Marketing Exam 1

Target Market

A commercial for the drink SunnyD explains how nutritious it is in comparison to other, more "sugary" drinks. While children under 12 are the most likely consumers of SunnyD, the commercial is aimed at mothers. These mothers represent SunnyD's..

Product, Price, distribution, and promotion variables

A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines?

marketing plan

CyberCycle is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

The natural environment

L'Oreal, a manufacturer of personal care and beauty products has a focus on sustainability. It has developed eco-packaging, eliminated many potentially harmful chemicals from its products and has improved its production systems to reduce waste. What major social responsibility issue is L'Oreal addressing?

Time warner Cable TV

Most likely to have a monopoly for its competitive environment

Ideas

Mothers Against Drunk Driving is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets...

Cash Cow

Rollins Steel Corporation, a leader in industrial supplies, has identified its auto battery unit as having a dominant market share; however, it has low prospects for growth. The unit currently generates more cash for Rollins Steel than is required to maintain its market share. According to the Boston Consulting Group, the auto battery unit would be classified a ________

Political, legal, and regulatory, socioculture, technological, economic, and competitive

The forces of the marketing environment include

achieve the organizations goals

The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also

size of resources that can be traded in an exchange

The strength of a person's "buying power" depends on economic conditions and ________

market opportunity

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

marketing opportunity

a combination of circumstances and timing that permits an organization to take action to reach a particular target market

oligopoly

a competitive structure in which a few sellers control the supply of a large proportion of a product

monopolistic competition

a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product

monopoly

a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply

Strategic business unit (SBU)

a division, product line, or other profit center within the parent company

product

a good, a service, or an idea

mission statement

a longterm view or vision of what the organization wants to become

pure competition

a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply

distribution

a marketing manager makes products available in the quantities desired to as many target market customers as possible EX: starbucks in target mcdonalds in walmart

business cycle

a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

marketing strategy

a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market

target market

a specific group of customers on whom an organization focuses its marketing efforts

green marketing

a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaing, supporting, and enhancing the natural environment

Marketing Plan definition

a written document that specifies the activities to be performed to implement and control the organizations marketing strategies

disposable

after tax income

be profitable

all companies have a responsibility to ________ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.

recession

although marketing theory supports the contrary, its more probable that marketing budgets will be cut during periods of economic _____

income

amount of money received through wages, rents, investments, pensions, and payments given for a period

willingness to spend

an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces

Marketing concept

an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

Social responsibility

an organizations obligation to maximize its positive impact and minimize its negative impact on society.

customers

are the focal point of all marketing activities

SWOT

assessment of the organizations strengths, weaknesses, opportunities, and threats

wealth

assets

value=

customer benefit-customer cost a customers subjective assessment of benefits relative to costs in determining the worth of a product

recovery

economy moves from recession or depression toward prosperity

relationship marketing

establishing long-term mutually satisfying buyer-seller relationships

Opportunities

favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

discretionary income

for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter

legislation

is enacted, legal decisions are interpreted by courts, and regulatory agencies are created and operated, for the most part, by elected or appointed officials.

prosperity

low employment and relatively high total income, which together ensure high buying power (expand)

marketing ethics

principles and standards that define acceptable marketing conduct as determined by various stakeholders

environmental analysis

process of assessing and interpreting the info gathered through environmental scanning

environmental scanning

process of collecting info about forces in the marketing environment

marketing mix

product, pricing, distribution, and promotion- that a firm can control to meet the needs of customers within its target market

Sherman Antitrust Act 1890

prohibits contracts, combinations, or conspiracies to restrain trade; establishes as a misdemeanor monopolizing or attempting to monopolizing.

Marketing ethics

refers to principles and standards that define acceptable conduct in marketing

promotion

relates to activities used to inform individuals or groups about the organization and its products can aim to increase public awareness of the organization and of new or existing products

pricing

relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices value obtained in exchange

buying power

resources, such as money, goods, and services, that can be traded in an exchange

-creating goodwill toward the organizations - attracting employees -generating publicity for the firm -positively impacting local communities

socially responsible business practices have provided all...

Corporate

strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research, and development, and human resources to achieve the organizations goals.

cause-related marketing

the practice of linking products to a particular social cause on an ongoing or short-term basis

Marketing

the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

exchange concept

the provision or transfer of goods and services, or ideas in return for something of value

core competencies

things a company does extremely well-sometimes give it an advantage over its competition

environmental scanning and analysis

to monitor changes in the marketing environment effectively, marketers must engage in

Recession def

unemployment rises and total buying power declines, stifling both consumer and business spending (value and utility)

depression

when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy

reactive

while silk soy milk engages in environmental scanning and analysis, the company is more likely to change its products and marketing strategies to adapt to environmental forces rather than trying to influence these forces. Silk Soymilk has a ____ approach to marketing environmental forces.