Marketing and Management

Marketing mix is
product, price, promotion, and place that can be used to solve a marketing problem
Uncontrollable forces in a marketing decision are referred to as
uncontrollable factors which include social, economic, technological, competitive, and regulatory forces
A marketing program refers to
a plan that integrates that marketing mix to provide a good, service, or idea to prospective buyers
The marketing concept refers to the idea that an organization should
1) strive to satisfy the needs of consumers and 2) also try and achieve an organization’s goals
Social responsibility is
the idea that individuals and organization’s are accountable to a larger society
What does every organization do?
Engage in marketing
Ultimate consumers are
people who use the products and services purchased for a household
Organizational buyers are
entities such as manufacturers retailers and government agencies that buy goods and services for their own use or resale
An organization is
a legal entity of people who share a common mission
Consumer behavior is
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
Problem recognitions occurs when
there is a perceived difference between a person’s ideal and actual situation that triggers a decision
When is an external search for product info likely to occur?
When the cost of gathering info is low
A consideration set is?
the group of brands that a consumer would consider acceptable from among all the brands if which they are aware in a product class
Cognitive dissonance is
the feeling of postpurchase anxiety or psychological tension
Low involvement decision making occurs when
consumers spend little time and effort evaluating alternatives in the purchase of staple items
Situational influences are
purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states that can have an impact on consumer’s purchasing decision
Word of mouth
influencing of people during conversations
What is the name of a form that specializes in a marketing strategy known as buzz?
BzzAgent
People to whom an individual looks to as a basis for self-appraisal or a source of personal standards are known as a
reference group
Consumer socialization
the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers
What is the first objective in marketing?
to discover consumer needs to create products to satisfy them
Showstoppers refer to?
factors that might doom a product in the marketplace
What is a want?
a need that is shaped by a person’s knowledge, culture, or personality
What is an offering?
a product, service, or idea that creates value for both the organization and the customer by satisfying their needs and want
What is a nonprofit organization?
a nongovernmental organization that serves its customers but does not have profit as an organizational goal
What is an industry?
organizations that develop similar offerings
A strategic business unit (SBU) is
a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Cross functional teams are
a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals
The key elements of an organization’s foundation are
1) core values, 2)mission/vision and 3) organizational culture
What is a mission statement?
aka vision, frequently has a meaningful theme and long-term orientation
What are objectives
statements of an accomplishment of a task to be achieved, often by a specific time
What is market share?
the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
What do marketing dashboards provide?
graphic displays or a product’s category performance such as sales, website traffic, etc
What is a marketing metric?
a measure of the quantitative value or trend of a marketing activity or result
What is a marketing plan?
a road map for the marketing activities of an organization for a specified future time period, such as one year or five years
What are two commonly used techniques to aid managers with important decisions for setting a direction and allocating resources?
Business portfolios and diversification analysis strategies
What are points of difference?
Characteristics of a product that make it superior to competitive substitutes
What are stakeholders?
Suppliers, shareholders, employees, and customers of an organization and should benefit from the organizations marketing activities
What does marketing seek to do?
discover and satisfy the needs and wants of prospective customers to serve both buyers and sellers
What is the idea of exchange?
the trade of things of value between buyer and seller so that each is better off after the trade
What percentage of new consumable products do product experts estimate to not succeed in the long run?
94%
What are some departments in a typical organization?
finance, manufacturing, information systems, human resources
What are the four factors required for marketing to occur?
1)two or more parties with unsatisfied needs, 2)a desire and ability of parties to be satisfied, 3)a way for the parties to communicate, 4) something to exchange
What is a marketing strategy?
the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program
What are the three phases of the strategic marketing process?
planning, implementation, and evaluation
What is the planning gap?
the difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place
What is the family life cycle concept?
the distinct phases a family progresses through from formation to retirement, each phases bringing identifiable purchasing behaviors
What is something most likely to be the result of joint decision making?
Home appliances
What are subcultures?
subgroups within the larger, or national, culture with unique values, ideas, and attitudes
What is true of Hispanic buyers?
Often brand loyal and willing to pay a premium price for premium quality