BA 223 Midterm 1 Flashcards
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Questions and Answers

What is marketing?

  • The process by which companies engage customers (correct)
  • The process of selling products
  • A method of customer relationship building
  • None of the above

What is the first step in the marketing process?

Understand the marketplace and customer needs and wants

What is the second step in the marketing process?

Design a customer value-driven marketing strategy

What is the third step in the marketing process?

<p>Construct an integrated marketing program that delivers superior value</p> Signup and view all the answers

What is the fourth step in the marketing process?

<p>Engage customers, build profitable relationships, and create customer delight</p> Signup and view all the answers

What is the fifth step in the marketing process?

<p>Capture value from customers to create profits and customer equity</p> Signup and view all the answers

What are needs?

<p>State of felt deprivation</p> Signup and view all the answers

What are wants?

<p>The form human needs take as they are shaped by culture and individual personality</p> Signup and view all the answers

What are demands?

<p>Wants backed by buying power</p> Signup and view all the answers

What is a market offer?

<p>Some combination of products, services, information, or experiences offered to a market to satisfy a need or want</p> Signup and view all the answers

What is marketing myopia?

<p>The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products</p> Signup and view all the answers

What is marketing management?

<p>The art and science of choosing target markets and building profitable relationships with them</p> Signup and view all the answers

What is the production concept?

<p>The idea that consumers will favor products that are available and highly affordable</p> Signup and view all the answers

What is the product concept?

<p>The idea that consumers will favor products that offer the most quality, performance, and features</p> Signup and view all the answers

What is the selling concept?

<p>The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort</p> Signup and view all the answers

What is the marketing concept?

<p>The idea that achieving organizational goals depends on knowing the needs and wants of the target markets</p> Signup and view all the answers

What is the societal marketing concept?

<p>The idea that the marketing strategy should deliver value to the consumer in a way that maintains or improves both the consumer and society's well-being</p> Signup and view all the answers

What are the 4 P's of the marketing mix?

<p>Product, Price, Place, Promotion</p> Signup and view all the answers

What is customer relationship management (CRM)?

<p>Process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction</p> Signup and view all the answers

What is customer-perceived value?

<p>The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers</p> Signup and view all the answers

What is customer satisfaction?

<p>The product's perceived value relative to the buyer's expectations</p> Signup and view all the answers

What is customer-engagement marketing?

<p>Fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community</p> Signup and view all the answers

What is consumer-generated marketing?

<p>When customers themselves play a role in shaping their own brand experiences</p> Signup and view all the answers

What is partner relationship management?

<p>Working closely with partners in other company departments and outside the company to jointly bring greater value to customers</p> Signup and view all the answers

What is share of customer?

<p>The portion of the customer's purchasing that a company gets in its product categories</p> Signup and view all the answers

What is customer equity?

<p>The total combined customer lifetime values of all of the company's customers</p> Signup and view all the answers

What is sustainable marketing?

<p>Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving future generation's needs</p> Signup and view all the answers

What is consumerism?

<p>An organized movement to improve the rights and powers of buyers in relation to sellers</p> Signup and view all the answers

What is environmentalism?

<p>An organized movement designed to protect and improve people's current and future living environment</p> Signup and view all the answers

What is environmental sustainability?

<p>Generating profits while helping protect the environment</p> Signup and view all the answers

What are the 5 sustainable marketing principles?

<ol> <li>Consumer-oriented marketing 2. Customer value marketing 3. Innovative marketing 4. Sense-of-mission marketing 5. Societal marketing</li> </ol> Signup and view all the answers

What is customer-oriented marketing?

<p>A company should view and organize its marketing activities through the consumer's point of view</p> Signup and view all the answers

What is customer-value marketing?

<p>A company should put most of its resources into customer value-building marketing investments</p> Signup and view all the answers

What is innovative marketing?

<p>Requires a company to seek real product and marketing improvements</p> Signup and view all the answers

What is sense-of-mission marketing?

<p>A company should define its mission in broad social terms rather than narrow product terms</p> Signup and view all the answers

What is societal marketing?

<p>A company should make marketing decisions by considering consumers' wants, the company's requirements, and society's long-run interests</p> Signup and view all the answers

What are deficient products?

<p>Neither immediate appeal nor long-run benefits</p> Signup and view all the answers

What are pleasing products?

<p>Products that give high immediate satisfaction but may hurt consumers in the long run</p> Signup and view all the answers

What are salutary products?

<p>Products that have low immediate appeal but may benefit consumers in the long run</p> Signup and view all the answers

What are desirable products?

<p>Products that give both high immediate satisfaction and high long-run benefits</p> Signup and view all the answers

What are the 6 social criticisms of marketing?

<p>High prices, deceptive practices, high-pressure selling, unsafe practices, planned obsolescence, poor service to disadvantaged consumers</p> Signup and view all the answers

What are the 3 ways marketing harms society?

<p>False wants/too much consumerism, too few social goods, cultural pollution</p> Signup and view all the answers

What is strategic planning?

<p>The process of developing and maintaining a strategic fit between the organization's goals and capabilities and the changing market opportunities</p> Signup and view all the answers

What is the first step of strategic planning?

<p>Defining the company mission</p> Signup and view all the answers

What is a mission statement?

<p>A statement of the organization's purpose - what it wants to accomplish in the larger environment</p> Signup and view all the answers

What is the second step of strategic planning?

<p>Setting company objectives and goals</p> Signup and view all the answers

What is the third step of strategic planning?

<p>Designing the business portfolio</p> Signup and view all the answers

What is a business portfolio?

<p>The collection of businesses and products that make up the company</p> Signup and view all the answers

What are stars in strategic planning?

<p>SBUs that are high-growth, high-share businesses or products</p> Signup and view all the answers

What are cash cows in strategic planning?

<p>SBUs that are low growth, high-share businesses or products</p> Signup and view all the answers

What are question marks in strategic planning?

<p>SBUs with low market shares in fast-growth markets</p> Signup and view all the answers

What are dogs in strategic planning?

<p>SBUs with a small share of a slow-growth market</p> Signup and view all the answers

What is market penetration?

<p>Making more sales in its current product lines and markets</p> Signup and view all the answers

What is market development?

<p>Company growth by identifying and developing new market segments for current company products</p> Signup and view all the answers

What is product development?

<p>Company growth by offering modified or new products to current market segments</p> Signup and view all the answers

What is diversification?

<p>A strategy of increasing sales by introducing new products into new markets</p> Signup and view all the answers

What is the value chain?

<p>The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products</p> Signup and view all the answers

What is the value delivering network?

<p>The network made up of the company, its suppliers, its distributors, and customers who partner to improve performance</p> Signup and view all the answers

What is marketing strategy?

<p>The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships</p> Signup and view all the answers

What is market segmentation?

<p>The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors</p> Signup and view all the answers

What is positioning?

<p>Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products</p> Signup and view all the answers

What are the 4 A's?

<p>Acceptability, Affordability, Accessibility, Awareness</p> Signup and view all the answers

What is marketing implementation?

<p>Turning marketing strategies and plans into marketing actions</p> Signup and view all the answers

What is marketing control?

<p>Evaluating results and taking corrective action to ensure that marketing objectives are attained</p> Signup and view all the answers

What is marketing ROI?

<p>The net return from a marketing investment divided by the costs of the marketing investment</p> Signup and view all the answers

What is the fourth step of strategic planning?

<p>Planning marketing and other functional strategies</p> Signup and view all the answers

What is the marketing environment?

<p>The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships</p> Signup and view all the answers

What is the microenvironment?

<p>The actors close to the company that affect its ability to serve its customers</p> Signup and view all the answers

What is the macroenvironment?

<p>The larger societal forces that affect the microenvironment</p> Signup and view all the answers

What are baby boomers?

<p>People born between 1946 and 1964; wealthiest generation, a marketer's dream</p> Signup and view all the answers

What is Generation X?

<p>49 million people born between 1965 and 1976; more skeptical, prefer quality over quantity</p> Signup and view all the answers

Who are millennials?

<p>Born between 1977 and 2000; higher unemployment, more debt, accept technology</p> Signup and view all the answers

What is Generation Z?

<p>People born after 2000; the future of markets, got digital in their DNA</p> Signup and view all the answers

What is the economic environment?

<p>Economic factors that affect consumer purchasing power and spending patterns</p> Signup and view all the answers

What is the natural environment?

<p>The physical environment and the natural resources needed as inputs by marketers or affected by marketing activities</p> Signup and view all the answers

What is the technological environment?

<p>Forces that create new technologies, creating new product and market opportunities</p> Signup and view all the answers

What is the political environment?

<p>Consists of laws, government agencies, and pressure groups that influence or limit various organizations</p> Signup and view all the answers

What is the cultural environment?

<p>Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors</p> Signup and view all the answers

What are customer insights?

<p>Fresh understandings of customers and the marketplace derived from marketing information</p> Signup and view all the answers

What is a Marketing Information System (MIS)?

<p>People and procedures dedicated to assessing information needs and helping decision makers</p> Signup and view all the answers

What is an internal database?

<p>Collections of consumer and market information obtained from data sources within the company</p> Signup and view all the answers

What is competitive marketing intelligence?

<p>The systematic monitoring, collection, and analysis of publicly available information</p> Signup and view all the answers

What is marketing research?

<p>The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation</p> Signup and view all the answers

What is the first step of the marketing research process?

<p>Defining the problem and research objectives</p> Signup and view all the answers

What is the second step of the marketing research process?

<p>Developing the research plan for collecting information</p> Signup and view all the answers

What is the third step of the marketing research process?

<p>Implementing the research plan- collecting and analyzing the data</p> Signup and view all the answers

What is the fourth step of the marketing research process?

<p>Interpreting and reporting the findings</p> Signup and view all the answers

What is exploratory research?

<p>Marketing research to gather preliminary information to help define problems and suggest hypotheses</p> Signup and view all the answers

What is descriptive research?

<p>Describes things, such as the market potential for a product or demographics of consumers</p> Signup and view all the answers

What is casual research?

<p>Tests hypotheses about cause-and-effect relationships</p> Signup and view all the answers

What is observational research?

<p>Involves gathering primary data by observing relevant people, actions, and situations</p> Signup and view all the answers

What is ethnographic research?

<p>A form of observational research involving sending trained observers to watch and interact with consumers</p> Signup and view all the answers

What is experimental research?

<p>Gathering primary data by selecting matched groups, giving them different treatments, and checking for differences in responses</p> Signup and view all the answers

What is customer relationship management (CRM)?

<p>Manage detailed information about individual customers to maximize loyalty</p> Signup and view all the answers

What is marketing analytics?

<p>Analysis tools and processes that help marketers discover meaningful patterns in data</p> Signup and view all the answers

What is consumer buyer behavior?

<p>The buying behavior of final consumers - individuals and households that buy goods and services for personal consumption</p> Signup and view all the answers

What is a consumer market?

<p>All the individuals and households that buy or acquire goods and services for personal consumption</p> Signup and view all the answers

What is culture?

<p>The most basic cause of human needs or wants</p> Signup and view all the answers

Study Notes

Marketing Basics

  • Marketing: Engaging customers and creating value to capture customer returns.
  • 5 Steps in Marketing Process:
    • Understand marketplace needs and wants.
    • Design a customer value-driven strategy.
    • Construct an integrated program for value delivery.
    • Engage customers and build profitable relationships.
    • Capture value for profits and customer equity.

Concepts and Definitions

  • Needs: State of felt deprivation.
  • Wants: Shaped human needs influenced by culture and personality.
  • Demands: Wants backed by buyer capacity.
  • Market Offer: Combination of products and services offered to satisfy needs.
  • Marketing Myopia: Focus on products rather than the benefits they deliver.

Marketing Management

  • Market: Actual and potential buyers of a product/service.
  • Marketing Management: Art and science of choosing target markets and building relationships.
  • Production Concept: Focus on production efficiency for affordable products.
  • Product Concept: Emphasizes quality and continuous improvement.
  • Selling Concept: Relies on high-pressure selling to boost product sales.
  • Marketing Concept: Success hinges on understanding and meeting target market needs better than competitors.
  • Societal Marketing Concept: Values consumer and societal well-being along with organizational goals.

Tools and Strategies

  • Marketing Mix: The 4 P's - Product, Price, Place, Promotion.
  • Customer Relationship Management (CRM): Building and maintaining profitable customer relationships.
  • Customer-Perceived Value: Evaluation of benefits vs. costs relative to competition.
  • Customer Satisfaction: The product's perceived value meets or exceeds buyer expectations.
  • Customer-Engagement Marketing: Direct customer involvement in brand interactions.

Product Types

  • Deficient Products: Lack appeal or long-term benefits.
  • Pleasing Products: Immediate satisfaction but potential long-term harm.
  • Salutary Products: Low immediate appeal but beneficial in the long run.
  • Desirable Products: High immediate and long-term benefits.

Social Perspectives and Criticisms

  • Consumerism: Movement to enhance consumer rights and power.
  • Environmentalism: Protecting and improving living conditions through sustainable practices.
  • Marketing Critiques: High prices, deceptive practices, and cultural pollution.

Strategic Planning

  • Strategic Fit: Aligning company goals with market opportunities.
  • Mission Statement: Defines the organization’s purpose and aspirations.
  • Business Portfolio: The collection of a company's products and businesses.

Market Growth Strategies

  • Market Penetration: Increasing sales in existing markets with current products.
  • Market Development: Identifying and reaching new market segments for existing products.
  • Product Development: Offering modified or new products to current market segments.
  • Diversification: Introducing new products into new markets.

Market Segment Focus

  • Market Segmentation: Dividing the market into distinct buyer groups.
  • Positioning: Creating a distinct image for a product relative to competitors.

Marketing Environments

  • Microenvironment: Close actors affecting marketing abilities (e.g., suppliers, competitors).
  • Macroenvironment: Larger societal forces (demographics, economy, technology).

Generational Insights

  • Baby Boomers: Born 1946-1964; affluent demographic.
  • Generation X: Born 1965-1976; value skepticism and quality.
  • Millennials: Born 1977-2000; face economic constraints, tech-savvy.
  • Generation Z: Post-2000; completely digital natives.

Research and Data Analysis

  • Marketing Research: Systematic collection and analysis to address marketing issues.
  • Types:
    • Exploratory Research: Preliminary information gathering to define problems.
    • Descriptive Research: Describes market potential and consumer demographics.
    • Casual Research: Tests hypotheses about cause-effect relationships.
  • Marketing Analytics: Tools and processes for analyzing patterns in big data for insights.

Organizational and Consumer Insights

  • Customer Insights: Fresh understandings derived from market information to deliver value.
  • Marketing Information System (MIS): System for assessing and utilizing marketing information effectively.
  • Consumer Buyer Behavior: Individual and household buying behaviors for personal consumption.

This framework provides a comprehensive understanding of marketing principles, strategies, and the environmental context within which companies operate.

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Test your knowledge with these flashcards for BA 223 Midterm 1 at Oregon State. Covering key marketing concepts, these cards will help reinforce your understanding of the marketing process and customer engagement strategies. Perfect for review before the exam!

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