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?