Honors Marketing 3336 Exam 1

modified rebuy

A purchase decision that requires some research where the buyer wants to modify the product specification, price, terms, or suppliers.

new task

A purchase decision that requires through research such as a new product.

value chain

A set of Primary and Support Activities that perform together to create economic value for the enterprise.

Habitual

Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior?

Law of Success

Success often leads to arrogance, and arrogance to failure.

reverse auctions

To do e-procurement, companies can conduct _____________, in which they put their purchasing requests online and invite suppliers to bid for the business.

demands

Wants backed by buying power

straight rebuy

A business buying situation in which the buyer reorders something without any modifications is known as a ______________.

opinion leader influence

A popular football player at a college who is able to influence the buying decisions of fans would best be described as

macroenvironment

Consists of the larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces.

Law of Perception

Marketing is not a battle of products, it's a battle of perceptions.

consumer buyer behavior

The buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption.

societal marketing

The company's marketing decisions should consider customer's wants, the company's requirements, consumers' long-run interests, and society's long-run interests.

innovators

The first group marketers try to bring their products to the attention to are potential _______________.

Law of Unpredictability

Unless you write your competitors' plans, you can't predict the future.

technological environment

What is the most dramatic force in changing the marketplace?

The market is very small and limited.

Which of the following statements is not a difference between business markets and consumer markets? -The market is very small and limited. -The buying process is more formalized. -The buying decision involves more professionals. -Business demand is a derived demand. -Buyers face more complex buying decisions.

order-routine specification

__________ includes the final order with the chosen supplier or suppliers and lists other required items.

culture

The most basic determinant of a person's wants and behavior are embedded in a consumers:

Law of Focus

The most powerful concept in marketing is owning a word in the prospect's mind.

strategic planning

The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.

it pits suppliers against one another

The rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however, one of the disadvantages is __________________.

value proposition

The set of benefits or values a brand promises to deliver to customers to satisfy their needs.

demography

The study of human, populations-- size, density, location, age, gender, race, occupation, and other statistics.

marketing research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Product

The total package of benefits the customer obtains when making a purchase. -Band name, warranty, financing -It must also be defined in terms of the benefits the buyer obtains from it.

influencers

___________ are members of the buying center who help define specifications and provide information for evaluating alternatives.

Dissonance-reducing buying

__________________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.

marketing myopia

Focusing only on existing wants and losing sight of the underlying consumer needs.

marketing management

The art and science of choosing target markets and building profitable relationships with them.

economic environment

Consists of factors that affect consumer purchasing power and spending patterns.

marketing

A process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

black box

According to the stimulus-response model or buyer behavior, marketing and other stimuli enter the consumer's _____________ and produce certain responses.

exchange (transaction)

Act of obtaining a desired object from someone by offering something in return. Marking actions try to create, maintain, and grow desirable __________ relationships.

consumer market

All of the personal consumption of final consumers.

BCG (Boston Consulting Group) Matrix

Analyzes a firm's business units (SBUs) or products/brands as though they were a collection of separate investments. Enhances multidivisional firms' efforts to formulate strategies. Autonomous divisions (or profit centers) constitute the business portfolio. Firm's divisions may compete in different industries requiring separate strategy. Graphically portrays differences among divisions. Focuses on market share position and industry growth rate. Manage business portfolio through relative market share position and industry growth rate.

inelastic

Business markets have demand that is ____________.

Support Acitvities

Procurement, technology development, human resource management, firm infrastructure (finance, accounting, legal- G&A)

family

Compared to the mainstream buying public, Hispanic consumers tend to be deeply ________ oriented, making this a special characteristic and behavior.

cultural environment

Consists of institutions and other forces that affect a society's basic values, perceptions, and behaviors.

microenvironment

Consists of the actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

psychological

Consumer motivation, perception, and learning are related to the ___________ factors influencing consumer behaviors.

cognitive

Consumer purchases are influenced strongly by certain characteristics which include all of the following except ____________________.

general need description

Developing product specifications follows ___________ in the business buyer decision process.

Elements of the Distribution System

Direct sales reps, brokers/manufacturer's reps, distributors, retail outlets

internal databases

Electronic collections of consumer and market information obtained from data sources within the company network.

wants

Form that needs take as they are shaped by culture and individual personality

low, little

Habitual buying behavior occurs under conditions of ________ consumer involvement and ___________ brand difference.

information search

IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer?

Age and life stages

IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior?

Law of the Category

If you can't be first in a category, set up a new category you can be first in.

five

In the product adoption process, there are _______ stages.

Primary Activities

Inbound logistics, operations, outbound logistics, marketing (including sales), service

marketing environment

Includes the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers.

Primary data

Information collected for the specific purpose at hand.

secondary data

Information that already exists somewhere, having been collected for another purpose

Marketing Information Systems

Provides information to the company's marketing and other mangers and external partners such as suppliers, resellers, and marketing service agencies.

low budget, captive patrons

Institutional markets are characterized by ___________________.

survey research

Involves gathering primary data by asking people questions about their knowledge, attitudes preferences, and buying behavior.

observational research

Involves gathering primary data by observing relevant people, actions, and situations.

experimental research

Involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

ethnographic research

Involves sending trained observers to watch and interact with consumers in their "natural environments".

Law of Leadership

It's better to be first than it is to be better.

natural environment

Natural resources that are needed as inputs by marketers or that are affected by marketing activities.

return on marketing investment

Net return from a marketing investment divided by the costs of the marketing investment. Provides a measurement of the profits generated by investments in marketing activities.

Law of Division

Over time, a product category will divide and become two or more categories.

relative market share position

Ratio of a division's own market share in a particular industry to the market share held by the largest rival firm in that industry.

motivation research

Refers to qualitative research designed to probe consumers' hidden, subconscious motivations

straight rebuy

Routine purchase decision such as reorder without any modification.

sample

Segment of the population selected for marketing research to represent the population as a whole.

market offerings

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

needs

States of deprivation -Physical- food, clothing, warmth, safety -Social- belonging and affection -Individual- knowledge and self-expression

the selling concept

Takes an inside-out view that focuses on existing products and heavy selling. The aim is to sell what the company makes rather than making what the customer wants.

the marketing concept

Takes an outside-in view that focuses on satisfying customer needs as a path to profits.

technology and information

The "Glue" of the Distribution System

Product, Price, Place (Distribution), Promotion

The Marketing Mix or The Four P's