Exam 1

Question 1

American Marketing Association Definition (AMA)

Answer 1

activity, for creating, communicating, delivering, and exchanging offers that have value (ccde) for customers, clients, partners, and society at large.
-creating and promoting goods/services to help firms make profits and sustain

Question 2

What is the most important function of a business

Answer 2

marketing connects accounting, HR, finance, operations through core (ccde)

Question 3

What is the aim of marketing?

Answer 3

Customer value by conducting research to understand needs (monitor social media, customer satisfaction, internet searches, etc.)

Question 4

Marketing environment

Answer 4

Internal and external factors that affect a firm’s ability to succeed and formatted to identify swot

Question 5

Strategic planning

Answer 5

Process of defining a firm’s goals/objectives and developing methods for achieving them. conducted on a consistent basis

Question 6

Marketing strategy

Answer 6

plan of action to accomplish organizational goals (how goals will be achieved

Question 7

What is the marketing mix

Answer 7

4ps of marketing: how a firm can influence demand for its goods
-product (1)
-price (2)
-place (3)
-promotion (4)

Question 8

Marketing manager responsibility

Answer 8

short and long-term marketing operations and strategy

Question 9

strategy activity

Answer 9

how to achieve objectives through product value propositions, marketing objectives, budgets, forecasts, monitoring results

Question 10

Operational activity

Answer 10

implementing promotional campaigns, graphic design, social media, and marketing research

Question 11

who is the brand manager

Answer 11

marketing manager

Question 12

selling concept

Answer 12

assuming that the customers will not buy enough product/focus on large scale selling

Question 13

marketing concept (product)

Answer 13

Better than competitors and knowing customer needs and wants

Question 14

Marketing myopia (price and place)

Answer 14

focuses on specific products rather than benefits or experiences

Question 15

customer value

Answer 15

perceived benefits that customers receive compared to cost

Question 16

value

Answer 16

equation of benefits that meet needs/wants minus cost
benefits=needs-cost

Question 17

value creation

Answer 17

when customers use products or services that satisfy their needs

Question 17

actual cost

Answer 17

often more than the initial price

Question 18

Exchange cycle

Answer 18

customer and firm on separate ends
-customer communicates a desire
-firm delivers and is desirable
2/3 customers switch due to poor service

Question 19

4 ps description

Answer 19

product- goods and services that are tangible and non tangible
price- money in time, effort a buyer exchanges for a product. customers value assessment here
place- firms ability to make product available for consumers
promotions- advertising

Question 20

Needs

Answer 20

Marketing do no create needs, these are basic human needs that they can fulfill (water)

Question 21

wants

Answer 21

appeal to those shaped by personality, family, job, background, experience

Question 22

value propositon

Answer 22

beliefs it promises to deliver customers to satisfy needs and wants, successful-technology application

Question 23

capture value

Answer 23

find how to gain and exchange. price is the primary way. basic economics

Question 24

Corporate responsibilities

Answer 24

define company mission, values, set company goals, design businesses and product lines

Question 25

business, product, market

Answer 25

marketing plan: functional strategies guided by corporate mission, goals, and objectives

Question 26

what is one of the most important marketing tasks

Answer 26

strategic planning

Question 27

mission statement

Answer 27

organization's purpose (market oriented)

Question 28

vision statement

Answer 28

road map indicating what the company wants to become

Question 29

values statement

Answer 29

word, phrase, sentence, that conveys core values of the company (what is important)

Question 30

company goals

Answer 30

desired results (long term)

Question 31

company objectives

Answer 31

SMART actions that must be taken to achieve that overall goal

Question 32

marketing objectives

Answer 32

objectives for a functional area (marketing) (for business, product, market)

Question 33

__________ starts with marketers systematically assessing the competitive environment (direct and indirect)

Answer 33

strategic planning

Question 34

direct competitors

Answer 34

firms that compete with products designed around the same or similar characteristics

Question 35

indirect competitors

Answer 35

firms that compete with different characteristics but serve similar function

Question 36

sustainable competitive advantage

Answer 36

superior position a product is over competition products because a customer believes it has more value > -valuable, rare, costly to imitate, non-substitutable

Question 37

competitive advantage categories

Answer 37

customer, product, operational, locational

Question 38

customer, product, operational, locational excellence

Answer 38

-satisfaction/delivery and result in loyalty -high quality and tangible results -principles and systems to guarantee customer and employee success (supply chain) -strong physical and/or internet presence

Question 39

existing products strats

Answer 39

market penetration (increase sales) market development: same product, new cusotmers

Question 40

new product strat

Answer 40

new or modified product in existing market new product to new market (focus of course marketing plan) both

Question 41

must have system to capture marketing data for strategic planning

Answer 41

collection process

Question 42

swot to potential customers to strategies

Answer 42

goal for each strat to strategy statement (plan of action) to turn plan into action

Question 43

know ethics

Answer 43

principles guiding business conduct and expected by society (moral)

Question 44

Corporate social responsibility

Answer 44

maximize positive impact and minimize its negative impact on society (externalities) -retention, brand image, overall success is a byproduct

Question 45

social criticisms of marketing

Answer 45

materialism (amount), high prices, deceptive prices, deceptive packaging, deceptive promotions

Question 46

more social criticisms of marketing

Answer 46

high selling pressure, unsafe products (poor quality), planned obsolescence (run out before demand satisfied), marketing to children

Question 47

marketing environment

Answer 47

internal factors and changes that affect firms and may help or hurt a product in the marketplace

Question 48

situation analysis

Answer 48

swot

Question 49

macro external

Answer 49

ot outside of a firms control

Question 50

6 factors of external environment

Answer 50

demographics, legal/political, socio-cultural, tech, competitive, economic

Question 51

cohort effect

Answer 51

generations

Question 52

beliefs

Answer 52

core: stronghold second: open to change and inclusive of others shifts in second: viewing themselves

Question 53

internal environment (micro)

Answer 53

only one with sw

Question 54

external macro, internal micro, consumer behavior, target markets

Answer 54

marketing plan needs these

Question 55

consumer behavior

Answer 55

complex ethical study of individuals to select services or experiences to satisfy needs to customers/society

Question 56

consumer decision process

Answer 56

1 problem 2 information search 3 evaluation of alternatives 4 purchase 5 post-purchase behavior

Question 57

evoke set

Answer 57

brands which the consumer is aware of and considers for purchase

Question 58

consumer behavior model

Answer 58

psychological, personal, sociocultural, involvement

Question 59

maslows

Answer 59

self actualization, esteem, belongingness, safety, physiological

Question 60

know and understand types of buying behavior

Answer 60

find in ss

Question 61

compensatory decision

Answer 61

weights for categories (like alternatives to decision), used to make purchase decision

Question 62

Non compensatory decision

Answer 62

routine problem solving, buy the tried and true product to solve problem