Final Exam Review Flashcards

Flashcards for Final Exam Review

Need vs. Wants

Basic requirements for survival like food, shelter, and clothing, versus desires that can improve the quality of life but are not essential for survival.

Showstoppers

Critical issues that can derail a new product's success.

How can companies avoid new product failures?

Understanding consumer needs, conducting thorough market research, and adapting to the changing business environment.

What is a marketing program?

A plan that integrates a variety of marketing tools to achieve specific objectives.

The Marketing Concept

An organization's focus on satisfying customer needs and wants while achieving its organizational goals.

The Marketing Mix

Product, Price, Place, and Promotion. These are the controllable factors that marketers use to solve a marketing problem.

Environmental Forces

External factors (social, economic, technological, competitive, and regulatory) that affect an organization's marketing strategies.

Customer Value

The benefit that customers receive from a product or service, which includes quality, convenience, on-time delivery, and before and after sale service at a specific price.

Target Market

A specific group of potential customers toward which an organization directs its marketing program.

Relationship Marketing

Establishing long-term links with suppliers, distributors, and customers to create ties that meet the parties' mutual needs.

What is a Customer?

The people who use goods and services.

Types of Utility

Form, Place, Time, and Possession.

Consumer Misbehavior

Behavioral acts by consumers that violate generally accepted norms of conduct in consumption situations, disrupting the consumption order.

Forward-Looking Organizations

Organizations that look to the future and adapt their strategies accordingly.

Types of Organizations

For-profit (Business), Non-profit, Government.

What is Profit?

The financial reward an organization receives above and beyond the expenses involved in running the business.

Marketing Metrics

Measurements used to track and assess the performance of marketing activities.

SWOT Analysis

Strengths, Weaknesses, Opportunities, and Threats – Analysis of a company’s current situation.

Elements of the Market/Product Grid

Market segments and product offerings.

Diversification Analysis

Market Penetration, Market Development, Product Development, Product Diversification.

Product Line

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.

Market Development

Selling existing products in new markets.

Product Development

Selling new products in existing markets.

Product Diversification

Developing new products and selling them in new markets.

Mission Statement

A statement of the organization’s scope, identifying its customers, markets, products, technology, values, and concern for its public image.

Elements of an Organization’s Foundation

An organization's philosophical reason for being—why it exists; its core values; and organizational culture.

Environmental Scanning

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

Types of Market Segmentation

Geographic, Demographic, Psychographic, and Behavioral.

Gross Income, Disposable Income, Discretionary Income

Total amount of money made in one year by a person, household, or family unit; Income remaining after deduction of taxes and mandatory charges; Income remaining after paying for taxes, necessities, and fixed expenses.

Consideration Set

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.

Stages of the Consumer Purchase Decision Process

Problem recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior.

Types of Organizational Buyers

Industrial, reseller, and government markets.

Reciprocity

An industrial buying practice in which two organizations agree to purchase each other’s products and services.

Auctions

A marketplace where products are sold through bidding.

Types of Products

Convenience, Shopping, Specialty, and Unsought.

How do we categorize Services?

Delivery by People or Equipment, The Customer’s Physical Possession, Business Firms or Nonprofit Organizations, Government Agencies.

Characteristics of Services

Intangibility, Inconsistency, Inseparability, and Inventory.

Stages of the Product Life Cycle

Introduction, Growth, Maturity, and Decline.

Five Categories of Product Adopters

Innovators, Early Adopters, Early Majority, Late Majority, and Laggards.

Types of Product Life Cycles for Various Types of Products

High-learning, low-learning, fashion, and fad.

Product Class

The entire product category or industry.

Product Mix

All of the product lines offered by an organization.

Product Item

A specific product that has a unique brand, size, or price.

Types of Pricing and Objectives of Each of Them

Skimming, penetration, prestige, price lining, odd-even, target, bundle, and yield management pricing with profit, sales, market share, survival, and social responsibility objectives.

Elasticity and Inelasticity

Sensitivity of demand to changes in price.

Types of Channel Intermediaries and Functions of Each of Them

Wholesalers, retailers, agents, brokers. Each performs transactional, logistical, and facilitating functions.

Logistics

The process of planning, implementing, and controlling the efficient and effective flow and storage of goods, services, and related information from point of origin to point of consumption for the purpose of conforming to customer requirements.

Supply Chains

A sequence of firms that perform activities required to create and deliver a good or service to ultimate consumers or industrial users.

Types of Utilities Created By Channel Intermediaries

Time, Place, Form, and Possession.

Total Logistics Cost

Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return products handling.

Brokers

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales.

Types of Agents

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales and represent either buyer or seller.

Types of Merchandising

Displaying merchandise in order to increase sales.

Types of Wholesalers

Merchant wholesalers, agents, and brokers.

What is Interactive Marketing?

Two-way buyer-seller communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller.

What is Multichannel Marketing?

The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in the traditional marketplace and online.

Elements of Online Shopping and Marketing

Choiceboard, personalization, blog, virtual communities.

Types of Electronic Commerce

Business to consumer (B2C), business to business (B2B), consumer to consumer (C2C).

What is Publicity?

A nonpersonal, indirectly paid presentation of an organization, good, or service.

Common Characteristics of Online Purchases

Convenience, choice, customization, communication, cost, and control.

What is Integrated Marketing Communications?

The concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.

Elements of the Communication Process

Source, message, channel, receiver, and the processes of encoding and decoding.

What is Public Relations?

Form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services; Credibility, cost effective

Strengths and Weaknesses of Advertising

Attention getting, informatively, persuasive, can target specific audiences; expensive, difficult to receive good feedback.

Types of Advertisting

Product, Institutional, Reminder , Advocacy

Types of Sales Promotions

Coupons, Deals, Premiums, Contests, Sweepstakes, Samples, Loyalty programs, Point-of-purchase displays, Rebates, Product placements.

Stages of the Personal Selling Process

Prospecting, Preapproach, Approach, Presentation, Close, Follow-up.

Key Account Management

The practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships.

Types of Sales Presentations

Stimulus-response, formula selling, need-satisfaction, adaptive selling, and consultative selling.