Flashcards
MKTG 361
Cards in this deck (134)
- 1distribution of ideas, goods, and services to create EXCHANGESmarketing definition
- 2processes for creating, communicating and delivering VALUEMarketing definition
- 3People giving up something to receive something they would rather have.Exchange
- 41. At least two parties 2. Something of value 3. Communication and Delivery 4. Freedom to accept or reject 5. Desire to deal with other partyWhat are the five conditions for exchange?
- 5may not take place even if conditions are metExchange
- 6An agreement must be reached for...Exchange
- 7Marketing occurs even if _____________ does not take placeExchange
- 8Suppose you place an ad in your local newpaper, stating that your used automobvile is for sale at a certain price. Several people call you to ask about the car; some may test drive it; and one or more may even make you an offer....unless you reach an agreement with the buyer and actually sell car...exchange will not take place
- 9what are the four marketing management philosophies?1. Production
2. Sales
3. market
Societal - 10internal capabilities of the firmProduction
- 11aggressive sales techniques and belief that high sales result in high profitsSales
- 12satisfying customer needs and wants while meeting objectivesMarket
- 13satisfying customer needs and wants while enhancing individual and societal well-beingSocietal
- 14Field of Dreams orientation “If you build it, they will come.” Doesn’t consider if what is produced meets market needsProduction Orientation
- 15Selling = Collecting Money Disregards market needs and consumer demand. Failing to recognize what the customer wants leads to business failures Dot-com busts in late 1990’sSales Orientation
- 16Focusing on customer wants and needs to distinguish products from competitors’ offerings. Integrating all the organization’s activities to satisfy these wants. Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsiblyMarket Orientation
- 17An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests.Societal Marketing Orientation
- 18The societal marketing concept considers society's long term best interest along with the satisfaction of customers wants and needsTrue
- 19Less toxic products More durable products Products with reusable or recyclable materialsSocietal Marketing Orientation
- 20What can we make or do best?Production
- 21How can we sell more aggressively?Sales
- 22What do customers want and need?Marketing
- 23What do customers want/need, and how can we benefit society?Societal
- 24What are the five differences between sales and market orientations?1. The organizations focus
2. The firms business
3. those to whom the product is directed
4. firms primary goal
5. tools used to achieve the organizations goals - 25the relationship between benefits and the sacrafice necessary to obtain those benefitsCustomer value
- 26customers evaluation of a good/service in terms of whether it has met their needs and expectations.customer satisfaction
- 27what are some of the external forces pushing against the market?competitive
economic
political
legal/ policy
technology
social and cultural - 28what are some social factors?peoples attitudes, values and lifestyles
- 29Peoples social factors (attitudes, values and lifestyles) influence what four things?1. Products purchased
2. prices paid for products
3. Effectiveness of promotions.
4. how, where, and where people purchase - 30marketers can best reach Millinea members through television and magazine advertising.False - SOCIAL MEDIA
- 31_______________are America’s largest minority grouphispanics
- 32what are some demographic factors that affect the American Household?* marital status
* cohabitation
*blended family
Ethnic trends - 33What are some economic factors affecting the American household?Inflation
GDP
*The buyer will not pay more for a product than the value the hold for that item.
Purchasing power - 34A measure of the decrease in the value of the money, expressed as the percentage reduction in value since the previous year.Inflation
- 35A comparison of the relative cost of a set standard of goods and services in different geographic areas.Purchasing
Power - 36Increased __________ of _________ are a function of purchasing power.standards of living
- 37What are the four competitive forms?1. monopoly
2. oligopoly
3. monopolistic
4. pure competition - 38one company has a product that has no close substitutemonopoly
- 39few companies control the marketoligopoly
- 40many competitors, but a company can differentiate it's productMonopolistic
- 41Large number of sellers without any one influencing price or supplyPure competition
- 42Sherman Act Clayton Act Federal Trade Commission Act Celler-Kefauver Antimerger Act Hart-Scott-Rodino ActRegulate competitive environment
- 43Robinson-Patman ActRegulate pricing practices
- 44Protects consumer safety in and around their homesConsumer Product Safety Commission
- 45Wheeler-Lea ActControl false
advertising - 46also known as gross pay, is an individual's total pay before taxes or other deductionsGross Income
- 47income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishesDisposable income
- 48income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.Discretionary income
- 49a statistical measure of consumers' feelings about current and future economic conditions, used as an indicator of the overall state of the economy.Consumer Confidence
- 50Prevents unfair methods of competition in commerceFederal Trade Commission
- 51Enforces safety regulations for food and drug productsFood & Drug Administration
- 52What are the three regulatory agencies most directly and actively involved in marketing affairsConsumer Product Safety Commission
Federal Trade Commission
Food and Drug Administration - 53for marketing to be accomplished than it must permeate the entire________.organization
- 54Global marketers face the same environmental factors as they do domestically:culture, economic and technological development, political structure and actions, demography, and natural resources.
- 55Cultural considerations includeinclude societal values, attitudes and beliefs, language, and customary business practices.
- 56A country’s economic and technological status depends on itsstage of industrial development, which, in turn, affects average family incomes.
- 57The political structure is shaped bypolitical ideology and such policies as tariffs, quotas, boycotts, exchange controls, trade agreements, and market groupings.
- 58Demographic variables includethe size of a population and its age and geographic distribution.
- 59the theory or practice of shielding a country's domestic industries from foreign competition by taxing importsProtectionism
- 60a tax or duty to be paid on a particular class of imports or exports.Tariffs
- 61a limited or fixed number or amount of people or things, in particular.Quota
- 62legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.GATT
General Agreement on Tariffs and Trade - 63deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possibleWTO
World Trade Organization - 64Worlds most important free trade zones. 28 European companiesEuropean Union
- 65an agreement between Canada, the US, and Mexico that created the worlds then largest free trade zone.NAFTA
North American Free Trade Agreement - 66What are the four aspects of culture?Values
customs
symbols
language - 67the study of signs and symbols and their use or interpretation.Semiotics
- 68can be defined as the procedure according to which a translator or team of professional translators interpret a document previously translated into another language back to the original language.back translation
- 69Consumers may believe that it is not appropriate, and possibly even immoral, to buy products from other countries.Consumer Ethnocentrism
- 70What are the four global market entry strategies?Exporting
Licensing
Joint Venture
Direct Investment - 71selling domestically produced products to buyers in other countriesExporting
- 72means selling to an intermediary, who in turn sells your products either directly to customers or to importing wholesalersIndirect exporting
- 73a situation in which a company sells its products directly to customers in another country without using another person or organization to make arrangements for them, or a product that is sold in this wayDirect exporting
- 74a manufacturer that contracts with a firm for components or products.Contract manufacturing
- 75A company may outsource the manufacture of certain components for the product or outsource the assembly of the product.Contract Assembly
- 76Arrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name as well as certain business systems and processes, to produce and market a good or service according to certain specificationsFranchising
- 77when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entityJoint Venture
- 78refers to an investment in a foreign business enterprise designed to acquire a controlling interest in this enterprise.Direct Investment
- 79is the strategy of placing an established product's brand name on a new product that is in the same category.Product Extension
- 80alter a basic product to meet local conditions.Product Adaptation
- 81Creating a new product or drastically changing an existing productProduct invention
- 82the legal process whereby a licencor allows another firm to use it's manufacturing process, trademarks, patents, trade secrets or other proprietary knowledgeLicensing
- 83what are the four p's of marketing?1. product decisions
2. promotion adaptation
3. Place
4. Pricing - 84the price of one country's currency in terms of another countrys currencyexchange rate
- 85Adequate ________ is necessary for success in global marketsdistribution
- 86Lack of _____________infrastructure and cultural differences create problemsdistribution
- 87Innovative distribution systems can create ______________ ________________competitive advantage
- 88Must consider transportation and insurance costs, taxes and tariffs Determine what customers will spend Ensure that foreign buyers will pay price May need to simplify a product to lower price Don’t assume that low-income countries are willing to accept lower qualityPricing
- 89Trying to increase an overseas market share. Temporarily distributing products to overseas markets to offset slack demand at home. Lowering unit costs by exploiting large-scale production. Attempting to maintain stable prices during periods of exchange rate fluctuationsDumping
- 90_______ is considered to be the sale of an exported product at a price lower than that charged for the same or like product in the exporter’s home marketdumping
- 91This is regarded as price discrimination that can harm the importing nation’s competing industriesDumping
- 92may occur as a result of business strategies that include the points listed above.Dumping
- 93A form of trade in which all or part of the payment for goods or services is in the form of other goods or services.Countertrade
- 94A common type of counter trade is _______________ ___________.straight barter
- 95A second form is the compensation agreement where a company provides technology and equipment for a plant, and agrees to take full or partial payment in goods produced by that plant.Countertrade
- 96Why should marketing managers understand consumer behavior?x
- 97what are the components of the consumer decision making process?1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post-purchase behavior - 98what are the types of consumer buying decisions?s
- 99what is the significance of consumer involvement in marketing?x
- 100what are the influencing factors of the consumer decision process?x
- 101Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and the product use.Consumer behavior
- 102Any unit of input affecting one or more of the five senses: sight smell taste touch hearingStimulus
- 103the thought, action, or motivation that incites a person to consider a purchaseStimulus
- 104________include physical cues, social cues, and commercial cuesstimulus
- 105When a current product isn’t performing properly When the consumer is running out of a product When another product seems superior to the one currently usedRecognition of Unfulfilled Wants
- 106Recall information in memoryInternal Information Search
- 107Seek information in outside environment Nonmarketing controlled Marketing controlledExternal Information search
- 108Less Risk More knowledge More product experience Low level of interest Confidence in decisionExternal Info search - need less info
- 109More Risk Less knowledge Less product experience High level of interest Lack of confidenceExternal Info search -Need More Information
- 110Group of brands, resulting from an information search, from which a buyer can chooseEvoked Set
- 111Consumers will: Analyze product attributes Use cutoff critera and Rank attributes by importance during the.....Evaluation of Alternative and purchase
- 112Seeking information that reinforces positive ideas about the purchase Avoiding information that contradicts the purchase decision Revoking the original decision by returning the productpost-purchase behavior
- 113Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.Cognitive Dissonance
- 114what are the three consumer buying decisions and state their involvement.1. routine response behavior - less inv.
2. limited decision making - med. inv.
3. Extensive Decision Making - more inv. - 115what are the five factor that determine the level of consumer involvement?1. previous experience.
2. interest
3. perceived risk of neg. consequences.
4. situation
5. social visibility - 116During high involvement purchases the marketing is involved...Extensive and informative promotion to target market
- 117During low involvement purchases requireIn-store promotion, eye-catching package design, and good displays. Coupons, cents-off, 2-for-1 offers
- 118what are the four types of factors influencing a consumers choice to buy?cultural factors
social factors
individual factors
psychological factors - 119Set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.Culture
- 120Values language myths customs rituals laws and material artifacts are all components ofCulture
- 121A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.Social Class
- 122what are five measurements of social class?occupation
income
education
wealth
other variables - 123Indicates which medium to use for advertising Helps determine the best distribution for productsThe Impact of Social Class on Marketing
- 124What three areas affect our social influences?1. reference groups
2. opinion leaders
3. family members - 125Initiators Influencers Decision Makers Purchasers Consumers are all roles within the _______ who influence our buying habits.family
- 126gender, age life cycle and personality/ self-concept are all three __________ influencesindividual
- 127perception motivation learning beliefs & attitudes are all __________ influencespsychological
- 128Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.Perception
- 129A method of classifying human needs and motivations into five categories in ascending order of importance.Maslow’s Hierarchy
of Needs - 130physiological needs safety needs social needs esteem needs self actualization needsMaslow’s Hierarchy of Needs
- 131An experience changes behavior Type of learningExperiential
- 132Not learned through direct experience Type of learningConceptual
- 133An organized pattern of knowledge that an individual holds as true about his or her world.Belief
- 134A learned tendency to respond consistently toward a given object.Attitude