MAR 3023 Final Exam Study Guide Flashcards

Flashcards based on the MAR 3023 final exam study guide notes.

What encompasses the definition and importance of marketing, exchange, marketing orientations, and customer value?

Marketing Concepts

What does SWOT analysis help determine?

Controllable and Uncontrollable variables

Which elements make up the Marketing Mix?

Product, Price, Place, Promotion

What are some sources of competitive advantage?

Cost leadership, differentiation, focus

What is a Portfolio Matrix used for?

Analyzing business units and products

What are the steps in the consumer decision-making process?

Need recognition, information search, evaluation of alternatives, purchase decision, post-purchase behavior

What is an evoked set?

A group of relevant brands that a prospective consumer is favorably familiar with when they are thinking about making a purchase

Define cognitive dissonance.

Post-purchase psychological tension or anxiety

What influences the level of involvement in the consumer decision-making process?

Previous experience, interest, perceived risk of negative consequences, situation, and social visibility

What are some types of buying decisions?

Routine response behavior, limited and extensive problem solving

Name a component of culture that influences buying decisions.

Values, language, myths, customs, rituals, laws, material artifacts

What are key social influences on consumer buying decisions?

Reference groups, opinion leaders, family members

Name a key psychological influence that affects the buying process.

Perception, motivation, learning, beliefs, and attitudes

What are the levels in Maslow's Hierarchy of Needs?

Physiological, safety, social, esteem, self-actualization

What is Customer Lifetime Value?

The predicted revenue a customer will generate during their relationship with a company

What is the importance of market segmentation?

Identifying specific groups of customers to target

To be useful, a market segment should be:

Identifiable, measurable, accessible, substantial, and responsive

What are the benefits of market segmentation?

Better meet customer needs, increase profitability, and improve marketing effectiveness

What is product differentiation?

Creating perceived value that separates that product from its competitors

What are perceptual maps?

A visual representation of consumer perceptions of different brands or products

What are the steps in the marketing research process?

Define problem, plan research design, specify sampling procedures, collect data, analyze data, prepare/present report, follow up

What is the difference between primary and secondary data?

Primary data is collected for the specific research question at hand, while secondary data already exists.

What are focus groups?

Small group discussions used to gather qualitative data

What are some types of products?

Convenience, shopping, specialty, and unsought products

What is a product line?

A group of closely related product items

What is a product mix?

All the product lines offered by an organization

What is product repositioning?

Changing consumers' perceptions of a brand in relation to competing brands

What are the different branding strategies?

Generic, private, manufacturers brands

What is diffusion of innovation?

The process by which a new product is adopted

What are stages of the product life cycle?

Introduction, growth, maturity, decline

What are some profit-oriented pricing objectives?

Profit maximization, satisfactory profits, target return on investment

What is elasticity of demand?

Consumer's responsiveness or sensitivity to changes in price

Define price skimming.

High price to penetrate at the top of the market

Define penetration pricing.

Low price to reach the mass market

What is a marketing channel?

A set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer

What is Distribution Intensity?

The level to which product is available to the end consumer

Name the types of channel relationships.

Arm's length, cooperative, and integrated

Describe Integrated Marketing Communications.

Coordinating all promotional activities to produce a unified, customer-focused promotional message

What are the elements of the promotion mix?

Advertising, public relations, sales promotion, personal selling, social media

What is the AIDA concept?

Attention, Interest, Desire, Action

Differentiate push vs. pull strategies.

Push uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise. Pull stimulates consumer demand to obtain product distribution.

What is Corporate Social Responsibility?

Business's concern for society's welfare

What is the FCPA Act?

Foreign Corrupt Practices Act. Prohibits U.S. corporations from making illegal payments to foreign officials

What is individual collectivism?

How people define themselves and their relationships with others

Define standardization vs. adaptation.

Standardization is offering the same product worldwide; adaptation is modifying elements of the marketing mix to accommodate specific country markets

What are the different sensory inputs in Sensory Marketing?

Sight, sound, smell, taste, and touch

What does SEO stand for?

Search Engine Optimization

What are some emerging technologies in marketing?

Virtual Reality, Augmented Reality, Eye-Tracking Technology, Service Robots

What is Machine Learning?

A type of artificial intelligence that enables computers to learn without being explicitly programmed