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Final Exam MKT3343 - Flashcards

Flashcard Deck Information

Class:MKT 3343 - PRIN OF MARKETING
Subject:Marketing
University:Texas State University - San Marcos
Term:Spring 2011
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Marketing the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
Requirements for Marketing to Occur 1.) Parties with unsatisfied needs
2.) A desire and ability to be satisfied
3.) A way for the parties to communicate
4.) Something to exchange
How Marketing Discovers Consumer Needs
Target Market one or more specific groups of potential consumers toward which an organization directs its marketing program.
Generated by Koofers.com
Marketing Mix (controllable factors) * Product - A good, service, or idea to satisfy the consumer's needs.
* Price - What is exchanged for the product.
* Promotion - A means of communication between the seller and buyer
* Place - A means of getting the product to the consumer.
 
last step in planning phase of strategic marketing process.
Uncontrollable Environmental Factors

* Social

* Economic Forces

* Technological Forces

* Competitive

* Regulatory

Situation Analysis taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.
SWOT Analysis a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture.
Generated by Koofers.com
Pure Competition many sellers and they each have a similar product and similar prices

*place is important
Monopolistic Competition many sellers compete with substitutable products within a price range

*price is important
Oligopoly few large companies with similar products control the majority of industry sales

*promotion is key
Pure Monopoly one firm sells the unique and unsubstitutable  product

*Marketing is not important
Generated by Koofers.com
Regulation consists of restrictions state and federal laws place on business with regard to the conduct of its activities with the goal of protecting companies as well as consumers and the environment.


Multicultural Marketing Programs combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
Ethics vs. Laws ethics- moral principles that govern the actions of individuals.

laws - society's values that are enforceable in the courts.
Moral Idealism personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

Generated by Koofers.com
Utilitarianism personal moral philosophy that focuses on the greatest good for the greatest number of people by assessing the costs and benefits of the consequences of ethical behavior
Profit Responsibility companies must maximize profits for owners and stakeholders.
Strategic Marketing Process

1.)Planning

2.)Implenmentation

3.)Evaluation

Enviormental Scanning acquiring information on events occuring outside the organization to identify and interpret trends.
Generated by Koofers.com
Factors that Influence ethical and untherical marketing decisions

* Societal Culture and Norms

* Business Culture

* Corporate Culture and Expectations

* Individual Moral Philosophy

Social Responsibility organization is part of a larger society and is responsible for their actions.
Societal Responsibility obligation an organization has to preserve the environment.
Green Marketing to produce, promot, and reclaim environmentally sensitive products.
Generated by Koofers.com
Cause Marketing

Charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.

 

*Ex. Pink things money donated to breast cancer cure

Purchase Decision Process

1.) Problem Recognition - perceiving a need

2.) Informative Search - seeking value

3.) Alternative Evaluation - assesing value

4.) Purchase Decision - buying value

5.) Post Purchase Behavior - value in consumption

Routine Problem Solving low priced, frequently purchase goods such as salt and milk.
Limited Problem Solving consumers seek some information or ask a friend such as buying a toaster or finding a place to eat.
Generated by Koofers.com
Extended Problem Solving each of the 5 stages are used. high involvement purchases such as an automobile or a home theater system.
Characteristics of Organizational Buying

1.) Demand Characteristics

2.) Size of the Order

3.) Number of Potential Buyers

4.) Buying Objectives

5.) Buying Criteria

6.) Buyer-Seller Relationships

7.) Supply Partnerships

New Buy organization is the first time buyer of the product or service. More risk in purchase
Straight Rebuy purchasing manager reorders an exisiting product or service.
Generated by Koofers.com
Modified Rebuy the users, influencers or decision makers in the buying center want to change the product specs, price, delivery, or supplier.
Values personal or socially preferable modes of conduct that tend to persist over time.
Customs what is considered normal and expected about the way people do things in a specific country
Cultural Symbols things that represent ideas or concepts
Generated by Koofers.com
Semiotics examines the correspondence between symbols and their role in the assignment of meaning for people.
Consumer Ethnocentrism Beleif that it is inappropriate to buy foreign made products.
Cross Cultural Analysis study of similarities and differences among consumers in two or more societies.
Indirect Exporting using an intermediary
Generated by Koofers.com
Direct Exporting without using an intermediary
Licensing company offers the right to a trademark, patent or trade secret in return for a royalty or a fee.
Joint Venture when a foreign company and a local firm invest together to create a local business.
Direct Investment entails a domestic frim actually investing in and owning a foreign subsidiary or division.
Generated by Koofers.com
Primary Data (3 types)

facts and figures that are newly collected for the project.

 

1.)Observational Data

2.)Questionaire Data

3.)Experimental

Secondary Data facts and figures that have already been recorded before the project at hand.
Marketing Segmentation aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
Product Differentation a strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
Generated by Koofers.com
Segmentation Trade Off

organizational synergy - increased customer value achieved through performing organizational functions.

 

Cannibalization - new products simply take away sales from existing products.

 

Variable Used to Segment Markets

1.)Demographic

2.)Geographic

3.)Psychographic

4.)Behavioral

Product Item specific product that has unique brand, size and price.
Product Line group of products or service items that closely related
Generated by Koofers.com
Product Mix group of product lines.
Types of Products

1.) Convenience Products

2.) Shopping Products

3.) Specialty Products

4.) Unsought Products

Factors that Contribute to a Product's success or failure

1. insiginificant points of difference

2. incomplete market and product protocol befroe product development starts

3. not satisfying customer needs on critical factors

4. bad timing

5. too little market attractiveness

6. poor product quality

7. poor execution of marketing mix

8.no economical access to buyers

Product Life Cycle

1. introduction stage

2. growth stage

3. maturity stage

4. decline stage

Generated by Koofers.com
Introduction Stage

gain awareness

sales grow slowly

few competition

price skimming or penetration

limited distribution

purpose is to inform

Growth Stage

stress differentation

more competition

gaining market share

more outlets

rapid increase in sales

Maturity Stage

maintain brand loyalty

total industry sales slow

competitiors leave market

few new buyers

Delcine

Harvesting or deletion

decline in total industry sales

Generated by Koofers.com
Diffusion of Innovation a product diffuses, or spreads, through the population. Peak sales occur after a product has been on the market for some time.
Branding when an organization uses a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those of competitors.
Brand Name any word, device or combination of these used to distinguish a good or service.
Trade Name commercial, legal name under which the company does business
Generated by Koofers.com
Brand Personality a set of human characteristics associated with a brand name
Brand Equity added value a brand name gives to a product beyond the functional benefits provided
Brand Licensing contractual agreement whereby one company allows its brand name or trademark to be used with products offered by another company for a fee.
Trademark identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use.
Generated by Koofers.com
"4 I's of service"

i

Generated by Koofers.com

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 Marketingthe activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
 Requirements for Marketing to Occur1.) Parties with unsatisfied needs
2.) A desire and ability to be satisfied
3.) A way for the parties to communicate
4.) Something to exchange
 How Marketing Discovers Consumer Needs 
 Target Marketone or more specific groups of potential consumers toward which an organization directs its marketing program.
 Marketing Mix (controllable factors)* Product - A good, service, or idea to satisfy the consumer's needs.
* Price - What is exchanged for the product.
* Promotion - A means of communication between the seller and buyer
* Place - A means of getting the product to the consumer.
 
last step in planning phase of strategic marketing process.
 Uncontrollable Environmental Factors

* Social

* Economic Forces

* Technological Forces

* Competitive

* Regulatory

 Situation Analysistaking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.
 SWOT Analysisa strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture.
 Pure Competitionmany sellers and they each have a similar product and similar prices

*place is important
 Monopolistic Competitionmany sellers compete with substitutable products within a price range

*price is important
 Oligopolyfew large companies with similar products control the majority of industry sales

*promotion is key
 Pure Monopolyone firm sells the unique and unsubstitutable  product

*Marketing is not important
 Regulationconsists of restrictions state and federal laws place on business with regard to the conduct of its activities with the goal of protecting companies as well as consumers and the environment.


 Multicultural Marketing Programscombinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
 Ethics vs. Lawsethics- moral principles that govern the actions of individuals.

laws - society's values that are enforceable in the courts.
 Moral Idealismpersonal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

 Utilitarianismpersonal moral philosophy that focuses on the greatest good for the greatest number of people by assessing the costs and benefits of the consequences of ethical behavior
 Profit Responsibilitycompanies must maximize profits for owners and stakeholders.
 Strategic Marketing Process

1.)Planning

2.)Implenmentation

3.)Evaluation

 Enviormental Scanningacquiring information on events occuring outside the organization to identify and interpret trends.
 Factors that Influence ethical and untherical marketing decisions

* Societal Culture and Norms

* Business Culture

* Corporate Culture and Expectations

* Individual Moral Philosophy

 Social Responsibilityorganization is part of a larger society and is responsible for their actions.
 Societal Responsibilityobligation an organization has to preserve the environment.
 Green Marketingto produce, promot, and reclaim environmentally sensitive products.
 Cause Marketing

Charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.

 

*Ex. Pink things money donated to breast cancer cure

 Purchase Decision Process

1.) Problem Recognition - perceiving a need

2.) Informative Search - seeking value

3.) Alternative Evaluation - assesing value

4.) Purchase Decision - buying value

5.) Post Purchase Behavior - value in consumption

 Routine Problem Solvinglow priced, frequently purchase goods such as salt and milk.
 Limited Problem Solvingconsumers seek some information or ask a friend such as buying a toaster or finding a place to eat.
 Extended Problem Solvingeach of the 5 stages are used. high involvement purchases such as an automobile or a home theater system.
 Characteristics of Organizational Buying

1.) Demand Characteristics

2.) Size of the Order

3.) Number of Potential Buyers

4.) Buying Objectives

5.) Buying Criteria

6.) Buyer-Seller Relationships

7.) Supply Partnerships

 New Buyorganization is the first time buyer of the product or service. More risk in purchase
 Straight Rebuypurchasing manager reorders an exisiting product or service.
 Modified Rebuythe users, influencers or decision makers in the buying center want to change the product specs, price, delivery, or supplier.
 Valuespersonal or socially preferable modes of conduct that tend to persist over time.
 Customswhat is considered normal and expected about the way people do things in a specific country
 Cultural Symbolsthings that represent ideas or concepts
 Semioticsexamines the correspondence between symbols and their role in the assignment of meaning for people.
 Consumer EthnocentrismBeleif that it is inappropriate to buy foreign made products.
 Cross Cultural Analysisstudy of similarities and differences among consumers in two or more societies.
 Indirect Exportingusing an intermediary
 Direct Exportingwithout using an intermediary
 Licensingcompany offers the right to a trademark, patent or trade secret in return for a royalty or a fee.
 Joint Venturewhen a foreign company and a local firm invest together to create a local business.
 Direct Investmententails a domestic frim actually investing in and owning a foreign subsidiary or division.
 Primary Data (3 types)

facts and figures that are newly collected for the project.

 

1.)Observational Data

2.)Questionaire Data

3.)Experimental

 Secondary Datafacts and figures that have already been recorded before the project at hand.
 Marketing Segmentationaggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
 Product Differentationa strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
 Segmentation Trade Off

organizational synergy - increased customer value achieved through performing organizational functions.

 

Cannibalization - new products simply take away sales from existing products.

 

 Variable Used to Segment Markets

1.)Demographic

2.)Geographic

3.)Psychographic

4.)Behavioral

 Product Itemspecific product that has unique brand, size and price.
 Product Linegroup of products or service items that closely related
 Product Mixgroup of product lines.
 Types of Products

1.) Convenience Products

2.) Shopping Products

3.) Specialty Products

4.) Unsought Products

 Factors that Contribute to a Product's success or failure

1. insiginificant points of difference

2. incomplete market and product protocol befroe product development starts

3. not satisfying customer needs on critical factors

4. bad timing

5. too little market attractiveness

6. poor product quality

7. poor execution of marketing mix

8.no economical access to buyers

 Product Life Cycle

1. introduction stage

2. growth stage

3. maturity stage

4. decline stage

 Introduction Stage

gain awareness

sales grow slowly

few competition

price skimming or penetration

limited distribution

purpose is to inform

 Growth Stage

stress differentation

more competition

gaining market share

more outlets

rapid increase in sales

 Maturity Stage

maintain brand loyalty

total industry sales slow

competitiors leave market

few new buyers

 Delcine

Harvesting or deletion

decline in total industry sales

 Diffusion of Innovationa product diffuses, or spreads, through the population. Peak sales occur after a product has been on the market for some time.
 Brandingwhen an organization uses a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those of competitors.
 Brand Nameany word, device or combination of these used to distinguish a good or service.
 Trade Namecommercial, legal name under which the company does business
 Brand Personalitya set of human characteristics associated with a brand name
 Brand Equityadded value a brand name gives to a product beyond the functional benefits provided
 Brand Licensingcontractual agreement whereby one company allows its brand name or trademark to be used with products offered by another company for a fee.
 Trademarkidentifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use.
 "4 I's of service"

i

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