Marketing 351 Exam 1

Applied Research

research done by businesses in order to develop new or improved ; opposed to basic research

Buying Center - roles in the buying center

all the people in an organization who become involved in the purchase decision

Initiator

Influencer/evaluator

gatekeeper

decider

purchaser

user

Consumer Buying Decisions Categories

routines response behavior, limited decision making, extensive decision making, - make separate flashcards for each?

Consumer Buying Decisions Factors

Involvement, time, cost, information search, number of alternatives

Corporate Social Responsibility, Sustainability, Green Marketing

Culture and Values – Subculture – Social Class

Demographics

Direct Foreign Investment

usually active ownership of a foreign company or overseas manufacturing or marketing facilities, most risky

Family Life Cycle

Franchising

form of licensing for retail (you let somebody use ur process, trademarks, etc for a fee and some level of control), less risky than joint venture, more risky than exporting

Great Recession and Great Depression

Implementation

part of the marketing plan that actualizes the action assignments and ensures they’re executed corrrect;y

Evaluation & Control 2.5i

Institutions 7.4d

Joint Venture

less risky than FDI, more risky than franchising/licensing/contracting

Market Segment

Marketing

Marketing Strategy

Morals and Postconventional Morality

Need Recognition

Niche Strategy

Personality

a way of organizing and grouping the consistencies of an individual’s reactions to situations

Self Concept

how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations

Lifestyle

Portfolio Matrix

Product Differentiation

Quota

Tariff

Boycott

Reference Groups - Know the different types

the formal and informal groups that influence an individual’s buying behavior

Sales Orientation*

business philosophy focusing on aggressive sales → high sales → high profits ; doesnt work if ur ignoratn of the market bc then u are pushing stuff nobody wants or needs

Production Orientation?

a business philosophy that focuses on production capability rather than demand

Market Orientation*

a business philosophy focusing on satisfying customer desires but without aggressive sales force aka follow the marketing concept

Strategic Alliance

multinational partnerships between firms. ex: licensing agreements, joint ventures, etc. can be from diff parts of the supply chain,

Strategic Business Units (SBU's)

a subgroup of a single business of collection of related businesses within the larger organization. has a distinct mission, specific target market, control over it’s own resources & independent plans

SWOT Analysis

Strengths & Weaknesses (internal factors), Opportunities & Threats (external factors) - used to analyze the environment & find ur competitive advantage

The Marketing Mix (4 P’s)

strategies of product, place, promotion, pricing

Price (4 Ps)

what it says on the tine - most easily changes

Place (4 Ps)

distribution strategies

Promotion (4 Ps)

advertising, public relations, etc

Product (4 Ps)

actual thing + warranty, packaging, branding, name, etc

The Marketing Plan (2.4-2.5)

Trust

when one party has confidence in a partner’s reliability & integrity

Tweens

Teens

Millennials

Generation X

Baby Boomers