In Class Notes

Question 1

Future-shock

Answer 1

The future coming at us faster than we are genetically equipped to handle

Question 2

When was DNA discovered?

Answer 2

1949/1950

Question 3

What determined wealth in the agriculture age?

Answer 3

Land

Question 4

What determined wealth in the industrial age?

Answer 4

Money

Question 5

What determined wealth in the information age?

Answer 5

Knowledge

Question 6

Discipline is internal or external in the industrial age

Answer 6

External (Told when to go to class, work, etc)

Question 7

Discipline is internal or extern in the information age

Answer 7

Internal (You dictate your time)

Question 8

Compensated on input or output in industrial age

Answer 8

Input (How many hours you worked)

Question 9

Compensated on input or output in information age

Answer 9

Output (Getting project done or not)

Question 10

Who are the super creatives in the workforce?

Answer 10

Scientists, authors, design engineers, movie producers/directors

Question 11

Who are the creatives in the workforce?

Answer 11

Professionals, lawyers, CPA’s, doctors, political and business leaders

Question 12

Who are the traditional services in the workforce?

Answer 12

Maids, barbers/beauticians, clericals, etc

Question 13

Do the different waves create or remove gender roles?

Answer 13

In the information age, “manpower” or strength is no longer needed. There are now female CEO’s

Question 14

Are an education and a degree the same thing?

Answer 14

No, you can get a degree and not be educated and vice versa

Question 15

What are the two parents/disciplines of marketing?

Answer 15

1. Economics - dismal science

2. Psychology - non-science

Question 16

What are two ways to describe people/population?

Answer 16

1. Demographics - quantitative (something per something)

2. Psychographics - defines attitudes, feelings, emotions, etc

Question 17

What are the 4 P’s?

Answer 17

Product
Price
Place (channel distribution)
Promotion (communication)

Question 18

Product orientation

Answer 18

If you can make it, you can sell it

Question 19

Sales orientation

Answer 19

Supply is exceeding demand, but need to sell more product. Hire people to persuade

Question 20

Marketing orientation

Answer 20

Solving customers issues at a profit

Question 21

Societal orientation

Answer 21

Fulfilling customers needs and wants

Question 22

What are the 3 primary sources of legal history?

Answer 22

The Hammurabi Code
The Civil Law (1 state uses (Louisiana))
The Common Law (49 states use)

Question 23

Demographics

Answer 23

An attribute of the population generally per geographic region

Question 24

Market research

Answer 24

The gathering, recording, and analyzing of demographic and psychographic data to gain an understanding/intimacy of the customer and given markets

Question 25

Characteristics of market research (3)

Answer 25

1. Descriptive - presents factual data 2. Diagnostic - explains the data 3. Predictive - increases forecast accuracy

Question 26

Attributes sought (4)

Answer 26

1. Who and where the customer is 2. Expectations 3. Frequency of purchase 4. What media they come in contact with

Question 27

Role of market research

Answer 27

It's an aid to decision making, not a substitute. It helps reduce risk

Question 28

Limitations of market research (4)

Answer 28

1. Sample size - as it goes up, price goes up 2. Bias - people try to be nice, but they want an honest opinion 3. Recognizing new technology 4. Ceteris Paribus - holding all things constant

Question 29

Forms of market research (4)

Answer 29

1. Primary - specific problem, set up research (very expensive) 2. Secondary - buy work already done, combine 3. Quantitative - numbers 4. Qualitative

Question 30

Strategic planning

Answer 30

Determining what the organize will be when it grows up (where are we going and what skill sets used to get there)

Question 31

Target market

Answer 31

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

Question 32

3 Strategies for selecting target markets

Answer 32

1. Undifferentiated 2. Concentrated 3. Multisegmented

Question 33

Criteria for effective targeting

Answer 33

1. identifiable 2. profitable 3. sizable enough to be profitable 4. stable 5. accessible 6. congruent with firm's objectives and resources

Question 34

What does A.I.O. stand for?

Answer 34

Activities, interests, opinions

Question 35

Who invented the SPC (statistical process control)

Answer 35

W. Edwards Deming