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MKTG 250 KSU Exam 1
| Term | Definition |
|---|---|
| Marketing | ______is the activity for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. (1) |
| Environmental Forces | ________ are the uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.(1) |
| Marketing Program | A _________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.(1) |
| Market Segments | _______are the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action.(1) |
| Marketing Concept | A _________ is the idea that an organization should (1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organization's goals.(1) |
| Customer Relationship Management (CRM) | ____________is the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.(1) |
| Customer Experience | ________ is the internal response that customers have to all aspects of an organization and its offering.(1) |
| Societal Marketing Concept | __________ is the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.(1) |
| Exchange | ______is the trade of things of value between a buyer and a seller so that each is better off after the trade.(1) |
| Market | A ______ consists of people with both the desire and the ability to buy a specific offering.(1) |
| Target Market | A _________ consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.(1) |
| Marketing Mix | The_________consists of the marketing manager's controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem.(1) |
| Market Orientation | _________ focuses on efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.(1) |
| Customer Value Proposition | _____________is the cluster of benefits that an organization promises customers to satisfy their needs(1) |
| Customer Value | __________ is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.(1) |
| Relationship Marketing | _________ links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.(1) |
| Product | A ______ is a good, service, or idea 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.(1) |
| Ultimate Consumers | _______ consist of the people who use the products and services purchased for a household. Also called consumers, buyers, or customers.(1) |
| Organizational Buyers | ____ are those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.(1) |
| Utility | _____consists of the benefits or customer value received by users of the product.(1) |
| What is Marketing? | The trade of things of value between buyers and consumers. (1) |
| What are the factors required for marketing to occur? | - Communication between parties (1) |
| What are the 4 Ps of marketing? | Price, Product, Place, Promotion(1) |
| Profit | ______ is the money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings. (2) |
| Strategy/ Marketing Strategy | ______ is an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.(2) |
| Core Values | _______ are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.(2) |
| Mission | A _______ is 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.(2) |
| Organizational Culture | An ______ consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.(2) |
| Business | A _______describes the clear, broad, underlying industry, or market sector of an organization's offering.(2) |
| Goals or Objectives | _________are the statements of an accomplishment of a task to be achieved, often by a specific time.(2) |
| Market Share | _______ is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.(2) |
| Marketing Plan | A ________ is a road map for the marketing actions of an organization for a specified future time period, such as one year or five years.(2) |
| Marketing Dashboard | A ________is the visual computer display of the essential information related to achieving a marketing objective.(2) |
| Marketing Metric | A _______ is a measure of the quantitative value or trend of a marketing action or result.(2) |
| Business Portfolio Analysis | _________ is a technique that managers use to quantify performance measures and growth targets to analyze their firms'strategic business units (SBUs) as though they were a collection of separate investments.(2) |
| Diversification Analysis | ________ is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.(2) |
| Strategic Marketing Process | The ________is an approach whereby an organization allocates its marketing mix resources to reach its target markets.(2) |
| Situation Analysis | A ________involves 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.(2) |
| SWOT Analysis | A _________ is an acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.(2) |
| Market Segmentation | __________involves aggregating prospective buyers into groups, or segments, that (1) have common needs and(2) will respond similarly to a marketing action.(2) |
| Customer Value Proposition | ______ is the cluster of benefits that an organization promises customers to satisfy their needs(2) |
| Points of Difference | ________ are those characteristics of a product that make it superior to competitive substitutes.(2) |
| Marketing Strategy | __________ is the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.(2) |
| Marketing Tactics | ________ are the detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies.(2) |
| Organization | A group of people who work together to achieve some specific purpose (2) |
| Type of Business/ Corporate level | -Corporate level: top management directs overall strategy for entire organization. -Strategic Business Unit (SBU)level: manages a portfolio or group of businesses - Functional level: Departments and groups that create value for the organization. - Cros |
| What are the 3 elements? | - Mission - vision/values -corporate culture (2) |
| What are the ways to measure goals? | - Market Shares: Percentage (2) |
| What does SWOT stand for? | strengths, weaknesses, opportunities, threats (2) |
| Fill in the blanks F2-2 | -Organizational Foundation (why) -Organizational direction (What) -Organizational strategies (how) (2) |
| Environmental Scanning | ________ is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. (info outside) (3) |
| Social Forces | ________ are the demographic characteristics of the population and its culture. (3) |
| Demographics | ________describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.(3) |
| Baby Boomers | _______ 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.(3) |
| Generation X | ______includes the 50 million people born between 1965 and 1980. Also called the baby bust. This generation of consumers are self-reliant, supportive of racial and ethnic diversity, and better educated than any previous generation.(3) |
| Generation Y | ________includes the 72 million Americans born between 1981 and 1996. Also called the echo-boom. Members are interested in distinctive, memorable, and personal experiences. The term millennials is often used to refer to this generation.(3) |
| Generation Z | ______ includes those born between 1997 and 2010. They embrace the broadest definitions of diversity and inclusivity to include race, ethnicity, the LGBT community, different body types, and those with physical challenges.(3) |
| Multicultural Marketing | ________ consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.(3) |
| Culture | ________consists of the set of values, ideas, and attitudes that are learned and shared among the members of a group.(3) |
| Value Consciousness | ___________is the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.(3) |
| Economy | The _______ pertains to the income, expenditures, and resources that affect the cost of running a business and household.(3) |
| Gross Income | ________ is 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.(3) |
| Disposable Income | _________ is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.(3) |
| Technology | ________ consists of the inventions or innovations from applied science or engineering research.(3) |
| Marketspace | ________ is an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.(3) |
| Electronic Commerce | __________ is any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of products and services.(3) |
| Internet of Things | ______ is the network of products embedded with connectivity-enabled electronics.(3) |
| Competition | _______ consists of the alternative firms that could provide a product to satisfy a specific market's needs.(3) |
| Regulation | _________ consists of the restrictions state and federal laws place on business with regard to the conduct of its activities.(3) |
| Barriers to Entry | ______ are business practices or conditions that make it difficult for new firms to enter the market.(3) |
| Consumerism | _______ is a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.(3) |
| Self-Regulation | _______ is an alternative to government control where an industry attempts to police itself.(3) |
| Economic Forces | - Gross - Disposable -Discretionary (3) |
| Technology Forces | - Marketspace -e commerce - IoT (3) |
| Competition Type | - pure - oligopolistic -monopolistic -monopoly (3) |
| Regulatory Forces | -state and federal laws - Legislation (3) |
| Laws | _______are society's values and standards that are enforceable in the courts. (4) |
| Ethics | _______ are the moral principles and values that govern the actions and decisions of an individual or group. (4) |
| Caveat Emptor | _______ is the legal concept of "let the buyer beware" that was pervasive in the American business culture before the 1960s.(4) |
| Consumer Bill of Rights (1962) | The _________is 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.(4) |
| Economic Espionage | _______ is the clandestine collection of trade secrets or proprietary information about a company's competitors.(4) |
| Code of Ethics | _______ is a formal statement of ethical principles and rules of conduct.(4) |
| Whistle-Blowers | __________ are employees who report unethical or illegal actions of their employers.(4) |
| Moral Idealism | ________is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome: Difference between Right and Wrong (4) |
| Utilitarianism | _________ is a personal moral philosophy that focuses on the "greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior: For the greater good (4) |
| Social Responsibility | __________is the idea that organizations are part of a larger society and are accountable to that society for their actions.(4) |
| Triple Bottom Line | The ____________is the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.(4) |
| Green Marketing | ________consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products.(4) |
| Cause Marketing | __________occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.(4) |
| Sustainable Marketing (concept) | ___________ is the effort to meet today's (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs.(4) |
| Social Audit | A __________consists of a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility.(4) |
| Sustainable Development | ___________ involves conducting business in a way that protects the natural environment while making economic progress. (4) |
| Consumer Behavior | _________consists of the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions. (5) |
| What did The Consumer Bill of Rights cover? | the rights to safety, to be informed, to choose, and to be heard. (4) |
| Consumer Ethics | Moral values, that is, principles or standards of what is morally right or wrong to do in consumer decision making and behavior. (4) |
| What are the 3 concepts of social responsibility? | . profit responsibility 2. stakeholder responsibility 3. societal responsibility (4) |
| Purchase Decision Process | The ___consists of the five stages a buyer passes through in making choices about which products and services to buy: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post purchase behavior. (5) |
| Evaluative Criteria | __________ are the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands. (5) |
| Consideration Set | A _____________ is 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. (5) |
| Cognitive Dissonance | _____________ is the feeling of post purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives. (5) |
| Involvement | ________ is the personal, social, and economic significance of the purchase to the consumer. (5) |
| Situational Influences | ___________ are the five aspects of the purchase situation that impact the consumer's purchase decision process: (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states. (5) |
| Consumer Touchpoints | ____________are a marketer's product, service, or brand points of contact with a consumer from start-to-finish in the purchase decision process. (5) |
| Consumer Journey Map | _________is a visual representation of all the touchpoints for a consumer who comes into contact with a company's products, services, or brands before, during, after after a purchase. (5) |
| Motivation | __________ is the energizing force that stimulates behavior to satisfy a need. (5) |
| Personality | ___________ is a person's consistent behaviors or responses to recurring situations. (5) |
| Self-Concept | ________ is the way people see themselves and the way they believe others see them. (5) |
| Perception | ___________ is the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world. (5) |
| Subliminal Perception | __________ involves seeing or hearing messages without being aware of them. (5) |
| Perceived Risk | __________ is the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences. (5) |
| Learning | _____ consists of those behaviors that result from (1) repeated experience and (2) reasoning. (5) |
| Brand Loyalty | __________ is a favorable attitude toward and consistent purchase of a single brand over time. (5) |
| Attitude | An__________is a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way. (5) |
| Beliefs | __________ are a consumer's subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people. (5) |
| Lifestyle | _______ is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them. (5) |
| Opinion Leaders | ____ are individuals who exert direct or indirect social influence over others. (5) |
| Word of Mouth | ________involves the influencing of people during conversations. (5) |
| Reference Groups | ________are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards. (5) |
| Brand Community | A _________is a specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use. (5) |
| Consumer Socialization | _________ is the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers. (5) |
| Family Life Cycle | A___________consists of the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors. (5) |
| Social Class | ______ is the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped. (5) |
| Subcultures | _______ are the subgroups within the larger, or national, culture with unique values, ideas, and attitudes. (5) |
| What are the stages of purchase decision process? | 1. problem recognition 2. information search 3. alternative evaluation 4. purchase decision 5. post purchase behavior |
| Problem Solving Variaties | - Extended problem-solving (high involvement, time, effort) -Limited problem-solving (medium involvement, time, effort) -Routine problem-solving (low involvement, time, effort) |
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