Marketing: Ch. 1-4 & 7-9

creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its partners, and society at large.
Marketing refers to the activity for
To serve both buyers and sellers, marketing seeks to ________and ____ the needs and wants of prospective customers.
-discover
-satisfy
The trade of things of value between buyer and seller so that each is better off after the trade is referred to as____.
Exchange
Social, economic, technological, competitive, and regulatory.
What are 5 environmental forces that affect an organization?
Marketing research
Marketing discovers consumer needs by:
Target market
A ___________ _______ refers to one or more specific groups of potential consumers toward which an organization directs its marketing program
Controllable factors
The marketing mix refers to the marketing manager’s
-Price
-Place
-Promotion
-Product
What are the marketing mix factors?
Price
To attend a winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door. This statement is most closely related to the________ element of the marketing mix.
Promotion
The _______________element of the marketing mix is demonstrated when a company places an ad in the Yellow Pages.
Strategy
Refers to an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.
-Corporate level
-Strategic business unit level
-Functional level
Large organizations are extremely complex, and usually consist of three organizational levels whose strategies are linked to marketing. What are those 3 levels?
Strategic business unit
__________________refers to a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
1- core values
2- mission
3- organizational culture.
The philosophical reason for an organization’s existence is referred to as organization’s foundation, which can be broken into three key elements:
Cash cow
Several years ago, Black & Decker purchased General Electric’s small appliances product line. Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry. GE’s small appliances product line is MOST LIKELY a __________________for Black & Decker.
Star
Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment that has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would MOST LIKELY be classified as a _______.
Question marks.
SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as ______________ __________.
Market penetration
If sales revenues of Starbucks VIA Ready Brew instant coffee to U.S. consumers increased as a result of a slight price increase of $0.25 per pack.
Market development
If Ben & Jerry’s starts selling Bonnaroo Buzz Fair Trade-sourced super premium ice cream in Brazil for the first time.
Product development
Ben & Jerry’s sold a line of new “Get the Dough Out of Politics” T-shirts targeted to college students in the U.S.
Diversification
If Ben & Jerry’s starts selling children’s clothing in Brazil to try to capitalize on its brand name.
Strengths
Weaknesses
Opportunities
Threats.
The acronym “SWOT” in the term “SWOT analysis” stands for:
Social
The set of environmental forces that consists of the demographic characteristics of the population and its values is referred to as
Demographic
Age, Income, Occupation and Ethnicity are called _______ characteristics of the population
Larger, more and older
Generally, the U.S. population is becoming:
Baby boomers
-Born between 1946 and 1964
-They are currently retiring or nearing retirement age:
-The wealthiest generation in U.S. history
-Some consumer packaged goods firms have reformulated their products to address concerns about salt, sugar, and saturated fat. They are probably targeting.
Generation X
-50 million people Born between 1965 and 1976.
-Reliant, supportive of racial diversity, and better educated than previous generations
-Is becoming the largest cohort in terms of business travel
Generation Y
-Born between 1977 and 1994
-Exerts influence on music, sports, computers, video games.
-Is interested in distinctive, memorable, and personal experiences.
-Feels passionate about the environment and is optimism about the future.
-rises
-increases
In an inflationary economy, the cost to produce and buy products and services ________ as prices _________.
Gross income
The total amount of money made in one year by a person, household, or family unit is referred to as __________ _______.
Disposable income
The money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation is referred to as disposable ______ _______.
Discretionary income
The money that remains after paying for taxes and necessities is referred to as __________ ___________.
Laws
Society’s values and standards that are enforceable in the courts are referred to as ______.
Ethics
However, moral principles and values that govern the actions and decisions of an individual or group are referred to as ________.
Economic espionage
___________ _______________is the clandestine collection of trade secrets or proprietary information about a company’s competitors and includes illegal trespassing, theft, fraud, misrepresentation, wiretapping, the search of a competitor’s trash, and violations of written and implicit employment agreements with noncompete clauses.
Social responsibility
__________ ____________is the idea that organizations are part of a larger society and are accountable to that society for their actions.
-Profit responsibility
-Stakeholder responsibility
-Societal responsibility
What are the components of social responsibility?
-Exploratory research
-Descriptive research
-Causal research.
The three main types of marketing research include exploratory research, descriptive research, and causal research.
Descriptive research
Research that involves trying to find the frequency that something occurs or the extent of a relationship between two factors is referred to as ________ _____________.
Exploratory research
Research that provides ideas about a vague problem is referred to as ________ _______________.
Causal research.
Research that involves trying to determine the extent to which the change in one factor changes another one is referred to as _________ __________.
Secondary
________ data are facts and figures that have already been recorded before the project at hand.
Primary
_____________ data are facts and figures that are newly collected for the project.
Panel
A sample of consumers or stores from which researchers take a series of measurements is referred to as a(n) ____.
marketing segmentation
Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as _________ ____________.
positioning
The place a product occupies in consumers’ minds on important attributes relative to competitive products is referred to as _____.
repositioning
Changing the place an offering occupies in consumers’ minds relative to competitive products is referred to as _______.`
perceptual map.
A graph displaying consumers’ perceptions of product attributes in two dimensions is referred to as a _________ _______.