BUSMKT 1040 Exam 1

beliefs

A consumer's subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people.

brand loyalty

A favorable attitude toward and consistent purchase of a single brand over time.

code of ethics

A formal statement of ethical principles and rules of conduct.

product

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

consumerism

A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

attitude

A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way.

Yes, because paying tuition was exchanged for knowledge that directly led to Jerome's high-paying, fulfilling new job.

A local college of business offers an outstanding graduate business school education program. Jerome pays the tuition to attend and earns his MBA with a concentration in marketing management. Upon graduating, he is offered a high-paying, fulfilling position. Was this a marketing exchange?

moral idealism

A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

utilitarianism

A personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior.

marketing program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

brand community

A specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use.

relationship marketing

A strategy that links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

consumer journey map

A visual representation of all the touchpoints a consumer comes into contact with before, during, and after a purchase.

two or more parties (individuals or organizations) with the same wants

All of these are factors required for marketing to occur except which?

self-regulation

An alternative to government control whereby an industry attempts to police itself.

marketspace

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digital offerings.

target market(s)

An organization can't satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its

societal marketing

An organization exists not only to satisfy customer wants but also to preserve or enhance individuals' and society's long-term best interests.

market orientation

An organization with a market orientation focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.

multicultural marketing

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

sustainable development

Conducting business in a way that protects the natural environment while making economic progress.

transparency test

Could I give a clear explanation for the action I'm contemplating, including an honest and transparent account of all my motivations?

demographics

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

publicity test

Do I want to see this (and me) on the front page?

whistle-blowers

Employees who report unethical or illegal actions of their employers.

place

If Mom places the highest value on convenience when looking for a cup of coffee, with which of the marketing mix components is she most concerned?

technology

Inventions or innovations from applied science or engineering research.

green marketing

Marketing efforts to produce, promote, and reclaim environmentally sensitive products.

discovering; satisfying

Marketing focuses on ______ and ______ consumer needs.

All stakeholders should be benefit from Mizuno's marketing efforts, even society at large.

Mizuno designs and sells high-quality baseball gloves. Who benefits from the firm's marketing activities for its gloves?

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.

target market

One or more specific groups of potential consumers toward which an organization directs its marketing program.

regulation

Restrictions state and federal laws place on a business with regard to the conduct of its activities.

market segment

The Coffee Collective is seeking to identify customers who want a unique coffee-drinking experience and are open to a loyalty rewards program. In doing so, the Coffee Collective is determining its

consumer behavior

The actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions.

electronic commerce

The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services.

competition

The alternative firms that could provide a product to satisfy a specific market's needs.

utility

The benefits or customer value received by users of the product.

economic espionage

The clandestine collection of trade secrets or proprietary information about a company's competitors.

social forces

The demographic characteristics of the population and its culture.

sustainable marketing

The effort to meet today's (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs.

social responsibility

The idea that organizations are part of a larger society and are accountable to that society for their actions.

customer experience

The internal response that customers have to all aspects of an organization and its offering.

disposable income

The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

discretionary income

The money that remains after paying for taxes and necessities.

ethics

The moral principles and values that govern the actions and decisions of an individual or group.

Internet of Things (IoT)

The network of products embedded with connectivity-enabled electronics.

ultimate consumers

The people who use the products and services purchased for a household. Also called consumers, buyers, or customers.

environmental scanning

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

customer relationship management (CRM)

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase.

triple bottom line

The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.

market segments

The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action.

culture

The set of values, ideas, and attitudes that are learned and shared among the members of a group.

gross income

The total amount of money made in one year by a person, household, or family unit.

environmental forces

The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.

societal marketing concept

The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.

organizational buyers

Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.

customer value

To create the most ________ for someone like Gabby's dad, coffee houses need to minimize their expenses and keep their prices down. Fancy furniture and free WiFi are simply not of interest to consumers who want a quick, inexpensive cup of coffee.

an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals

What are the two key characteristics of the marketing concept?

1) change beliefs about the extent to which a brand has certain attributes 2) change the perceived importance of these attributes 3) add new attributes to the product

What three attitude-change approaches are most common?

Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality.

Which statement best distinguishes between consumer needs and wants?

person in the mirror test

Will I be able to look at myself in the mirror and respect the person I see there?

Moral mentor test/ admired observer test

Would the person I admire the most do this?

sales

aggressive sales techniques and belief that high sales result in high profits

basic research

attempts to expand frontiers of knowledge but is not aimed at a specific business problem

applied research

attempts to solve a specific problem

create customer value and satisfying exchanges

best way to generate repeat business?

direct competition

brand competition in which competitors offering similar products compete for consumer choice

general competition

competition for discretionary income

country culture

easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify.

-two or more parties with unsatisfied needs -two or more parties with something of value -desire & ability to satisfy needs -means to communicate with each other

for an exchange to take place:

large

in pure competition there are a ________ number of sellers

production

internal capabilities of the firm

monopolistic competition

many sellers compete for buyers; each offers a slightly different product seen as substitutes for one another

pure competition

many sellers each offering the same product

associative groups aspiration groups dissociative groups

marketer are concerned with which types of reference groups

value is in the eye of the beholder

marketers must create an attractive value propositon

profit responsibility

obligation to maximize profits for stockholders

societal responsibility

obligations to preserve environment and to the general public

stakeholder responsibility

obligations to those who can affect achievement of its objectives

societal

organizations should satisfy customer needs/wants in a way that provides for society's well-being

indirect competiton

product competition in which different products attempt to satisfy the same needs or wants

marketing mix (4 p's)

product, price, place, promotion

oligopoly

relatively small number of sellers, each with a substantial share of market

market

satisfying customer needs and wants while meeting objectives

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

consideration set

the brands a consumer considers buying out of the set of brands in a product class of which the consumer is aware are collectively called the _________

green washing

the exaggerated or false marketing of a product, good, or service as environmentally friendly

unfair business practices

the federal trade commission (FTC) monitors

marketing concept

the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

regional culture

the influence of the area within a country in which people live

value

the ratio of perceived benefits to perceived costs (price)

customer value

the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

person marketing

use of efforts designed to attract the attention, interest, and preference of a target market toward a person

opinion leadership and word of mouth

what are two primary forms of personal influence

problem recognition

what is the first stage in the consumer purchase decision process?

the consumer bill of rights codified the ethics of exchange between buyers and sellers

what rights are included in the consumer bill of right

pure monopoly

when one seller controls the market

Business, Government, Religions, Special Interest Groups, etc.

who uses marketing?

golden rule test

would I want this done to me?