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Universities » Longwood University (LU) » MARK - Marketing » 380 - Principles of Marketing » Flash Cards

FINAL EXAM - Flashcards

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Class:MARK 380 - Principles of Marketing
Subject:Marketing
University:Longwood University
Term:Spring 2010
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Ethics moral principles and values that govern the actions and decisions of an individual or a group. Guidelines on how to act right and justly when faced with a moral dilemma.
Culture the set of values, ideas, and attitudes that are learned and shared among the members of a group.
Societal culture and norms moral standards are relative to particular societies. Standards reflect the laws and regulations that affect social and ecomonic behavior
Economic Espionage and Bribery Espionage clandestine collections of trade secrets or information about a company's competitors. Its illegal Bribes are also kickbacks often disguised gifts, and favors. more common in b2b and government marketing.
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Corporate Culture reflects the shared values, beliefs, and purpose of employees that affect individual and group behavior
Consumer Behavior actions a person takes in purchasing and using products and services including the mental and social processes that come before and after actions.
Problem recognition the initial step in the purchase decision that is perceiving a difference between a person's ideal and actual situations being enough to make a decision.
Information search the second stage in decision process. Internal vs. External
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Internal search scan your memory for previous experiences with products or brands.
External search needed when past experiences or knowledge is not good enough, the risk of making wrong decision is high, cost of gathering information is low.
Public source of information is various product-rating organizations; consumer reports and reviews, government agencies, and TV commercials.
Alternative Evaluation The third process in the decision making process.
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Consideration set the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware
Purchase Decision The fourth element in the decision making process also known as Buying value--deciding when to buy is determinded by a number of factors that may affect one's purchase decision; atmosphere,time, finances etc.
Postpurchase Behavior Value in consumption also known as last step in decision making process
Cognitive dissonance feeling of postpurchase psychological tension or anxiety.
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Involvement the personal, social and economic significance of the purchase to the consumer.
Extended problem solving includes the 5 stages of decision process and time and effort on external information and identifying and evaluating alternatives.
Limited problem solving consumers seek some information or rely on a friend to help them evaluate alternatives.
Routine Problem solving typically the case for low-priced, frequently purchased products such as; table salt, or milk, bread, etc
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Situational influences influences that have an impact on your purchase decision process; task, social surroundings, physical surroundings, temporal effects, antecedent states.
Purchase task the reason for engaging in the decision in the first place
Social surrounding includes the other people present when a purchase decision is made
Physical surroundings include; music, crowd, lighting etc.
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Temporal effects Time of the day, or amount of time available
Antecedent states include; the consumers mood or the amount of cash in hand
Psychological influences include motivation, personality, perception, values, beliefs, attitudes and lifestyle
Motivation the energizing force that stimulates behavior to satisfy a need.
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Personality someone's consistent behaviors or responses to recurring situations
Perception process by which someone selects, organizes, and interprets information to create a meaningful picture of the world
Selective perception a filtering of exposure, comprehension, and retention.
Selective exposure occurs when people pay attention to messages that are consistent with their attitudes and ignore ones that are inconsistent
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Subliminal perception you see or hear messages without being aware of them
Perceived risk anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase
Learning behaviors that result from repeated experience or reasoning.
Behavioral learning the process of developing automatic responses to a situation built up through repeated exposure to it. Includes drive, cue, response, reinforcement
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Drive a need that moves an individual to action.
Cue a stimulus or symbol perceived by consumers.
Response the action taken by a consumer to satisfy the drive
Reinforcement the reward
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Cognitive learning involves making connections between two or more ideas or simply observing the outcomes of others behaviors and adjusting your own accordingly
Values all vary by levels of specificity; core values or personal values
Beliefs consumers perceptions on how a product or brand performs.
Lifestyle a mode of living that is identified by how people spend thier time and resources, what they consider important in their environment
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Sociocultural influences a consumer's formal or informal relationship with other people, also exert an impact on consumer behavior.
Marketing mix price, promotion, place, product
Price money or other considerations exchange for the ownership or use of a good or service
Synonyms for price tuition, rent, interest, premium, fee, dues, fare
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Value equation perceived benefits divide by price
Different price levels price levels are skimming, penetration, prestige, price lining, price bundling
Demand-oriented approaches weight factors underlying expected customer tastes and preference more heavily than such factors as cost, profit, and competition when selecting a price level.
Cost-oriented approaches a price setter stresses the cost side of the pricing problem, not the demand side
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Competition-oriented approaches a price setting that can stress what competitors are doing
Customary pricing used for some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price.
Lost leader pricing purposes is not increase sales but to attract customers in hopes they will buy other products as well, particularly the discretionary items with lark markups.
One-price policy also known as fixed pricing. Setting one price for all buyers of a product or service
Generated by Koofers.com
Flexible-price policy involves setting different prices for products and services depending on individual buyers and purchase situation in light of demand and cos.t
Marketing Channel individuals and firms involved in the process of making a product or service available for use or consumption by consumers
Merchants A merchant is a businessman who trades in commodities that he did not produce himself, in order to earn a profit.
Agent any intermediary with legal authority to act on behalf of the manufacturer
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Facilitators The term facilitation is broadly used to describe any activity which makes tasks for others easy.
other names for intermediaries middleman, agent or broker, wholesaler, retailer, distributor, dealer.
The role of the intermediaries make it possible to flow products from producers to ultimate consumers by performing functions.
Functions performed by intermediaries Transactional - buying selling Logistical - sorting, transporting, assorting Facilitating - financing, grading, marketing information
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Direct channel for consumer offering when a producer and consumer deal direclty with each other
Indirect channel for business offerings when intermediaries are involved
Direct channel for business offerings employed when buyers are large and well defined, the sales effort requires extensive negotiations and products are high unit value
Indirect channel of business offerings intermediaries are involved
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Direct marketing channel allow consumers to buy products by interacting with various advertising media without a face to face meeting with a salesperson
Multichannel marketing blending of different communication and delivery channels that re mutually attracting, retaining, and building relationships with consumers.
Dual distribution arrangement whereby a firm reaches different buyers by using two or more types of channels for the same basic product.
Strategic channel alliances when one firms market channels use to sell another firm's products
Generated by Koofers.com
Exclusive distribution the extreme opposite of intensive distribution because only one retail outlet in a specified geographical area carries the firm's products.
Selective distribution means that a firm selects a few retail outlets in a specific geographical area to carry its products.
Intensive distribution means that a firm tries to place its products and services in as many outlets as possible
Promotional mix combination of one or more of the communication tools used to inform. persuade, or remind prospective buyers.
Generated by Koofers.com
Integrated marketing communications concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.
Advertising any paid form of non personal communication about an organization, good, service, or idea by an identified sponsor.
Direct marketing promotional element that uses direct communication with consumer to generate a response in the form of an order, a request for further information.
Sales promotion a short-term offer designed to arouse interest in buying a good or service
Generated by Koofers.com
Publicity non personal, indirectly paid presentation of an organization, good or service
Public relations form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers.
Personal selling two-way flow of communications betweens a buyer and seller, often in a face to face encounter, designed to influence a person's or group's purchase decision.
Pioneer product advert tell people what a product is, what it can do and where it can be found
Generated by Koofers.com
Competitive product advert advertising that promotes a specific brands features and benefits
Reminder product advert advertising used to reinforce previous knowledge of a product.
Comparative product adver show's one brands strengths relative to those of competitors.
Advocacy institutional advertising advertisements used for announcements about what a company is, what it can do, or where it is located.
Generated by Koofers.com
Pioneering institutional advertising pioneering ads for products.
Competive institutional advertising advertisements that promote the advantages of one product class over another and are used in markets where different product classes compete for the same buyers.
Reminder institutional advertising advertisements like product from, simply bringing the company's name to the attention of the target market again.
Generated by Koofers.com

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 Ethicsmoral principles and values that govern the actions and decisions of an individual or a group.
Guidelines on how to act right and justly when faced with a moral dilemma.
 Culturethe set of values, ideas, and attitudes that are learned and shared among the members of a group.
 Societal culture and normsmoral standards are relative to particular societies. Standards reflect the laws and regulations that affect social and ecomonic behavior
 Economic Espionage and BriberyEspionage clandestine collections of trade secrets or information about a company's competitors. Its illegal
Bribes are also kickbacks often disguised gifts, and favors.
more common in b2b and government marketing.
 Corporate Culturereflects the shared values, beliefs, and purpose of employees that affect individual and group behavior
 Consumer Behavioractions a person takes in purchasing and using products and services including the mental and social processes that come before and after actions.
 Problem recognitionthe initial step in the purchase decision that is perceiving a difference between a person's ideal and actual situations being enough to make a decision.
 Information searchthe second stage in decision process.
Internal vs. External
 Internal searchscan your memory for previous experiences with products or brands.
 External searchneeded when past experiences or knowledge is not good enough, the risk of making wrong decision is high, cost of gathering information is low.
 Public source of informationis various product-rating organizations; consumer reports and reviews, government agencies, and TV commercials.
 Alternative EvaluationThe third process in the decision making process.
 Consideration setthe group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware
 Purchase DecisionThe fourth element in the decision making process also known as Buying value--deciding when to buy is determinded by a number of factors that may affect one's purchase decision; atmosphere,time, finances etc.
 Postpurchase BehaviorValue in consumption also known as last step in decision making process
 Cognitive dissonancefeeling of postpurchase psychological tension or anxiety.
 Involvementthe personal, social and economic significance of the purchase to the consumer.
 Extended problem solvingincludes the 5 stages of decision process and time and effort on external information and identifying and evaluating alternatives.
 Limited problem solvingconsumers seek some information or rely on a friend to help them evaluate alternatives.
 Routine Problem solvingtypically the case for low-priced, frequently purchased products such as; table salt, or milk, bread, etc
 Situational influencesinfluences that have an impact on your purchase decision process; task, social surroundings, physical surroundings, temporal effects, antecedent states.
 Purchase taskthe reason for engaging in the decision in the first place
 Social surroundingincludes the other people present when a purchase decision is made
 Physical surroundingsinclude; music, crowd, lighting etc.
 Temporal effectsTime of the day, or amount of time available
 Antecedent statesinclude; the consumers mood or the amount of cash in hand
 Psychological influencesinclude motivation, personality, perception, values, beliefs, attitudes and lifestyle
 Motivationthe energizing force that stimulates behavior to satisfy a need.
 Personalitysomeone's consistent behaviors or responses to recurring situations
 Perceptionprocess by which someone selects, organizes, and interprets information to create a meaningful picture of the world
 Selective perceptiona filtering of exposure, comprehension, and retention.
 Selective exposureoccurs when people pay attention to messages that are consistent with their attitudes and ignore ones that are inconsistent
 Subliminal perceptionyou see or hear messages without being aware of them
 Perceived riskanxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase
 Learningbehaviors that result from repeated experience or reasoning.
 Behavioral learningthe process of developing automatic responses to a situation built up through repeated exposure to it.
Includes drive, cue, response, reinforcement
 Drive a need that moves an individual to action.
 Cuea stimulus or symbol perceived by consumers.
 Responsethe action taken by a consumer to satisfy the drive
 Reinforcementthe reward
 Cognitive learninginvolves making connections between two or more ideas or simply observing the outcomes of others behaviors and adjusting your own accordingly
 Valuesall vary by levels of specificity; core values or personal values
 Beliefs consumers perceptions on how a product or brand performs.
 Lifestylea mode of living that is identified by how people spend thier time and resources, what they consider important in their environment
 Sociocultural influencesa consumer's formal or informal relationship with other people, also exert an impact on consumer behavior.
 Marketing mix price, promotion, place, product
 Pricemoney or other considerations exchange for the ownership or use of a good or service
 Synonyms for pricetuition, rent, interest, premium, fee, dues, fare
 Value equationperceived benefits divide by price
 Different price levelsprice levels are skimming, penetration, prestige, price lining, price bundling
 Demand-oriented approachesweight factors underlying expected customer tastes and preference more heavily than such factors as cost, profit, and competition when selecting a price level.
 Cost-oriented approachesa price setter stresses the cost side of the pricing problem, not the demand side
 Competition-oriented approachesa price setting that can stress what competitors are doing
 Customary pricingused for some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price.
 Lost leader pricingpurposes is not increase sales but to attract customers in hopes they will buy other products as well, particularly the discretionary items with lark markups.
 One-price policyalso known as fixed pricing. Setting one price for all buyers of a product or service
 Flexible-price policyinvolves setting different prices for products and services depending on individual buyers and purchase situation in light of demand and cos.t
 Marketing Channelindividuals and firms involved in the process of making a product or service available for use or consumption by consumers
 MerchantsA merchant is a businessman who trades in commodities that he did not produce himself, in order to earn a profit.
 Agentany intermediary with legal authority to act on behalf of the manufacturer
 FacilitatorsThe term facilitation is broadly used to describe any activity which makes tasks for others easy.
 other names for intermediariesmiddleman, agent or broker, wholesaler, retailer, distributor, dealer.
 The role of the intermediariesmake it possible to flow products from producers to ultimate consumers by performing functions.
 Functions performed by intermediariesTransactional - buying selling
Logistical - sorting, transporting, assorting
Facilitating - financing, grading, marketing information
 Direct channel for consumer offeringwhen a producer and consumer deal direclty with each other
 Indirect channel for business offeringswhen intermediaries are involved
 Direct channel for business offeringsemployed when buyers are large and well defined, the sales effort requires extensive negotiations and products are high unit value
 Indirect channel of business offeringsintermediaries are involved
 Direct marketing channelallow consumers to buy products by interacting with various advertising media without a face to face meeting with a salesperson
 Multichannel marketingblending of different communication and delivery channels that re mutually attracting, retaining, and building relationships with consumers.
 Dual distributionarrangement whereby a firm reaches different buyers by using two or more types of channels for the same basic product.
 Strategic channel allianceswhen one firms market channels use to sell another firm's products
 Exclusive distributionthe extreme opposite of intensive distribution because only one retail outlet in a specified geographical area carries the firm's products.
 Selective distributionmeans that a firm selects a few retail outlets in a specific geographical area to carry its products.
 Intensive distributionmeans that a firm tries to place its products and services in as many outlets as possible
 Promotional mixcombination of one or more of the communication tools used to inform. persuade, or remind prospective buyers.
 Integrated marketing communicationsconcept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.
 Advertisingany paid form of non personal communication about an organization, good, service, or idea by an identified sponsor.
 Direct marketingpromotional element that uses direct communication with consumer to generate a response in the form of an order, a request for further information.
 Sales promotiona short-term offer designed to arouse interest in buying a good or service
 Publicitynon personal, indirectly paid presentation of an organization, good or service
 Public relationsform of communication management that seeks to influence the feelings, opinions, or beliefs held by customers.
 Personal sellingtwo-way flow of communications betweens a buyer and seller, often in a face to face encounter, designed to influence a person's or group's purchase decision.
 Pioneer product adverttell people what a product is, what it can do and where it can be found
 Competitive product advertadvertising that promotes a specific brands features and benefits
 Reminder product advertadvertising used to reinforce previous knowledge of a product.
 Comparative product advershow's one brands strengths relative to those of competitors.
 Advocacy institutional advertisingadvertisements used for announcements about what a company is, what it can do, or where it is located.
 Pioneering institutional advertisingpioneering ads for products.
 Competive institutional advertisingadvertisements that promote the advantages of one product class over another and are used in markets where different product classes compete for the same buyers.
 Reminder institutional advertising advertisements like product from, simply bringing the company's name to the attention of the target market again.
   
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