Marketing Chapters 1, 2, 4, 8

Recession, inflation, and customers incomes that influence the marketing environment are called ______ factors.

economic

A series of stages determined by a combination of age, marital status, and the presence or absence of children is known as the:

family life cycle

The American Marketing Association's definition of marketing:

includes creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.

A ______ is a group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase the products, and is willing to exchange resources for the products.

market

The concept of exchange is important to marketing because:

marketing activities help to create exchange.

The _____ answers the question, "what business are we in?"

mission statement

When a firm uses concentrated targeting strategy, it can:

offer a highly specialized marketing mix

Laws and regulations of various governments and there ongoing development and change are an example of _____ factors that are part of the external environment of all organizations.

political and legal

A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.

situation analysis

The SWOT acronym refers to a firms analysis of its:

strengths, weaknesses, opportunities and threats

To be useful, a segmentation scheme must produce segments that meet four basic criteria. The criteria are:

substantiality, identifiably and measurability, accessibility, and responsiveness

A _____ is a defined group that managers feel is most likely to buy a firms product.

target market

A ______ is a group of people of organizations for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.

target market

A market-oriented firm defines its business in terms of:

the benefits its customers seek

Marketing managers cannot control ______, but they can sometimes influence it.

the external environment

______ segmentation is based on personality, motives and lifestyle.

Psychographic

_____ is a strategy that focuses on keeping and improving relationships with current customers.

Relationship marketing

The ______ orientation assumes people will buy more if aggressive selling techniques are used.

Sales

_____ factors are environmental factors that include our attitudes, values and lifestyle.

Social

An orientation with a ______ believes that it exists not only to satisfy customers wants and needs and to meet organizational objectives but also to preserve or enhance individuals and society's long-term best interests.

Social orientation

______ is the marginal process of creating and maintaining a fit between the organizations objectives and the changing marketing environment.

Strategic planning

The number of firms a company must face, the relative size of these firms, and the degree of interdependence within the industry are all part of its ______ environment.

competitive

A ________ is the practice of choosing goods and services that meet ones diverse needs and interests rather than conforming to traditional stereotypes.

component lifestyle

A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a _____ orientation.

Production

The marketing concept involves:

Focusing on customers wants and needs so that the organization can distinguish its product (or products) from competitors products.

______ is a method that clusters potential customers into neighborhood lifestyle categories and is a combination of geographic, demographic, and lifestyle segmentation.

Geodemographic segmentation

______ divides individuals into groups according to the way they spend their time, the importance of items in their surroundings, their beliefs, and socioeconomic characteristics.

Lifestyle segmentation

_____ is a strategy that attempts to attract new customers to existing products.

Market development

______ is a strategy of increasing market share in existing markets.

Market penetration

_______ occurs when a business is defined in terms of goods and services rather than by benefits customers seek from it.

Marketing myopia

Market segmentation can assist marketers to do all of the following EXCEPT: (a) develop more precise definitions of customer needs and wants (b) identify which variable base should be used for segmenting (c) more accurately marketing objectives (d) improve resources (e) evaluate performance

(b) identify which variable base should be used for segmenting

All of the following are elements of the marketing plan EXCEPT: (a) business mission statement (b) situation analysis (c) target market strategy (d) marketing mix (e) portfolio analysis

(e) portfolio analysis

The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a _____.

Competitive advantage

When customers expectations regarding quality, service quality, and value based price are met or exceeded, _____ is created.

Customer satisfaction

_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.

Customer value

The study of peoples vital statistics, such as age, race and ethnicity, and location, is called:

Demography

_____ is the primary determinant of a persons earning potential.

Education

The purpose of segmentation is to:

Enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups

_____ is defined as the collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.

Environmental scanning