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