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Details Title: final Description: review Total Flash Cards: 23 Created: 12/12/2005 16:54:02	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term 1. What is a market? Definition a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products Term 2. What is marketing? Definition the process of creating, distrubuting, promoting, and pricing goods, services, adn ideas to facilitate satisfying exchange relationships with customers in a dynamic environment Term 3. What is a marketing strategy? Definition a marketing strategy is designed around two components (1) the selection of a target market, and (2) creating a marketing mix that will meet the needs of that target market (p.37). I like to write this as an equation: MS = TM + MM; a marketing strategy (MS) is a target market (TM) with a marketing mix (MM) created for it. Term 4. Give at least one example from each of the six (6) forces in the marketing environment. Definition competitive- Brand competitors economic- willingness to spend political- political officials relationship to dissuade against laws prohibiting certain marketing activities legal and regulatory-Sherman Antitrust act-monopolies technological- internet marketing sociocultural-demographic changes Term 5. What is the role of the FTC? Definition Regulates a variety of business practices and curbs false advertising, misleading pricing, and decpetive packaging and labeling Term 6. What is the difference between ethical decision-making in marketing, and "social responsibility?" Definition soc. resp-maximize positive impact and minimize negative impact on society ethical decision making-principles and standards acceptable marketing conduct as determined by various stakeholders Term 7. What is a target market? Definition a specific group of customers on whom an organization focuses its marketing efforts Term 9. What are the three (3) targeting strategies? Definition ?? Term 10. What are some segmentation variables for (a) consumer markets, and (b) business markets? Definition consumer-demographic variables(income), geographic(climate), psychographic(motives), behavioristic (end use), business- Geographic location, customer size, type of organization Term 11. Be able to link the following things you've learned about consumer marketing and consumer buying behavior: level of consumer involvement, information search, convenience products, specialty products, routinized purchases, impulse buying, brand loyalty Definition (e.g., when a consumer is making a routine purchase, she is likely using low level of involvement and buying a convenience product with little or no information search; brand loyalty is usually very high in such situations, unless the shopper is totally price conscious, which then requires that the level of involvement be increased in order to find the lowest price! This, by the way, is the total reason for Wal-Mart's success: no source search involvement is required for price-conscious shoppers.) Term 12. Describe, with examples, the four types of business markets. Also three types of business products. Definition producer markets, reseller markets, government markets, institutional markets products:business services, raw materials, component parts Term 13. Know cold the concepts of product line, product mix, width, depth, etc.! Definition P 293 Term 14. Why do we do test marketing? What are we testing? Definition introducing a product on a limited basis to measure the extend to which potential customers will actually buy it Term 15. Why is business analysis done just before product development? Definition assess the potential of a product idea for the firm's sales, costs, and profits Term 16. Know several examples of product positioning and, especially, the repositioning that several auto firms are going through right now! Definition how a product is viewed to the consumers eyes. Mercedes, Kia Term 17. What would a brand manager manage? A market manager? A product line manager? Definition brand- responsible for a single brand market-responsible for managing the marketing activities that serve a particular gruop of customers product line-product line managing Term 18. Describe the types of brands, with examples. Also the branding policies Definition manufacturer brands private distributor brands, generic brands-indicate only product category branding policies- individual branding family branding brand extension branding Term 19. Know all the characteristics of services that make them different, and more challenging to market, than goods. Definition intangibility-unable to be perceived by the sense or to be posessed inseparability-being produced and consumed at the same time perishability-inability of unused service capacity to be stored for future use heterogeneity-variation in quality customer contact- level of interaction between provider and customer needed to deliver the service Term 21. Be able to describe the major modes of transportation/physical distribution, and some advantages/disadvantages of each. Definition railroads, trucks, waterways, airways, pipelines Term 22. Know about non-store retailing and franchising. Definition non-store retailing-selling of products outside the confines of a retail facility franchising-grants a dealer the right to sell products in exchange for some type of consideration Term 24. What are the most widely used consumer sales promotion methods? Definition f Term 23. Know why certain product and market situations utilize advertising as their primary promotion mix element, while others use personal selling and trade sales promotion. Definition f Term 25. Know, please, about elastic and inelastic demand, and how these concepts affect the setting of prices. Think beyond your own history and experiences as relates to prices and "must-have" items; there are still situations where many people have to act Definition elastic-change in price causes an opposite change in total revenue-increase in price decrease in revenue. inelastic-increase in price increase total revenue.