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Flashcards in Test 1 (Ch. 1-6) Deck (202)
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1
Q

the activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, its stakeholders, and society at large

A

Marketing

2
Q

Trade of things of value between buyer and seller

A

exchange

3
Q

Theses four things need to occur in order for _______ to occur:

  • Two or more parties with unsatisfied needs
  • A desire and ability on their part to be satisfied
  • A way for the parties to communicate
  • something to exchange
A

Marketing

4
Q

People with both the desire and the ability to buy a specific offering

A

Market

5
Q

One or more specific groups of potential consumers toward which an organization directs its marketing program

A

Target marketing

6
Q

What are the four P’s?

A

Product, price, promotions, place

7
Q

A good, service, or idea to satisfy the customer’s needs

A

Product

8
Q

What is exchanged for the product

A

Price

9
Q

A means of communication between the seller and buyer

A

Promotion

10
Q

A means of getting the product to the consumer

A

Place

11
Q

The four P’s are the elements of __________

A

The marketing mix

12
Q

The marketing mix elements are called

A

Controllable factors

13
Q

A cluster of benefits that an organization promises customers to satisfy their needs

A

Customer value proposition

14
Q

Forces that are beyond marketers control such as: social, economic, technological, competitive, and regulatory forces

A

Environmental forces

15
Q

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale server at a specific price

A

Customer value

16
Q

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

A

Relationship marketing

17
Q

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

A

Marketing program

18
Q

The idea that the organization should strive to satisfy the needs of the customers while also trying to achieve the organization’s goals

A

Marketing concept

19
Q

An organization that focuses its efforts on continuously collecting information about customer’s needs, sharing this information across the market, and using it to create customer value have a _______ orientation

A

Market

20
Q

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offers so that buyers will choose them in the marketplace

A

Customer Relationship Management (CRM)

21
Q

The internal response that customers have to all aspects of an organization and its offerings

A

Customer experience

22
Q

The view that organizations should satisfy the needs of consumers in a way that provides for society’s well being

A

Societal marketing concept

23
Q

The people who use the products and services purchased for a household

A

Ultimate consumers

24
Q

Those manufactures, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

A

Organizational buyers

25
Q

The benefits or customer value received by users of the product

A

Utility

26
Q

Legal entity that consists of people who share a common mission

A

Organization

27
Q

A privately owned organization such as Target, Nike, etc. that serves its customers to earn a profit so that it can survive

A

Business firm

28
Q

The money left after a business firm’s total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings

A

Profit

29
Q

A nongovernmental organization that serves its customers but does not have profit as an organizational goal

A

Nonprofit organization

30
Q

An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals

A

Strategy

31
Q

Where top management directs overall strategy for the entire organization

A

Corporate level

32
Q

Subsidiary, division, or unit of an organization that markets a set of related offering to a clearly defined group of customers

A

Strategic Business Unit (SBU)

33
Q

Where groups of specialists actually create value for the organization

A

Functional level

34
Q

Consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals

A

Cross-functional teams

35
Q

The fundamental, passionate, and enduring principles that guide its conduct over time

A

Core values

36
Q

Employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers are examples of _________

A

Stakeholders

37
Q

A statement of the organization’s function in society that often identifies its customers. markets. products, and technologies

A

Mission

38
Q

The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

A

Organizational culture

39
Q

Describes the clear, broad, underlying industry or market sector of an organization’s offerings

A

Business

40
Q

The strategies an organization develops to provide value to the customers it serves

A

Business model

41
Q

Statements of an accomplishment of a task to be achieved, often by a specific time

A

Goals or objectives

42
Q

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

A

Market share

43
Q

The visual computer display of the essential information related to achieving a marketing objective

A

Marketing dashboard

44
Q

The measure of the quantitative value or trend of a marketing activity or result

A

Marketing Metric

45
Q

Presents information about an organization’s marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions

A

Data visualization

46
Q

Road map for the marketing activities of an organization for a specified future times period such as one year or five years

A

Marketing Plan

47
Q

The organizations special capabilities that distinguish it from other organizations and provide customer value

A

Competencies

48
Q

A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation

A

Competitive advantage

49
Q

The technique managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments

A

Business portfolio analysis

50
Q

The annual rate of growth of the strategic business units’ industry

A

Market growth rate

51
Q

The sales of the strategic business units divided by the sales of the largest firm in the industry

A

Relative market share

52
Q

Strategic business units (SBUs) that generate large amounts of cash, far more than they can invest profitably in themselves

A

Cash cows

53
Q

Strategic business units (SBUs) with a high share of high -growth markets that may need extra cash to finance their own rapid future growth

A

Stars

54
Q

Strategic business units (SBUs) with a low share of high-growth markets

A

Question marks

55
Q

Strategic business units (SBUs) with low shares of slow-growth markets

A

Dogs

56
Q

A technique that helps a firm search for growth opportunities from amount current and new markets as well as current and new products

A

Diversification analysis

57
Q

Marketing strategy to increase sales of current products in current markets, such as selling more Ben & Jerry’s Bonnaroo Buzz Fair Trade-sourced ice cream to U.S. consumers

A

Market Penetration

58
Q

A marketing strategy to sell current products to new markets

A

Market development

59
Q

A marketing strategy of selling new products to current markets

A

Product development

60
Q

A marketing strategy of developing new products and selling them in new markets

A

Diversification

61
Q

An organization allocates its marketing mix resources to reach its target markets

A

Strategic Marketing process

62
Q

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it

A

Situation analysis

63
Q

An acronym describing an organization’s appraisal of its internal strengths and weakness and its external opportunities and threats

A

SWOT analysis

64
Q

Aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action

A

Market Segmentation

65
Q

Characteristics of a product that make it superior to competitive substitutes

A

Points of difference

66
Q

The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it

A

Marketing strategy

67
Q

Detailed day-to-day operational decisions essential to the overall success of marketing strategies

A

Marketing tactics

68
Q

A road map for the entire organization for a specified future period of time, such as one year or five years

A

Business plan

69
Q

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

A

Environmental scanning

70
Q

The demographic characteristics of the population and its values

A

Social forces

71
Q

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

A

Demographics

72
Q

A combination of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races

A

Multicultural Marketing

73
Q

Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group

A

Culture

74
Q

The concern for obtaining the best quality, features, and performance of a product or service for a given price

A

Value consciousness

75
Q

Pertains to the income, expenditures, and resources that affect the cost of running a business and household

A

Economy

76
Q

The total amount of money made in one year by a person, household, or family unity

A

Gross income

77
Q

The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

A

Disposable income

78
Q

The money that remains after paying for taxes and necessities (used for luxury items such as a cruise)

A

Discretionary income

79
Q

Refers to inventions or innovations from applied science or engineering research

A

Technology

80
Q

An information and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings

A

Marketspace

81
Q

Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services

A

Electronic commerce

82
Q

The alternative firms that could provide a product to satisfy a specific market’s needs

A

Competition

83
Q

There are many sellers and have similar products

A

Pure competition

84
Q

Many sellers compete with substitutable products within a price range

A

Monopolistic competition

85
Q

Occurs only when one firm sells the product

A

Pure monopolies

86
Q

Business practices or conditions that make it difficult for new firms to enter the market

A

Barriers to entry

87
Q

Restrictions state and federal laws place on business with regard to the conduct of its activities

A

Regulation

88
Q

A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

A

Consumerism

89
Q

where an industry attempts to police itself

A

Self-regulation

90
Q

Moral principles and values that govern the actions and decisions of an individual or group

A

Ethics

91
Q

Society’s values and standards that are enforceable in the courts

A

Laws

92
Q

The set of values, ideas, and attitudes that are learned and shared among the members of a group

A

Culture

93
Q

Compromise the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings

A

Business cultures

94
Q

Caveat emptor means

A

Let the buyer beware

95
Q

Codified the ethics of exchange between buyers and sellers. These were the right to safety, to be informed, to choose, and to be heard

A

Consumer Bill of Rights

96
Q

Clandestine collection of trade secrets or proprietary information about a company’s competitors

A

Economic espionage

97
Q

A set of values, ideas, and attitudes that is learned and shared among the members of an organization

A

Corporate culture

98
Q

A formal statement of ethical principles and rules of conduct

A

Code of ethics

99
Q

Employees who report unethical or illegal actions of their employers

A

Whistleblowers

100
Q

Personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

A

Moral idealism

101
Q

A personal moral philosophy that focuses on “the greatest good for the greatest number of people” by assessing the costs and benefits of the consequences of ethical behavior

A

Utilitarianism

102
Q

The organizations are part of a larger society and are accountable to the society for their actions

A

Social responsibility

103
Q

Holds that companies have a simple duty: to maximize profits for their owners or stockholders

A

Profit responsibility

104
Q

Focuses on the obligations an organization has to those who can affect achievement of its objectives

A

Stakeholder responsibility

105
Q

Refers to obligations that organizations have to the preservation of the ecological environment and to the general public

A

Societal responsibility

106
Q

Recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth

A

Triple-bottom line

107
Q

Marketing efforts to produce, promote, and reclaim environmentally sensitive products - takes many forms

A

Green marketing

108
Q

Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

A

Cause marketing

109
Q

A systematical assessment of a firm’s objectives, strategies, and performance in terms of social responsibility

A

Social audit

110
Q

Involves conduction business in a way that protects the natural environment while making economic progress

A

Sustainable development

111
Q

The actions a person takes in purchasing and using products and services, including mental and social processes that come before and after these actions

A

Consumer behavior

112
Q

Process with the five stages of problem recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior

A

Purchase-decision process

113
Q

The initial step in the purchase decision, is perceiving a difference between a person’s ideal and actual situations big enough to trigger a decision

A

Problem recognition

114
Q

Scan your memory for previous experiences with products or brands

A

Internal search

115
Q

When past experience or knowledge is insufficient, the risk of making a wrong purchase decision is high, and the cost of gathering information is low

A

External search

116
Q

Sources who are relatives, friends that the consumer trusts

A

Personal sources

117
Q

Sources including various product-rating organizations such as Consumer Reports, government agencies, and TV consumer programs

A

Public sources

118
Q

Sources such as information from sellers including advertising, company websites, salespeople, and point-of-purchase displays in stores

A

Marketer-dominated sources

119
Q

The group of brands that you would consider from among all the brands of which you are aware in the product class

A

Consideration set

120
Q

The feeling of post-purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives

A

Cognitive Dissonance

121
Q

The personal, social, and economic significance of the purchase to the consumer

A

Involvement

122
Q

Have an impact on the purchase decision process: the purchase task, social surrounding, physical surrounding, temporal effects, and antecedent

A

Situational influences

123
Q

The energizing force that stimulates behavior to satisfy a need

A

Motivation

124
Q

Refers to a person’s consistent behaviors or responses to recurring situations

A

Personality

125
Q

The way people see themselves and the way they believe others see them

A

Self-concept

126
Q

The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

A

Perception

127
Q

A filtering of exposure, comprehension, and retention

A

Selective perception

128
Q

Occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconstant

A

Selective exposure

129
Q

Involves interpreting information so that it is consistent with your attitudes and beliefs

A

Selective comprehension

130
Q

Means that consumers do not remember all the information they see, read, or hear, even minutes after exposure to it

A

Selective retention

131
Q

Means that you see or hear messages without being aware of them

A

Subliminal perception

132
Q

Represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

A

Perceived risk

133
Q

Refers to those behaviors that result from repeated experience and reasoning

A

Learning

134
Q

The process of developing automatic responses to a situation built up through repeated exposure to it

A

Behavioral learning

135
Q

A need that moves an individual to action

A

Drive

136
Q

A stimulus or symbol perceived by consumers

A

Cue

137
Q

The action taken by a consumer to satisfy the drive

A

Response

138
Q

Known as the reward

A

Reinforcement

139
Q

Occurs when a response elicited by one stimulus (cue) is generalized to another stimulus

A

Stimulus generalization

140
Q

REfers to a person’s ability to perceive differences in stimuli

A

Stimulus discrimination

141
Q

Involves making connection between two or more ideas or simply observing the outcomes of others’ behaviors and adjusting your own accordingly

A

Cognitive learning

142
Q

A favorable attitude toward and consistent purchase of a single brand over time

A

Brand loyalty

143
Q

A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

A

Attitude

144
Q

A consumer’s subjective perception of how a product or brand performs on different attributes

A

Beliefs

145
Q

A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them

A

Lifestyle

146
Q

The practice of combining psychology, lifestyle, and demographics, is often used to uncover consumer motivations for buying and using products and services

A

Psychographics

147
Q

Consumers motivated by ideals are guided by knowledge and principle

A

Ideals-motivated groups

148
Q

Mature, reflective, and well-educated people who value order, knowledge, and responsibility

A

Thinkers

149
Q

Conservative, conventional people with concrete beliefs based on traditional, established codes: family, religion, community, and the nation

A

Believers

150
Q

Consumers motivated by achievement look for products and services that demonstrate success to their peers or to a peer group they aspire to

A

Achievement-motivated groups

151
Q

People with a busy, goal-directed lifestyle and a deep commitment to career and family

A

Achievers

152
Q

People who are trendy, fun-loving and less self-confident than achievers

A

Strivers

153
Q

Consumers motivated by self-expression desire social or physical activity, variety, and risk

A

Self-expression motivated groups

154
Q

Young, enthusiastic, and impulsive consumers who become excited about new possibilities but are equally quick to cool

A

Experiencers

155
Q

With fewer resources, express themselves and experience the world by working on it - raising children or fixing a car

A

Makers

156
Q

Two segments that stand apart

A

High and low-resource groups

157
Q

Successful, sophisticated, take-charge people with high self-esteem and abundant resources of all kinds

A

Innovators

158
Q

With the least resources of any segment, focus on meeting basic need (safety and security) rather than fulfilling desires

A

Survivors

159
Q

Individuals who exert direct or indirect social influence over others

A

Opinion leaders

160
Q

The influencing of people during conversations

A

Word of mouth

161
Q

People to whom an individual looks as a basis for self appraisal or as a source of personal standards

A

Reference groups

162
Q

A group to which a person actually belongs, including fraternities and sororities, social clubs, and the family

A

Membership group

163
Q

A group that a person wishes to be a member of or wishes to be identified with, such as a professional society

A

Aspiration group

164
Q

A group that a person wishes to maintain a distance from because of differences in values or behavior

A

Dissociative group

165
Q

The process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers

A

Consumer socialization

166
Q

Describes the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors

A

Family life cycle

167
Q

Married couple with children younger than 18

A

Traditional family

168
Q

What are the five roles that exist in the purchase process?

A

Information gatherer, influencer, decision maker, purchaser, and user

169
Q

The relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped

A

Social class

170
Q

Subgroups within the larger, or national, culture with unique values, ideas, and attitudes

A

Subcultures

171
Q

Marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others

A

Business marketing

172
Q

Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale

A

Organizational buyers

173
Q

Organizational buyers are divided into three markets. What are the three names?

A

Industrial, reseller, and government

174
Q

Wholesalers and retailers that buy physical products and resell them again without any reprocessing

A

Resellers

175
Q

Firms that reprocess a product or service they buy before selling it again to the next buyer

A

Industrial firms

176
Q

The federal, state, and local agencies that buy goods and services for the constituents they serve

A

Government units

177
Q

Provides common industry definitions for Canada, Mexico, and the United States

A

North American Industry Classification System (NAICS)

178
Q

The demand for industrial products and services is driven by, or derived from, demand for consumer products and services

A

Derived demand

179
Q

The objective attributes of the supplier’s products and services and the capabilities of the supplier itself

A

Organizational buying criteria

180
Q

Refer to standards for registration and certification of a manufacturer’s quality management and assurance system based on an on-site audit of practices of procedure

A

ISO 9000

181
Q

Involves the deliberate effort by organizational buyers to build relationships that shape suppliers’ products services, and capabilities to fit a buyer’s needs and those of its customers

A

Supplier development

182
Q

Inventory system that reduces the inventory of production parts to those to be used within hours or days, on-time delivery is becoming an even more important buying criterion and, in some instances, a requirement

A

Just-in-time

183
Q

An industrial buying practice in which two organization agree to purchase each other’s products and services

A

Reciprocity

184
Q

Exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer

A

Supply partnership

185
Q

Supply partnerships that include provisions

A

Sustainable procurement

186
Q

Several people in an organization who participate in the buying process. They share common goals, risks, and knowledge important to a purchase decision

A

Buying center

187
Q

The people in the organization who actually use the product or service, such as a secretary who will use a new word processor

A

Users

188
Q

Affect the buying decisions, usually by helping define the specifications for what is bought

A

Influencers

189
Q

Have formal authority and responsibility to select the supplier and negotiate the terms of the contract

A

Buyers

190
Q

Have the formal or informal power to select or approve the supplier that receives the contract

A

Deciders

191
Q

Control the flow of information in the buying center

A

Gatekeepers

192
Q

The 3 types of buying situations are called

A

Buy classes

193
Q

When the organization is the first-time buyer of the product or service

A

New buy

194
Q

Where the buyer or purchasing manager reorders an existing product or service from the list of acceptable suppliers, probably without even checking with users or influencers from the engineering, production, or quality control departments

A

Straight rebuy

195
Q

In this buying situation the users, influencers, or deciders in the buying center want to change the product specifications, price, delivery schedule, or supplier

A

Modified rebuy

196
Q

The decision making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and supliers

A

Organizational buying behavior

197
Q

An evaluation of whether components and assemblies will be purchased from outside suppliers or build by the company itself

A

Make-buy decision

198
Q

A systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs

A

Value analysis

199
Q

A list of firms believed to be qualified to supply a given item

A

Bidder’s list

200
Q

Brings together buyers and supplier organizations

A

E-marketplaces

201
Q

A seller puts an item up for sale and would-be buyers are invited to bid in competition with each other

A

Tradition auction

202
Q

A buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

A

Reverse auction