MRKT-3301 Exam 1 Vocabulary Study Guide

Flashcards covering key terms and definitions from Chapters 1 through 4 for MRKT-3301 Exam 1.

Need

A basic state of deprivation in a consumer; marketing does not create needs.

Customer Value

The customer's evaluation of the difference between all the benefits and costs of a marketing offer relative to those of competing offers, determined entirely by perceived benefits rather than actual ones.

Price

The single element among the 4 Ps of marketing that brings money in; it can encompass money, time, or effort.

Strategy vs. Tactics

Strategy refers to why you do something (the underlying purpose and plan), whereas tactics refer to what you do (the specific actions taken to execute the strategy).

SWOT Analysis

A strategic planning tool used to evaluate internal Strengths and Weaknesses along with external Opportunities and Threats.

ROMI

Return on Marketing Investment, a metric that measures the profitability and effectiveness generated by marketing expenditures.

Marketing Myopia

A short-sighted inward view of marketing where a business defines itself too narrowly by its specific products rather than the broader customer needs it satisfies.

Jobs to be Done

A framework stating that consumers do not simply buy products; they 'hire' them to accomplish specific jobs or satisfy functional and emotional needs.

Demographics vs. Psychographics

Demographics analyze objective population data such as age, income, and gender, whereas psychographics analyze subjective attributes like activities, interests, opinions, values, and lifestyles.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas.

Evoked Set

The small group of acceptable brands or consideration options that come to a consumer's mind when making a purchase decision.

Cognitive Dissonance

Post-purchase psychological tension or anxiety experienced by a consumer, commonly known as buyer's remorse.

System 1 Thinking

An automatic, fast, subconscious, and emotional mode of thinking used for almost all everyday choices and decisions.

System 2 Thinking

A slow, deliberate, conscious, and logical mode of thinking used for complex problem-solving and decision-making.

Goal Dilution Effect

The cognitive phenomenon where associating multiple goals with a single product or action weakens the perceived efficacy of achieving any individual goal.

Concreteness

The practice of communicating using specific, tangible, and clear details rather than abstract or vague descriptions.

Maslow's Hierarchy of Needs

A psychological framework arranging human needs in sequential order: physiological, safety, love/belonging, esteem, and self-actualization.

Reference Groups

Groups that serve as direct or indirect points of comparison or social influence on a consumer's attitudes, beliefs, and purchase decisions, including aspirational groups that an individual desires to join.

ABC Model of Attitudes

A model specifying that an attitude consists of three components: Affect (feelings), Behavior (actions/intentions), and Cognition (beliefs/knowledge).

Environmental Scanning

The process of continually acquiring information on events and trends occurring in an organization's external environment to identify potential threats and opportunities.

Consumer Confidence

An economic indicator measuring how optimistic or pessimistic consumers feel about the overall health of the economy and their personal financial situation.