Marketing 3100 Exam Review Flashcards

Vocabulary practice flashcards covering foundational concepts, growth models, consumer behaviors, buying situations, and market segmentation from the Marketing 3100 Exam Review Guide.

Marketing

The process of creating, promoting, pricing, and distributing goods, services, and ideas to facilitate satisfying exchange relationships in a dynamic environment.

Creating (Product)

Designing goods, services, or ideas to fulfill customer needs and offer value into the market.

Promoting (Communication)

The voice of marketing strategy using advertising, personal selling, sales promotion, and public relations to inform, persuade, and remind target audiences.

Pricing (Value)

The value placed on a product; the only element in the marketing mix that generates revenue while balancing perceived benefits and profitability.

Distributing (Place)

Getting the product in the right hands at the right time by managing supply chains, logistics, wholesalers, and retailers.

Marketing Plan

A step-by-step game plan a company uses to reach its marketing goals.

Mission Statement

A short, clear sentence or paragraph explaining why a company exists, what it does, and who it serves.

SWOT Analysis

An assessment evaluating internal Strengths and Weaknesses, as well as external Opportunities and Threats.

Market Penetration

A competitive growth strategy focused on selling current products to current markets.

Product Development

A competitive growth strategy focused on offering new products to current markets.

Market Development

A competitive growth strategy focused on introducing current products into new markets.

Diversification

A competitive growth strategy focused on offering new products in new markets.

BCG Product Portfolio Matrix

A matrix chart that sorts a company's products based on relative market share and market growth rate.

Stars (BCG Matrix)

Products categorized by high relative market share and a high market growth rate.

Question Marks (BCG Matrix)

Products categorized by low relative market share in a high market growth rate environment.

Cash Cows (BCG Matrix)

Products categorized by high relative market share in a low market growth rate environment, generating steady profits.

Dogs (BCG Matrix)

Products categorized by low relative market share and a low market growth rate.

Market Share

The percentage of total industry sales or dollars that belongs to one company or product.

Pyramid of Corporate Social Responsibility

A four-tier model showing a company's duties from bottom to top: Economic (be profitable), Legal (obey the law), Ethical (be fair), and Philanthropic (give back to society).

Stakeholder Theory

The idea that a business should care about everyone affected by its decisions, including owners, stockholders, employees, customers, suppliers, and the local community.

Consumer Decision-Making Process

The sequential steps a consumer takes: Need Recognition $\rightarrow$ Information Search $\rightarrow$ Alternative Evaluation $\rightarrow$ Purchase Decision $\rightarrow$ Post-Purchase Evaluation.

Selective Exposure

A perceptual process wherein a consumer notices certain stimuli while ignoring others.

Selective Perception

A perceptual process wherein a consumer distorts or changes information that conflicts with pre-existing feelings or beliefs.

Selective Retention

A perceptual process wherein a consumer remembers only information that supports their personal beliefs.

Straight Rebuy

An organizational buying situation involving a routine reorder with zero changes to the original purchase.

Modified Rebuy

An organizational buying situation where the purchaser desires some change or tweak in the original good or service.

New Buy

An organizational buying situation where a business purchases a product or service for the very first time.

Undifferentiated Strategy

A target marketing approach that targets the entire market with a single marketing strategy without segmenting.

Concentrated Strategy

A target marketing approach focusing resources on a single small, specific, and profitable niche market.

Multi-segmented Strategy

A target marketing approach where a company targets two or more distinct market segments with tailored offerings and strategies for each.

Positioning

The place a product occupies and stands out relative to competitors in the mind of the consumer.