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Flashcards in Exam #1 Deck (99):
1

4 P's of products

product
place
price
promotion

2

3 P's of services

people
processes
physical evidence

3

80/20 rule

80% sales comes from 20% consumers

4

CRM

customer relationship management (lifetime value)

5

Evolution of marketing

Barter --> money --> production orientation --> sales orientation --> marketing orientation

6

Marketing

exchange & value

7

marketing mix

7 p's

8

External Environment

MICRO and MACRO

9

Micro environment

-intermediaries
-competitors
-organizational capabilities
-independent media

10

Macro environment

- political/ legal
-economic environment
-technological environment
-cultural forces/ societal
-demographic environment

11

Stakeholders

-consumers
-employees
-investors
-suppliers
-government
-communities
-competitors

12

Target Markets

-B2B
-B2C

13

FTC

Federal Trade Commission

14

FDA

Food & Drug Administration

15

BBB

Better Business Bureau

16

COPPA

children online privacy protection act

17

B2B

business to business

18

B2C

business to consumer

19

what can be marketed

-products
-services
-ideas
-people

20

Competitive growth strategies

-market penetration
-product development
-market development
-diversification

21

first mover advantage

first person to do it gets the most

22

SWOT

-strengths
-weakness
-opportunity
-threats

23

bait and switch pricing

one price but switch

24

channel stuffing

falsely move financials to look better

25

Competitors

brand vs. product/substitute vs. generic

26

brand

cheerios
frosted flakes

27

product/ substitute

eggs
bacon

28

generic

kroger
great value

29

Monopoly

one 1 main competitor

30

oligopoly

several competitors
-high variation
-ups, fed ex

31

pure competition

unregulated
-anyone can participate
-farmers market

32

Disposable income

income after taxes paid

33

Discretionary income

Income after house, clothes, food (basic functional needs)

34

morality vs. ethics vs. law

individual vs. agreed on a broad level vs. set by government

35

Cause marketing

-% vs. $ vs product donation
-mutual promotion
-pink washing (goes everywhere)

36

Green marketing vs. green washing

-markting that is actually environmental friendly
-marketing that looks green but isn't

37

Company ethically wrong

apple making batteries not last

38

company ethically right

patagonia

39

counterfeits

fraud

40

planned obsolesce

company makes a product that doesn't last long (apple battery)

41

ubiquitous ads

everywhere

42

promoting offerings

no clear need
-shaving stuff

43

Marketing ethical challenges

-overconsumption
-planned obsolescence
-ubiquitous ads
-stuff vs. value

44

Market research purpose

understand consumer

45

quantitative

#'s

46

qualitative

quality, words

47

experimental

manipulating something
-a/b testing

48

descriptive

asking about feelings
-asking after the fact

49

reliability

challenge of re-testing and getting same results

50

validity

measuring what you are trying to measure

51

primary

I'm collecting

52

secondary

getting from someone else

53

Examples primary data

-mail survey
-online
-personal interview

54

examples secondary data

-past research
-google trends

55

Population vs. Sample

everyone in U.S. vs only people being surveyed

56

probability vs non-probability

random and stratified (specifically looking for 1 demographic) vs quota (amount you have to do) and convenience

57

TM

target market

58

Target market strategies

-undifferentiated (anyone)
-concentrated (specific)
-differentiated (multiple demographics)

59

Demographics

-age
-gender
-income
-education

60

psychographics

-attitude
-interest
-opinion

61

B2B segmentation

-geographic location
-type of organization
-customer size
-product use

62

Market testing

A/B testing
concept testing

63

A/B testing

2 options either A or B

64

concept testing

the idea

65

test marketing

idea & product ready but nor offered freely

66

full market launch

out to everyone

67

CB

consumer behavior

68

forecasting

see how a product will sell

69

Buying Decision Process

Problem recognition
Info search
evaluate alternatives
purchase
post purchase + disposal behavior

70

Involvement High vs Low

-high involvement
-high risk (car)
vs
-low involvement
-low risk (food)

71

Selective Attention/ Exposure

only see what you want

72

Selective Distortion

distort (change) message

73

Selective Retention

only keep what you want

74

Attitudes ABC

A- affect
B- behavior
C- cognition

75

External, social influences

employee, student, teacher, parent

76

reference groups

associative vs dissociative

77

associative

friends, family, roommates

78

dissociative

-people you don't like
-opposite political group
-actively avoiding

79

Culture vs. subculture

everything vs what you associate in (rodeo)

80

Business markets

-Producer: raw materials taken and passed to consumer
-Reseller: intermediaries sits between consumer & manufacturer
-Government: military, legislation
-Institutional: education, charity

81

AR

augmented reality (snapchat)

82

VR

Virtual reality (transitioning space)

83

Maslow's Hierarchy of Needs

-needs of human beings

84

CB Survey

psychological reactance, adskep, MBTI, need for cognition, adventure/sensation seeking, construal level, optimism/pessimism, sustainable consumption behavior

85

cognitive dissonance

inconsistent thoughts, beliefs, or attitudes
-behavioral or attitude changes

86

B2B Behavior Considerations

-transaction characteristics
-customer attributes
-customer primary concern
-methods of buying
-types of purchases
-demand

87

GDP

gross domestic product

88

SEO

search engine optimization

89

QR Codes

easily scanned

90

Mobile Marketing Techniques

-SMS
-Multimedia messages
- mobile ads
-friendly mobile website
-location
-mobile apps

91

Hootsuite

all social media at once

92

Google Trends

-allows you to see # of searches for specific terms in different time frames

93

Pink washing

excessive, false, inauthentic

94

Green washing

sustainability

95

embargo

-restriction of certain products from being traded/ imported

96

main difference between social media and other promotion mediums

2 way interactive nature

97

ideas a consumer initially think of in response to a need vs ideas consumer will choose from

evoked set vs consideration set

98

stratified vs quota sample

proportionate represents of census demographics vs. non-probability sample of certain

99

governments common type of sourcing

multiple sourcing- multiple vendors
sole sourcing- one