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Flashcards in Midterm Deck (29):
1

Sales Orientation

Aggressive sales techniques and belief that high sales result in high profit

2

Market Orientation

Satisfying customer needs and wants while meeting objectives

3

5 Conditions for Exchange

-At least two parties
-Something of value
-Communication and delivery
-Freedom to accept of reject
-Desire to deal with other party

4

Mission Statement

"What business are we in?"
Should focus on the market it wishes to serve

5

What are the 4 layers of the Corporate Social Responsibility Pyramid from bottom to top?

-Economic (be profitable)
-Legal (obey the law)
-Ethical (do what is right)
-Philanthropic (be a good citizen)

6

Define Morals

Morals are rules people develop as a result of cultural values and norms

7

What are the six determinants of a civil society?

-Ethics
-Laws
-Formal and Informal Groups
-Self Regulation
-The Media
-Active Civil Society

8

Define Code of Ethics

A guideline to help
marketing managers and other
employees make better decisions

9

What is Environmental Scanning?

Environmental scanning entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats

10

Describe the typical target market

Target markets change over time as consumers drop in or out of the market, and as tastes change.

11

List the five social factors apparent in the United States in the 21st century

-American Values
-Personality traits by region
-Growth of Component Lifestyles
-Changing Roles of Families and Working Women
-There is Never Enough Time

12

What are the steps of the consumer decision-making process?

-Need recognition
-Information search
-Evaluation of alternatives
-Purchase
-Postpurchase behavior

13

What are the three consumer buying decisions?

-Routine response behavior
-Limited decision making
-Extensive decision making

14

List Maslow's hierarchy of needs from bottom to top

-Physiological needs
-Safety needs
-Social needs
-Esteem needs
-Self-actualization

15

Name and describe the five common segmentation bases used by marketers to segment consumer markets.

Geographic--by region, market size, market density, or climate

Demographic--such as age, gender, ethnic background, income, or family life-cycle stage

Psychographics--such as motives, lifestyles, or personality

Benefit--such as less filling or great taste

Usage rate--heavy, medium, or light

16

What is benefit segmentation?

Benefit segmentation is a way of grouping potential customers into a specific market according to their needs and wants

17

What are the 6 steps in the marketing research process?

-Identify the problem
-Plan design/Secondary data
-Collect primary data
-Analyze data
-Prepare/present report
-Follow up

18

What is a product item?

A product item is a exact version of a product that is distinct among an organization's other products

19

What is a product line?

A product line would be a group of closely related product items

20

What is a product mix?

A product mix is a group of all of the products that an organization sells

21

What are the four categories of consumer products?

-Convenience
-Shopping
-Specialty
-Unsought

22

List the seven steps of the new-product development process

-New-product strategy
-Idea generation
-Idea screening
-Business Analysis
-Development
-Test marketing
-Commercialization

23

List the four stages of the product life cycle and discuss the typical characteristics for each stage.

Introductory Stage
Generally has high failure rates, little competition, and the product requires product modification.

Growth Stage
Sales grow at an increasing rate with many other competitors entering the market and the company having healthy profits.

Maturity Stage
The company would now have saturated the market and the sales are still increasing, but at a lower rate than before. This stage requires heavy promotion and service and repair to stay relevant.

Decline Stage
The company is seeing a decline in the sales and there are likely a lot of unsold items which leads to the company having to eliminate nonessential expenses in order to stay afloat.

24

Arguments AGAINST Corporate Social Responsibility

Businesses should focus on making a profit and leave social and environmental concerns to nonprofits

Businesses don’t have the expertise to deal with social issues and doing so may interfere with the primary goals of their firms

The expense of social responsibility may damage the country in the global marketplace

25

Arguments FOR Corporate Social Responsibility

It is the right thing to do

Business should police itself to avoid government intervention

Small companies can prosper and build shareholder value as they tackle social problems

26

Define Cause Related Marketing

It is the cooperative efforts of a "for-profit" firm and a "non-profit" organization for mutual benefit

27

Understand the external environment of marketing (factors a business cannot control)

-Understanding current customers.
-Understanding what drives consumer decisions.
-Identifying the most valuable customers and understanding their needs.
-Understanding the competition.

28

Define Global Marketing

Individuals and organizations using a global vision to effectively market goods and services across national boundaries

Benefits: more competition, more economic freedom, higher productivity & living standards

Fears: Americans have lost jobs(trade), offshore operations, outsourcing

29

Describe One-to-One Marketing

Focuses on understanding customers as individuals instead of as part of a group. It is an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer. The goal is to reduce costs through customer retention and increase revenue through customer loyalty.