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Test 1 - Flashcards

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Class:MKT 300 - MARKETING MANAGEMENT
Subject:Marketing
University:University of Kentucky
Term:Fall 2011
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      Mode:   CARDS LIST       ? pages   PRINT EXIT
Marketing The process of creating, distributing,promoting and pricing goods, services and ideas to facilitate satisfying exchange relations with customers and develop and maintain relationships with stakeholders in dynamic environment.
Market Mix 4 Elements how to satisfy customers:
1.Product
2. Price
3. Distribution
4. Promotion
Product Variable Product can be a Good, service, or idea
Distribution Variable Make products available in quantities desired

Minimize cost: Inventory, Transportation, and Storage
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Promotion Variable Inform individuals or groups about the organization and its products/ services
Marketing Environment 6 Sources that affect marketing mix:
1. Economic forces
2.Political forces
3.Legal and regulatory forces
4.Technological forces
5.Socio-cultural forces
6.Competitive


Organization has NO control over these forces
Marketing Concept philosophy that an organization should try to provide products that satisfy customers needs.
A firm must satisfy its own objectives
Value-Driven Marketing Value= Customer Benefits= Customer costs
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Marketing Strategy
  • a plan of action for identifying and analyzing a target market and develop a marketing mix to meet the needs of the market
  • reflects overall direction of organization
  • Coordinated with firms functional areas
  • Contributes to achievement of Marketing objectives and organizational goals
Marketing Plan
  • a written document that specifies the achievement to be performed to control the organizations marketing activities
Competitive Advantage The result of company's matching a core competency (superior skill or resources) to opportunities in the marketplace.
Corporate Identity
  • Unique symbols
  • Personalities
  • Philosophies

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Corporate Strategy
  • determines the means for utilizing resources in the various functional areas to reach the organizations goals

Functional areas: Marketing, production, finance, R&D (research and Implementing Marketing Strategies)
Marketing Implementation
  • The process of putting marketing strategies into action
    1. Intended Strategy : the strategy the organization decides on during the planning phase and wants to use
    2. Realized Strategy: the strategy that actually takes place 

Environmental Scanning The process of collecting information about forces in the marketing environment
Types of Competitive Structures
  1. Monopoly : when an organization offers a product that has no close substitute, making it the sole source of supply
  2.  Oligopoly : when a few sellers control the supply of a large proportion of a product
  3. Monopolistic Competition : an organization with many competitors develops a marketing strategy to differentiate its product
  4. Pure competition: Large number of sellers; no significant influence

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Consumer Protection Federal and state laws to protect people from harm
  • Prohibits hazardous products
  • Requires information disclosure
  • Aimed at particular marketing activities
Self-Regulatory Forces
  • Some businesses choose to self-regulate
  • Advantages : 
  • 1. Less expensive,    2. More realistic
  • Disadvantages:
    • Non member firms do not have to listen
    • Lack of enforcement tools
    • Often less strict

Adoption and Use of Technology
  • Firms must keep up with technology to maintain their status as market leaders
  • Must ensure that their technology is not easily copied

Cultural Values
  • Change in cultural values alter peoples needs and desires for product
  • Health, nutrition and exercise growing in importance

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Chapter 7 Consumer Buying Behavior
  • The decision process and acts of people involved in buying and using products

Buying Decision process Problem Recognition
  1. Problem Recognition :
  • buyer becomes aware of a difference between a desired state and an actual condition

Buying Decision process Information Search
  1. Information Search :
  • Internal Search : buyers search their memories for information about products that might solve their problems
  • External Search: consumers seek additional information from outside sources

Buying Decision process Evaluation of Alternatives
  • Consideration set : a group of brands within a particular product category that the buyer views as alternatives for possible purchase

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Buying Decision process Purchase Decision  
  • Chooses the product or brand to be bought
Buying Decision process Post-Purchase Evaluation
  • after purchase, the buyer evaluates the product
Situational Influences
  • Factors that result from circumstances, time, and location that effect the consumer buying decision process
  • Can influence the decision making process at any stage of the consumer buying decision process

Situational Influences Physical Surroundings includes location, store atmosphere, aromas, sounds, lighting, weather, and other factors in the physical environment
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Situational Influences Social surroundings Includes characteristics and interactions of others who are present during a purchase decision
Situational Influences Time Perspective Includes the amount of time required to become knowledgeable about a product, to search for it, and buy and use it.
Situational Influences Reason for Purchase What the product purchase should accomplish and for whom
Situational Influences Buyer's momentary mood and condition mood
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The Perception Process
  1. Selection : individual selects which inputs will reach awareness
  2. Organization: changing or twisting received information; occurs when a person receives information inconsistent with personal feelings or beliefs.
  3. Interpretation : remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not

Attitudes 3 major concepts of attitude :
  • Informational : knowledge and information
  • Emotional: Feelings and emotions
  • Behavioral : Actions regarding the object or idea
Lifestyle
  1. Strongly influences the buying decision process
  2. Many marketers segment markets by lifestyle

Consumer Problem solving strategies
  1. Routinized response behavior : Used when buying frequently purchased, low-cost items that require very little search-and-decision effort.
  2. Limited problem solving: Buying products occasionally or when one needs obtain information about an unfamiliar brand in a familiar product category.
  3. Extended problem solving: Occurs when purchasing unfamiliar, expensive, or infrequently bought products.
  4. Impulse buying : Involves no conscious planing; a powerful urge to buy something immediately.

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Roles
  • Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons

Culture
  • the accumulation of values, knowledge, beliefs, customs, objectives and concepts that a society uses to cope with its environment and passes on the future generations.

Subculture
  • group of individuals whose characteristics values and behavioral patterns are similar to each other but different from those of the surrounding culture

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List View: Terms & Definitions

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 MarketingThe process of creating, distributing,promoting and pricing goods, services and ideas to facilitate satisfying exchange relations with customers and develop and maintain relationships with stakeholders in dynamic environment.
 Market Mix4 Elements how to satisfy customers:
1.Product
2. Price
3. Distribution
4. Promotion
 Product VariableProduct can be a Good, service, or idea
 Distribution VariableMake products available in quantities desired

Minimize cost: Inventory, Transportation, and Storage
 Promotion VariableInform individuals or groups about the organization and its products/ services
 Marketing Environment6 Sources that affect marketing mix:
1. Economic forces
2.Political forces
3.Legal and regulatory forces
4.Technological forces
5.Socio-cultural forces
6.Competitive


Organization has NO control over these forces
 Marketing Conceptphilosophy that an organization should try to provide products that satisfy customers needs.
A firm must satisfy its own objectives
 Value-Driven MarketingValue= Customer Benefits= Customer costs
 Marketing Strategy
  • a plan of action for identifying and analyzing a target market and develop a marketing mix to meet the needs of the market
  • reflects overall direction of organization
  • Coordinated with firms functional areas
  • Contributes to achievement of Marketing objectives and organizational goals
 Marketing Plan
  • a written document that specifies the achievement to be performed to control the organizations marketing activities
 Competitive AdvantageThe result of company's matching a core competency (superior skill or resources) to opportunities in the marketplace.
 Corporate Identity
  • Unique symbols
  • Personalities
  • Philosophies

 Corporate Strategy
  • determines the means for utilizing resources in the various functional areas to reach the organizations goals

Functional areas: Marketing, production, finance, R&D (research and Implementing Marketing Strategies)
 Marketing Implementation
  • The process of putting marketing strategies into action
    1. Intended Strategy : the strategy the organization decides on during the planning phase and wants to use
    2. Realized Strategy: the strategy that actually takes place 

 Environmental ScanningThe process of collecting information about forces in the marketing environment
 Types of Competitive Structures
  1. Monopoly : when an organization offers a product that has no close substitute, making it the sole source of supply
  2.  Oligopoly : when a few sellers control the supply of a large proportion of a product
  3. Monopolistic Competition : an organization with many competitors develops a marketing strategy to differentiate its product
  4. Pure competition: Large number of sellers; no significant influence

 Consumer ProtectionFederal and state laws to protect people from harm
  • Prohibits hazardous products
  • Requires information disclosure
  • Aimed at particular marketing activities
 Self-Regulatory Forces
  • Some businesses choose to self-regulate
  • Advantages : 
  • 1. Less expensive,    2. More realistic
  • Disadvantages:
    • Non member firms do not have to listen
    • Lack of enforcement tools
    • Often less strict

 Adoption and Use of Technology
  • Firms must keep up with technology to maintain their status as market leaders
  • Must ensure that their technology is not easily copied

 Cultural Values
  • Change in cultural values alter peoples needs and desires for product
  • Health, nutrition and exercise growing in importance

 Chapter 7 Consumer Buying Behavior
  • The decision process and acts of people involved in buying and using products

 Buying Decision process Problem Recognition
  1. Problem Recognition :
  • buyer becomes aware of a difference between a desired state and an actual condition

 Buying Decision process Information Search
  1. Information Search :
  • Internal Search : buyers search their memories for information about products that might solve their problems
  • External Search: consumers seek additional information from outside sources

 Buying Decision process Evaluation of Alternatives
  • Consideration set : a group of brands within a particular product category that the buyer views as alternatives for possible purchase

 Buying Decision process Purchase Decision 
  • Chooses the product or brand to be bought
 Buying Decision process Post-Purchase Evaluation
  • after purchase, the buyer evaluates the product
 Situational Influences
  • Factors that result from circumstances, time, and location that effect the consumer buying decision process
  • Can influence the decision making process at any stage of the consumer buying decision process

 Situational Influences Physical Surroundingsincludes location, store atmosphere, aromas, sounds, lighting, weather, and other factors in the physical environment
 Situational Influences Social surroundingsIncludes characteristics and interactions of others who are present during a purchase decision
 Situational Influences Time PerspectiveIncludes the amount of time required to become knowledgeable about a product, to search for it, and buy and use it.
 Situational Influences Reason for PurchaseWhat the product purchase should accomplish and for whom
 Situational Influences Buyer's momentary mood and conditionmood
 The Perception Process
  1. Selection : individual selects which inputs will reach awareness
  2. Organization: changing or twisting received information; occurs when a person receives information inconsistent with personal feelings or beliefs.
  3. Interpretation : remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not

 Attitudes3 major concepts of attitude :
  • Informational : knowledge and information
  • Emotional: Feelings and emotions
  • Behavioral : Actions regarding the object or idea
 Lifestyle
  1. Strongly influences the buying decision process
  2. Many marketers segment markets by lifestyle

 Consumer Problem solving strategies
  1. Routinized response behavior : Used when buying frequently purchased, low-cost items that require very little search-and-decision effort.
  2. Limited problem solving: Buying products occasionally or when one needs obtain information about an unfamiliar brand in a familiar product category.
  3. Extended problem solving: Occurs when purchasing unfamiliar, expensive, or infrequently bought products.
  4. Impulse buying : Involves no conscious planing; a powerful urge to buy something immediately.

 Roles
  • Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons

 Culture
  • the accumulation of values, knowledge, beliefs, customs, objectives and concepts that a society uses to cope with its environment and passes on the future generations.

 Subculture
  • group of individuals whose characteristics values and behavioral patterns are similar to each other but different from those of the surrounding culture

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