

A

Strengths, weaknesses (internal)

Opportunities, threats (external)

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9
Q

Market Penetration

A

Increase market share among existing customers

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10
Q

Product Development

A

Creating new products for existing customers

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11
Q

Market Development

A

Attracting new customers to existing products

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12
Q

Diversification

A

Introduce new products into new markets

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13
Q

Marketing Strategy

A

Addresses a specific target market with a cohesive marketing mix of product, price, promotion and place

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14
Q

Production Orientation

A

If you build it, they will come

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15
Q

Sales Orientation

A

Sell, sell, sell!

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16
Q

Market Orientation

A

Deliver superior customer value

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17
Q

Societal Orientation

A

Preserve and enhance society

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18
Q

Value

A

Benefits - costs

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19
Q

Customer Acquisition

A

Acquire customers profitably, less upfront investment, higher-value customers, eliminate unprofitable acquisition activities

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20
Q

Sales per customer

A

Increase share of customer, generate add-on sales, partner with other firms

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21
Q

Margin

A

Increase price, shift mix toward higher margin, terminate unprofitable customers

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22
Q

Customer retention

A

Eliminate root causes, recover customers, develop loyalty initiatives

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23
Q

Demographics

A

Characteristics of a population: age, gender, ethnicity, income, occupation

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24
Q

Gen Y Cohort

A

60 million people, $200 billion/year purchasing power

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25
Gen X Cohort
40 million people, $1 trillion purchasing power
26
Uncontrollable variables
Social, economic, technological, competitive, regulatory factors
27
Social change with the greatest effect on Marketing
The phenomenon of working women
28
Gross Income
Total amount in one year
29
Disposable Income
Money left after taxes for necessities
30
Discretionary Income
Money left after taxes and necessities to use on recreation
31
Social Factors
Generational cohorts, demographics
32
Economic Factors
Income, expenditures, and resources that affect the cost of running a business
33
Regulatory Factors
State and federal laws
34
Exporting
Selling goods produced in the company's home country
35
Licensing
Agreement with a licensee in the foreign market. The licensee buys the right to use the company’s manufacturing process, trademark, patent, or other items of value.
36
Joint Venture
A company joins investors in a foreign market to create a local business, ownership is shared
37
Direct Investment
Developing foreign-based manufacturing or assembly facilities
38
Glocal
Go global, act local
39
Dumping
The pricing of goods at less than their cost of production or less than the price in the home market.
40
Distribution
Seller -> channels between nations -> channels within nations -> customer
41
Ethics
The moral principles and values that govern the actions and decisions of an individual or group.
42
The Fraud Triangle
Opportunity, pressure, rationalization
43
Social Responsibility
Organizations are a part of a larger society and are accountable to that society for their actions.
44
Sustainability
Organizations will focus on the world’s social problems and view them as opportunities to build profits and help the world.
45
Green Marketing
The development and marketing of products designed to minimize negative effects on the environment.
46
USP - Unique selling proposition
For [target market] the [name of product] is [single most important claim] among all [competitive frame] because [single most important support]
47
Why do market research?
Illuminate customers' needs
48
Marketing = Art + Science
Relying on the “art” (the golden gut) without reference to the “science” (marketing research) can lead to disaster.
49
When to not do market research
If the cost of a wrong assumption is less than the cost of research
50
Causality and Correlation
Causality does lead to correlation (typically). However, correlation does not lead to causality.
51
Marketing Research Process
Define problem, design research project, collect data, analyze data, take action
52
Secondary Data
Data previously collected for any purpose other than the one at hand.
53
Market Research
Information about a specific market
54
Marketing Research
Information about how to effectively design, promote, position, distribute, and price products for a given market
55
The Nature of Consumer Behavior
People are not all the same - person variability. People make choices depending on their situation - situation variability
56
Buying center
Users, influencers, deciders, buyers, gatekeepers
57
Problem recognition
Discrepancy between actual and desired state
58
Information Search
Internal and external search, as well as problem solving
59
Problem solving continuum
Routine, limited, and extensive problem solving
60
Evaluation of alternatives
What drives purchasing decisions?
61
Buying from the heart not the mind
People make decisions and are motivated to take actions based on an attribute-consequence-values schema.
62
Purchase
When, where, how, how much
63
Consumer Behavior Process
Problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation
64
Delight
Perception > expectation
65
Satisfaction
Perception = expectation
66
Dissatisfaction
Perception < expectation
67
Factors influencing consumer behavior
Social, individual, cultural, psychological
68
Cultural factors
Exert the broadest and deepest influence on consumer behavior.
69
Selective attention
Screen out information
70
Selective distortion
Interpret information to support belief
71
Selective retention
Remember good/bad points

Marketing 241 (4 decks)

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