Marketing Exam 1
What is Gross Income?
Income before expenses are deducted
What is routine problem solving?
consumers recognize a problem, make a decision, and spend little effort seeking external information and evaluating alternatives ex: toothpaste, soda
What is a need?
when a person feels deprived of basic necessities such as food, clothing, and shelter
Who is Gen Y?
1977-1994 internet generation family oriented impatient opinionated diverse "street smart"- cell phone
What are the five stages in the consumers decision process?
1. Problem recognition 2. Info search 3. Alternative evaluation 4. Purchase decision 5. Post purchase behavior
What are the 5 environmental forces?
1. Social 2. Economic 3. Technological 4. Competitive 5. Regulatory
Who are Babyboomers?
1946-1964 largest demographic most affluent
Who are Gen X?
1965-1976 Savvy and Cynical More protective and involved with kids Value education, environment groups, and minority groups
What are the 3 levels in an organization?
Boards of directors-> Corporate level Strategy->Buissness unit level strategy->functional level strategy
What is Promotion?
Communication between the seller and buyer
What is discretionary income?
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
What are the 4 P's?
Price, Product, Place, Promotion
What are there concepts of social responsibility?
Profit, stakeholder, societal
Whats is SBU?
Strategic business Unit. ex:Apple
What is a want?
a need that is shaped by a person's knowledge, culture, and personality
What is a Place?
also called distribution, a means of getting the product to the consumer
What are the 3 problem solving?
extended, limited, routine
What are the 3 types of income?
gross, disposable, discretionary
What is disposable income?
income after taxes, used for necessities
What is an organization?
legal entity of people who share a common mission
what is green marketing?
marketing efforts to produce, promote, and reclaim environmentally sensitive products
What is limited problem solving?
occurs during a purchase decision that calls for, at most, a moderate amount of effort and time ex: Resturant, toaster
What is extended problem solving?
occurs when brands are difficult to evaluate and the consumer must understand all the product features before making a decision ex: House, Car
What is cause marketing?
occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
What is an industry?
organizations that develop similar offerings
What is external search?
other source of info, use when you have low experience and high risk purchase decision, low cost of info Ex:Amazon reviews
What is marketing?
serve both buyers and sellers, seeks to discover and satisfy the needs and wants of prospective customers
What is Price?
what is exchanged for the product
What is Product?
the actual goods, service, or idea generated to satisfy the consumers need and want
What is motivation?
the energizing force that stimulates behavior to satisfy a need
What are core values?
the fundamental, passionate, and enduring principles of an organization that guide its conduct over time
The 4 P's are commonly known as
the marketing mix or controllable factors
Social responsibility refers to?
the obligation that orgs have to the preservation of ecological environment and the general public
What is culture?
the set of values, ideas, and attitudes that are learned and shared among the members of a group
what is an exchange?
the trade of things of value between the buyer and the seller so that each is better off as a result
What rights did JFK implement?
to safety, to be informed, to choose, and to be heard