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Marketing 3213 Exam #1
Terms in this set (53)
What is marketing?
is about communicating the value of a product, service or brand to customers or consumers for the purpose of promoting or selling that product, service, or brand.
What is exchange?
To give in return for something received
What is the first objective for marketing?
discover consumer needs to identify reasons for buying
What is target market?
group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards.
What is relationship marketing?
recognizes the long term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages.
What is marketing mix?
is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place.
Example of social responsibility
business practice that involves participating in initiatives that benefit society. donates one pair of shoes to a child in need for every pair a customer purchases.
P's of marketing
price, product, promotion, and place.
What is a stakeholder?
A person, group or organization that has interest or concern in an organization.
What is a mission statement?
a written declaration of an organization's core purpose and focus that normally remains unchanged over time.
What is a marketing plan?
is a comprehensive blueprint which outlines an organization's overall marketing efforts.
What is metric?
measure that is used to track and assess the status of a specific business process.
What is competitive advantage?
an advantage gained over competitors by offering customers greater value, either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices.
Why do business portfolio analysis?
managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection of separate investments
What is SWOT?
Strengths, Weaknesses, Opportunities and Threats, is an analytical framework
What is market segmentation?
involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.
What is environmental scanning?
process that systematically surveys and interprets relevant data to identify external opportunities and threats.
What are demographics?
the statistical data of a population, especially those showing average age, income, education, etc.
the generation of children born between 1946-1964
inlcudes 50 million people born between 1965-1976
includes 72 million Americans born between 1977-1994
What is multicultural marketing?
the practice of marketing to one or more audiences of a specific ethnicity
What is a Monopoly?
market structure in which there is only one producer/seller for a product.
What is an oligopoly?
a market form in which a market or industry is dominated by a small number of sellers.
What is competition?
rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix:
What is the Sherman anti trust act?
it prohibits certain business activities that federal government regulators deem to be anti-competitive.
What is consumerism?
the protection or promotion of the interests of consumers.
What is ethical?
pertaining to or dealing with morals or the principles of morality.
What is legal?
permitted by law.
What is caveat emptor?
controls the sale of real property after the date of closing, but may also apply to sales of other goods.
What is corporate culture?
the beliefs and behaviors that determine how a company's employees and management interact and handle outside business transactions.
What is moral idealism?
moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
What is triple bottom line?
accounting framework with three parts: social, environmental (or ecological) and financial.
What is cause marketing?
type of marketing involving the cooperative efforts of a for-profit business and a non-profit organization for mutual benefit.
What are unethical practices by consumer?
Switching price tags so that items are marked as cheaper than they should be.
What is green washing?
to promote the perception that an organization's products, aims or policies are environmentally friendly.
What are the stages of purchase decision process?
Evaluation of alternatives
What is internal search?
are all forms of search completed on a website. It is not just about the search box but it also encompasses searches made via navigation menus and faceted search.
What is a public source of information?
What is consideration set?
subset of brands that consumers evaluate when making a purchase decision.
What are the stages of the purchase decision process?
1. Problem Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase Decision
5. PostPurchase Behavior
What is involvement?
Degree of intensity of interest that a buyer shows for a certain product in a particular purchase decision.
Example of low involvement?
purchases that are made with no planning or previous thought.
What is habitual problem solving?
when the consumer relies on past experience and learns to convert the problem into a situation requiring less thought.
What is limited problem solving?
The consumer has a clear vision of its expectations and decision criteria. He already had an experience with the product and knows it.
What is extended problem solving?
the consumer discovers a new product category or wants to buy a product he does not know well and / or is particularly expensive and / or which present a significant risk regarding his economical or psychological point of view.
What is Maslows hierarchy?
used the terms "physiological", "safety", "belongingness" and "love", "esteem", "self-actualization", and "self-transcendence" to describe the pattern that human motivations generally move through.
What is selective perception?
process by which individuals perceive what they want to in media messages while ignoring opposing viewpoints.
What is subliminal perception?
perception of or reaction to a stimulus that occurs without awareness or consciousness.
What is psychographics?
study of personality, values, opinions, attitudes, interests, and lifestyles.
What is NAICS?
The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
What is ISO 9000?
a quality management standard that presents guidelines intended to increase business efficiency and customer satisfaction.
Characteristics of organizational buyer compared to consumer?
Consumers:a person who purchases goods and services for personal use.
Organizational buyer: Organizational buyers make buying decisions for their organizations and purchase products and services professionally.
This set is often in folders with...
Marketing 3213 Test #1
Marketing 3213 Exam 1
Marketing 3213 Okstate Test 1
HHP 3114 Exam 2
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