Marketing test #1 Progress check

(CHAPTER 5) What are the components of the immediate environment?

Company Capabilities, Competitors, Corporate partners

What are the differences between compensatory and non-compensatory decision rules?

Compensatory- The consumer trades off a characteristic for another Non-Compensatory- The consumer chooses a product or service on the basis of one characteristic regardless of the values of its attributes.

What is the difference between conscious marketing and corporate social responsibility?

Conscious marketing- An approach to marketing that acknowledges four key principles: A higher purpose, stakeholders, conscious leadership, and a conscious culture Corporate Social Responsibility (CSR)- The voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.

How do you perform a vendor analysis?

Firms analyze their vendor's performance by evaluating the traits they want to consider such as customer service, delivery, etc. Finally calculating an overall score.

What is the difference between extended versus limited problem solving?

Limited Problem Solving- Occurs during a purchase decision that calls for, at most, a moderate amount of effort and time Extended Problem Solving- A purchase decision process during which the consumer devotes considerable time and effort into analyzing alternatives; often occurs when the consumer perceives that the purchase decision entails a lot of risk.

How do low- versus high-involvement consumers process the information in an advertisement?

Low involvement- Less attention/peripheral processing= generating weak attitudes and increased use of cues High involvement- Greater attention/Deeper processing= Developing strong attitudes and purchase intentions

What type of strategy is growing the business from existing customers?

Product development strategy

What are the four components of the marketing mix?

Product, Price, Place, Promotion

What are the various eras of marketing?

Production-Oriented Era Sales-Oriented Era Market-Oriented Era Value-Based Marketing Era

What are the four growth strategies?

market penetration, market development, product development, diversification

(CHAPTER 2) What are the various components of a marketing strategy?

1. A firm's target market(s) 2. Marketing mix (four p's) 3. The basis on which the firm plans to build a sustainable comparative advantage

List four functions that illustrate the importance of marketing.

1. Can be Entrepreneurial 2. Expands global presence 3. Enriches society 4. Pervasive across channel members

Identify the six positioning steps.

1. Determine consumers' perceptions and evaluations of the product or service in relation to competitors' 2. Identify the market's ideal points and size 3. Identify competitors' positions 4. Determine consumer preferences 5. Select the position 6. Monitor the positioning strategy.

What are the various types of perceived risk?

1. Performance 2. Financial 3. Social 4. physiological 5. Psychological

(CHAPTER 4) What are the criteria for being a conscious marketer?

1. Recognition of marketer's greater purpose 2. Consideration of stakeholders and their independence 3. The presence of conscious leadership, creating a corporate culture 4. The understanding that decisions are ethically based

Which social factors likely have the most influence on (a) the purchase of a new outfit for a job interview and (b) the choice of a college to attend?

A. Reference groups and culture B. Family

(CHAPTER 1) What is the definition of marketing?

An organizational function and set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

What are the types of cultures that exist in buying centers?

Autocratic, Democratic, Consultative, Consensus

How are marketers connecting with customers using social and mobile media?

Businesses are using social and mobile media in the development of their marketing strategies, trying to keep up with consumers' rapid demands.

Differentiate between country culture and regional culture.

Country culture- Easy-to-spot visible nuances such as dress, symbols, languages, color, and food preferences. Regional culture- The influence of the area within a country in which people live.

What are the six key macroenvironmental factors?

Culture, demographics, social trends, technological advances, economic situation, and political/regulatory environment.

List the four macro strategies that can help a firm develop a sustainable competitive advantage.

Customer excellence Operational excellence Product excellence Locational excellence

How do firms enhance post purchase satisfaction and reduce cognitive dissonance?

Enhance post-purchase: Build realistic expectations, not too high and not too low, demonstrate correct product use, stand behind the product etc.. Reduce the dissonance- Take back the outfit, pay attention to positive information, seek positive feedback from friends, and seek negative information about the product.

Distinguish between functional and psychological needs.

Functional- performance of a product or service Psychological- the personal gratification with the product or service

What are some important social trends shaping consumer values and shopping behavior?

Health and wellness concerns, Greener consumers, Privacy concerns,

(CHAPTER 7) What are the various B2B markets?

Manufactures and service Providers, Re sellers, Institutions, Government

Identify the stages in the B2B buying process.

Need recognition, Product specification, RFP process, Proposal analysis and supplier selection, Orders specification, Vendor/performance assessment using metrics

What is the difference between a need and a want?

Needs are goods and services needed for survival, while Wants are goods and services people consume beyond what is needed for survival.

How do new buy, straight rebuy, and modified rebuy differ?

New Buy- A purchase of a good or service for the first time Modified Rebuy- A purchase similar to a product in the past but decided to change some specifications Straight Rebuy- The buyer or organization simply buys additional units of products that have previously purchased.

Does providing a good value mean selling at a low price?

No, All about keeping a good balance

What are some examples of specific needs suggested by Maslow's hierarchy of needs?

Physiological (food, water, shelter) / Safety ( secure employment, health) / Love (friendship, family) / Esteem (confidence, respect) / Self-Actualization (personal growth activities and to reach other people's needs)

What ethical questions should a marketing manager consider at each stage of the marketing plan?

Planning--what are the ethical standards of the company. Implementation--how should the ethical standards be reflected in the marketing strategy. Control--check whether each potentially ethical issue raised in the planning process was actually successfully addressed.

Is Walmart a conscious marketer or is it a practitioner of CSR?

Practitioner of CSR

What tools help a marketer conduct a situation analysis?

SWOT analysis- Strengths, Weaknesses, Opportunities, Threats

What is STP?

Segmentation, Targeting, Positioning

(CHAPTER 6) Name the five stages in the consumer decision process.

Stage 1: Need recognition Stage 2: Information search Stage 3: Alternative evaluation Stage 4: Purchase and consumption Stage 5: Post-purchase

What do the four quadrants of the portfolio analysis represent?

Stars, Cash Cows, Question Marks, Dogs

What are the five steps in creating a marketing plan?

Step 1: Define business mission & objectives Step 2: Conduct a situation analysis (SWOT & CDSTEP) Step 3: Identify and evaluate opportunities (Segmentation, Targeting, Positioning) Step 4: Implement marketing mix (Product, Price, Place, Promotion) Step 5: Evaluate performance using marketing metrics

Identify the steps in the ethical decision-making framework.

Step 1: Identify issues Step 2: Gather information and identify stakeholders Step 3: Brainstorm and evaluate alternatives Step 4: Choose a course of action

List some of the tactics stores can use to influence consumers' decision processes.

Store atmosphere (music, scent, lighting), Salespeople, In-store demonstrations, promotions

A firm doing the right thing emphasizes the importance of marketing to _____________.

The consumer

What are the six buying roles?

The initiator, The influencer, The decider, The Buyer, The User, and The Gatekeeper

Provide a specific example of a conscious marketing firm that considers the needs of each of its stakeholders.

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormone, it considered multiple stakeholder groups including the ranchers that supply the food, its customers, and animal welfare groups.

What is a perceptual map?

displays, in two or more dimensions, the position of products or brands in the consumer's mind

What are the various segmentation methods?

geographic, demographic, psychographic, benefits, behavioral

Who can perform marketing?

individuals and organizations

Marketing is about satisfying ____ and ____.

needs and wants

Which strategy is the riskiest?

unrelated diversification