Marketing Study Guide EXAM 1 longer

Flashcards covering key concepts from the marketing study guide for exam preparation.

What is marketing?

Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society.

What is the focus of marketing?

The focus of marketing is satisfying customer needs and wants, backed by buying power, which creates demand.

What are the marketing management philosophies?

Production Philosophy, Product Philosophy, Sales Philosophy, Marketing Philosophy, Societal Philosophy.

What is the Production Philosophy?

Focus on efficient production when demand exceeds supply.

What is the Product Philosophy?

Focus on high-quality goods, which may not align with customer desires.

What is the Sales Philosophy?

Focus on hard selling.

What is the Marketing Philosophy?

Focus on serving customer needs for long-term goals.

What is the Societal Philosophy?

Focus on benefiting society as well.

What is customer value?

Providing benefits to customers that outweigh costs.

What is the difference between sales orientation and market orientation?

Sales Orientation focuses on maximizing sales through aggressive selling; Market Orientation focuses on understanding and fulfilling customer needs.

What is relationship marketing?

Building long-term relationships to retain customers.

What does Ansoff’s Strategic Opportunity Matrix explore?

Growth strategies using market penetration, market development, product development, and diversification.

What does the BCG Matrix evaluate?

Business units based on market growth and market share.

What are the four categories of the BCG Matrix?

Stars, Cash Cows, Question Marks, Dogs.

What is a SWOT Analysis?

Analyzing strengths, weaknesses, opportunities, and threats.

What is Corporate Social Responsibility (CSR)?

Companies' responsibilities toward the environment, society, and stakeholders.

What are the levels of the CSR Pyramid?

Economic, legal, ethical, philanthropic responsibilities.

What is sustainability in marketing?

Going beyond economic to address societal and environmental concerns.

What factors shape communication in the marketing environment?

Social factors, including values and social media.

What are demographic factors in marketing?

Population growth and generational shifts like Baby Boomers and Millennials.

What external factors affect marketing?

Economic, Technological, Political, and Legal factors.

What is the importance of global marketing?

Emphasizes the need for multinationals to expand and adapt to global markets.

What are market entry strategies?

Exporting, licensing, joint ventures, and direct investment.

What are the steps in consumer decision making?

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

What cultural factors influence consumer decisions?

Values and subcultures.

What social factors influence consumer decisions?

Reference groups and family.

What psychological factors influence decisions?

Perception, motivation, learning.

What are characteristics of business marketing?

Fewer customers, larger purchase sizes, systematic buying processes.

What does the business buying process include?

Roles like initiators, users, influencers, and decision-makers.