Free Marketing Flashcards about MKTG 181


the difference btwn the benefits a customer sees from a marketing offering and the costs of obtaining those benefits customer value
Which of the following are true w respect to exchange in marketing? – sellers offer to exchange something that meets a need
– marketing involves a willingness of at least two parties to engage in exchange
refers to the managerial point of view that a company first makes the products that it wants to make and then the company needs to find the customers to buy the products product
Which of the following are the basic ideas central to the marketing concept? – profit
– customer satisfaction
– total company effort
in most market, competition fosters innovation
circular model that leads to building superior customer relationships 1. bring new customers
2. satisfy customers
3. retain customers
4. increase sales to customers
5. build profitable relationships with customers
6. total company effort to satisfy customers
actually making goods or performing services production
the extent to which a firm fulfills a customer’s needs, desires, and expectations customer satisfaction
Marketing starts with the potential needs of customers true
Marketing investigates what the future needs of customers might be true
exg. of social responsibility issues that a marketing manager might face: A mortgage firm lobbies to have less regulation of its industry.
A motorcycle manufact can make a safer bike, but it will x2 the price.
A doctor’s office offers unnecessary medical tests.
A magazine prints on recycled paper that raises printing costs.
a time when families traded or sold their “surplus” output to local distributors simple trade era
a time when a company focuses on production of a few specific products – perhaps bc few of these products are available in the market production era
a time when a company emphasizes selling because of increased competition sales era
a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities marketing department era
a time when, in addition to short-run marketing planning, marketing people develop long-range plans marketing company era
means that an organization aims all of its efforts at satisfying its customers– at a profit marketing concept
making whatever products are easy to produce and then trying to sell them production orientation
means trying to carry out the marketing concept marketing orientation
the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client
Marketing requires that two or more parties be willing to engage in an exchange
Which of the following are industries in which the marketing concept is less commonly practiced? – industries where customers see most as similar
– industries w few competitors
in terms of ethics, most businesspeople take into account ___ when making decisions. – honesty
– fairness
Which of the following are part of marketing? – determining what the competition charges for similar products
– forecasting future sales
– analyzing customer needs
– predicting the styles that will appeal to customers

Which of the following statements are true about the usefulness of studying marketing? (Check all that apply.) Marketing concepts can help “sell” yourself to a potential employer.
Marketing offers many interesting job
Marketing is more than just persuading customers true
Marketing builds relationships w customers true
a firm’s obligation to improve its positive effects on society and reduce its negative effects social responsibility
the moral standards that guide marketing decisions and actions
marketing ethics
what is good for some producers and consumers may not be good for society as a whole micro-macro dilemma
The 4 external market environment major areas: 1. economic
2. technological
3. political/legal
4. cultural/social
sets out the organization’s basic purpose for being; focuses on a few key goals rather than embracing everything mission statement
In the ______ era, any extra food or other goods that families produced was traded to local distributors. simple trade
Marketing managers find competitive advantage where their competitors do not have similar strengths. true
In the U.S. marketplace, vigorous competition is expected to ______ careful consumers. protect
Management officials at Grace’s Granola Corp. were found guilty of using low-cost artificial ingredients while claiming to use completely natural ingredients. considered a criminal offense. What type of legal action could a judge impose on these managers? jail time
The _____ market environment incl customers, the company, and competitors. direct
In pure competition, where competitors offer similar products, over time, profit margins generally _____. decline
the portion of total sales in a product category accounted for by a particular brand; may be based on units or dollars sold market share
refers to macroeconomic factors, incl national income, economic growth, and inflation, that affect patterns of consumer and business spending
economic environment
an emphasis on a country’s interests before everything else affect how macro marketing systems work
affects how and why people live and behave as they do which affect consumer buying behavior and eventually the economic, political, and legal environments Cultural and social environments
the total market value of all goods and services provided in a country’s economy in a year by both residents and nonresidents of that country
Gross Domestic Product
a measure similar to GDP, but does not include income earned by foreigners who own resources in the country Gross National Income
Those born between 1946 and 1964, has a lot of income and cannot be ignored by firms that sell more expensive products, spend 80% of all leisure travel dollars and buy new cars baby boomers
occur when one firm completely controls a broad product-market; very rare, often face a great deal of govt. regulation, tempted to ignore customer needs
few large firms competing oligopoly
competitors offer very similar marketing mixes, and customers see alternatives as close substitutes; managers usually compete on low prices, and profit margins shrink
pure competition
marketing manager response to pure competition Target marketers try to offer a marketing mix better suited to target customers’ needs than competitors’ offerings
different firms offer marketing mixes that at least some customers see as different Monopolistic competition:
marketing manager response to monopolistic competition – try to differentiate very similar products by focusing on other elements of the marketing mix
– sustainable competitive advantage
a marketing mix that customers see as better than a competitor’s mix and cannot be quickly or easily copied sustainable competitive advantage
Which three of the following are considered elements of the economic environment? – inflation rates
– national income
– economic growth rates
Which of the following aspects should a company evaluate in order to determine its strengths and weaknesses? (Check all that apply.) Current products
Production capability and flexibility
Employee knowledge
Market demands

Businesses and individual managers are subject to both criminal and civil laws
The people born from 1978 to 1994, who are sometimes called Millennials, are referred to as ______. Generation Y
Company objectives should guide all aspects of a business and are used by marketing managers as they search for and evaluate opportunities. true
Firms need a hierarchy of objectives, moving from company objectives to ______. marketing objectives
Changes in the economy are often accompanied by changes in the interest rate true
The cost of producing and selling each unit decreases as the quantity produced increases true// economies of scale

For most firms, which of the following demographic variables is most important in determining whether there is a viable international market opportunity? income
small firms at a production cost disadvantage bc they cannot beat larger competitors but also newer, smaller firms have more flexibility true/ production resource
affects the number and types of competitors the marketing manager faces and how they may behave competitive environment
The goal of most marketing managers is to establish a ______, in which customers view their offerings as superior and competitors cannot easily duplicate their approach. sustainable competitive advantage
an organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies competitor analysis
Which of the following activities are part of the basic approach to competitor analysis? (Check all that apply.) – Evaluate the strengths and weaknesses of your target market and marketing mix.
– Understand how your marketing mix compares to your competitors’ offerings and strategy.
– Identify existing and potential competitors.
a firm’s closest competitor; rivals offering similar product competitive rivals
A marketing manager should research and seek information about competitors. true
The _______ rate is the cost associated with borrowing money. interest
The _________ environment changes more rapidly than the cultural and social environment. economic
refers to having machines operate like humans with respect to learning and decision making Artificial Intelligence
the application of science to convert an economy’s resources to output ; creates opportunities for new products and services, and drives the development of new processes
The legal environment of the United States assumes that competition between numerous small businesses ______ the economy. helps
There are state and city laws regulating _____. (Check all that apply.) – the setting of prices
– starting up a business
Fifty years ago, about two-thirds of the world’s population lived in rural areas
Some businesses avoid using new technology because they don’t understand it, while other companies immediately use every new technology without assessing its value. Both of these approaches can steer a company into a ______ way of thinking. production-oriented
Competitors Current
Look at what your competitors are doing on a daily basis

Company – Objectives: should shape the direction and operation of the whole business
– Resources: financial, production, and marketing
It tells us that if you’re spending less money and less confident, then it impacts your production, etc. Consumer confidence
The best opportunities that gives a competitive advantage and provides superior customer value Marketing strategy
the purpose of the organization defined in terms of benefits and experiences; the guiding vision for the organization mission
Who are your competitors? Similar products
Similar needs with different products
Where do you get this information? Marketing research , Internet

Why are we interested in interest rates? Change production level since people will be spending less with higher interest rates
What and whom is the US govt trying to protect in its effort to preserve and regulate competition? Make sure there is not unfair trade practices, advertising
Protect consumers

A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services – that is, ways of satisfying those needs market
a market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs generic market
a market with very similar needs and sellers offering various close substitutes ways of satisfying those needs product market
A complete product-market definition incl a four-part description: Product type (type of good and type of service)
To meet what: customer (user) needs
For whom: customer types
Where: geographic area

refers to how customers think about proposed or present brands in a market positioning
Which of the following help marketers focus on a specific target market and provide superior value? (Check all that apply.) Segmentation
Cluster analysis

In regards to positioning maps, consumer perceptions may be different from product characteristics. Positioning analysis is a product oriented approach true
Ultimately, a firm should consider profits to determine whether to segment or combine. true
Purchasing methods, type of buying situation, and type of customer are all dimensions used to segment a(n) business market. true
group customers who are similar on their segmenting dimensions into homogeneous segments clustering
Which of the following steps is commonly added to the segmentation process by international firms? Segment by country or region
In international business, firms insist local operations and decision be handled by natives
fictional depictions of customers illustrative of each target segment; these depictions often turn into elaborate background “stories” that describe a typical segment member’s demographic characteristics and behavior patterns buyer persona
are those that actually affect the customer’s purchase of a specific product or brand in a product-market determining dimensions
Segmenting dimensions that help marketing managers decide whether to include a customer type in a product-market are called qualifying dimensions
A segmenter who offers a marketing mix precisely matched to the needs of the target market can often charge a higher price, thus producing higher profits
segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix
multiple target market approach
segmenting the market and picking one of the homogeneous segments as the firm’s target market
single target market approach
combining two or more submarkets into one larger market as a basis for one strategy combined target market approach
aim at one more homogeneous segments and try to develop a different marketing mix for each segment
criteria for segmenting a broad product-market 1. homogenous within
2. heterogeneous between
3. substantial
4. operational
Segmenters often ______ their marketing mixes for each target market. fine tune
What is the primary disadvantage of the production-oriented marketing approach? It leads to missed opportunities by ignoring customers.
Market definitions for both a product market and a generic market have which of the following in common? Customer needs, customer type, and geographic area
a manager would look at how one product beats another if looking at the product market
As a marketer, it is usually safer to try to satisfy the needs of a ______. small group of customers very well
A marketing manager attempting to segment a market using two demographic characteristics is likely to fail because ______. customer behavior cannot be explained using such narrow segmenting criteria
A complete product-market definition includes product type, customer needs, customer types, and geographic area
Which of the following are true of a successful product-market? (Check all that apply.) – It helps focus and sharpen a firm’s marketing strategy.
– It is defined as the scope of the market in which a firm will compete.
The firm first names a broad product-market before narrowing this market. true
Which of the following are marketing processes used by combiners? (Check all that apply.) – Developing a marketing mix that appeals fairly well to customers across multiple submarkets
– Grouping similar customers across multiple submarkets into a single target market
In regards to positioning maps, consumer perceptions ______ product characteristics. may be different from
Terms such as generic market and product-market are examples of ______ market definitions that can be useful to firms searching for opportunities. broad
operational segmentation the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables
Demographic: Income, Gender, Age, Marital status
For a job in a particular industry, I, of all other students, bring to this job/company key benefit – a significant point of differentiation, because I have reasons to believe (experience, skills). position statement for a job
For our target market, our brand, of all product types, delivers key benefits – a significant point of differentiation, because our brand is reason to believe. positioning statement for target market
Which of the following is NOT a factor contributing to Carla’s success from 2002 to 2012: Offering a wide ranging variety of brands of running shoes
Which of the following is a product NOT offered by Carla’s store? climbing
Which of the following is a problem faced by Carla that was contributing to her business problems: Carla growing old
A greater share of profits for Carla’s store are coming from athletic fashion apparel. False
Carla’s Store’s competitors were offering custom molds in shoes for their customers False
Neal Middleton is the old President from the parent of Natures Own Foods. False
Most of Natures Own Foods sales come from small independent stores. false
Which of the following statements about Nature’s Own Foods is NOT TRUE? Nature’s Own Foods offered frozen food meals successfully to grow its margins
Consumers in the market for the kind of foods offered by Nature’s Own foods will search through different stores to find their favorite brand. False
Nature’s Own Foods had very little control over the pricing and shelf space provided on its products by retail store chains. true
Diekens’ market for soccer is focused mainly in California False
NOCO’s carries high brand awareness among all soccer players False
Noco’s grew from its initial base of a few kids to 600 mainly through advertising. False; word of mouth
Diekens’ initial market consisted of: 7 to 14 years old
Most of NOCO’s customers live in Fort Collins
RUNNING ON CASE – premium prices for Nike shoes, nationally ranked runner, spur in popularity for running, emphasis on Nike, Nike good promotion
– stocked other athletic shoes to keep up w changing taste
– focus on fashion would send away her serious runners,
RUNNING ON CASE PT 2 – could make mold for shoes did well, no promotion wld have to train workers and build website, cost $$$
NOCO US CASE 1 – North Colorado, trained younger kids, liked for his accent, teams went to championship, brought coaches from UK, wants to increase scale but cities far, lure older kids, add program fit for age grp to cater
– wishes to open a training facility, do adv
NATURE FOODS CASE – decline in profits
– not enough market research done to see why competitors are making frozen foods
– increased volume but low profits, president removed; consumers not brand keen, build relationship w small retailers, no control $$, brand establish
a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes. market segmentation
means that as a company producers larger numbers of a particular product, the cost of each unit of the product goes down economies of scale
the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society economic system

The idea that an organization should aim all of its efforts at satisfying its customers—at a profit. marketing concept

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