MKT 300

marketers and political forces

- adjust the conditions - influence the process through contribution and lobbying

step 5 of the consumer buying decision process: post purchase evaluation

- after purchase the buyer evaluates the product (does performance meet expectations) - cognitive dissonance (doubts after purchase)

step 2 of the consumer buying decision process: info search

- after recognizing the problem they seek out product information - internal search (memories) - external search (commercials)

market orientation (1960-present)

- an organization-wide commitment to research and respond to customer needs - determine what customers want and produce that product

what is the systematic process of creating the marketing plan

- assessing marketing opportunities and resources - determining objectives - defining strategies - establishing guidelines for implementation and control of the marketing program

centralized organizations

- authority is concentrated at the top level - very little delegation to lower levels - example : US army

the market objective should...

- be based on a study of the SWOT analysis - be stated in clear, simple terms - be accurately measurable - specify a time frame for accomplishment - be consistent with business - unit and corporate strategy

self regulatory forces

- better business bureau - national advertising review board

sales estimates (relevant market segments)

- can be measured along several dimensions including product, geographic area, time, and level of competition - market potential - company sales potential -----breakdown approach -----build up approach

3rd dimension of social responsibility: philanthropic responsibilities

- cause related marketing - strategic planning

step 4 of the consumer buying decision process: purchase stage

- chose the product/brand to be bought (product availability is a factor) - chooses the seller - negotiates the terms of the transaction - makes the actual purchases or terminates the process

negative impacts of technology

- concerns over privacy - intellectual property protection issues

step 3 of the consumer buying decision process: evaluation of alternatives

- consideration set (evoked set) - brands that could be possible purchases - evaluation criteria - characteristics that are important to the buyer - marketers can influence customers by framing the alternatives in a certain way THIS IS JUST NARROWING IT DOWN

what 3 things make up competitive advantage

- core competency - strategic window - market opportunity

what two things are used to better understand a problem or situation and or to help identify additional data needs or decisions alternatives (exploratory research)

- customer advisory boards - focus groups

variables of segmenting consumer markets

- demographic variables - geographic variables - psychographic variables - behavioral variables

what are the benefits of developing a market segment profile

- determining most attractive segment or segments - potentially useful information for subsequent marketing discussion - evaluate relevant market segments

step 4 of the marketing research process: interpreting research findings

- display the data in table format - analyze the data - careful interpretation - relate the results to a context that permits decision making

how can firms positively influence their communities

- employment opportunities - economic development - financial contributions to educational heath cultural and other causes

implementing the marketing concept

- establish an information system to discover customers real needs - use the information to create satisfying products - coordinate all activities

strategic performance evaluation consists of :

- establishing performance standards - measuring actual performance - comparing actual performance with established standards - modifying the marketing strategy if needed

establishing performance standards

- expected level of performance against which actual performance can be compared - derived from marketing objectives that are set while developing market strategies

adoption and use of technology

- firms mud keep up with technology to maintain their status as market leaders - make sure their technology is not easily copied - use a technological assessment to learn about and attempt to foresee the effect sod new products and processes

competitive assessment (relevant market segments)

- firms must assess competition already - market segments that seem attract based on sales estimates by be less s after competitive assessments

sierra nevada is the second best selling craft beer in the US , classic each olion below as one of the 4 types of competitor s - tap water - new Belgium beer - bottle of merlot - cigaretts - milk - bud light - chewing gum - margarita

- generic - brand - product - total budget - generic - brand - total budget - product

variables for segmenting business markets

- geographic location - type of organization - customer size - product use

monitoring the competition

- helps determine competitors strategy and their effects on firms own strategies - guides development of competitive advantage and adjusting firms strategy - provides ongoing info about competition - assists in maintaining a marketing orientation

differentiated targeting strategy

- heterogenous market - targeting 2+ segments with a marketing mix for each - advantages: could mean increased sales and uses excess production capacity - disadvantages- production code are higher

concentrated target strategy

- heterogenous market: individuals or organizations with diverse needs for products in the same class - targeting a single market segment using one market mix - advantages: allows specializations and a small firm can compete - disadvantages: profits fall with demand and difficulty to diversity

what are the three aspects of buying power

- income - credit - wealth

how does technology improve information gathering and analysis

- increase accessibility - customer relationship management enhanced - permits internal research and quick information gathering - access array of valuable information sources.

what are some factors that influence the ethical decision making process in marketing

- individual factors - organizational relationships - opportunity

production orientation (1850-1920)

- industrial revolution improved speed and efficiency - large increase in available products

cost estimates

- maintaining the right marketing mix can be expensive - firms must consider the cost of taking a potential product to market

sales orientation (1920-1960)

- many products with not enough demand - business viewed seas and selling as the main means of increasing profits - this is when "sales guys" got bad rep

step 5 of the target market selection process: select specific target markets

- marketers must determine whether homogeneous or segmentation approach is best - does the firm have the resource to compete in selected market segment - identifying the right target market is the key implementing a successful marketing strategy - failure to target the right market can lead to low sales and financial losses.

internal issues in marketing research

- marketers must modify data gathering methods to account for differences in sociocultural economic political and legal, and technological forces -use two pronged approach to international marketing research

what are the three dimensions of social responsibility

- marketing citizenship - marketing ethics - philanthropic responsibilities

why is marketing important to out global economy

- marketing costs consume a sizable portion of buyers dollars - marketing helps produce profits essential to survival of individual businesses - marketing is used in non profit organizations - marketing rules our global economy - marketing knowledge enhances consumer awareness - marketing connects people through technology

what are the types of competitive structures

- monopoly - oligopoly - monopolistic competition - pure competition

why is sales analysis used in measuring actual performance

- most common method bc sales data partially reflect the target markets reaction to a marketing mix and often are readily available - currentsales date must be compared with forecasted sales, industry sales, specific competitors sales or the cost incurred to achieve the sales volume.

the importance of ethical marketing research

- must have professional standards by which research can be judged - ethical and legal issues can develop as research is carried out - some organizations have developed codes of conduct and guidelines for ethical research for organizations

what are disadvantages of using self reg forces (BBB, NARB)

- non member firms do not have to abide - lack of enforcement tools - often less strict

step 1 of the consumer buying decision process: problem recognition

- occurs when a buyer becomes aware of a difference between a desired state and an actual condition - speed of consumer problem recognition can be rapid or slow - some consumers are unaware of their problems or needs

what are the three kinds of questionnaires

- open ended question - dichotomous question (yes/no) - multiple choice question

product variable

- part of the marketing mix - a product can be a good, service, or idea.

promotion variable

- part of the marketing mix - inform individuals or groups about the organization and its products/services - advertising - public relations - personal selling - promotions - street teams - viral marketing

distribution variable

- part of the marketing mix - make products available in quantities desired - minimize cost: inventory transportation and storage - select/motivate intermediaries - establish/maintain inventory control - develop/manage transportation and storage systems

price variable

- part of the marketing mix - only 1 of 4 that creates revenue - relates to decisions and actions associated with establishing pricing objectives and policies - relates to determining product prices - determines the value of the exchange q

what are the two approaches marketers take when responding to environmental forces

- passive : accepting the uncontrollable - proactive: attempting to influence and shape them (there is no best way to react. depends on the organization, management and the situation)

step 5 for the marketing research process: reporting research findings

- prepare a formal written document - determine the level of detail - clear and objective presentation - point out deficiencies in the data - summary/recommendations

what are some sample ethical issues related to the mkt mix?

- product issue: product info - distribution issue: counterfeiting - promotion issue: advertising - pricing issue: pricing

evolution of the marketing concept

- production orientation (1850-1920) - sales orientation (1920-1960) - market orientation (1960-present)

what are the types of economic conditions in the business cycle

- prosperity - recession - depression - recovery

positive impacts of technology

- rapid technological growth and change are expected to continue - mobile devices and consumers increasing use of the internet have changed - technology and improve productivity - expanding opportunities for e-commerce

step 2 of the marketing research process: designing the research project

- research design - hypothesis - research reliability and validity

step 4 of the target market selection process: evaluate relevant market segments

- sales estimates - competitive assessment - cost estimates

undifferentiated target strategy

- should be homogenous market: customers have similar needs for a product - a single marketing mix direct at he entire market

what are the parts of the market strategy

- target market (most important) - creating the marketing mix (should be consistent w business and cooperate strategies) - sustainable competitive advantages (one that competition cannot copy)

the strategy used to select a target market is affected by:

- target market characteristics - product attribute - the organizations objective and resources

what are two critical questions that must be spelled out in the mission statement

- who are your customers - what is out core competency

what are the two major academy models that help us understand attitudes

1. attitude towards the object (the fishbein model) 2. behavioral intentions model (the theory of reasoned action)

observation methods

1. avoid direct contact with subject to reduce possible awareness of observation process 2. note physical conditions, actions and demographics 3. observations may be combined with same subject interviews 4. data gathered may be influenced by observer bias

sources of learning

1. behavioral/concequences 2. information processing 3. experiences and info

what are four benefits to a company as a result of social responsibility

1. being a good corporate citizen can result in greater consumer trust and loyalty 2. can generate positive publicity 3. promotes goodwill - attracts potential customers and employees 4. indirect long-term benefits such as greater employee commitment and improved business performance

benefit segmentation is different that other segmentation methods because the benefits customers seek are their product needs. three conditions must be met:

1. benefits must be identifiable 2. consumers must be divisible into segments 3. at least one segment must be accessible to marketing efforts.

what are the four competitive forces

1. brand competitors 2. product competitors 3. generic competitors 4. total budget competitors

what are the three ways to improve ethical conduct in marking

1. codes of conduct 2. ethics officers 3. implementing ethical/legal compliance programs

what are the three aspects of sociocultural forces

1. demographic and diversity characteristic 2. cultural values 3. consumerism

what are the three parts to economic forces

1. economic conditions 2. buying power and income 3. wealth and willingness to spend

what are the 6 forecast of the marketing environment

1. economic forces 2. political forces 3. legal and regulatory forces 4. technological forces 5. sociocultural forces 6. competitive forces

protect and preserve the natural environment by implementing the following goals:

1. eliminate the concept of waste 2 .reinvent the concept of a product 3. make prices reflect the true cost 4. make environmentalism profitable

political forces

1. enactment of legislation 2. legal decision interpreted by courts through civil and criminal cases 3. influence of regulator agencies

what are the 2 types of marketing research

1. exploratory research 2. conclusive research

what are 5 benefits of marketing research

1. facilitate strategic planning 2. assesses opportunities/threats 3. ascertains potential for success 4. helps determine feasibility of strategy 5. improves marketers ability to make decisions

what are the five steps to the target market selection process

1. identify the appropriate targeting strategy 2. determine which segmentation variables to use 3. develop market segment profiles 4. evaluate relevant market segments 5. select specific target markets

marketing research process (steps 1-5)

1. locating and defining issues or problems 2. designing the research project 3. collecting data 4. interpreting research findings 5. reporting research findings

survey methods (5)

1. mail 2. telephone 3. personal interview surveys 4. shopping mall intercept interview 5. online survey

what are three challenges of ethical and social responsibility behavior

1. marketers must monitor trends and changes in society values and desires - the must attempt to predict the long term effects on their decisions pertaining to those wants 2. costs always associated with societies demand - can never please everyone - seek balance 3. social responsibility and ethical improve marketing performance - long term financial benefits to being ethical and socially responsible.

what are 5 types of technology used

1. marketing info system 2. database 3. single source data 4. customer relationship management 5. marketing decision support systems

six categories of physiological influences on consumer behavior

1. perception 2. motives 3. learning 4. atitudes 5. personality and self concept 6. lifestyles

5 categories of situational influences

1. physical surroundings 2. social surroundings 3. time dimensions 4. purchase reasons 5. buyers momentary mood and condition

legal and regulatory forces

1. pro competitive legislation 2. consumer protection legislation 3. encourage compliance with laws 4. regulatory agencies

consumer buying decision process (5 steps)

1. problem recognition 2. info search 3. evaluation of alternatives 4. purchase stage 5. post purchase evaluation

what are the 4 Ps of the marketing mix

1. product variable 2. price variable 3. distribution variable (place) 4. promotion variable

what are the 6 social influences on the buying decision process

1. roles 2. family influences 3. reference groups 4. opinion leader 5. social class 6. culture and subcultures

what are the three consumer problem solving strategies

1. routinized response 2. limited problem solving 3. extended problem solving

what is the perception process

1. selective exposure (what inputs reach awareness) 2. selective distortion (changing memories based on feelings) 3. selective retention (remembering things you want to and forgetting those you don't)

social responsibility issues

1. sustainability 2. consumerism 3. community relations

what are the three basic target strategies

1. undifferentiated target strategy 2. concentrated target strategy 3. differentiated targeting strategy

Which of the following statements is true of corporate strategy? a. It is often developed by the first-line managers in an organization. b. It outlines scope for competitive advantages. c. It addresses short-term internal issues in an organization. d. It provides concrete operational procedures. e. It is derived from the business-unit strategy.

B

maslos hierarchy of needs

BASE: phy needs (food water shelter) NEXT: safety needs NEXT: social needs NEXT: esteem needs TOP: self actualization

Which of the following statements is true of a telephone survey as a research technique? a. It allows interviewers to observe the responses of consumers. b. It requires that the questions be short and quantitative rather than qualitative in nature. c. It has a higher response rate as compared to surveys that are mailed out to respondents. d. It is the most suitable method when the sample size is large and funds for the survey are limited. e. It allows respondents to view product prototypes and commercials so that the interviews can gauge their reactions.

C

Which of the following forms a part of the product variable decisions in a firm's marketing mix? a. Informing individuals or groups about the organization and its products b. Educating customers about features of existing or new products c. Making products available to target-market customers in the required quantities and at the right time d. Researching customer needs and designing a product that satisfies them e. Managing transportation and storage systems for finished products

D

Which of the following is true of the marketing environment? a. The marketing environment encompasses employee motivation, managerial skills, and capital availability. b. The changes in the marketing environment generally do not affect the marketing mix of an organization. c. The marketing environment encompasses only the internal forces in an organization. d. The marketing environment forces affect the lifestyles of customers. e. The forces in the marketing environment function independently of each other.

D

what are the two types of marketing implementation

INTENDED STRATEGY ---> implementation --> REALIZED STRATEGY

step 1 of the marketing research process: locating and defining the problem

LOCATING THE PROBLEM: focuses on uncovering the nature and boundaries of a situation ..... the first sign of a problem is departure from normal or expected results DEFINING THE PROBLEM: determine the nature and scope of the situation to pin down the problem ..... determine what is the aim of research... how will the research be used?

In the 2010 ruling for Citizens United v. Federal Election Commission, the Supreme Court ruled that: a. the government is not authorized to ban corporate spending in candidate elections. b. manufacturers and resellers will not be allowed to use price maintenance agreements. c. prohibitions will be made on price discrimination in order to prevent reduced competition among wholesalers. d. it will provide protection for regulation of brand names, brand marks, and trade names. e. civil and criminal penalties are going to be imposed against those who deal in counterfeit consumer goods.

a

The self-sustaining nature of technology relates to: a. the fact that technology acts as a catalyst to spur even faster development. b. increased reach through a variety of media. c. the applicability of technology to everyday life. d. the increasing capacity of technology to protect privacy and intellectual property. e. the scientific advances in fields such as information technology and biotechnology.

a

Which of the following statements is true about the nature of marketing ethics? a. Peers and subordinates in an organization also influence the ethical decision-making process. b. Most experts agree that the lower-level managers set the ethical tone for the entire marketing organization. c. Marketing employees, even though working with various groups, resolve ethical issues based only on what they learned from their own backgrounds. d. Organizational culture has little influence on the ethical decision-making process. e. Research suggests that people do not apply their personal ethical standards to business scenarios.

a

_____ is a procedure through which managers try to foresee the effects of new products and processes on their firm's operations, on other business organizations, and on society in general. a. Technology assessment b. Marketing cost analysis c. Market orientation d. Market segmentation e. Environmental analysis

a

_____ refers to a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product. a. Monopolistic competition b. Oligopoly c. Monopoly d. Duopoly e. Pure competition

a

_____ refers to pricing products at exorbitant levels and taking advantage of customers who must purchase the product in order to survive. a. Price gouging b. Greenwashing c. Bundle pricing d. Competitive pricing e. Bait and switch pricing

a

example of establishing performance standards

a 20% reduction in customer complaints, a monthly sales quotes of $150,000 or a 10% increase per month in new customer accounts

cognitive dissonance

a buyers doubts shortly after a purchase about whether the decision was the right one usually after expensive high involvement purchases

database

a collection of information arranged for easy access and retrieval

market opportunity

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

validity

a condition existing when a research method measures what i is supposed to measure

reliability

a condition existing when a research technique produces almost identical results in repeated trials

value

a customers subjective assessment of benefits relative to costs in determining the worth of a product. "value is in the eyes of the beholder" value= consumer benefits - consumer costs

strategic business unit

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

marketing information system

a framework for managing and structuring information gathered from internal and external sources

market

a group of individuals and/or organizations that have needs for products and the ability, willingness and authority to buy

(Social influences) reference groups

a group with thick a person strongly identities, adopts the values, attitudes and behavior of group members - membership (where u belong) - aspirational (where u want to belong) - dissociative (where u don't want to belong)

sample

a limited number of units chose to represent the characteristics of the population

STEP 1 of strategic planning: Mission Statement

a long term vision of what the organization want to become. In a business this comes from top management. you have to be sending a consistent message to your steak holders.

step 3 of the target market selection process: develop market segment profiles

a marketing segment profile: describes the similarities among potential customers within a segment explains the difference among people and organizations in different segments

atitude scales

a means of measuring consumer attitudes by gauging the intensity of individuals reactions to adjectives phrases or sentences about an object

(Social influences) opinion leader

a member of an informal group who provides info about a specific topic about which other group members seek info likely to be more influential in high product involvement situations

business cycle

a pattern of economic fluctuation that has four stages

quota

a sampling technique in which researchers divide the population into groups and then arbitrarily choose participates from each group.

the marketing concept is NOT...

a second definition of marketing or a philanthropic philosophy

national advertisement review board

a self regulatory unit that considers challenges to issues raised by the national advertising division about an advertisement

target market

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

market objective

a statement of what is to be accomplished through marketing activates

green marketing (sustainability)

a strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintain support and enhancing the natural environment

STEP 2 of strategic planning: Corporate Strategy

a strategy that determines the mens for utilizing resources in the various functional areas to reach the organizations goals functional areas include marketing production finance, R&D and human resources.

better business bureau

a system of non governmental independent local regulatory agencies supported by local businesses that help settle problems between customers and specific business firms

strategic window

a temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market

random sampling

a type of probability sampling in which all units in a population have an equal chance of appearing in a sample

stratified sampling

a type of probability sampling in which the population is divided into groups according to a common attribute; a random sample is then chosen within each group.

creating the marketing plan

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

(Social influences) roles

actions and activités that a person in a particular position is supposed to perform based on expectations on the individual and surrounding persons

disposable income

after tax income (spending/saving)

population

all the elements, units, or individuals of interest to researchers for a specific study

time dimensions

amount of time required to become knowledgable about a product, search for it, buy it, and use it

micromarketing

an approach to market segmentation in which organization focus precise marketing efforts on very small geographic markets

ethical issues

an identifiable problem, situation or opportunity requiring a choice several actions that must be evaluated as right and wrong

wealth and willingness to spend

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

level of involvement

an individuals degree of interest in a product and the importance of the product for that person

hypothesis

an informed guess or assumption about a certain problem or set of circumstances (accepted or rejected is the conclusion)

motives (physiological influences)

an internal energizing force that directs a persons behavior toward satisfying needs of achieving goals

(Social influences) social class

an open group of individuals w similar social rank - interact within the same class - can move in and out of each class - class effects shopping patterns and types of stores frequented

social responsibility

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

research design

an overall plan for obtaining the information needed to address a research problem or issue

situational influence

are factors that result from circumstances time and location that affect the consumer buying decision process

ethics officers

are usually responsible of creating and distributing the code of conduct enforcing the code and meeting with organizational members to discuss provide advice about ethical issues

marketers ecaluate attitudes through ________

atitude scales

MaxNutri Inc. is a large producer of breakfast cereal. The company uses one standard formula to make its cereal and does not offer variants. MaxNutri is most likely to be using a(n) _____. a. concentrated targeting strategy b. undifferentiated targeting strategy c. micromarketing strategy d. multi-segment marketing strategy e. niche targeting strategy

b

philanthropic (responsibility pyramid)

be a good corporate citizen - contribute resources to the community improve quality of life

ethical (responsibility pyramid)

be ethical - obligation to do what is right, just and fair - avoid harm

economic (responsibility pyramid)

be profitable - the foundation upon which all others rest

consumer misbehavior

behavior that violates generally accepted norms of a particular society

coke, pepsi, and dr pepper are examples of _____ competitors

brand

marketing cost analysis

breaks down cost and classifies cost to determine which are associated with specific marketing efforts

Nutriwin Inc., a food manufacturing company advertises that all its products are made from organic ingredients. A study conducted by a regulatory agency revealed that the company does not use organic ingredients. This scenario illustrates _____. a. strategic philanthropy b. green marketing c. greenwashing d. price gouging e. relationship marketing

c

Which of the following will most help a marketer determine whether changes in sales figures have resulted from the company's marketing strategy or uncontrollable environmental factors? a. Dollar-volume analysis b. Structural analysis c. Market share analysis d. Cost-benefit analysis e. Marketing cost analysis

c

when shawna a attempts to resolve ethical conflicts in her daily life, she based her decisions on her own values. this influence on their ethical decision - making process is called______ a. organizational factors b. corporate culture c. individual factors d. opportunity

c

psychographic variables (variables of segmentation)

can be used by itself to segment a market or combine with other types of segmentation variables - personality characteristic - motives - lifestyle classifies consumers based on psychological characteristics that are correlated with purchase behavior and key demographics

digital media forums (online survey)

can be used to gather useful information in understanding consumer decisions, provide a new way for marketers to conduct market research.

demographic and diversity characteristics (sociocultural forces)

changes in a populations demographic characteristics lead to changes in how people live and consume products (immigration, baby boom) more diverse consumer base means marketing practices must be modified and diversified to meed changing needs

cultural values (sociocultural force)

changes in cultural values alter peoples needs and desires for products health, nutrition, and exercise growing importance definitions of family are changing

social surroundings

characteristics and interactions of others who are present during purchase decisions

what are some examples of competitive advantage

cheaper more widely available stringer service support higher quality

many tech companies see a market opportunity in _____ and _______. why?

china ; india large potential market of over 2 billion people growing wealth and middle class

geographic variables (variables of segmentation)

climate, terrain, city size, population density, and urban/rural areas.

implementing ethical/legal compliance programs

codifying ethical standards and implementing compliance programs and code of conduct that incorporate both legal and ethical concerns is the best approach to preventing violations

three major components of attitude ("CAB")

cognitive (knowledge and info) affective (feelings and emotions) behavioral (actions regarding the objective or idea)

demographic variables (variables of segmentation)

commonly use include age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion, and social class

opportunity and its influence on ethical decision making

conditions that limit barrios or provide rewards

exploratory research

conducted to gather more information about a problem or to make a tentative hypothesis more specific (how are car buying habits changing)

steak holder

constituents who have a steak or claim in some aspect of a companies products, operations, markets, industry, and outcome

types of markets

consumer market business market

distribution issue: counterfeiting

counterfeit products are widespread (id computer sorfware)

product issue: product info

covering up defects that could cause harm to a consumer

(Social influences) culture and subculture

culture: groups of individuals whose characteristic values and behavior patterns are similar and different from those of the surrounding culture - usually based on geographic designations and demographic factors

encouraging compliances with laws

current trend is away from legally based organizational compliance programs and towards self regulation emphasis on providing incentives to create ethical and responsible corporate cultures regulatory agencies monitor marketing activities and may enforce some laws

who does marketing want to build relationships with

customers and steak holders

who is the focus of marketing?

customers, target market

marketing decision support system

customized computer software that aids marketing managers in decision making

A marketing decision support system (MDSS) aids marketers in decision making by: a. pointing out errors in data. b. structuring information gathered from sources. c. identifying different types of customers d. anticipating the effects of certain decisions. e. identifying decision needs that require certain information.

d

International marketing research usually involves two phases. Which of the following is most likely to be an activity conducted by marketers during the second phase of international marketing research? a. Assessing the risk of doing business in a market and forecasting demand by studying country-specific information available from local sources b. Analyzing the secondary data collected through marketing research to understand the economic, legal, cultural, and demographic issues in a market segment c. Listing of issues that must be taken into account in gathering secondary research data in a particular market segment d. Gathering primary data through customer research to refine the firm's understanding of the customer needs and preferences in a target market e. Conducting a detailed search to collect secondary data to gain a greater understanding of a particular marketing environment

d

The _____ is a sales forecasting method in which marketers employ expert forecasters who create initial forecasts, and then refine their forecasts through repeated procedures to develop a highly accurate sales forecast. a. executive judgment b. breakdown approach c. regression analysis d. Delphi technique e. Kalman filtering

d

The _____ section of the marketing plan states what the company wants to accomplish through marketing activities, using the SWOT analysis as a guide of where the firm stands in the market. a. environmental analysis b. marketing strategies c. performance evaluation d. marketing objectives e. marketing implementation

d

what is an example of strategic philanthropy

dance blue

Phil's sandwich shop has the lowest calories in town! (puffery or deceptive adv)

deceptive advertising

our brand of toothbrush gets rid of plaque three time more effectively than our competitors (puffery or deceptive adv)

deceptive advertising

our handbags are made of 100% recycled material!

deceptive advertising

promotion issue: advertising

deceptive advertising

decentralized organizations

decisions making authority is delegated as far down the chain of command as possible

conclusive research

designed to verify insights through objective procedures and to help marketers in making decisions (what percentage of consumers will consider an electric car purchase)

values, attitudes and lifestyles (VALS)

developed by SRI consulting business intelligence c

_____ is the result when expenses on food, clothing and shelter are deducted from disposable income

discretionary income

what are the two types of income

disposable income discretionary income

discretionary income

disposable income available for depending and saving after an individual has purchased the basic necessities (after buying necessities like food and clothing)

behavioral variables (variables of segmentation)

divided a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use

stars

dominant market share and good growth prospects

cash cow

dominant market share and low growth prospects

buyers momentary mood and condition

don't go to the grocery store hungry

A _____ orientation in marketing goes beyond customers, competitors, and regulators to include understanding and addressing the needs of all other entities with vested interests in the organization, including communities and special-interest groups. a. supply chain b. sales c. greenwashing d. production e. stakeholder

e

The _____ component of a marketing plan provides assessment target markets, current marketing objectives, and performance. a. statement of qualification b. marketing mix c. marketing implementation d. marketing skills inventory e. environmental analysis

e

customer relationship management

employes database marketing techniques to identify different types of consumers and develop specific strategies for interacting with each customer

credit

enables people to spend future income now or in the near future but it increases current buying power at the expense of future buying power

relationship marketing

establishing long term mutually satisfying buyer/seller relationship

_____ relates to individual and group decisions - judgments about what is right and wrong in a particular decisions making situation and ______ deals with the total effect of marketing decisions on society

ethics ; social responsibility

an outcome of marketing in which people give up something to receive something they would rather have is ?

exchange

sources of secondary data

external sources and internal sources

consumer protection legislation

federal and state laws that... - protect people from harm - prohibit hazardous products - require information disclosure - aimed at particular marketing activities

regulatory agencies

federal trade commission (FTC)

total budget competitors

firms that compete for the limited financial resources of the same customers example: you have $100 for entertainment what will you use for it?

product competitors

firms that compete in the same product class but market products with different features, benefits, and prices example: beverages in general.. coke vs water vs coffee

brand competitors

firms that market products with similar features and benefits to the same customers at similar prices example : coke vs pepsi

generic competitors

firms that provide very different products that solve the same problem or satisfy the same basic consumer need example: walking, riding a bike, taking the bus

statistical interpretation

focuses on what is typical and what deviates from the average

crowdsourcing

for taking tasks usually performed by a marketer or researcher and outsourcing them to a potential market through an open call for ideas

codes of conduct

formalized rules and standards that describe the organizations employee expectations

ethical decisions

foster mutual trust in marketing relationships

example of core competencies : starbucks

gourmet coffee drinks

which of the following types of marketing is closely related to protection of the environment - marketing citizenship - green marketing - social marketing - relationship marketing

green marketing

(Social influences) family influences

have a direct impact on the buying decision process consumer socialization (process of acquiring skills and knowledge to function as a consumer)

comparing actual performance with established standards

if actual performance exceeds performance standards: marketing strategy is viewed as being effective, try to gain an understanding of why the strategy is effective if actual performance does not meet performance standards: determine why the marketing strategy was less effective, determine whether the marketing objective agains which performance is measured is realistic or not

organizational relationships that influence ethical decision making

in an organizational setting people rely on organizational values for ethical decision making

individual factors, that influence ethical decision making

in daily life people base ethical decisions on personal principals and values (the way you were raised , you know right from wrong)

external sources in secondary data

includes government sources, trade associations and shows, periodicals, corporate information

physical surroundings

includes location store atmosphere, aromas, sound, ighting, whether, and other factors of the phy envrio

The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the government to:

increase accountability and transparency in the financial industry and protect buyers from deceptive financial practices.

pricing issue: pricing

indicating that an advertisement sales price is a reduction below the regular one when in fact that is not the case.

business markets (aka business to business markets)

individuals or groups that purchase a specific kind of product for resale direct use in producing other products or use in general daily operations

marketing segments

individuals, groups, or organizations wit one or more similar characteristics that cause them to have similar product needs

patronage motives

influence where a person purchases products on a regular basis (you go to the same nail place and get you nails done by the same person bc they meet your needs)

impulse buying

inovlves no conscious planning a powerful urge to buy something immediately

who is Netflix targeting

internet users

shopping mall intercept interview

interviewing a percentage of people in malls on site computer interview: respondents complete a self administered questionnaire displayed on a computer monitor

pure competition (competitive structures)

involves a large number of sellers no one of which influences price or supply example: agriculture

secondary data

is complied both inside and outside the organization and is for some purpose other than the current investigation

primary data

is observed recorded or collected directly from respondents and is collected to address a specific problem that cannot be answered by secondary data alone

consumer lifetime value

is the worth of individual customers and estimates their lifetime value to the company

determine which dimension of social responsibility applies to this situation: credit suisse paid 2.6 million in fines and pleased guilty to helping american customers evade their taxes 1. economic 2. legal 3. ethical 4. philanthropc

legal

what are benefits of using self reg forces (BBB, NARB)

less expensive more realistic

interest groups and individuals take action against companies they consider irresponsible by ________ and _______

lobbing letter and email writing campaign boycotts and public service announcements. how a firm handles customer complaints affects consumer evaluations and customer satisfaction and loyalty four basic rights by JFK

dogs

low market share and low growth prospects

which of the following are characteristics of the depression phase of the business cycle

low total disposable income

the marketing concept

management philosophy that an organizations should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals (all efforts of the organization) a firm must satisfy its own objectives

motivating marketing personal

managers must discover their employees needs and then develop motivational methods that will help employees satisfy those needs communication within the marketing unit coordination marketing activities establish a timeline for implementation

geodemographic segmentation

market segmentation that cluster people in units (zip code, neighborhood) based on lifestyle and demographic information

marketing mix

marketers combine and balance four elements when determining how to satisfy customers needs for a product.

marketing ethics (cont)

marketers must be aware of the standards of acceptable conduct from several stakeholder viewpoints

3rd social responsive issue: community relations

marketers play a role as community leaders corporate philanthropy is on the rise films can positively influence their communities

marketing deals with the 4 "P"s, aka?

marketing mix

research reliability and validity

marketing research must ensure that research techniques are both reliable and valid

breakdown approach

measuring a company sales potential based on a general economic forecast

build up approach

measuring company sales potential by estimating how much of a product a buyer will purchase.

the question "who are out customers?" and what is our core competency? are answered in the firms_______.

mission statement

federal trade commission (FTC)

most heavily influenced marketing activities (of all regulatory unions) large proportion of its resources spent on curbing inappropriate behavior (false advertising, misleading pricing, deceptive packaging and labeling)

market strategy

next step is the development of strategies for each functional area of the organization

legal (responsibility pyramid)

obey the law - way is societies codification of right and wrong - play by the rules of the game

extended problem solving

occurs when purchasing unfamiliar, expensive, or infrequently bought products

what competitive structure exists int he package delivery industry

oligopoly

enduring involvement

ongoing and long term involvement with a product or product category sports, other entertainment

internal sources in primary data

organizations own data base

personal interview surveys

participants respond to survey questions face to face (in home/door to door)

personality and self concept (physiological influences)

personality refers to a set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior - there is weak association bt personality and buying power - marketers take aim at personality types in their campaigns self concept: ones view of ones self linked to personality type

determine which dimension of social responsibility applies to this situation: yoplait holds save lids to save lives campaigns to encourage donations to breast cancer research

philanthropic

step 3 of the marketing research process: collecting data

primary data secondary data

2nd dimension of social responsibility: Marketing Ethics

principle and standards that define acceptable conduct in marketing as determined by various stakeholders - most basic of these are laws - ethical issues

how do types of sampling align

probability (random sampling, stratified sampling) non probability (quota)

example of core competencies : BMW

production of sporty luxury automobiles

come in and try the worlds best coffee (puffery or deceptive adv)

puffery

max's pizza has the best pizza in town (puffery or deceptive adv)

puffery

our toothbrushes are guaranteed to make you smoke (puffery or deceptive adv)

puffery

consumer market (aka business to consumer markets)

purchasers are household members who intend to consume or benefit from purchased products and do not buy products to make profits each of use belong to numerous consumer markets

atitudes (physiological influences)

refers to an individuals enduring evaluation of feeling about and behavioral tendencies toward an object or idea

lifestyles (physiological influences)

refers to an individuals pattern of living expressed through activities interest and opinions - strongly influences the buying decision process - mainly marketers segment markets by lifestyle

learning (physiological influences)

refers to changes in an individuals thought process and behavior caused by information and experiences

pro competitive legislation

refers to laws designed to preserves competition

what do some say will be the next marking concept after "market orientation"

relation orientation

experimental research

research that allows marketers to make casual inferences about relationships - provides strong evidence of cause and effect - need a dependent variable and independent variable in order to set up research project

buying power

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

mail survey

respondents answer questionnaires through the mail

online survey

respondents answer questions via email or website

telephone survey

respondents answers are recorded by interviewer on the phone

kennedys consumer "bill of rights"

right to... - safety - be informed - choose - be heard

measuring actual performance

sales analysis marketing cost analysis

probability

sampling technique in which every element in the population being studied has a known chance of being selected for study

non probability

sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen

step 2 of the target market selection process: determine which segmentation variables to use

segmentation variables- characteristics of individuals groups or organizations used to divide a market into segments.

perception (physiological influences)

selecting organizing and interpreting info to produce meaning

information inputs

sensation received through senses

examples of consumer misbehavior

shoplifting organized retail crime consumer fraud pirating abusive consumers

single source data

single source data provided by single marketing research firm

question mark

small market share of a growing market and require significant cash to build market

which factor is the most difficult external variable to forecast influence or integral into market planning

sociocultural

what is a tool which allows organizations to classify and display strategic business units.

stars, cash cows, dogs, and question mark

coke, energy drinks, HiC, bottled water. stars, cows, dogs, question mark??

stars- bottled water cows- coke dogs- HiC ????- energy drinks

_____ and _____ are internal factors that can influence an organizations ability to satisfy its target market

strengths and weaknesses

Corporate identity should....

support all corporate activities including... unique symbols personalities philosophies

marketing research

systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunity

the health conscious customers represent cokes

target market

the 6 environmental forces, which is most associated personal computers that understand human speech

technological

situational involvement

temporary or dynamic involvement resulting from a particular set of circumstances need to buy a new car after accident, also, impulse buying to de stress

low involvement

tento to be less expensive and have less associated social risk groceries, t shirt

wealth

that accumulation of past income, natural resources and financial resources (cash, securities, real estate)

first mover

the ability of an innovative company to achieve long term competitive advantages by being the first to offer a certain product int the market place - build a companies reputation as a pioneer and market leader

late mover

the ability of later market entrance to achieve long term competitive advantages by not being the first to offer a certain product in a market place

1st dimension of social responsibility: Marketing Citizenship

the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders

income

the amount of money received through wages rents investments pensions and subsidy payments

technological forces

the application of knowledge and tools to solve problems/perform tasks more efficiently

buying behavior

the decision process and actions of people involved in buying and using products

consumer buying behavior

the decision processes and purchasing activities of ultimate consumers those people who purchase products for personal or household use and not for business purpose

benefit segmentation

the division of a market according to benefits that consumers want from the product

recovery

the economy moves from depression or recession to prosperity

2nd social responsibility issue: consumerism

the efforts of independent individuals, groups and organizations to protect the right of consumer

social influences

the force that other people exert on ones buying behavior

sociocultural forces

the influence in a society and its culture that ring about changes in peoples attitudes beliefs norms customs and lifestyles determine what, where, how and when people buy products

company sales potential

the max percentage of market share a firm can expect for a product

market density

the number of potential costumers within a unit of land area

consumerism (sociocultural force)

the organized efforts of individuals, groups, and organizations to protect the rights of consumers - lobbying government officials and agencies - letter writing campaigns and boycotts

market share

the percentage of a market that actually buys a specific product from a specific company

1st social responsible issue: sustainability

the potential for the long term well being of the natural environment, including biological entitles, as wells as the interaction among nature individuals organizations and business strategies

cause related marketing

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

environmental analysis

the process of assessing and interpreting the information gathered through environmental scanning (how you deal with the info collected during scanning) what you do with the scanning allows you to better understand the needs and wants of customers

environmental scanning

the process of collecting info about forces in the market environment (social media, news)

Marketing

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

market segmentation

the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs

strategic planning

the process of establishing an organizations mission and formulating goals corporate strategy marketing objectives, marketing strategy and marketing plan - should be guided by market orientation - components of strategic planning

strategic marketing management

the process of planning implementing and evaluating the performance of marketing activities and strategies both effectively and efficiently

marketing implementation

the process of putting marketing strategies into action

sampling

the process of selecting representative units from a total population

exchange

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

customers

the purchasers of organizations products the focal point of all marketing activity

competitive advantage

the result of a companies matching a core competency (superior skill or resources) to opportunity in the market place

marketing environment

the six forces that surround the customer and affect the marketing mix YOU HAVE NO CONTROL OVER THESES THINGS

realized strategy

the strategy that actually takes place

intended strategy

the strategy the organization decides on during the planning phase and wants to use

market potential

the total amount of product customers will purchase in a specific period

name the way that Starbucks meets the needs of its employees

they give them healthcare

strategic philanthropy

they synergetic use of organizational core competencies and resources to address key stakeholders interests and achieve both organizational and social benefits

core competencies

things a firm does extremely well, which give it an advantage over competition

psychological influences

those which operate in part to determine peoples general behavior and this influence behavior as consumers, factors are internal but are affected by outside social forces

what should be the fundamental goal of every marketing strategy

to achieve full profit potential of each customer relationship

STEP 3 of strategic planning: business unit strategy

to determine future business directions and develop strategies for individual business units - strategic business unit - market - market share

what are the 4 sections on the pyramid of social responsibility

top - philanthropic next- ethical next- legal bottom- economic

example of core competencies: apple

trendy desirable electronic devices

T or F marketing is not just a job done by the companies marketing department

true

T or F: one of the most critical elements in successful strategic planning is top managements support and participation

true

step 1 of the target market selection process: identify the appropriate targeting strategy

undifferentiated, differentiated or concentrated

prosperity

unemployment is low and total income is relatively high

depression

unemployment is very high, wages are very low, total disposal income is at minim, and consumer lack of confidence in the economy

recession

unemployment rises and total buying power declines

descriptive research

used to clarify the characteristics of certain phenomena to solve a particular problem - demands prior knowledge - assumes problem is clearly defined - may require statistical analysis

routinized response

used when buying frequently purchased low cost items that require very little search and decision effort out of milk--> go get it

sales analysis

uses sales figures to evaluate firms current performance

customer relationship marketing

using formation about customers t create marketing strategies that develop to sustain desirable customer relationships

limited problem solving

utilized when buying products occasionally or when one needs to obtain info about an unfamiliar brand in a familiar product category where are you going to shop for clothes, lots of brands

high involvement

visible to others and expensive as well as issues of high importance health care, a home, a car

purchase reasons

what the product purchase should accomplish and for whom

oligopoly (competitive structures)

when a few sellers control the supply of a large proportion of a product example: UPS or Fedex

monopoly (competitive structures)

when an organization offers a product that has no close substitute, making it the sole source of supple example: ky water

monopolistic competition (competitive structures)

when an organization with many competitors develops a marketing strategy to differentiate its product example: clothing

when is collusive research used?

when the marketer has one or more alternatives in mind and needs assistance in the final stages of decision making

qualitative data

yields descriptive non numerical information

quantitative data

yields empirical information tat can be communicated