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Principles of Market

Test One (Chapters 1-4)

QuestionAnswer
_____ is a set of activities used to implement a management orientation that stresses customer satisfaction. Marketing
Honda found buyers want cars to alst longer and be better for the environment. GM enjoyed beyong top U.S. producer and focused more on how many cars they could produce, not customer satisfaction. What are the two Philisophies for these companies? GM - Production Orientation Honda - Market Orientation (Market = Customer)
Sales Orientation assumes that people will buy more if agressive.
Marketing: A set of Activities: (The Four P's) Product Distribution (Placing) Pricing Promotion
AMA stands for American Marketing Association
Kellogg's gives out free DVDs to consumers who collect 5 collection certificates. They mail in an order form to get a free item. This is called ________ Exchange
Exchange is People giving up something to receive something they want more
Conditions for Exchange: At least two parties Something of Value Communication & Delivery Freedom to Accept/Reject Desire to deal with other Party
What are two FAKE orientation names? Product and Customer Orientation
Production Orientation is the Internal Capabilities of the firm
Sales Orientation is AGRESSIVE Sales techniques & belief that high sales result in high profits
Market Orientation is SATISFYING CUSTOMER needs and wants while meeting objective
Societal Orientation is Satisfying customer needs and wants while enhancing INDIVIDUAL AND SOCIETAL WELL-BEING
A Marketing Plan is.... a written document that acts as a guideline for plans
Mission Statement is.... Overall plan/goal of company
Strategic Planning is... a long-term event that involves a marketing plan and mission statement
SBU stands for Strategic Business Unit (a sub-group of a business)
SWOT is... Situation Analysis that involves internal and external conflicts: Internal - Strengths and Weaknesses and External - Opportunities and Threats
Competitive Advantage Something you do better than your competitors
Some Competitive Advantage Examples are *Niche Strategies (small group/region) *Cost *Product/Service Differentiation (brand name, reliability)
Kraft foods created recipes for customers to try and get them to buy more products. This is a ________ strategy. Market Penetration (They are trying to sell their PRESENT product to their PRESENT market)
Product Development is trying to sell a new product to the present market
Market Development is trying to sell a present product to a new market
Diversification trying to sell a NEW product to a whole NEW market (hardest to do)
Portfolio Matrix Strategies Build Hold Harvest (new season, new products) Divest (whole new market, quit VCR and start selling DVDs)
Implementation Following through with marketing plan
Evaluation Evaluating Marketing plan, etc.
Control Audit
Within the four P's, Price is the quickest to change
Within the four P's, ____ always comes first Product
Civil Society involves Ethics, Laws, The Media, Self Regulation, an Active Civil Society, and Formal/Informal Groups
The moral principles/values that govern the conduct of an individual describes Ethics
Deontology Adhering to personal duties/obligations
Utilitarianism Greatest benefit is the best choice
Casusist Compare to past ethical situations and consequences
Moral Relavists Follow ethic of location you're in (I'm in mexico and I'm 18, I can drink)
Virtue Ethics Train virtues and allowe to make ethical decisions
Morals The rules people develop as a result of cultural values & norms
The best Ethical development level to have is Postconvential Morality
Bad Ethical Developments are Preconvenctional (The worst) and Conventional (In between)
CODE OF ETHICS Guideline to help managers and employees make better decisions
Corporate Social Responsibility
Sustainability Belief in that "Companies will be more successful using Coproate Social Responsibility"
Created by: s501898
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