MKTG 3650 5W2 Exam 1

Which of the following is the closest to the current GDP of the USA (in trillions of dollars)?
17
In marketing, VALUE is expressed as a relationship between ___
cost and benefit
The American Marketing Association’s (2013) definition of marketing could entail any of the following, except ___
governments
The idea that we are surrounded by marketing stimuli, which exist all around us and everywhere, is best expressed by which of the following characteristics that contribute to the significance of consumer behavior?
ubiquitous
Of the 4 Ps of marketing, which is another name for distribution?
place
In an ideal marketing transaction, which of the following parties gain value?
both the buyer and the seller
The American Marketing Association’s (2013) definition of marketing suggests that, primarily, marketing is concerned with delivering value to all of the following, except ____
investors
Modern Age is referred to
Age of the Consumer
Consumer spending accounts for roughly how much of the GDP?
2/3
Contemporary marketing scholars think of ___ and ___ as central tenets of marketing
exchange and value
AMA definition of marketing
Marketing is 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
Focus has shifted from 4 P’s to
creating, communicating, delivering, exchanging
Focus have shifted from ____-centric to ____-centric
organization; consumer
Stakeholders addressed in AMA definition are
customers, clients, partners, society
Value equals
benefits minus costs
Dyad
something that consists of two elements or parts
Marketing management
“the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value”
Functional areas of marketing
brand management, customer service, distribution, market research, product management, promotions, public relations, retailing, sales
Resources flow from the ____ to the ___
industry; consumer
Money and information flow from ____ to ____
consumers (market); organizations (industry)
Evolution of marketing
Production orientation, product orientation, selling orientation, marketing concept, societal marketing concept, holistic marketing concept
Production orientation
dealt with mechanized manufacturing, Henry Ford, emphasis on increasing efficiency in manufacturing, lowering costs, achieving high levels of quality control
Product orientation
focus on novelty, quality, and uniqueness of product offferrings
Limitations of product orientation
consumer perspectives not given much consideration, products and services hit market and then perish because consumers are not ready for them
Marketing myopia
when marketers focus on making a product that is better from THEIR perspective
Selling orientation
focuses on informing and educating consumers about the various nuances of the brands and products a business organization might have to offer
Selling orientation emphasizes
“push” technique; often involves aggressive promotions, pricing discounts, and “hard sell” tactics
Most predominant philosophy among contemporary business organizations
marketing concept
Marketing concept
urges business to uncover wants and needs of the consumer, then find ways of adapting business; “customer is king”
Arguments against marketing concept
There are many products and services that would have never existed had firms merely reacted to consumer demands; approach stifles innovation; concept focuses disproportionately on individual needs and wants
Societal marketing concept
updated version of marketing concept; in addition to wants and needs of consumer, the well-being of consumers and society as a whole receives significant attention; has been used effectively in drug abuse prevention, heart disease awareness (public health campaigns)
Holistic marketing concept
“based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and inter dependencies”
Four components of holistic marketing concept
relationship marketing, internal marketing, integrated marketing, and performance marketing
Relationship marketing (holistic marketing)
organization is devoted to building long-lasting relationships with their stakeholders
Internal marketing (holistic marketing)
focuses on process of aligning, motivating and empowering employees on all levels of management
Integrated marketing (holistic marketing)
All functional areas and departments within an organization contribute to value and brand of a market offering; all marketing tasks (PR, TV ads, etc) should tie together to maximize positive impact it has on its customer
Why is integrated marketing important?
Often consumers perceive an organization as a complete and singular entity, and there are possible synergies that may be harvested in the company’s communications to consumers
Performance marketing (holistic marketing)
non-monetary metrics for assessing the performance of organizations
Consumer behavior definition
“the study of individuals, groups. or organizations and the processes they use to select, secure, use and dispose of products, services, experiences, or ideas to satisfy needs and impacts that these processes have on the consumer and society”
Consumer behavior can occur ___ or as a ____
individually; group
Consumer behavior external factors
culture, subculture, demographics, social class, reference groups, family, situational factors
Consumer behavior internal factors
perception, learning, memory, motivation, personality, emotions, attitudes
Consumer behavior antecedent variables
External factors, internal factors
Consumer behavior intermediary variables
self-concept, lifestyle
Consumer decision process
need recognition, information search, alternative evaluation and selection, purchase, postpurchase processes
Consumer behavior outcome
Consumer decision process