15250758
Description
Flashcards by Amber Torres, updated more than 1 year ago
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Created by Amber Torres
over 5 years ago
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| Question | Answer |
| distribution of ideas, goods, and services to create EXCHANGES | marketing definition |
| processes for creating, communicating and delivering VALUE | Marketing definition |
| People giving up something to receive something they would rather have. | Exchange |
| 1. At least two parties 2. Something of value 3. Communication and Delivery 4. Freedom to accept or reject 5. Desire to deal with other party | What are the five conditions for exchange? |
| may not take place even if conditions are met | Exchange |
| An agreement must be reached for... | Exchange |
| Marketing occurs even if _____________ does not take place | Exchange |
| Suppose 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 |
| what are the four marketing management philosophies? | 1. Production 2. Sales 3. market Societal |
| internal capabilities of the firm | Production |
| aggressive sales techniques and belief that high sales result in high profits | Sales |
| satisfying customer needs and wants while meeting objectives | Market |
| satisfying customer needs and wants while enhancing individual and societal well-being | Societal |
| Field of Dreams orientation “If you build it, they will come.” Doesn’t consider if what is produced meets market needs | Production Orientation |
| Selling = 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’s | Sales Orientation |
| Focusing 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 responsibly | Market Orientation |
| An 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 |
| The societal marketing concept considers society's long term best interest along with the satisfaction of customers wants and needs | True |
| Less toxic products More durable products Products with reusable or recyclable materials | Societal Marketing Orientation |
| What can we make or do best? | Production |
| How can we sell more aggressively? | Sales |
| What do customers want and need? | Marketing |
| What do customers want/need, and how can we benefit society? | Societal |
| What 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 |
| the relationship between benefits and the sacrafice necessary to obtain those benefits | Customer value |
| customers evaluation of a good/service in terms of whether it has met their needs and expectations. | customer satisfaction |
| what are some of the external forces pushing against the market? | competitive economic political legal/ policy technology social and cultural |
| what are some social factors? | peoples attitudes, values and lifestyles |
| Peoples 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 |
| marketers can best reach Millinea members through television and magazine advertising. | False - SOCIAL MEDIA |
| _______________are America’s largest minority group | hispanics |
| what are some demographic factors that affect the American Household? | * marital status * cohabitation *blended family Ethnic trends |
| What 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 |
| A measure of the decrease in the value of the money, expressed as the percentage reduction in value since the previous year. | Inflation |
| A comparison of the relative cost of a set standard of goods and services in different geographic areas. | Purchasing Power |
| Increased __________ of _________ are a function of purchasing power. | standards of living |
| What are the four competitive forms? | 1. monopoly 2. oligopoly 3. monopolistic 4. pure competition |
| one company has a product that has no close substitute | monopoly |
| few companies control the market | oligopoly |
| many competitors, but a company can differentiate it's product | Monopolistic |
| Large number of sellers without any one influencing price or supply | Pure competition |
| Sherman Act Clayton Act Federal Trade Commission Act Celler-Kefauver Antimerger Act Hart-Scott-Rodino Act | Regulate competitive environment |
| Robinson-Patman Act | Regulate pricing practices |
| Protects consumer safety in and around their homes | Consumer Product Safety Commission |
| Wheeler-Lea Act | Control false advertising |
| also known as gross pay, is an individual's total pay before taxes or other deductions | Gross Income |
| income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes | Disposable income |
| income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items. | Discretionary income |
| a statistical measure of consumers' feelings about current and future economic conditions, used as an indicator of the overall state of the economy. | Consumer Confidence |
| Prevents unfair methods of competition in commerce | Federal Trade Commission |
| Enforces safety regulations for food and drug products | Food & Drug Administration |
| What are the three regulatory agencies most directly and actively involved in marketing affairs | Consumer Product Safety Commission Federal Trade Commission Food and Drug Administration |
| for marketing to be accomplished than it must permeate the entire________. | organization |
| Global marketers face the same environmental factors as they do domestically: | culture, economic and technological development, political structure and actions, demography, and natural resources. |
| Cultural considerations include | include societal values, attitudes and beliefs, language, and customary business practices. |
| A country’s economic and technological status depends on its | stage of industrial development, which, in turn, affects average family incomes. |
| The political structure is shaped by | political ideology and such policies as tariffs, quotas, boycotts, exchange controls, trade agreements, and market groupings. |
| Demographic variables include | the size of a population and its age and geographic distribution. |
| the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports | Protectionism |
| a tax or duty to be paid on a particular class of imports or exports. | Tariffs |
| a limited or fixed number or amount of people or things, in particular. | Quota |
| legal 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 |
| deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible | WTO World Trade Organization |
| Worlds most important free trade zones. 28 European companies | European Union |
| an agreement between Canada, the US, and Mexico that created the worlds then largest free trade zone. | NAFTA North American Free Trade Agreement |
| What are the four aspects of culture? | Values customs symbols language |
| the study of signs and symbols and their use or interpretation. | Semiotics |
| can 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 |
| Consumers may believe that it is not appropriate, and possibly even immoral, to buy products from other countries. | Consumer Ethnocentrism |
| What are the four global market entry strategies? | Exporting Licensing Joint Venture Direct Investment |
| selling domestically produced products to buyers in other countries | Exporting |
| means selling to an intermediary, who in turn sells your products either directly to customers or to importing wholesalers | Indirect exporting |
| a 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 way | Direct exporting |
| a manufacturer that contracts with a firm for components or products. | Contract manufacturing |
| A company may outsource the manufacture of certain components for the product or outsource the assembly of the product. | Contract Assembly |
| Arrangement 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 specifications | Franchising |
| when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity | Joint Venture |
| refers to an investment in a foreign business enterprise designed to acquire a controlling interest in this enterprise. | Direct Investment |
| is the strategy of placing an established product's brand name on a new product that is in the same category. | Product Extension |
| alter a basic product to meet local conditions. | Product Adaptation |
| Creating a new product or drastically changing an existing product | Product invention |
| the legal process whereby a licencor allows another firm to use it's manufacturing process, trademarks, patents, trade secrets or other proprietary knowledge | Licensing |
| what are the four p's of marketing? | 1. product decisions 2. promotion adaptation 3. Place 4. Pricing |
| the price of one country's currency in terms of another countrys currency | exchange rate |
| Adequate ________ is necessary for success in global markets | distribution |
| Lack of _____________infrastructure and cultural differences create problems | distribution |
| Innovative distribution systems can create ______________ ________________ | competitive advantage |
| Must 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 quality | Pricing |
| Trying 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 fluctuations | Dumping |
| _______ 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 market | dumping |
| This is regarded as price discrimination that can harm the importing nation’s competing industries | Dumping |
| may occur as a result of business strategies that include the points listed above. | Dumping |
| A 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 |
| A common type of counter trade is _______________ ___________. | straight barter |
| A 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 |
| Why should marketing managers understand consumer behavior? | x |
| what 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 |
| what are the types of consumer buying decisions? | s |
| what is the significance of consumer involvement in marketing? | x |
| what are the influencing factors of the consumer decision process? | x |
| Processes 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 |
| Any unit of input affecting one or more of the five senses: sight smell taste touch hearing | Stimulus |
| the thought, action, or motivation that incites a person to consider a purchase | Stimulus |
| ________include physical cues, social cues, and commercial cues | stimulus |
| When 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 used | Recognition of Unfulfilled Wants |
| Recall information in memory | Internal Information Search |
| Seek information in outside environment Nonmarketing controlled Marketing controlled | External Information search |
| Less Risk More knowledge More product experience Low level of interest Confidence in decision | External Info search - need less info |
| More Risk Less knowledge Less product experience High level of interest Lack of confidence | External Info search -Need More Information |
| Group of brands, resulting from an information search, from which a buyer can choose | Evoked Set |
| Consumers will: Analyze product attributes Use cutoff critera and Rank attributes by importance during the..... | Evaluation of Alternative and purchase |
| Seeking information that reinforces positive ideas about the purchase Avoiding information that contradicts the purchase decision Revoking the original decision by returning the product | post-purchase behavior |
| Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. | Cognitive Dissonance |
| what 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. |
| what 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 |
| During high involvement purchases the marketing is involved... | Extensive and informative promotion to target market |
| During low involvement purchases require | In-store promotion, eye-catching package design, and good displays. Coupons, cents-off, 2-for-1 offers |
| what are the four types of factors influencing a consumers choice to buy? | cultural factors social factors individual factors psychological factors |
| Set 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 |
| Values language myths customs rituals laws and material artifacts are all components of | Culture |
| A 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 |
| what are five measurements of social class? | occupation income education wealth other variables |
| Indicates which medium to use for advertising Helps determine the best distribution for products | The Impact of Social Class on Marketing |
| What three areas affect our social influences? | 1. reference groups 2. opinion leaders 3. family members |
| Initiators Influencers Decision Makers Purchasers Consumers are all roles within the _______ who influence our buying habits. | family |
| gender, age life cycle and personality/ self-concept are all three __________ influences | individual |
| perception motivation learning beliefs & attitudes are all __________ influences | psychological |
| Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture. | Perception |
| A method of classifying human needs and motivations into five categories in ascending order of importance. | Maslow’s Hierarchy of Needs |
| physiological needs safety needs social needs esteem needs self actualization needs | Maslow’s Hierarchy of Needs |
| An experience changes behavior Type of learning | Experiential |
| Not learned through direct experience Type of learning | Conceptual |
| An organized pattern of knowledge that an individual holds as true about his or her world. | Belief |
| A learned tendency to respond consistently toward a given object. | Attitude |
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