Marketing Exam 1- 1/31/2014

Front 1

Marketing definition

Back 1

: process to satisfy consumer needs/wants. Delivering value and customer relationships.

Front 2

Utility definition

Back 2

want-satisfying power of a good or service.

Front 3

Four types of utility

Back 3

Form
Time
Place
Ownership

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Form

Back 4

conversion of raw materials and components into finished goods and services (production) iPod

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Time

Back 5

availability of goods and services when consumers want them (marketing) resturant

Front 6

Place

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availability of goods and services at convenient locations (marketing) on-site day care

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Ownership

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ability to transfer title to goods or services from marketer to buyer (marketing) retail stores

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4 eras

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Sales
Marketing
Relationship
Social

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Sales Era

Back 9

creative advertising and selling will overcome consumers' resistance and persuade them to buy

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Marketing Era

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the consumer rules. find a need and fill it

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Relationship Era

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long-term relationships with customer and other partners lead to success

Front 12

Social

Back 12

connecting to consumers via internet and social media sites is an effective tool

Front 13

Non-traditional marketing

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person marketing
place marketing
event marketing
organization marketing

Front 14

Transactional marketing

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consumer and seller only speak during transaction. give and collect money without forming any type of relationship

Front 15

Relationship marketing

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Forming a relationship with the customer makes for a possible loyal customer

Front 16

Eight universal marketing functions

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buying
selling
transporting
storing
standardizing and grading
financing
risk taking
security marketing information

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Buying

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ensuring that product offerings are available in sufficient quantities to meet customer demans

Front 18

selling

Back 18

using advertising, personal selling, and sales promotion to math products to customer needs

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Transporting

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moving products from their point of production to locations convenient for purcahsers

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Storing

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ware housing products until needed for sale

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Standardizing and Grading

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ensuring that product offerings meet quality and quantity controls of size, weight, and other variables

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Financing

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providing credit channel members and consumers

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Risk Taking

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dealing with uncertainty about future customer purcahses

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Security Marketing Information

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collecting information about consumers, competitors, and channel members for use in making marketing decisions

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Strategy planning

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process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives

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Tactical planning

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planning that guides the implementation of activities specified in the strategic plan

Front 27

Marketing variables

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competitive
social-cultural
technological
economic
political-legal

Front 28

Porter's Five Forces

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Rivalry among competitors
bargaining power of buyers
bargaining power of sellers
threat of substitute products
potential new entrants

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First Mover Strategy

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theory advocating that the company first to offer a product in ta marketplace will be the long-term market winner

Front 30

BCG

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Boston Consulting Group
Stars: generate considerable income
Question Marks: have potential to become stars or cash cows
Cash Cows: generate strong cash flow
Dogs: generate little profits

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Environmental scanning

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process of collecting information about the external marketing environment to identify and interpret potential trends

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Major Federal Laws

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Federal Trade Commission Act (1914)
NAFTA (1993)
Federal Food and Drug Act (1906)
National Environment Policy Act (1970)
Consumer Product Safety (1972)
Children's Online Privacy Act (1998)

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Levels of Social Responsibility

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Economic: be profitable
Legal: obey the law
Ethical: be ethical
Philanthropic: be a good corporate citizen

Front 34

Three types of competition in marketplace

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Direct: marketers of similar products. two gas stations on the same street
Indirect: products that are easily substituted. pizza, chicken, hamburgers
Competition for consumers' purchases: all compete for a limited number of dollars

Front 35

Forms of internet marketing

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global reach
personalization
interactive marketing
right-time marketing
integrated marketing

Front 36

marketing myopia

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managements failure to recognize the scope of its business

Front 37

bottom line

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reference to overall company profitability

Front 38

noel pvt. ltd. combines metal, rubber, and other components in the production of appliances. in doing so the company creates _____ utility

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form

Front 39

the utility of a product or service is its _____

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want-satisfying power

Front 40

the ability to transfer title to goods or services from marketer to buyer is described as ____.

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ownership utility

Front 41

creating _____ utility is the responsibility of the production function

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form

Front 42

the organizational function and set of processes that creates, communicates, and delivers value to customers and manages customer relationships in ways that benefit the organization and its stakeholders is called _____.

Back 42

marketing

Front 43

a company produces a high-quality product, with a maximum monthly output of 10,000 units. production levels are constant and the company relies on its marketing department to find customers for its output. this approach is consistent with which era in marketing history.

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sales era

Front 44

a market in which there are more buyers for fewer goods and services is known as a _____

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seller's market

Front 45

the process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as _____

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planning

Front 46

relationship marketing can help a company

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create long-term and cost-effective links with individual customers and supplies for mutual benefit

Front 47

a company;s plans that focus largely on its current and near-future activities and are determind by its middle level management are referred to as _____ plans

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tactical

Front 48

employees of popsie inc a small grocery store chain, are working on its tactical plans. the personnel most involved in this level of its planning process would be its_____

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middle management

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operational planning is used to...

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determine departmental rules and procedures

Front 50

the process of collecting information about the external marketing environment to indetify and interpret potential trends is called _____

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environmental scanning

Front 51

which of the following has ended total monopoly protection for most utilities like natural gas, electricity, water, and cable tv...

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deregulation movement

Front 52

in the us, four major music companies recieve 80% of recording revenues. such a market structure is termed as an

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oligopoly

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a _____ is a software that enables users to communicate with eachother online

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social media tool

Front 54

snaptell allows shoppers to retrieve more information about products while shopping in brick-and-mortar stores. its an example of an

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app

Front 55

a _____ is a social media platform where users post messages and hold conversations on specified topics

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online forum

Front 56

consumers rely on communities created by social media for their buying decisions mainly to:

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conduct research and share information

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not-for-profit organizations use social media to:

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connect with the general public, the business community, and each other

Front 58

the term "internet penetration" refers to the:

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percentage of a region's population who use the internet

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_____ describes the wide range of transactions taking place via internet applications such as email and virtual shopping carts

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E-business

Front 60

which of the following terms refers to an advantage brought about by the advent of the internet as a shopping medium by eliminating the geographic protections and limitations of local business and by giving smaller firms a wider audience

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global reach

Front 61

when customers control the amount and type of information received from a marketer through such channels as the internet and virtual reality kiosks, they are engaged in:

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interactive marketing