MKT 300 Exam 1 Study Guide

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177 terms

Marketing

Term: The process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

Customers and Target Market

What is the focus of marketing? (2 things)

Customers

Term: The purchasers of organizations' products. Are the focal point of all marketing activities.

Target Market

Term: A specific group of customers on whom an organization focuses its marketing efforts.

Marketing Mix

Term: Marketing deals with 4Ps which are also known as the _____ _____. Marketers combine and balance four elements when determining how to satisfy customers' needs for a product.

Product Variable

Term: Part of the marketing mix. A variable that can be a good, service, or idea.

Price Variable

Term: Part of the marketing mix. A variable that relates to decisions and actions associated with establishing pricing objectives and policies. Relates to determining product prices. Determines the value of the exchange.

Distribution Variable

Term: Part of the marketing mix. Variable that used to be "Place." Makes products available in quantities desired. Minimizes costs of inventory, transportation, and storage. Select/motivate intermediaries. Establish/maintain inventory control. Develop/manage transportation and storage systems.

Promotion Variable

Term: Part of the marketing mix. Variable that informs individuals or groups about the organization and its products/services. Advertising, public relations, personal selling, promotions, street teams, viral marketing.

Marketing Environment

Term: The six forces that surround the customer and affect the marketing mix. Economic forces, political forces, legal and regulatory forces, technological forces, sociocultural forces, competitive forces.

The Marketing Concept

Term: a management philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals.

Marketing; Philanthropic

The marketing concept is not a second definition of ______ or _____ philosophy. A firm must satisfy its own objectives.

Production Orientation

The Evolution of Marketing Concept:
Term: Industrial Revolution improved speed and efficiency. Large increases in available products.

Sales Orientation

The Evolution of Marketing Concept:
Term: Many products with not enough demand. Businesses viewed sales and selling as the main means of increasing profits.

Market Orientation

The Evolution of Marketing Concept:
Term: An organization-wide commitment to researching and responding to customer needs. Determine what customers want and produce those products.

Value

Value-Driven Marketing:
_____: a customer's subjective assessment of benefits relative to costs in determining the worth of a product. _____ = Customer Benefits - Customer Costs

B

Marketing is the process of:
A) Promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders.
B) Creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
C) Delivering a standard of living to a society.
D) Creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives.
E) Focusing on customers' needs.

B

Distribution, price, promotion, and product are all elements of:
A) Marketing strategy.
B) The marketing mix.
C) A target market.
D) A consumer good.
E) A business strategy.

Health Conscious Consumers

Quiz Question: Who is Skinny Cow's target market?

Target Market

Quiz Question: Coca-Cola is aiming its Diet Coke Plus at health-conscious customers. These health-conscious customers represent Coke's _____.

Exchange

Quiz Question: An outcome of marketing in which people give up something to receive something they would rather have is _____.

True

Quiz Question: True or False: Marketing is not just a job done by a company's marketing department.

Yes

Quiz Question: True or False: A course in marketing is helpful even when not pursuing a marketing career.

Marketing Strategy

Term: A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.

Organization; Areas; Marketing; Strategic

Effective Marketing Strategy:
Reflects overall direction of _____.
Coordinated with firm's functional _____.
Contributes to achievement of _____ objectives and _____ goals.

Marketing Plan

Term: a written document that specifies the activities to be performed to implement and control the organization's marketing activities.

Competitive Advantage

Term: the result of a company's matching a core competency (superior skill or resources) to opportunities in the marketplace. E.g. cheaper, more widely available, stronger service support, higher quality. Example: Patagonia.

Corporate Identity

Term: Should support all corporate activities. Unique symbols, personalities, and philosophies.

Corporate Strategy

Term: a strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals. Functional areas include marketing, production, finance, R&D, and human resources.

Marketing Implementation

Term: The process of putting marketing strategies into action.

Intended Strategy

Term: The strategy the organization decides on during the planning phase and wants to use.

Realized Strategy

Term: The strategy that actually takes place.

C

The marketing plan is:
A) A plan of all aspects of an organization's business strategy.
B) Written differently for each SBU.
C) A written document detailing activities to be performed to implement and control marketing actions.
D) Designed to specify not only marketing, but all other functional areas to business activities as well.
E) Updated only periodically.

A

The process of putting marketing strategies into action is called:
A) Marketing implementation.
B) Marketing control.
C) Marketing action.
D) Marketing auditing.
E) The marketing action plan.

Mission Statement

Quiz Question: The questions "Who are our customers?" and "What is our competency?" are answered in the firms _____ _____.

Cash Cow

Quiz Question: It is seen that Super Mario Bros. is constantly re-releasing the old titles of the Super Mario series because of its high demand. It can be said that, Super Mario series belong to the _____ _____ business category of the BCG matrix.

Employees of the Company

Quiz Question: Internal customers refer to the _____.

Benchmarking

Quiz Question: _____ is a management technique aimed at detecting "best practice" in other organizations and then adopting it in one's own.

True

Quiz Question: True or False: One of the most critical elements in successful strategic planning is top management's support and participation.

Environmental Scanning

Term: The process of collecting information about forces in the marketing environment.

Monopoly

Types of Competitive Structures:
Term: when an organization offers a product that has no close substitute, making it the sole source of supply. Example: Fort Collins (Colorado) water utilities.

Oligopoly

Types of Competitive Structures:
Term: when a few sellers control the supply of a large proportion of a product. Example: GM (autos).

Monopolistic Competition

Types of Competitive Structures:
Term: When an organization with many competitors develops a marketing strategy to differentiate its product. Example: Levi Strauss (Jeans).

Pure Competition

Types of Competitive Structures:
Term: Involves a large number of sellers, no one of which influences price or supply. Example: Farmers Market.

Consumer Protection Legislation

Term: Federal and state laws. Protects people from harm. Prohibits hazardous products. Requires information disclosure. Aimed at particular marketing activities.

Self-Regulatory Forces

Term: _____ _____ _____
Some business chose to self-regulate. Often to help organizations like Better Business Bureau (BBB) or National Advertising Review Board (NARB).

Advantages

Less expensive and more realistic are _____ or self-regulatory forces.

Disadvantages

Nonmember firms do not have to abide, lack of enforcement tools, and often less strict are _____ of self-regulatory forces.

Technology

Firms must keep up with _____ to maintain their status as market leaders.

Copied

Firms must ensure that their technology is not easily _____.

Technological Assessment

Firms use a _____ _____ to learn about and attempt to foresee the effects of new products and processes.

Cultural Values

Term: Changes in these alter people's needs and desires for products. Health, nutrition and exercise growing in importance. Definitions of family are changing.

A

To monitor changes int he marketing environment effectively, marketers must engage in
A) Environmental scanning and analysis.
B) Economic scanning.
C) Self-regulatory analysis.
D) Marketing research analysis.
E) Information collecting.

B

Most marketers operate in a competitive environment of either
A) Oligopoly or monopoly.
B) Oligopoly or monopolistic competition.
C) Oligopoly or pure competition.
D) Monopoly or pure competition.
E) Pure competition or monopolistic competition.

Brand

Quiz Question: Coca-Cola Classic, Pepsi Cola and Dr. Pepper are all examples of _____ competitors.

Oligopoly

Quiz Question: What competitive structure exists in the automobile industry?

Depression

Quiz Question: A prolonged recession will lead to a _____.

Self-Sustaining

Quiz Question: The _____ _____ nature of technology relates to the fact that technology acts as a catalyst to spur even faster development.

Social Culture

Quiz Question: Which factor is the most difficult external variable to forecast, influence or integrate into market planning.

Social Responsibility

An organization's obligation to maximize its positive impact and minimize its negative impact on society.

Citizen

Being a good corporate _____ can result in greater consumer trust and loyalty.

Positive; Benefits

Social responsibility can produce _____ publicity and indirect long-term _____.

Cause-Related Marketing

Corporate Philanthropy:
Term: the practice of linking products to a particular social cause or an ongoing or short term basis.

Strategic Philanthropy

Corporate Philanthropy:
Term: the synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits.

Ethical Issues

Term: an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical.

Mix; Solve

Ethical issues can become a problem in all elements of the marketing _____.
Marketers must be able to recognize problems and _____ them.

Product

Sample Ethical Issues Related to the Marketing Mix:
_____: Covering up defects that could cause harm to a consumer.

Distribution

Sample Ethical Issues Related to the Marketing Mix:
_____: Counterfeit products are widespread (i.e. computer software).

Promotion

Sample Ethical Issues Related to the Marketing Mix:
_____: Deceptive advertising.

Pricing

Sample Ethical Issues Related to the Marketing Mix:
_____: Indicating that an advertised sales price is a reduction below the regular price when in fact that is not the case.

Ethical; Socially

Social Responsibility and Ethics Improve Marketing Performance:
Evidence shows there are long-term financial benefits to being _____ and _____ responsible.

B

Employees, customers, communities, and investors are all considered _____ in relation to marketing.
A) Responsibility.
B) Stakeholders.
C) Shareholders.
D) Constituents.
E) Owners.

B

All companies have a responsibility to _____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.
A) Offer the lowest price.
B) Be profitable.
C) Obey their customers.
D) Provide the largest selection possible.
E) Pay employees more than minimum wage.

Ethical; Social Responsibility

Quiz Question: _____ relates to individual and group decisions - judgements about what is right and wrong in a particular decision making situation and _____ deals with the total effect of marketing decisions on society.

Marketing Citizenship

Quiz Question: The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by the stakeholders is known as _____.

Stakeholders

Quiz Question: Employees, customers, communities, and investors are all considered _____ in relation to marketing.

Green Marketing

Quiz Question: Which of the following types of marketing is closely related to protection of environment?

Individual Factors

Quiz Question: When Shawna attempts to resolve ethical conflicts in her daily life, she bases her decisions on her own values. This influence on the ethical decision-making process is called _____.

Locating and Defining Problems or Research Issues

What is step one of the Marketing Research Process?

Nature; Results

Locating and Defining Problems or Research Issues:
Focus on uncovering the _____ and boundaries of a situation. The first sign of a problem is a departure from normal or expected _____.

Defining

Locating and Defining Problems or Research Issues:
_____ the Problem: Marketers must define the nature and scope of the situation in order to pin down the problem.

Aim

Locating and Defining Problems or Research Issues:
Determine precisely what is the _____ of research.
How will the research be used?

Investigation

Types of Research: The nature and type of research varies based on the research design and the hypotheses under _____.

Exploratory Research

Term: Type of research that is conducted to gather more information about a problem or to make a tentative hypothesis more specific. "How are consumers' car buying habits changing?"

Conclusive Research

Term: Type of research designed to verify insights through objective procedures and to help marketers in making decisions. "What percentage of consumers will consider an electric car purchase?"

Descriptive Research

Term: Type of research used to clarify the characteristics of certain phenomena to solve a particular problem. "How are consumers gathering information to assist in car buying?"

Experimental Research

Term: Type of research that allows marketers to make casual inferences about relationships. Provides strong evidence of cause and effect. Need a dependent variable and independent variable(s) in order to set-up research project.

Surveying, Sampling, Questionnaire Construction.

What are three methods of collecting primary data?

Population

Term: all the elements, units, or individuals of interest to researchers for a specific study.

Sample

Term: a limited number of units chosen to represent the characteristics of the population.

Personal Interview Survey

Term: survey in which participants respond to survey questions face-to-face.

In-home/Door-to-Door; Focus-Group

There are two types of personal interview surveys:
_____: takes place at respondents' homes.
_____: observation of group interaction when members are exposed to an idea or concept.

Open-Ended; Dichotomous; Multiple-Choice

What are the three types of questionnaire construction questions?

Interpreting Research Findings

What is step four of the marketing research process?

Table

Interpreting Research Findings:
The first step in drawing conclusion from most research is displaying the data in _____ format.

Analyzed; Statistical

Interpreting Research Findings
After displaying the data in table format, the data must be _____. _____ interpretation focuses on what is typical and what deviates from the average.

Interpretation

Interpreting Research Findings
Data require careful _____.

Decision

Interpreting Research Findings
Managers must understand the research results and relate them to a context that permits effective _____ making.

C

Marketing research is a process designed to gather information:
A) Exclusively about a company's customers.
B) From the company's database.
C) Not currently available to decision makers.
D) About the needs and desires of employees.
E) Concerning the interpretation of the company's sales goals.

A

An overall plan for obtaining the information needed to address a research problem or issue is called the:
A) Research design.
B) Problem recognition.
C) Hypothesis.
D) Data collection method.
E) Sampling procedure.

Locating and Defining Problems

Quiz Questions: The marketing research process starts with _____.

Research Design

Quiz Questions: _____ refers to an overall plan for obtaining the information needed to address a research problem or issue.

Exploratory

Quiz Questions: _____ research has the goal of formulating problems more precisely and make a tentative hypothesis more specific.

Experimental

Quiz Questions: _____ research allows marketers to make causal deductions about relationships.

Database

Quiz Questions: _____ is a collection of information arranged for easy access and retrieval.

Market

Term: group of people who, as individuals or organizations, have needs for products in a product category and have the ability, willingness, and authority to purchase such products.

Consumer Market

Term: a type of market where purchasers are household members who intend to consume or benefit from purchased products and do not buy products to make profits.

Business Market

Term: a type of market where individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations.

Identify the Appropriate Targeting Strategy

What is the first step of the target market selection process?

Undifferentiated Targeting Strategy

Identify the Appropriate Targeting Strategy:
Term: Should be a homogeneous market. A single marketing mix directed at the entire market.

Homogeneous

Term: Customers have a similar need for a product.

Concentrated Target Strategy

Identify the Appropriate Targeting Strategy:
Term: Heterogeneous market. Targeting a single market segment using one marketing mix.

Heterogeneous

Term: Individuals or organizations with diverse needs for proudcts in the same class.

Marketing Segmentation

Term: The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.

Market Segment

Term: Individuals, groups, or organizations with one or more similar characteristics that cause the to have similar product needs.

Differentiated Targeting Strategy

Identify the Appropriate Targeting Strategy:
Term: Heterogeneous market. Targeting 2 or more segments with a marketing mix for each.

Behavioristic Variables

Term: Divide a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use.

Develop Market Segment Profiles

What is the third step of the target market selection process?

Similarities

Develop Market Segment Profiles:
A market segment profile describes the _____ among potential customers within a segment.

Differences

Develop Market Segment Profiles:
A market segment profile explains the _____ among people and organizations in different segments.

Benefits

The following are _____ of developing market segment profiles:
Determining most attractive segment or segments.
Potentially useful information subsequent marketing decisions.
Evaluate relevant market segments.

Product Positioning

Term: Creating and Maintaining a certain concept of a product in customers' minds.

Desires

Product Positioning:
Marketers seek to position a product so that it appears to have the characteristics the target market most Example: Toothpaste products positions.

Repositioned

Positioning decisions are for all products, existing and new. Existing brands must be reevaluated and sometimes _____.

Changing

Repositioning can be accomplished by _____ price, distribution, image through promotion, packaging, benefits.

E

To find a target market, a firm can use the:
A) Total market strategy and the undifferentiated strategy.
B) Product differentiation strategy and the customer differentiation strategy.
C) Demographic strategy and the psycho-graphic strategy.
D) Socioeconomic strategy and the psychological strategy.
E) Undifferentiated strategy, the concentrated strategy, and the differentiated strategy.

E

Age, rate of product use, location, and gender are all examples of common
A) Demographic variables.
B) Geographic characteristics.
C) Targeting strategies.
D) Psychographic variables.
E) Segmentation variables.

Exploratory

Quiz Question: _____ research has the goal of formulating problems more precisely and make a tentative hypothesis more specific.

Demographic

Quiz Question: Crest toothpaste recently came up with strawberry flavor toothpaste especially for the kids and little girls. Which of the following segmenting variable did it make use of?

Psychographic

Quiz Question: _____ variables segment the market on the basis of lifestyles and motives.

Reposition

Quiz Question: Marketers can _____ a product by changing its image through promotional efforts.

Undifferentiated Targeting

Quiz Question: One of the earlier model's of Ford, Model T Ford, was aimed at a very wide market, and only available in black. It can be said that the company was employing

Consumer Buying Behavior

Term: The decision processes and purchasing activities of ultimate consumers, those people who purchase products for personal or household use and not for business purposes.

Consumer Buying Decision Process

Term: A five stage purchase process which includes problem recognition, information search, evaluation of alternatives, purchase stage, and post-purchase evaluation.

Situational Influences

Term: Factors that result from circumstances, time, and location that affect the consumer buying decision process. They can influence the decision making process at any time.

Perception

Term: Selecting, organizing, and interpreting information to produce meaning.

Attitudes

Term: Refers o an individual's enduring evaluation of feelings about and behavioral tendencies toward an object or idea. Can be positive or negative.

Lifestyle

Term: Refers to an individual's patterns of living expressed through activities, interests, and opinions. Strongly influences the buying decision process. Many marketers segment markets by this.

Routined Response

Types of Consumer Problem Solving Strategies:
Term: Used when buying frequently purchased, low-cost items that require very little search-and decision effort.

Limited Problem Solving

Types of Consumer Problem Solving Strategies:
Term: Utilized when buying products occasionally or when one needs to obtain information about an unfamiliar brand in a familiar product category.

Extended Problem Solving

Types of Consumer Problem Solving Strategies:
Term: Occurs when purchasing unfamiliar, expensive, or infrequently bough products.

Impulse Buying

Types of Consumer Problem Solving Strategies:
Term: Involves no conscious planning; a powerful urge to buy something immediately.

Social Influences

Term: The forces other people exert on one's buying behavior.

Roles

Term: Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons.

Culture

Term: The accumulation of values, knowledge, beliefs, customs, objectives, and concepts that a society uses to cope with its environment and passes on to future generations. Tangible items such as food, clothing, furniture, buildings, and tools. Intangible items such as education, welfare, and laws.

Subcultures

Term: Groups of individuals whose characteristic values and behavior patterns are similar and different from those of the surrounding culture. Usually based on geographic designations and demographic factors.

A

An unplanned buying behavior resulting from a powerful urge to buy something immediately is called:
A) Impulse buying.
B) Habitual buying.
C) Compulsive response behavior.
D) Non-problem solving.
E) Cognitive dissonance.

B

The five major stages of the consumer buying decision process, in order, are:
A) Information search, establishment of product criteria, evaluation of alternatives, purchase, and post purchase evaluation.
B) Problem recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation.
C) Problem recognition, information search, evaluation of alternatives, post purchase evaluation and purchase.
D) Information search, evaluation of alternatives, purchase, trial adoption period, and post purchase evaluation.
E) Problem recognition, purchase, evaluation of alternatives, post purchase evaluation, and re-buy.

Evaluation of Alternatives

Quiz Question: In the consumer decision-making process, which stage will consumer develop a set of criteria?

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