MKF1120 Marketing Theory and Practice Exam Revision

A comprehensive set of fill-in-the-blank practice flashcards covering the MKF1120 Marketing Theory and Practice lecture notes, including core concepts from introduction to strategy.

From a customer’s perspective, customer value is what they ‘get’ (benefits) relative to what they '__________' (cost or sacrifices).

give up

The __________ value of a product is concerned with the extent to which it has desired characteristics, is useful, or performs a desired function.

Functional/instrumental

Luxury goods often appeal to a customer's self-concept and self-worth, which is a type of __________ value.

Symbolic/expressive

The objective of marketing is to achieve personal, organisational, and societal objectives by creating superior customer value with a __________ strategy.

sustainable

According to Maslow’s hierarchy, hunger and thirst fall under the category of __________ needs.

Psychological

__________ is defined as wants that are backed by buying power.

Demand

In a __________ exchange, there are three parties involved in the process.

Generalised

Kotler (1983) defines a __________ as “the set of all actual and potential buyers of a product.”

Market

The __________ environment refers to organisations and individuals close to the organisation that affect its activities, such as customers and competitors.

Micro-environment

In the PESTN framework for the macro-environment, the 'S' stands for __________.

Social /demographic

Income that remains after subtracting taxes and fixed expenses like rent and food is known as __________ income.

discretionary

A SWOT analysis involves identifying internal strengths and weaknesses, as well as external __________ and threats.

opportunities

The first step in the consumer decision-making process is __________ recognition.

Problem (need)

__________ occurs when a consumer feels tension or regret after making a purchase decision.

Cognitive dissonance

The __________ refers to the perception of risk and the importance of the consequences of a purchase to a person.

Consumer involvement theory

In business markets, demand is often ______________, meaning it is ultimately derived from consumer demand.

derived

Marketing research must be __________ (unbiased) and systematic in its identification and collection of information.

objective

__________ data consists of information that already exists, while primary data is collected for a specific research purpose.

Secondary

A __________ is an interview conducted by a trained moderator among a small group of respondents in a natural manner.

Focus group

The acronym 'AMARC' for effective segmentation stands for Adequate size, Measurability, Accessibility, Responsiveness, and __________.

Compatibility

__________ is the process of creating a specific image or reputation of an organisation or its products in the mind of consumers relative to competitors.

Positioning

A near-sighted focus on selling products rather than seeing the 'big picture' of what consumers really want is called __________.

marketing myopia

In the Total Product Concept, the __________ benefit is the fundamental service that responds to a customer's unsatisfied need.

Core

__________ products are consumer products that the customer has little knowledge of or interest in, such as life insurance.

Unsought

The rate of adoption for new products is influenced by five characteristics: relative advantage, __________, complexity, trialability, and observability.

compatibility

Variable costs plus fixed costs for any given level of production equals __________.

Total Costs

The formula to calculate unit cost is: $\text{Unit cost} = \text{Variable cost} + \frac{\text{fixed cost}}{\text{unit sales}}$

$$\text{Unit cost}$$

If demand hardly changes with a small change in price, the demand is said to be __________.

inelastic

A market with only one seller, such as Australia Post in its early days, is called a __________.

Pure monopoly

The __________ (Competition and Consumer Act 2010) regulates against practices like price fixing and deceptive pricing.

ACCC

Setting a high price for a new product to skim maximum revenue from segments willing to pay is called __________ pricing.

Market-Skimming

The group of organisations and people that link a manufacturer to the end customer are called marketing __________.

channels

Distribution that involves selling a product through only one retail outlet in a specific geographic area is called __________ distribution.

Exclusive

The strategic management of the flow of materials and information between suppliers and customers is known as __________.

Logistics

A key theme in modern marketing is the need for companies to integrate their communications, known as __________.

IMC (Integrated Marketing Communications)

In a __________ model of communication, the manufacturer aims the message at the end buyer to demand the brand from retailers.

pull

A direct inducement that offers extra value to the sales force or consumer to create an immediate sale is called __________.

Sales promotion

Standardising some core elements of a global marketing program while localising others is called a '__________' strategy.

Glocal

In the Pyramid of Social Responsibility, the __________ responsibilities form the foundation and involve being profitable.

ECONOMIC

A clear, long-term vision of where a company is going and what it is striving to achieve is the business __________.

mission

Marketing objectives should follow the 'SMART' criteria, meaning they are Specific, __________, Actionable, Reasonable, and Timely.

Measurable