Flashcards in Midterm Deck (29):
Aggressive sales techniques and belief that high sales result in high profit
Satisfying customer needs and wants while meeting objectives
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
"What business are we in?"
Should focus on the market it wishes to serve
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)
Morals are rules people develop as a result of cultural values and norms
What are the six determinants of a civil society?
-Formal and Informal Groups
-Active Civil Society
Define Code of Ethics
A guideline to help
marketing managers and other
employees make better decisions
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
Describe the typical target market
Target markets change over time as consumers drop in or out of the market, and as tastes change.
List the five social factors apparent in the United States in the 21st century
-Personality traits by region
-Growth of Component Lifestyles
-Changing Roles of Families and Working Women
-There is Never Enough Time
What are the steps of the consumer decision-making process?
-Evaluation of alternatives
What are the three consumer buying decisions?
-Routine response behavior
-Limited decision making
-Extensive decision making
List Maslow's hierarchy of needs from bottom to top
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
What is benefit segmentation?
Benefit segmentation is a way of grouping potential customers into a specific market according to their needs and wants
What are the 6 steps in the marketing research process?
-Identify the problem
-Plan design/Secondary data
-Collect primary data
What is a product item?
A product item is a exact version of a product that is distinct among an organization's other products
What is a product line?
A product line would be a group of closely related product items
What is a product mix?
A product mix is a group of all of the products that an organization sells
What are the four categories of consumer products?
List the seven steps of the new-product development process
List the four stages of the product life cycle and discuss the typical characteristics for each stage.
Generally has high failure rates, little competition, and the product requires product modification.
Sales grow at an increasing rate with many other competitors entering the market and the company having healthy profits.
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.
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.
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
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
Define Cause Related Marketing
It is the cooperative efforts of a "for-profit" firm and a "non-profit" organization for mutual benefit
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.
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