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consumer product safety commission website (handles recalls)
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measures the consumers propensity (willingness) to spend
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Marketing Exam 1
| Question | Answer |
|---|---|
| consumer product safety commission website (handles recalls) | cpsc.gov |
| measures the consumers propensity (willingness) to spend | consumer confidence index |
| the trade of things of value between buyer and seller so that each is better off after the trade | exchange process |
| the uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces | marketing environment |
| needs are what people can't live without and a want is everything that isn't a necessity that a person desires | needs vs wants |
| the process of identifying perspective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them | customer relationship management (CRM) |
| a good (tangible), service (intangible), or idea (concept) consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value | goods and services (products) |
| consist of the people who use the products and services purchased for a household. also called consumers, buyers, or customers (make up about 2/3 of the GPD) | ultimate consumer |
| the relatively homogeneous groups of prospective buyers that have common needs and respond similarly to stuff | market segments |
| consists of the benefits or customer value received by users of the product | utility |
| do we need to change something? | form utility |
| what are you good at (competent) | competencies |
| a firm's special ability | core competency |
| a unique strength relative to the competition | competitive advantage |
| your opposition, can come from unusual places now because lines have been blurred | competitors |
| unethical conduct by someone of authority | corruption |
| happens before the exchange | bribe |
| happens after the exchange | kickback |
| the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large | marketing |
| consists of the marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem | marketing mix |
| making the product available where we want it | place utility |
| having the product available when we want it | time utility |
| making something easier and faster to purchase | possession utility |
| profit is not the goal of the organization | nonprofits |
| group of similar companies | industry |
| corporate level- look towards the future, thinking big picture (CEO, CFO, COO, etc.) strategic business level (SBU)- the different divisions/units of a company functioning level- departments such as IT, finance, marketing, etc. focused on the present | organizational levels |
| the fundamental, passionate, and enduring principles of an organization that guide its conduct over time | core values |
| a statement of the organization's function in society that often identifies its customers, markets, products, and technologies. the term is often used interchangeably with vision (should be short and sweet and non-specific) | mission |
| consists of the set of values, ideas, attributes, and norms of behavior that is learned and shared among the members of an organization (strong organizations have strong culture) | organizational culture |
| a nearsighted focus on selling products and services, rather than seeing the "big picture" of what consumers really want (lack of insight into what a business is doing for its customers) | marketing myopia |
| the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including firm itself | market share |
| the visual computer display of the essential information related to achieving a marketing objective | marketing dashboard |
| analyzes your strengths and weaknesses (internal) as well as your opportunities and threats (external) | SWOT analysis |
| the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends | environmental scanning |
| describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation | demographics |
| 48% of americans are married (33% of households have stepparents, stepchildren, or stepsiblings) people are moving south and west (Texas and Florida have the biggest gain) 30% of people live in cities, 50% in suburbs, and 20% in rural areas | US population trends |
| include the generation of 76 million children born between 1946 and 1964. they are the wealthiest generation in U.S. history, accounting for an estimated 50% of all consumer spending | baby boomers |
| the main federal agency designed to enforce consumer protection laws | FTC (federal trade commission) |
| a 1946 law that spells out what kinds of trademarks (including brand names) can be protected and the exact method of protecting them | lanham act |
| voluntary alliance of companies, maintain fair practices | better business bureau (BBB) |
| business practices or conditions that make it difficult for new firms to enter the market | barrier to entry |
| a cycle or series of cycles of economic expansion and contraction | business cycle (economic forces) |
| the total amount of money made in one year by a person, household, or family unit. also known as money income at the census bureau | gross income |
| gross income - mandatory deductions | disposable income |
| disposable income - necessities | discretionary income |
| sellers with similar products | pure competition |
| many sellers with substitutable price range | monopolistic competition |
| few sellers control majority of sales | oligopoly competition |
| 1 seller | pure monopoly |
| the moral principles of values that govern the actions and decisions of an individual or group | ethics |
| society's values and standards that are enforceable in the courts | laws |
| an organization's values ethics, vision, behaviors and work environment (what makes the company unique) | corporate culture |
| a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard | consumer bill of rights (1962) |
| federal safety standards for most products sold in the U.S. | the right to safety |
| marketers must give consumers complete and accurate information | the right to be informed |
| the practice of limiting new products (using slotted allowances) | the right to choose |
| consumers must have access to public-policy makers regarding complaints | the right to be heard |
| a formal statement of ethical principles and rules of conduct | code of ethics |
| a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome (similar to the consumer bill or rights) | moral idealism |
| a personal moral philosophy that focuses on the "greater good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior | utilitarianism |
| behavior by the customer or consumer that is against the moral values held by someone or society as a whole (can include shoplifting or not paying for something you ate in store) | unethical consumer behavior |
| the legal concept of "let the buyer beware" that was persuasive in the American business culture before the 1960s | caveat emptor |
| problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior | 5 stages of consumer decision process |
| something ain't right (difference between ideal situation and actual situation) | problem recognition |
| internal search, external search (personal sources, public sources, marketer dominated sources) | information search (seeking value) |
| the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands | alternative evaluation (evaluative criteria) |
| 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 | alternative evaluation (consideration set) |
| from whom to buy and when to buy or not buy at all | purchase decision (buying value) |
| satisfied customers tell 3 people, dissatisfied customers tell 9 people | post purchase behavior (realizing value) |
| greater attention, deeper processing, develops strong attitudes and purchase intentions | high involvement |
| less attention, peripheral processing, generates weak attitudes and increased use of cues | low involvement |
| the 5 aspects of the purchase situation that impact the consumers purchase decision process, (1) the purchase task (2) social surroundings (3) physical surroundings (4) temporal effects (5) antecedent states | situational influences |
Created by:
caroline1143