UF Mar2023 Exam 1 Fall 2026

What is marketing?

an activity, set of institutions, processes for creating, communicating, delivering, exchanging offerings that have value for customers, clients, partners, and society at large

Customer value

marketing creates this; unique combo of benefits received by targeted buyers that increase quality, price, convenience, on-time delivery, and both before-sale and after-sale service

What is the calculation for value?

Value = Perceived Benefits / Price

How does marketing create value?

The process of exchange

What is the marketing mix?

Controllable factors; product, price, promotion, place

Marketing program

plan integrating the marketing mix to provide a product, service, or idea to prospective customers

Market share

ratio of firm’s sales revenue to total industry sales revenue, including the firm

How do you calculate market share?

Market share = Firms’ sales revenue / industry sales revenue

Marketing concept

an org should strive to satisfy consumer needs while trying to achieve the org’s goals

Societal marketing concept

an org should strive to satisfy consumer needs in a way that provides for society’s wellbeing

Environmental scanning

the process of continually acquiring info on events occurring outside the org to identify and interpret potential trends

What are the levels of environmental scanning?

Macro, Micro, Internal

What does internal envt. scanning look at?

Complete control - top management, personnel, etc

What does micro envt. scanning look at?

a little control; consumers, competitors (kinda), stakeholders, suppliers, channels

What does macro envt. scanning look at?

Almost no control - Social, economic, technological, regulatory, natural

What does the SHERMAN ANTI-TRUST act protect against?

monopolies

What does the ROBINSON-PATMAN act protect against?

price discrimination

What does the LANHAM act protect?

trademarks

Strategic environmental scanning

how we think about the marketing envt; look at sectors (what), actors (who), sources

What are environmental forces?

not controllable; social, economic, technology, competition (kinda), regulatory

How are BABY BOOMERS/BOOMERS categorized?

retiring, health and fitness, assisted living facilities/housing

How is GEN X categorized?

self reliant, diversity, spending more money, business travels

How is GEN Y categorized?

millennials, computers and video games, work-life balance

How is GEN Z categorized?

diversity and inclusivity, responsible, environmentally conscious, politics

What does it mean to be value conscious?

want the best quality/features of a good/service for given price

Gross income

total income

Disposable income

income after taxes

Discretionary income

income after necessities

Internet of Things

network of products embedded with connectivity-enabled electronics

Why do companies pay attention to ethics?

increased public scrutiny, diverse societal values, expectations have risen

Personal moral philosophy

everyone has their own morals and ethics stemming from societal culture and norms, business culture and practices, and organization cultur

Moral idealism

individual rights and responsibilities are universal, regardless of outcome

Utilitarianism

emphasizes the greatest good for the greatest number of people (cost/benefit tradeoff)

What are the steps of a social audit?

1. problem recognition

2. identify the social responsibility causes/programs

3. determine priorities

4. specify resources

5. evaluate results

Social responsibility

orgs are accountable to society for their actions

What are the 3 concepts of social responsibility?

societal responsibility, stakeholder responsibility, profit responsibility

Triple bottom line

recognizing the need for orgs to improve the state of people, the planet, and profits

Sustainable marketing

meet total global economic, environmental, and social needs without compromising opportunity for future companies to do the same

What are the influences on consumer decision making?

marketing mix, sociocultural, psychological, situational

What are some basic decision-making concepts?

goal-directed, bounded rationality (opt-in vs opt-out), high vs low involvement, selective, adaptive, decision overload

What are the DMU roles?

Info gatherer, influencer, decision maker, purchaser, user

What are the steps in the decision making process?

1. problem recognition

2. info search

3. evaluate alternatives

4. purchase decision

5. post-purchase behavior

What is the multi-attribute model (MAM)?

rate how good an attribute is, rate how important each attribute is. Multiply each attribute’s numbers, add everything together

What is a net promoter score (NPS)

On a scale from 1-10…NPS% = Promoters% - Dectractors%

Why are involvement levels important?

high involvement = bigger purchases, i.e. a car

Extended problem solving

each stage of the decision making process is used and considered thoroghly (high involvement)

Limited problem solving

seek some info/ask some people to find alternatives (medium involvement)

Routine problem solving

recognize the problem and spend little time seeking external info (low involvement)

What is a consumer journey map?

a visual of all of the consumer touchpoints

Organizational buyer

manufacturers, wholesalers, retailers, and govt. agencies that buy goods and services for their own use and/or resale

Derived demand

the amount of product an organizational buyer needs depends on consumers not the business

Buying center

decision making unit - users, influencers, buyers, deciders, gatekeepers

Buyclasses

the way organizational buying works; new buy, straight rebuy, modified rebuy

What are the different organizational markets?

Industrial (reprocessing), Reseller (no reprocessing), govt. (buys goods and services for constituents they serve, measure with NAICS)

What is a market segment?

a group of current/potential customers having common needs, values, responsiveness to marketing variables/actions

What are the criteria for segmentation?

reachability, differential response, profitability, measurable

What are the 4 categories of measures for segments?

Demographics, post purchase, psychographics, brand ratings and importance (MAM) - objective vs subjective, general vs product class specific

How do you calculate index?

Index = (DMA% / USA%) x 100

What are some targeting strategies?

Mass marketing, concentration, multi-segment, mass customization

What is product differentiation?

a firm uses the marketing mix to make the perception of their product seem different and better than competition

What is a market-product grid?

a framework to relate market segments of potential buyers to products offered or potential marketing actions

Synergy

increased customer value achieved by performing org. functions

Cannibalization

are new products/chains simply stealing customers and sales from the older/existing ones?

Customer personas

character descriptions of brand’s typical customers

What are the steps in segmenting and targeting markets?

1. group potential buyers into segments

2. group products to be sold into categories

3. develop market-product grid and estimate size of markets

4. select target markets

5. take marketing actions to reach target markets

Market synergies

opportunity for efficiency in terms of market segment

Product synergies

products that complement each other and create extra value when used together; in research, development, production

Head-to-head positioning

compete directly with competitors on similar product attributes in the same target market

Differentiation positioning

less competitive smaller market niche in which to locate a brand

What is marketing research?

the set of activities that provide info for marketing decision making

Why do we conduct marketing research?

demand forecasting, segmentation, market tracking, new product testing, ad pretesting

What are the 5 steps of conducting marketing research?

1. define problem

2. develop research plan

3. collect info

4. develop findings and recs

5. take action and evaluate results

Types of external primary research

1. exploratory

2. descriptive

3. causal

What are cross tabulations?

a method of presenting and analyzing data involving 2+ variables to discover relationships in the data