Marketing Exam 1

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What is Gross Income?

Income before expenses are deducted

What is routine problem solving?

consumers recognize a problem, make a decision, and spend little effort seeking external information and evaluating alternatives ex: toothpaste, soda

What is a need?

when a person feels deprived of basic necessities such as food, clothing, and shelter

Who is Gen Y?

1977-1994 internet generation family oriented impatient opinionated diverse "street smart"- cell phone

What are the five stages in the consumers decision process?

1. Problem recognition 2. Info search 3. Alternative evaluation 4. Purchase decision 5. Post purchase behavior

What are the 5 environmental forces?

1. Social 2. Economic 3. Technological 4. Competitive 5. Regulatory

Who are Babyboomers?

1946-1964 largest demographic most affluent

Who are Gen X?

1965-1976 Savvy and Cynical More protective and involved with kids Value education, environment groups, and minority groups

What are the 3 levels in an organization?

Boards of directors-> Corporate level Strategy->Buissness unit level strategy->functional level strategy

What is Promotion?

Communication between the seller and buyer

What is discretionary income?

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

What are the 4 P's?

Price, Product, Place, Promotion

What are there concepts of social responsibility?

Profit, stakeholder, societal

Whats is SBU?

Strategic business Unit. ex:Apple

What is a want?

a need that is shaped by a person's knowledge, culture, and personality

What is a Place?

also called distribution, a means of getting the product to the consumer

What are the 3 problem solving?

extended, limited, routine

What are the 3 types of income?

gross, disposable, discretionary

What is disposable income?

income after taxes, used for necessities

What is an organization?

legal entity of people who share a common mission

what is green marketing?

marketing efforts to produce, promote, and reclaim environmentally sensitive products

What is limited problem solving?

occurs during a purchase decision that calls for, at most, a moderate amount of effort and time ex: Resturant, toaster

What is extended problem solving?

occurs when brands are difficult to evaluate and the consumer must understand all the product features before making a decision ex: House, Car

What is 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

What is an industry?

organizations that develop similar offerings

What is external search?

other source of info, use when you have low experience and high risk purchase decision, low cost of info Ex:Amazon reviews

What is marketing?

serve both buyers and sellers, seeks to discover and satisfy the needs and wants of prospective customers

What is Price?

what is exchanged for the product

What is Product?

the actual goods, service, or idea generated to satisfy the consumers need and want

What is motivation?

the energizing force that stimulates behavior to satisfy a need

What are core values?

the fundamental, passionate, and enduring principles of an organization that guide its conduct over time

The 4 P's are commonly known as

the marketing mix or controllable factors

Social responsibility refers to?

the obligation that orgs have to the preservation of ecological environment and the general public

What is culture?

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

what is an exchange?

the trade of things of value between the buyer and the seller so that each is better off as a result

What rights did JFK implement?

to safety, to be informed, to choose, and to be heard


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