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Marketing Exam 1
ALL eligible content for the final exam
| Term | Definition |
|---|---|
| Marketing Definition | activity, set of institutions, and processes, for creating capturing, communicating, delivering and exchanging offerings that have value for customers, clients partners, and society at large |
| What is the core of marketing? | To create value for customers |
| The 4 P's | Product = creating value Price = capturing value Place = delivering value Promotion = communicating value |
| Consumer Decision Process | Need Recognition, Information Search, Alternative Solutions, Purchase and Consumption, Post-Purchase |
| External Environment Factors | culture, demographics, social trends, technological advances, economic situation, and political/legal environment CDSTEP |
| Culture | shared meanings, beliefs, morals, values, and customs of a group of people |
| Demographics | Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education |
| Social Trends | trends shape customer values; sustainability, healthy, |
| Technological Advances | improve value of products + services; mobile devices, AI, robots, internet, privacy concerns |
| Political + Legal Environment | Comprises political parties, government organizations, and legislation and laws. |
| Economic Situation | affects the way consumers buy merchandise and spend money, both in a marketer’s home country and abroad |
| Factors Impacting Consumer Behavior | Psychological Factors, Social Factors, Marketing Mix, Situational Factors |
| Psychological Factors | motives, attitudes, perceptions, learning and memory, lifestyle |
| Motives | need or want that is strong enough to cause the person to seek satisfaction |
| Attitudes | Opinion + feeling of brand; enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea; consists of three components: cognitive, affective, and behavioral. |
| Perception | process by which people select, organize, and interpret information to form a meaningful picture of the world. |
| Learning | person’s thought process or behavior that arises from experience and takes place throughout the consumer decision process Experiential vs Conceptual Values + attitudes acquired via learning Learning is change in content of the long term memory |
| Lifestyle | The way a person lives their life to achieve goals |
| Memory | affect decision making that consist of information that has been acquired and stored in the brain, to be available and utilized when needed |
| Social Factors | family, reference groups, culture |
| Situational Factors | specific to the situation that may override, or at least influence, psychological and social issues; noise, smell, visual, touch, taste, time, money, etc. |
| Characteristics of Business Products | Used to manufacture other products Become part of another product Aid the normal operations of an org Acquired for resale w/out change in form |
| What is the key of business products? | INTENDED USE |
| Who are the business product buyers? | Manufactures Government Institutions Reseller |
| Need Recognition | Internal or external stimuli that starts need recognition; functional or physiological needs |
| Internal Influences | Culture, Subculture, Demographics, Social Status, Reference Groups, Marketing Activities, Family |
| External Influences | Perception, Learning, Memory, Motives, Personalities, Emotions, Attitudes |
Created by:
Zetiris
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