MKTG 321 Test 1
If Julio Ruiz has an income of $30,000, pays $6,000 in rent, $1,200 in utilities, and $5,000 in taxes per year, his disposable income is
$25,000
Monopoly
-Type of competitive structure- # of Competitors: 1 Ease of entry: many barriers Product: almost no substitutes Example: Fort Collins water utilities
Monopolistic competition
-Type of competitive structure- # of Competitors: many Ease of entry: few barriers Product: differentiation with many subs. Example: Levi's
Pure competition
-Type of competitive structure- # of Competitors: unlimited Ease of entry: no barriers Product: homogeneous products Example: vegetable farm
Oligopoly
-Type of competitive structure- # of Competitors: few Ease of entry: some barriers Product: homogeneous or differentiated Example: general motors
Evolution of the Marketing Concept
1. Production orientation was the priority of second half of nineteenth century/ Industrial Revolution due to incredibly high demand for different and new products 2. Sales orientation was the priority of the 1920's when that demand subsided and products had to be "sold" 3. Marketing orientation is now the priority since the 1950s because businessmen figured out that it was more cost effective and therefor profitable to first determine what customers wanted then produce those products.
Conditions for Exchange
1. Two or more individuals, groups, organizations must participate. 2. The exchange should provide a benefit or satisfaction to both parties 3. Each party must have confidence in the promise of the something of value held by the other 4. The parties to the exchange must meet expectations
planning, follow up
2 basic things marketing includes
solve problems, feel better
2 reasons people buy a product
safety, informed, choose, heard
4 rights in JFK's consumer bill of rights
consumer protection legislation
60's movement with nadar. protect people from harm, prohibit hazardous products, information disclosure, particular marketing activites
competitive, economic, political, legal, regulatory, technological, sociocultural
7 forces on the marketing environment
80/20 rule
80 percent of profit is from 20 percent of customers
cognitive dissonance
A buyer's doubts shortly after a purchase about whether the decision was the right one
database
A collection of information arranged for easy access and retrieval
extended problem solving
A consumer problem-solving process employed when purchasing unfamiliar, expensive, or infrequently bought products
routinized response behavior
A consumer problem-solving process used when buying frequently purchased, low-cost items that require very little search-and-decision effort
limited problem solving
A consumer problem-solving process used when purchasing products occasionally or needing information about an unfamiliar brand in a familiar product category
Concept of Value
A customer's subjective assessment of benefits relative to costs in determining the worth of a product (customer value = customer benefits - customer costs). Consumers develop a concept of value through the integration of their perceptions of product quality and financial sacrifice.
consumer buying decision process
A five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation
time series analysis
A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses
marketing information system (MIS)
A framework for managing and structuring information gathered regularly from sources inside and outside the organization
consideration set
A group of brands within a product category that a buyer views as alternatives for possible purchase
subculture
A group of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture
reference group
A group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members
homogeneous market
A market in which a large proportion of customers have similar needs for a product
heterogeneous market
A market made up of individuals or organizations with diverse needs for products in a specific product class
concentrated targeting strategy
A market segmentation strategy in which an organization targets a single market segment using one marketing mix
attitude scale
A means of measuring consumer attitudes by gauging the intensity of individuals' reactions to adjectives, phrases, or sentences about an object
opinion leader
A member of an informal group who provides information about a specific topic to other group members
geodemographic segmentation
A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
regression analysis
A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income
self-concept
A perception or view of oneself
in-home (door-to-door) interview
A personal interview that takes place in the respondent's home
Marketing Strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.
Delphi technique
A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
shopping mall intercept interview
A research method that involves interviewing a percentage of individuals passing by "intercept" points in a mall
executive judgment
A sales forecasting method based on the intuition of one or more executives
personality
A set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior in certain situations
undifferentiated targeting strategy
A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
differentiated targeting strategy
A strategy in which an organization targets two or more segments by developing a marketing mix for each segment
sales force forecasting survey
A survey of a firm's sales force regarding anticipated sales in their territories for a specified period
customer forecasting survey
A survey of customers regarding the types and quantities of products they intend to buy during a specific period
Better Business Bureau (bbb)
A system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms
on-site computer interview
A variation of the shopping mall intercept interview in which respondents complete a self-administered questionnaire displayed on a computer monitor
Wealth
Accumulation of past income, natural resources, and financial resources. Exists in the form of cash, securities, savings, jewelry and real estate. The significance to marketers when you have this is that it increases their buying power by the ability to make current purchases, to generate income, and acquire large amounts of credit.
roles
Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
Marketing citizenship
Adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders.
Disposable Income
Amount of money left over after payment of taxes. Determined by total income and taxes of a household.
Income
Amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period.
random factor analysis
An analysis attempting to attribute erratic sales variations to random, nonrecurrent events
seasonal analysis
An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
cycle analysis
An analysis of sales figures for a three- to-five year period to ascertain whether sales fluctuate in a consistent, periodic manner
trend analysis
An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
micromarketing
An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
Ethical issue
An identifiable problem, situation, or opportunity that requires an individual or organization to choose from among several actions that must be evaluated as right or wrong, ethical or unethical.
selective distortion
An individual's changing or twisting of information that is inconsistent with personal feelings or beliefs
level of involvement
An individual's degree of interest in a product and the importance of the product for that person
attitude
An individual's enduring evaluation of feelings about and behavioral tendencies toward an object or idea
lifestyle
An individual's pattern of living expressed through activities, interests, and opinions
internal search
An information search in which buyers search their memories for information about products that might solve their problem
external search
An information search in which buyers seek information from sources other than their memories
motive
An internal energizing force that directs a person's behavior toward satisfying needs or achieving goals
telephone depth interview
An interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys
focus-group interview
An interview that is often conducted informally, without a structured questionnaire, in small groups of 8 to 12 people, to observe interaction when members are exposed to an idea or a concept
social class
An open group of individuals with similar social rank
impulse buying
An unplanned buying behavior resulting from a powerful urge to buy something immediately
statistical interpretation
Analysis of what is typical and what deviates from the average
Technology
Application of knowledge and tools to solve problems and performs tasks more efficiently. Technology grows out of reasearch performed by businesses, universities, governments agencies and non profits. More than half of this research is payed for by the Federal Gov.
Reach
Aspect of Technology: refers to the broad nature of technology as it moves through society
Dynamics
Aspect of Technology: refers to the constant change that often challenges the structures of social institutions, including social relationships, the legal system, religion, education, business and leisure.
Self-Sustainability
Aspect of Technology: relates to the fact that technology acts of a catalyst to spur even faster development. As new innovations are introduced, they stimulate the need for more advancements to facilitate further development.
Which of the following companies would probably be most interested in tracking discretionary income levels
BMW automobiles
Sociocultural Forces
Because marketing activities are primarily social in purpose, they are influenced by beliefs and values regarding family, religion, education, health, and recreation. By identifying major ________ deviations among countries, marketers lay groundwork for an effective adaptation of marketing strategy.
consumer misbehavior
Behavior that violates generally accepted norms of a particular society.
Refer to Scenario 3.1. A regular customer of Meyers Sporting Goods feels that some of its advertisements are deceptive. He responded to an ad for sale skateboards one hour after the store opened and found that none were left. Where should he file a complaint?
Better Business Bureau
learning
Changes in an individual's thought processes and behavior caused by information and experience
segmentation variables
Characteristics of individuals, groups, or organizations used to divide a market into segments
Marketing Concept
Concept that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals.
product positioning
Creating and maintaining a certain concept of a product in customers' minds
marketing decision support system (MDSS)
Customized computer software that aids marketing managers in decision making
Buying Power
Depends on the economic conditions and the size of the resources -money, goods, and services that can be traded in an exchange - that enable the individual to make purchases. the major financial sources of buying power are income, credit and wealth.
International Marketing
Developing and performing marketing activities across national boundaries.
Ethical and Social Forces
Differences in national standards of trade and business such as the use of payoffs ad bribes deeply entrenched in many governments. The US by law is not allowing to participate in this and that leaves them at a disadvantage to other countries.
Which category of income are marketers most interested in?
Disposable Income
Discretionary Income
Disposable incoe that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter. Used for purchasing entertainment, vacations, cars, education, pets, furniture, etc.
Lindsay was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Lindsay had also bought tickets to a Katy Perry concert and new clothes to wear to the concert. The money spent on Lindsay's rent, car, electric and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.
Disposable income; discretionary income
Credit
Enables people to spend future income now or in the near future. It increases buying power now at the expense of future buying power.
Beth Hines is buying furniture for her apartment for the first time. She is spending considerable time and effort comparing the products that different stores offer. Which type of problem-solving process is she using?
Extended
Mark is shopping for a new suit to wear to an important interview. He really wants to impress his prospective employer and is shopping at many stores to find the right outfit. Martin is using which type of consumer problem-solving process?
Extended problem solving
Opportunity
Factor of ethical decision making; Conditions that limit barriers or provide rewards. A marketing employee who takes advantage of an opportunity to act unethically and is rewarded or suffers no penalty may repeat such acts as other opportunities arise.
Organizational relationships
Factor of ethical decision making; Typically choices are made jointly, in work groups and committees or in conservations and discussions with coworkers.
Individual Factors
Factor of ethical decision making; when people need to resolve ethical conflicts in their daily lives, they often base their decisions on their own values or principals of right or wrong.
psychological influences
Factors that in part determine people's general behavior, thus influencing their behavior as consumers
Cause Related Marketing
Firms linking their products to a particular social cause on an ongoing or short term basis. Ex. changing colors and labels of packing for breast cancer awareness
Customer relationship mgmt (CRM)
Focuses on using information about customer to create marketing strategies that develop and sustain desirable customer relationships. By increasing customer value over time, organizations try to retain and increase long-term profitability through customer loyalty.
Marketing Mix
Four marketing activities - product, distribution, promotion, and pricing - that a firm can control to meet the needs of customers within its target market.
Which of the following are the most frequently sentenced organizational crimes?
Fraud and antitrust violations
Economic Forces
Global marketers need to understand the international trade system, particularly the economic stability of individual nations, as well as trade barriers that may stifle marketing efforts. Economic differences among nations-differences in standards of living, credit, buying power, income distribution, national resources, and exchange rates- dictate man of the adjustments firms must make to market internationally
Self-Regulatory programs
Have several advantages and disadvantages compared to governmental laws and regulatory agencies. Adv. 1. cheaper 2. guidelines more realistic and operational 3. reduce need to expand gov. bureaucracy Dis. 1. Non members don't have to abide by laws 2.lack tools or authority to enforce 3. guidelines often less strict
Exchange
Individuals and organizations engage in marketing to facilitate _______ or the provision or transfer of goods, services, or ideas in return for something of value. We assume only that individuals and organizations expect to gain a reward in excess of costs incurred.
business market
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
market segment
Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
Sociocultural forces
Influences in a society and its cultures that bring about changes in people's attitudes, beliefs, norms, customs, and lifestyles. Profoundly affecting how people live, these forces help determine what, where, how and when people buy products.
situational influences
Influences that result from circumstances, time, and location that affect the consumer buying decision process
single-source data
Information provided by a single marketing research firm
Technological Forces
Interactive web systems, instant messaging, and podcast downloads (along with traditional vehicles of voice mail, e-mail, fax and cell phones) make international marketing activities more affordable and convenient.
Pro-competitive Legislation
Laws designed to preserve competition. Most were enacted to end various antitrade practices deemed unacceptable by society. Illegal acts include stealing or obtaining trade secrets from a competitor, trademark and copyright infringement, price fixing, false advertisement, bait and switch, and false representation of products. Ex. The Sherman Antitrust Act was passed in 1890 to prevent businesses from restraining trade and monopolizing markets.
Consumer Protection Legislation
Laws passed to prohibit adulteration of food and drugs and to protect people from actual and potential physical harm caused by adulteration or mislabeling. Ex. Congress prohibits sale of flammable fabrics and toys
Political and Legal Forces
Legislation is enacted, legal decisions are interpreted, and regulatory agencies are operated by elected and appointed officials. A countries legal and regulatory infrastructure is a direct reflection of the political climate in a country.
market test
Making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts
Technology Assessment
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. With this info, managers try to estimate whether benefits of adopting a specific technology outweigh costs to the firm and to society at large.
____ describe the similarities among potential customers within a market segment and explain the differences among people in different market segments.
Market segment profiles
Refer to Scenario 6.2. Currently, GE uses several sales forecasting methods. One method is to sell the different locomotive engines to buyers in different countries, and then measuring the purchasing response in each. In this case, GE Transportation is using the _____ method to forecast future sales.
Market test
breakdown approach
Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
buildup approach
Measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered
patronage motives
Motives that influence where a person purchases products on a regular basis
evaluative criteria
Objective and subjective product characteristics that are important to a buyer
Refer to Scenario 3.2. In what type of competitive structure is Clayton Homes most likely operating?
Perfect competition
Marketing Ethics
Principals and standards that define acceptable conduct in marketing as determined by various stakeholders, including the public, government regulators, private interest groups, consumers, industry and the organization itself.
Environmental Analysis
Process of assessing and interpreting the information gathered from scanning. A manager evaluates the information for accuracy, tries to eliminate inconsistencies in the data, and if warranted, assigns significance to the findings. Evaluating this info helps the manager identify potential threats and opportunities linked to environmental change.
____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.
Product
consumer market
Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
In general, which of the following competitive structures is an organization least likely to operate?
Pure competition
Environmental Protection Agency (EPA)
Regulatory commission; Develops and enforces environmental protection standards and conducts research into the adverse effects of pollution
Federal Trade Commission (FTC)
Regulatory commission; Enforces laws and guidelines regarding business practices; takes action to stop false and deceptive advertising, pricing, packaging, and labeling.
Food and Drug Admin (FDA)
Regulatory commission; Enforces laws and regulations to precent distribution of adulterated or misbranded foods, drugs, medical devices, cosmetics, veterinary products and potentially hazardous consumer products.
Consumer Product and Safety Commission (CPSC)
Regulatory commission; Ensures compliance with the Consumer Product Safety Act; protects the public from unreasonable risk of injury from any consumer product not covered by other regulatory agencies.
Federal Communications Commission (FCC)
Regulatory commission; Regulates communication by wire, radio, and tv in interstate and foreign commerce
Federal Power Commission (FPC)
Regulatory commission; Regulates rates and sales of natural gas producers, thereby affecting the supply and price of gas available to consumers
selective retention
Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not
Refer to Scenario 3.1. Suppose that the Soljur Sports company was actually discriminating against Meyer Sporting Goods with its price increase. Which of the following acts prohibits this type of business behavior?
Robinson-Patman
expert forecasting survey
Sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors
National Advertising Review Board (NARB)
Self regulatory system; considers cases in which an advertiser challanges issues raised by the NAD about an advertisement. Cases are reviewed by panels drawn from NARB members that represent advertisers, agencies, and the public.
National Advertising Board (NAD)
Self regulatory system; operates a program that investigates claims regarding alleged deceptive advertising.
Better Business Bureau (BBB)
Self regulatory system; system of nongovernmental, independent, local regulatory agencies that are supported by local businesses. More than 150 bureaus help settle problems between consumers and specific business firms by trying to preserve good business practices in a locality.
information inputs
Sensations received through sight, taste, hearing, smell, and touch
customer advisory boards
Small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of its marketing strategy
Green Marketing
Strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting and enhancing the natural environment. Companies are pushed to implement the following goals -eliminate the concept of waste -reinvent the concept of the product -Make prices reflect the cost -Make environmentalism profitable Ex. Toyota, honda and ford hybrid cars
Strategic Philanthropy
Synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits. Ex. Home Depot hooking up with Habitat for humanity to build homes
While playing soccer, Bryan suddenly fell and broke his arm. Needing to get to the hospital, he was not only interested in the nearest location, but also the shortest emergency room wait time. He remembered seeing a billboard for The Cleveland Clinic promoting their time-text service where he could call the number GET-TXT-TIME and they would text him the approximate waiting time at the closest three hospital locations. The Cleveland Clinic is providing enhanced service to its patients by capitalizing on which environmental force?
Technological
Which of the following regulatory groups is a system of nongovernmental, independent, local regulatory agencies supported by local businesses?
The Better Business Bureau
culture
The accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations
sales forecast
The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
buying behavior
The decision processes and actions of people involved in buying and using products
consumer buying behavior
The decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
benefit segmentation
The division of a market according to benefits that consumers want from the product
Consumerism
The efforts of independent individuals, groups, and organizations to protect the rights of consumers.Organizations are obligated by law and consumer activist groups to provide to the consumer the right to safety, right to be informed, right to chose and the right to be heard.
Community Relations
The expectation for marketers to make philanthropic contributions to civic projects and institutions and to be "good corporate citizens". Ex. Target funding schools and scholarships; Corporate building used for farmers markets or concerts
Maslow's hierarchy of needs
The five levels of needs that humans seek to satisfy, from most to least important
social influences
The forces other people exert on one's buying behavior
Target Market
The group of customers on which marketing efforts are focused.
company sales potential
The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
Why would a company use the undifferentiated strategy?
The needs of individual consumers in the target market for a specific product are similar, so the organization can satisfy most customers with a single marketing mix.
market density
The number of potential customers within a unit of land area
selective exposure
The process by which some inputs are selected to reach awareness and others are not
Environmental Scanning
The process of collecting information about forces in the marketing environment. Scanning involves observation; secondary sources such as business, trade, government, general interest publications and marketing research. The internet is a very popular way to scan due to its speed and accessibility of information.
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 stakeholders 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
perception
The process of selecting, organizing, and interpreting information inputs to produce meaning
consumer socialization
The process through which a person acquires the knowledge and skills to function as a consumer
market potential
The total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity
Improving ethical conduct
To achieve an organization can hire ethical employees and eliminate unethical ones, and by improving the its ethical standards. Organizations must have a strict code of conduct for employees to clearly follow, ethics officers to enforce and resolve issues, and implement ethical and legal compliance programs to train employees on how to be more ethical and help others do the same.
Pyramid of social responsibility
Top: Philanthropic - contribute resources to the community; improve quality of life Upper Middle: Ethical - Obligation to do what is right, just and fair; avoid harm Lower Middle: Legal - Law is society's codification of right and wrong; play by the rules Base: Economic - Be profitable; the foundation upon all others rest
Total Budget Competitors
Type of competitor; compete for the limited financial resources of the same customer. Ex. TBC for Diet Coke might be gum, or a newspaper.
Product Competitors
Type of competitor; compete in the same product class but market products with different features, benefits, and prices. Ex. Jamba Juice breakfast vs. breakfastMcdonalds
Brand Competitors
Type of competitor; market products with similar features and benefits to the same customers at similar prices. Most important to customers and in turn to marketers Ex. Diet Coke vs Diet Pepsi
Generic Competitors
Type of competitor; provide very different products that solve the same problem or satisfy the same basic customer need. Ex. tap water
Which of the following industries is most commonly regulated by state regulatory agencies?
Utility companies
Which of the following is the best example of utilizing technology to improve consumer relationships?
Waiters recording orders on handheld computers
When a firm continues to violate what the Better Business Bureau believes to be good business practices, what is one of the main actions the bureau will take?
Warn consumers of the unfair practices.
trading company
a company that links buyers and sellers in different countries
oligopoly
a competitive structure in which a few sellers control the supply of a large proportion of a product
monopolistic competition
a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
monopoly
a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
validity
a condition that exists when a research method measures what it is supposed to measure
reliability
a condition that exists when a research technique produces almost identical results in repeated trials
value
a customer's subjective assessments of benefits relative to costs in determining the worth of a product
random sampling
a form of probability sampling in which all units in a population have an equal chance of appearing in the sample, and the various events that can occur have an equal or known chance of taking place
sample
a limited number of units chosen to represent the characteristics of a total population
Yvonne and Garret are looking at information about how their organization's products could fit potential customers' needs. This information deals with demographic characteristics, product benefits sought, lifestyles, geographic factors, brand preferences, and usage rates. They are most likely looking at
a market segment profile.
pure competition
a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchase response is
a market test.
quota sampling
a nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
business cycle
a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
personal interview survey
a research method in which participants respond to survey questions face-to-face
mail survey
a research method in which respondents answer a questionnaire sent through the mail
online survey
a research method in which respondents answer a questionnaire via e-mail or on a website
telephone survey
a research method in which respondents' answers to a questionnaire are recorded by an interviewer on the phone
nonprobability sampling
a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
National Advertising Review Board (narb)
a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement
prosperity
a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low)
recession
a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
recovery
a stage of the business cycle in which the economy moves from recession or depression toward prosperity
depression
a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy
stratified sampling
a type of probability sampling in which the population is divided into groups with a common attribute and a random sample is chosen within each group
probability sampling
a type of sampling in which every element in the population being studied has a known chance of being selected for study
reactive
accepting a change as uncontrollable and comply with it
marketing concept
according to this concept, an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. To implement, an organization strives to determine what buyers wants and uses this information to develop satisfying products - focuses on customer analysis, competitor analysis, and integration of the firm's resources to provide customer value and satisfaction as well as generate long-term profits. The firm must also continue to alter, adapt, and develop products to keep pace with customers' changing desires and preferences
wealth
accumulation of past income and resources. unevenly distributed. increasing globally
marketing citizenship
adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders. we have obligations to people we affect to be responsible
sales orientation, after WW2- early 1960's
after WW2, factories were capable of switching from war goods to civilian goods, unlike national firms had no outside competition except w/ eachother. thought most important acts were personal selling, advertising, and distribution. what is this an example of and what years was it popular
disposable income
after-tax income
Abercrombie & Fitch is developing a program to get to know its customers. Which of the following is not a reason why A&F needs to understand consumer buying behavior?
all customers are the same when it comes to buying behavior
domestic marketing
all focused in the nation of origin
population
all the elements, units, or individuals of interest to researchers for a specific study
common market of the southern cone
alliance to promote free circulation of goods and labor and has a common external tarrif and commercial policy among member nationsl in south america
Often, the Delphi technique is used in conjunction with an expert forecasting survey. The major objective is to
allow experts to work separately to reach a consensus as to their forecasts.
unsalables
always belong to the manufacturer. ex: toxins
Federal Trade Commission (ftc)
an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
willingness to spend
an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
hypothesis
an informed guess or assumption about a certain problem or set of circumstances
The Decca Electric Corporation produces light bulbs that are used in refrigerator manufacturing. Currently, only three other companies produce bulbs used in the production of refrigerators, with Decca as the leader in market share. In this case, Decca Electric Corporation would be considered
an oligopoly.
The tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry could best be described as
an oligopoly.
research design
an overall plan for obtaining the information needed to address a research problem or issue
customers
as the purchasers of the products that organizations develop, promote, distribute, and price, __ are the focal point of all marketing activities. Organizations must define their products not according to what they produce but according to how they satisfy customers.
The three major types of reference groups are:
aspirational, disassociative, and membership.
proactive
attempt to influence and shape the change by voting, lobbying or sitting back and waiting to see how it pans out
Having used both Secret and Sure deodorants, Annette feels that Secret is a good product and the one that best meets her needs. She has formed a(n) ____ about Secret.
attitude
Refer to Scenario 7.1. Positive feelings generated by satisfaction with Skola's response will become part of Steve's
attitude.
Problem recognition occurs when a consumer
becomes aware that there is a difference between a desired state and an actual condition.
The Gap has recently produced a new line of athletic wear that closely competes with a designer label in its quality, utility, and appearance. However, it is about half the cost of the designer brand. Product managers for The Gap line plan to use price sensitivity, brand loyalty, and end use as variables to segment their target market. These are all _______ variables for market segmentation.
behavioristic
BRICS
brazil, russia, india, china, south africa. economies appear to be quickly advancing.
Using the breakdown approach to sales potential, estimates are made
by starting with general economic conditions.
world trade organization
came out of GATT agreement after WW2, 1995. its the mechanism for enforcing GATT. they really have no enforcement other than public pressure. promotes free trade among 150 member nations.
When selecting specific target markets, a firm should
choose the segments most in line with the firm's objectives and long-term growth.
When organizing perceptual inputs, people tend to mentally fill in missing elements in a pattern or statement. This principle is called
closure.
crowdsourcing
combines the words crowd and outsourcing and calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call
total budget competitors
compete for limited finances from the same customers. coke v newspaper
Refer to Scenario 6.1. Lil' Angels Kids Spa is currently using a(n)____ targeting strategy.
concentrated
When shopping for detergent, Josh looks at Tide, Fresh Start, Surf, and All and chooses the one that is on sale. These four brands make up his ____ set.
consideration
national advertising review board
considers challenges to issues raised by the national ad division about an ad
outsourcing
contracting noncore operations with an organization that specializes in that operation
citizens united v FTC
court case that said gov cant ban corporate spending in elections
marketing
creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
Many well-known restaurants and corporations are changing to a completely smoke-free environment, and fewer restaurants offer smoking and nonsmoking sections. These firms are responding to changes in
cultural values.
The Classic Hotel Group has begun to offer entire floors of rooms in its hotels that are smoke-free, adults-only, and pet-friendly. The Classic Hotel Group is responding to changes in
cultural values.
value
customer benefits - customer costs
true customers
customer orientation develops ____ _____. they are investments in your business. they are glad to have done bus with you and will continue doing business with you until something better comes along.
multinational marketing
customize the countrys market based on regional differences
cusomization
customizing marketing strategy to meet different marketing mixes
secondary data
data compiled both inside and outside the organization for some purpose other than the current investigation
primary data
data observed and recorded or collected directly from respondents
robinson patman act
deals with price discrimination. chain stores were seen as bad b/c they could charge lower price, but you could do it if it could be justified on a cost basis.
Kelly's Kids is a home-based business that sells high-quality children's clothing at premium prices using in-home parties. These in-home parties typically cater to families with small children and middle- to upper-middle-class income. Kelly's Kids is using ____ variables to segment its market.
demographic
With its Venus razor, Gillette was the first marketer to offer a triple blade razor specifically designed for women. This is an example of market segmentation using ____ variables.
demographic
Many health care companies are making adaptations to meet the needs of an aging population as the demand for medical services and products such as diabetes supplies increases. This change in marketing strategy is best explained by a change in
demographics.
Consumer confidence is at a low during periods of
depression.
The best approach for a company to take when monitoring its competitors is
developing a system for gathering ongoing information about competitors.
customer-centric marketing
developing collaborative relationships with customers based on focusing on their individual needs and concerns
globalization
development of market strat that treat the world market as a single entity
balance of trade
difference between a nation's exports and its imports.
Procter & Gamble markets Cheer detergent to young singles and couples and Tide detergent to families. Procter & Gamble is using a(n) ____ targeting strategy for laundry detergents
differentiated
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
Stakeholder Orientation
diverse perspectives of stakeholders in the daily operations and strategic planning of a company
existence of a market doesnt ensure existence of a customer, competition can have lower prices, number of competitors never declines, give the customer what they want, the customers are important
dr. gresham's 5 rules of marketing
tariff
duty levied by a nation on goods bought outside its borders and brought into the country. rational is to protect domestic industry
Chloe and Max are searching for a health club to join. This purchase will likely be affected by ____ involvement.
enduring
After Home Depot gathers information related to its marketing environment, it attempts to define current environmental changes and predict future changes. This determines possible opportunities and threats facing the company. It illustrates the process that is called
environmental analysis
Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in
environmental scanning.
The Lazy-Boy Furniture Company collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities. This process is called
environmental scanning.
customer relationship management
establishing long term mutually satisfying buyer-seller relationships. also using info about customers to create a marketing strategy that develops and sustains desirable customer relationships
relationship marketing
establishing long-term, mutually satisfying buyer-seller relationships and exchanges. Continually deepens the buyer's trust in the company, which as the customer's confidence grows, in turn increases the firm's understanding of the customer's needs
1960's-present, marketing orientation
europe was rebuilt and comp was renewed. organization wide commitment to researching and responding to customer needs. example of and what years
Refer to Scenario 7.2. Since Alicia and Carlos were using gas mileage as one of their evaluative criteria, they are most likely in the ____ phase of the consumer buying process.
evaluation of alternatives
self referencing criterion
everyone has a POV about how things should be done, but when youre making judgements about other cultures you shouldnt let this get in the way
A group of brands that a consumer views as alternatives for possible purchase is called a(n)
evoked set.
product competitors
ex: coke v bottled water. same product class but different benefits and prices
brand competitors
ex: coke v pepsi. similar benefits and prices
2
export via independent reps. stage of entry into global market
Jeff needs to buy his textbooks for the coming semester of college. It is only two weeks before the first day of class, and he still has not made a purchase. Jeff wants to buy them somewhere other than the bookstore since he is still living at his parents' home and won't be on campus until the day before class. Jeff goes online and looks for sites that sell the textbook. Then he remembers that one of his friends had said something earlier about finding the book for a great price. Jeff then calls his friend to get the name of the site. In terms of Jeff's buying decision process, his going online to look for sites was part of _______, and his calling a friend was ______.
external information search; also external information search
A marketer that targets customers based on marital status and the presence and age of children is using
family life cycle.
oligopoly
few competitors, some entry barriers (mostly cost), product is homogeneous or differentiated. demand curve is downward sloping but more flat towards the higher prices
total budget competitors
firms that compete for the limited financial resources of the same customers
product competitors
firms that compete in the same product class but market products with different features, benefits, and prices
brand competitors
firms that market products with similar features and benefits to the same customer at similar prices
generic competitors
firms that provide very different products that solve the same problem or satisfy the same basic customer need
income
for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period
franchising
form of licensing in which a franchiser, in exchange for a financial commitment, grants and franchisee the right to market its product in accordance with the franchisers standards. deeper financial commitment
code of conduct
formalized rules and standards that describe what the company expects of its employees. must be periodically revised to eliminate weakness. reduces opp for unethical behavior.
bait and switch
gain interest with low priced product and then switch them to pricier product when they come in the store
Population density and city size are ____ variables used for market segmentation.
geographic
Refer to Scenario 6.2. Suppose that GE Transportation decided to produce only locomotive engines for rail lines in the United States. The segmentation variable then would be
geographic location.
puffery
gives advertisers license to describe their product as a little exaggerated as long as the reasonable person wouldnt believe it
exchange controls
gov't restrictions on the amount of a particular currency that can be bought/sold.
embargo
gov't suspension of trade in a particular product or w/ a certain country. usually political.
export import bank of the US
govt institution that helps US companies with loans to help them sell products in foreign countries
product orientation, 1850-early 1900's
henry ford focused on mass production, not customer relations. demand for manufactured goods was strong. this is an example of what type of marketing and what years was it popular in
Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.
heterogeneous
contract manufacturing
hiring of a foreign firm to produce a designated amount of the domestic volume of the domestic firms product. final product carries the domestic firms name
4
how many times cheaper is it to keep an existing customer than to get a new one?
400 billion
how much $/yr does the us currently have a deficit of
600 billion
how much is the counterfeiting global value at
ethical issue
identifiable problem, situation, or opportunity that requires someone to choose among several actions that must be evaluated as right or wrong. can exist regardless of if it is legal or not.
opportunity
if company encourages unethical options or it is the cheaper way to go. if conditions limit barriers/give rewards, it may promote unethical activity
foreign corrupt practices act
illegal for US girms to make bribes to influence policy decisions of foreign gov'ts. have to have riforous internal controls for overseas operations.
willingness to spend
inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychologial and social forces. whether or not you'll spend your extra money or save it basically
A person's buying power is a function of
income, wealth, and credit.
better business bureau
independent local agencies supported by local business that helps settle problems between customers and businesses
federal trade commission act
influences marketing activities more than any other. gives this group the powers to prevent unfair method of competition. they can issue cease and desist orders and you arent likely to beat them in court.
walmart
largest global corporation
Marketers often provide consumers with experience to their products, including free samples and trial offers, to facilitate consumer
learning.
self regulatory forces
less expensive to run. guidelines are less strict and more realistic. nonmember firms dont have to listen and they lack enforcement
A major determining factor in deciding which type of problem-solving process should be used depends on the individual's intensity of interest in a product and the importance of the product for that person. This is known as an individual's
level of involvement.
Demographic variables such as income and occupation, as well as how people spend their time and the importance of things in their surroundings, are all factors considered in ____ segmentation.
lifestyle
The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is
lifestyle.
quota
limit on the amount of goods an importing country will accept for certain product categories in a specific time period
Cole's smart phone is two years old and he would like to have a new one. This time, he wants to make sure that it has a longer battery charge and better geographic coverage since he is traveling three days a week for his new job. Cole is most likely to use _____ for this purchase.
limited problem solving behavior.
The three most widely recognized types of consumer problem solving are:
limited problem solving, extended problem solving, and routinized response behavior.
When a consumer purchases products occasionally or needs information about an unfamiliar brand in a familiar product category, he or she will most likely engage in
limited problem solving.
Tori went to Sam's Wholesale Club to shop for a party she was hosting on the weekend. She knew that she could buy larger quantities of food items than she normally did, and they would also be much less expensive. She checked everything off her list and proceeded to the checkout lines. Passing a display of fresh flowers, she thought "Wouldn't those be nice for the party?" She selected one of the bouquets and placed it in her cart. Tori has most likely engaged in ______ when selecting the food for her party, and ____ when selecting the flowers.
limited problem solving; impulse buying.
sherman act
makes it illegal to monopolize or attempt to monopolize. prevent mergers.
offshore outsourcing
manufacturing conducted in country other than where the produce will be sold
monopolistic competition
many competitors, few entry barriers, product differentiated with many substitutes. demand curve is perfectly downward sloping. this is the most common.
regional marketing
marketing strategy developed for each major region
globalized marketing
marketing strategy developed for the entire world, focus on similarities between regions
north american free trade agreement
merged canada, us, and mexico into one market. eliminated almost all tarrifs to create a free trade area. difficult to enforce, many goals havent been met.
disposable income
money you have left after taxes
discretionary income
money you have left after you pay for food, shelter, and clothing.
What type of competitive structure exists when a firm produces a product that has no close substitutes?
monopoly
cultural relativism
morality varies from one culture to another and bus practices are therefore defined differently as right or wrong based on the culture
limited exporting
no international marketing strategy, but international distributors or some foreign customers buy their product
eco-label
not totally passed through the Eu but it states the manufacturer is responsible for all its products and that their products are 90 percent recyclable
What type of competitive structure exists when just a few sellers control a large portion of the supply of a product?
oligopoly
monopoly
one competitor, many entry barriers, almost no product substitutes. demand curve is vertical.
social responsibility
organizations obligation to max its positive impact and min its negative impact on society. total effect of marketing decisions on society
consumerism
organized efforts by individuals, groups, and organizations to protect consumers' rights
competition
other organizations that market products that are similar to or can be substituted for a marketer's products in the same geographic area
GDP
overall measure of a nation's economic standing; the market value of a nation's total output of goods and services for given period.
gross domestic product
overall measure of a nations econ standing, market value of total outputs for a given period. doesnt take population into account
production orientation
part of the evolution of the marketing concept; during the second half of the 19th century, the Industrial Revolution was in full swing in the United States. Electricity, rail transportation, division of labor, assembly lines, and mass production made it possible to produce goods more efficiently. With new technology and new ways to use labor, products poured into the marketplace, where demand for manufactured goods was strong
sales orientation
part of the evolution of the marketing concept; in the 1920s, strong demand for products subsided, and businesses realized they would have to "sell" products to buyers. From the mid-1920s to the early 1950s, businesses viewed sales as the major means of increasing profits and came to adopt a sales orientation. Businesspeople believed the most important marketing activities were personal selling, advertising, and distribution
marketing orientation
part of the evolution of the marketing concept; requires the "organizationwide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organizationwide responsiveness to it". By the early 1950s, businesspeople began to recognize that they must first determine what customers want and then produce these products - organizations realized the importance of satisfying customers' needs
joint venture
partnership between domestic and foreign firms. creates a 3rd party basically
strategic alliance
partnerships formed to create a global competitive advantage. get together and share facilities.
Melanie prefers to shop at Target for most of her household needs even though the same products and brands are available at Kmart. She prefers the service, location, and friendliness of the employees at Target. Melanie's reasons that influence her decision to shop at Target are called
patronage motives.
licensing
pay someone else to distribute your product. alternative to direct investment that req's a licensee to pay commission on sales
Marketers who attempt to use reference-group influence in advertisements are most likely to succeed when messages indicate that
people in a specific group buy the product and are highly satisfied by it.
The undifferentiated targeting strategy for finding a target market will likely not be successful if
people within the market have heterogeneous needs.
Maslow's hierarchy of needs refers to the five levels of needs that humans seek to satisfy, from most to least important. These needs, in order from most to least important are
physiological, safety, social, and esteem, self-actualization.
Textile companies historically face issues concerning the use of child labor in foreign countries and the various regulations created concerning this labor. The type of marketing environment forces executives for these companies are most likely to try to influence are ____ forces.
political
Refer to Scenario 3.2. The iHome's reduction of energy use, renewable resources as materials, "pod" customization, reduction of construction waste, and tax abatement status is/are examples of reaction to which environmental forces?
political, economic, sociocultural, and technological.
sustainability
potential for the long term well being on the environment, including biological entities, as well as the interaction among nature and organizations
cause related marketing
practice of linking products to a particular social cause on an ongoing or short term basis.
procompetitive legislation
preserves competition. protects businesses from one another and ensures open market and prevents monopolies
price gouging
pricing products at extremely high levels and taking advantage of those that HAVE to buy it
marketing ethics
principles and standards that define acceptable marketing conduct as determined by various stakeholders. whats right and wrong
The five major stages of the consumer buying decision process, in order, are
problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation.
environmental analysis
process of assessing and interpreting the info gathered by environmental scanning.
environment scanning
process of collecting info about the forces in the marketing environment. objectives are detect trends, define threats/opportunities, promote future orientation thinking
asia pacific economic cooperation
promotes open trade and economic and technical cooperation among the 21 member nations throughout the world. allows the private sector to actively participate
european union
promotes trade among its member countries in europe.
association of southeast asian nations
promotes trade and economic integration among members in southeast asia. motto: one vision, one identity, one community. members are all very different and it creates probs
The development of a person's self-concept is a function of
psychological and social factors.
The five categories of situational influences are:
purchase reason, time perspective, social surroundings, physical surroundings, and buyer's momentary mood.
economic, legal, ethical, philanthropic
pyramid of corporate social responsibility. 4. name them from the foundation up.
While Silk SoymilkTM engages in environmental scanning and analysis, the company is more likely to change its products and marketing strategies to adapt to environmental forces rather than trying to influence these forces. Silk SoymilkTM has a(n) ____ approach to marketing environmental forces.
reactive
federal trade commission
regulates commercial industry more than any other agency. can stop price deception, advertising, packaging and labeling. can order corrective advertising, ceast and desist, consent decree, redress, or civil penalties
descriptive research
research conducted to clarify the characteristics of certain phenomena to solve a particular problem
exploratory research
research conducted to gather more information about a problem or to make a tentative hypothesis more specific
conclusive research
research designed to verify insights through objective procedures and to help marketers in making decisions
experimental research
research that allows marketers to make causal inferences about relationships
Buying Power
resources, such as money, goods, and services, that can be traded in an exchange
generic competitors
restaurant v cooking at home. very different products that solve the same product.
Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not. This is known as selective
retention.
just in time inventory
right when the last product leaves the shelf, they get more inventory in, but not before
While shopping at a local grocery store, Taylor sees a display of his favorite brand of energy drink. He buys some to take home for the weekend. This purchase process would be described as
routinized response behavior.
Shortly after moving into their new home, Mark and Katherine Gould purchase and install smoke detectors and an alarm system. The Goulds are concerned about fulfilling their need for
safety.
When evaluating market segments, assessment of competitors is important because
sales estimates may cause a segment to appear to be lucrative, but there may be several competitors that together have a large share of that segment.
Guess? will be spending $22 million on marketing activities next year and expects to sell 30 million pairs of jeans. These 30 million pairs represent the company's
sales forecast.
Perception is a three-step process that involves
selecting, organizing, and interpreting information inputs.
Refer to Scenario 7.1. A dissatisfied Skola's Auto Repair customer told a friend about his experience. The friend has been a long-time Skola's customer and the next day, didn't remember what he told her. This is an example of
selective retention.
organizational culture
set of values beliefs goals norms and rituals that members of an organizaiton share
channel stuffing
shipping surplus inventory to wholesalers/resalers at excessive rates which could conceal declining demand or inflate financial statement earnings
general agreement on tariffs and trade
signed by 23 nations in 1947 to have a place for tariff negotiations and where international trade problems could be resolved. 153 members now
15
since 1971, world trade has developed at a multiple of _____
direct ownership
situation in which a company owns subsidiaries or other facilities overseas
Dave is an owner and manager of three apartment buildings in northern Minnesota. During an exceptionally hot summer the temperatures soared and the toll on the window air conditioners was too much. Seventeen of them have broken down already, and more are probably going to have to be replaced. He has a total of seventy-five apartment units. Dave is now in the process of deciding how to repair the air conditioning. Should he buy new window units for all the buildings, or should he install central air conditioning? What type of decision is Dave facing?
situational involvement and extended problem solving
Claire is a market research analyst for a global consulting firm. She will be traveling to London next month to present her research to a meeting of company executives from around the world. This presentation could be instrumental in the company's decision of whether she should be promoted at the end of this year. Claire has been thinking about the trip, which will be the first time she has been out of the country. She has decided to retire the old college luggage for a more professional-looking version and has begun to evaluate various brands. Claire is most likely facing _____ for this particular purchase.
situational involvement.
The strength of a person's "buying power" depends on economic conditions and
size of resources that can be traded in an exchange.
Bale, internet, mail, magazines
ski resort that had trouble figuring out who there target market was. now uses _______ videos to advertise (used to use ______ and _______)
trade associations
small businesses in one trade pay small dues to belong to these. dont have to join but they provide marketing research and publicity. have to abide by code of conduct.
Our society uses many factors, including occupation, educational level, income, wealth, religion, race, ethnic group, and possessions, to group people into
social classes.
Jones
speaker who was CEO of twg insurance --> invested in world class mgmt, didnt settle for mediocrity, dont make same mistake twice, hire smarter people than you, dont benchmark, acknowledge when you're wrong, costs easier to control than revenue, prepare for the worst
Staller
speaker who was vp of hr at sewell. "how good do you want to be". difference between good and great service. the 2 minute story
green marketing
specific development, pricing, promotion, and distribution of products that don't harm the natural environment
4
stage of entry into global market. establishment of international production/manu facilities. most risk/control. actually going to that country and monitoring everything.
3
stage of entry into global market. establishment of one or more sales subsidiaries internationally. so invest money in that country.
1
stage of entry into global market. no regular export activities. little risk/control.
strategic philanthropy
synergistic use of organizational core competencies and resources to address key stakeholders interest and achieve both organizational and social benefits. more long term. makes your company look better. think strategically in terms of what you do best.
price, product, promotion, distribution
the 4 elements of the marketing mix (all things we can control)
wealth
the accumulation of past income, natural resources, and financial resources
technology
the application of knowledge and tools to solve problems and perform tasks more efficiently
Technology is
the application of knowledge and tools to solve problems and perform tasks more efficiently.
Balance of Trade
the difference in value between a nations exports and its imports. The US currently runs a negative balance of over $750 million as of 2009.
Relying on executive judgment for forecasting may be adequate when
the executive has considerable experience and product demand is relatively stable.
A disadvantage of the concentrated targeting strategy is that
the firm's financial condition is tied to a single and specialized marketing mix.
sociocultural forces
the influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles
environmental analysis
the process of assessing and interpreting the information gathered through environmental scanning
environmental scanning
the process of collecting information about forces in the marketing environment
sampling
the process of selecting representative units from a total population
marketing research
the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
Which of the following is not a characteristic of a consumer market?
their purchasing decisions are always made by only one individual
The forecasting techniques that assume past sales patterns will continue into the future are all variations of
time series analysis.
Technology assessment is
trying to foresee the effects of new products and processes on the firm's operation and on society in general.
If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix, it would be using the ____ strategy.
undifferentiated
pure competition
unlimited comp, no entry barriers, homogeneous products. tries to brand their product so they can move out of this category. demand curve is horizontal. market sets the price and only low cost operators will win
customer relationship management
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
product variable
variable of marketing mix; deals with researching customers' needs and wants and designing a product that satisfies them - a product can be a good, service, or idea. These decisions and related activities are important because they are directly involved in creating products. To maintain an assortment of products that helps an organization achieve its goals, marketers must develop new products, modify existing ones, and eliminate those that no longer satisfy enough buyers or that yield unacceptable profits
promotion variable
variable of marketing mix; relates to activities used to inform individuals or groups about the organization and its products - used to increase public awareness of the organization and of new or existing products
price variable
variable of marketing mix; relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices. Is critical component of the mix because customers are concerned about the value obtained in an exchange
distribution variable
variable of marketing mix; to satisfy customers, products must be available at the right time and in convenient locations
90
what % of people say white collar jobs are untrustwrothy
organizational relationships
what are ou coworkers doing? if they get away w/ acting unethically you may think its more acceptable to do so.
mitsubishi
what company owns half of the kfc's in japan
hispanics
what ethnic group has had the most gain in buying power since 1990?
2.1, 1.3
what fertility rate is needed to sustain the pop? what do we currently have in the us?
individual factors
what has shaped your belief as what is right or wrong and using it to base our own ethical decisions on. we learn these values through socialization w/ diff groups.
company's ethical culture
what is the greatest determinant of future misconduct
what is the leading mobile internet activity
58
what percent of people rate ethical standards of business as fair or poor
greenwashing
when products are promoted as more environmentally friendly than they are (there is no formal criteria for green product)
iran, cuba
which 2 countries does the US have an embargo with now
japan
which country wants to come into us with no trade barriers but has many themselves
republican
which party tends to be more pro business
democrat
which party tends to be more pro consumer
mcdaniel
which speaker talked about the marketing study abroad trip
consumers
who inevitably pays for trade barriers?
US
who is the most competitive nation in the world
cody wilson
who was the guy who created guns through 3d printing
Shelby's new job with the federal government provides a comfortable income and a fairly stable income. She would like to buy a new car now that she has a job; however, Shelby hesitates to purchase a new car because she is concerned about how poor economic conditions may affect her position in the future. Shelby lacks
willingness to spend.
The _____, of Coleman's social class categories, includes approximately 40 percent of the population, shops for bargains, and buys sports and recreational equipment.
working class.
