MKT 300 - Chapt 1-7 Word Scramble

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Question	Answer
The 4 eras of marketing are?	Production, Sales, Marketing, Value-based Marketing
Production-Oriented Era	Belief that a good product would sell itself.
Sales-Oriented Era	Overproduction that depended on heavy doses of personal selling and advertising.
Market-Oriented Era	Focusing on what consumers wanted and needed before they designed, made, or attempted to sell their products.
Value-Based Marketing Era	Giving customers greater value than their competitors did.
Exchange can be defined as?	The trade of things of value between the buyer and the seller so that each is better off as a result.
Marketing Mix (4 P's)	Product, Price, Place, Promotion
Product	Creating value with a variety of options.
Price	Capturing value; Everything the buyer gives up in exchange for the product.
Place	Delivering the value proposition. (Placement or Placing Value)
Promotion	Communicating the value proposition.
The role of value in marketing?	Consumers seek a fair return in goods and or services for their hard earned money and time.
Consumer relationship management can be defined as?	Business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among customers.
Marketing plan (3 Phases)	Planning Phase, Implementation Phase, Control Phase
Planning phase	Step 1: Define the business mission, Step 2: Conduct a situation analysis (SWOT), Strengths, Weaknesses, Opportunities, Threats
Implementation Phase	Step 3: Identifying and evaluating opportunities using STP (Segmentation, Targeting, and Positioning), Step 4: Implement marketing mix and allocating resources.
Control Phase	Step 5: Evaluate performing using marketing metrics
SWOT Analysis	Assesses both internal environment with regard to its (Strengths), (Weaknesses), and the external environment in terms of its (Opportunities) and (Threats)
Four overarching strategies to create and deliver value?	Product and value creation, Price and value capture, Place and value delivery, Promotion and value delivery
Four growth strategies are?	Market Penetration, Market Development, Product Development, Diversification
Market Penetration can be defined as?	Employ the existing marketing mix and focuses the firm's efforts on existing customers.
Market Development can be defined as?	Employ the existing marketing offering to reach new market segments, whether domestic or international.
Product Development can be defined as?	Offers a new product or service to a firm's target market.
Diversification can be defined as?	Introduces a new product or service to a market segment that currently is not served (related and unrelated).
What is the 4E framework?	Excite the Customer, Educate the Customer, Experience the Product of Service, Engage the Customer
The different users of social media are?	Creators, Bonders, Professionals, Sharers
What are two types of thought sharing sites?	Blogs, Microblogs
What are three types of blogs?	Corporate Blogs, Professional Blogs, Personal Blogs
Page hits are defined as?	Total requests for a page.
Page views are defined as?	The number of times any page gets viewed by any visitor.
Bounce rates are defined as?	Percentage of times a visitor leaves the page immediately.
Click paths are described as?	Shows how users proceed through the information.
Conversion rate is?	Measure that indicates what percentage of visitors or potential customers act as the marketer hopes.
Keyword analysis?	Keywords used to search.
Three ways to manage your individual brand?	Social Reach, Influence, Extended Network
List the five steps in a social marketing campaign.	1. Identify strategies and goals. 2. Identify target audience. 3. Develop the campaign. 4. Develop the budget. 5. Monitor and change.
Globalization can be defined as?	The trend of the world economy toward becoming a more interdependent system.
Global village definition?	Shrinking of time and space as air travel and the electronic media have made it easier for the people of the globe to communicate with each other.
eCommerce is defined as?	The buying/selling of products and services through computer networks.
Global economy definition?	Increasing tendency of the economies of the world to interact with one another as one market instead of many national markets.
Multinational Corporation definition?	Business firm with operations in several countries.
Ethnocentric managers are classified as?	Managers that believe their native countries, culture, language, and behavior are superior to all others.
Parochialism definition?	Narrow view in which people see hints solely throughout their own perspective.
Polycentric managers are?	Take the view that native managers in the foreign offices best understand native personnel and practices, so the home office should leave them alone.
Geocentric managers are ones who?	Accept that there are differences and similarities between home and foreign personnel practices.
Global outsourcing is?	Using suppliers outside the US to provide labor, goods, or services.
Licensing can be defined as?	A firm allows a foreign company to pay it a fee to make/distribute the firms product/service.
Franchising is what?	A firm allows a foreign company to pay it a fee and a share of profit in return for using the firm's brand name.
Joint Ventures are?	Formed with a foreign company to share risk/rewards of starting a new enterprise together in a foreign country. (Strategic Alliance)
Wholly owned subsidiary?	Foreign subsidiary that is totally owned and controlled by an organization.
Greenfield ventures?	A foreign subsidiary that the owning organization has built from scratch.
Tariffs	Customs duty, or tax levied mainly on imports.
Import Quotas	Limit on number of products that can be imported.
Embargoes	Complete ban on certain imports/exports.
Macro-environmental Factor: Culture	Have products or services identifiable by and relevant to a particular group of people. (Country/Regional)
Macro-environmental Factor: Demographics	Provide an easily understood snapshot of the typical consumer in a specific target market.
Example of Demographics are?	Generational cohorts, income, education, gender, and ethnicity.
Macro-environmental Factor: Social Trends	Shape consumer values.
Examples of social trends?	Thrify, Health and Wellness, Concerns, Greener Consumers, Time-Poor Society.
Macro-Environmental Factor: Technological Advances	Advances that influence production.
Macro-Environmental Factor: Economic Situation	Inflation, Foreign Currency Fluctuations, Interest Rates.
Last Two Macro-Environmental Factors	Political/Regulatory environment and responding to the environment.
Immediate Environment: Competitors	Critical that marketers understand their firms competitors because it affects consumers.
Immediate Environment: Capabilities	Satisfying customer needs that match their core competencies.
Immediate Environment: Corporate Partners	Parties that work with the focal firm.
Five steps in consumer decision process	1. Need Recognition. 2. Search for Information. 3. Evaluation of Alternatives. 4. Purchase and Consumption. 5. Post Purchase.
Need Recognition can be defined as?	Consumers recognize they have an unsatisfied need (Functional and Psychological)
Search for Information is the?	Searching for options to satisfy that need (Internal and External)
Evaluation of Alternatives is?	Sifting through choices available and evaluating alternatives.
Purchase and Consumption is?	Retailers turn to conversion rates to measure how well they have converted purchase intentions into purchases.
Post Purchase is?	Customer satisfaction, cognitive dissonance, Customer Loyalty, Undesirable Behavior
Four perceived/Actual Risks?	Performance Risk, Financial Risk, Social Risk, Physiological Risk
Performance Risk	The perceived danger inherent in a poorly performing product/service.
Financial Risk	Associated with a monetary outlay and includes the initial cost of the purchase as well as the costs of using the item or service.
Social Risk	Fears that consumers suffer when they worry other might not regard their purchases positively.
Physiological Risk	Safety Risk: Fear of an actual harm should a product not perform properly.
Three attribute sets?	Universal, Retrieval, Evoked
Universal Set	Includes all possible choices for a product category.
Retrieval Set	Includes the brands or stores that the consumer can readily bring forth from memory.
Evoked Set	Alternative brands/stores that consumer states they will consider when making a purchase decision.
Determinant Attributes	Product of Service features that are important to the buyer and on which competing brand or stores are perceived to differ.
Post Purchase Cognitive Dissonance	The psychologically uncomfortable stare produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyers remorse.
Maslow's Hierarchy of Needs (Psychological Factors)	Physiological, Safety, Love, Esteem, Self Actualization
Four other psychological factors	Attitude, Perception, Learning, Lifestyle
Social factors involved in consumer behavior?	Family, Reference Groups, Culture
Four B2B Markets	Manufacturers/Service Providers, Resellers, Institutions, Government
Manufacturers/Service Providers	Buys raw materials, components, and parts that allow them to make their own goods/services.
Re-sellers	Marketing intermediaries that resell manufactured products without significantly altering their form (Whole-sellers/Retailers)
Institutions	Hospitals, Schools, and Religious organizations who purchase goods/services.
Government	One of the largest purchasers of goods/services.
Buying Process Stage 1	Need recognition
Buying Process Stage 2	Product specification
Buying Process Stage 3	RFP process (Request For Proposals)
Buying Process Stage 4	Proposal Analysis, Vendor Negotiation, and Selection.
Buying Process Stage 5	Order Specification
Buying Process Stage 6	Vendor Performance Assessment using metrics.
The Buying Center	Participants that are responsible for buying decisions.
Initiator	Person who first suggests buying the particular product/service (Doctor)
Influencer	Person whose views influence other members of the buying center in making the final decisions (Pharmacy)
Decider	Person who ultimately determines any part of or the entire buying process. (Pharmacy)
Buyer	Person who handles the paperwork of the actual purchase.
User	Person who consumes/uses the product/service. (Patient)
Gatekeeper	Person who controls information or access to decision makers and influencers. (Insurance Company)
New Buy	Purchases a good or service for the first time.
Modified Buy	Buyer has purchased a similar product in the past but, is changing specifications.
Straight Rebuy	Buying additional units.

Created by: towilliamsjr

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