16 Questions
What term refers to trading products for products?
Barter
Which type of research is conducted to clarify the characteristics of certain phenomena to solve a particular problem?
Descriptive Research
What is the term for the variable whose value is determined by the independent variable in an experiment?
Dependent Variable
What is the term for the error that occurs when a sample is drawn from a universe other than the target universe?
Frame Error
What is the central idea in modern marketing?
Marketing Concept
What is the term for an interactive, flexible data-based information system that helps marketing decision-makers gather, manipulate and use information for efficient, effective decision making?
Marketing Decision Support System (DSS)
What is the term for the degree to which costs are minimized for firm and customer?
Marketing Efficiency
What is the term for everything outside the firm's control, affecting its resources, opportunities, relationships, and customers?
Marketing Environment
What is the primary goal of marketing research?
To gather data for marketing decision makers
What is the main difference between a market and a market opportunity?
A market is a group of customers, while a market opportunity is a specific circumstance
What is the role of a market manager?
To manage marketing activities serving a particular group of customers
What is the primary difference between monopolistic competition and monopoly?
Number of firms competing
What is the primary goal of marketing management?
To facilitate mutually beneficial exchanges, effectively and efficiently
What is the main difference between primary data and secondary data?
Primary data is collected directly from respondents, while secondary data is collected from existing sources
What is the primary purpose of probability sampling?
To ensure that each unit has a known chance of being selected
What is the main characteristic of mutually beneficial exchanges?
Two or more parties having something of value the other wants and willing to give up the thing of value they have
Study Notes
Types of Exchange
- Barter: Trading products for products
Research
- Causal Research: Assumes a particular variable X influences a variable Y
- Descriptive Research: Conducted to clarify the characteristics of certain phenomena to solve a particular problem
- Exploratory Research: Conducted to gather more information about a problem or to make a tentative hypothesis more specific
- Experiment: A research method that controls (varies) an independent variable(s) while observing the effects on a dependent variable(s)
Marketing Concepts
- Customer Value: Customer benefits - customer costs
- Marketing Concept: Begins by assuming that happy customers = repeat customers
- Marketing Decision Support System (DSS): An interactive, flexible data-based information system that helps marketing decision-makers gather, manipulate and use information for efficient, effective decision making
- Marketing Effectiveness: Doing the right thing…degree to which exchange helps firm & customer achieve goals
- Marketing Efficiency: Doing things right…degree to which costs are minimized for firm & customer
- Marketing Environment: Everything outside the firm’s control, affecting its resources, opportunities, relationships, and customers
- Marketing Research: A formal, systematic design, collection, interpretation, & reporting, of actionable information, suitable to help marketing decision makers solve specific marketing problems or take advantage of marketing opportunities
Marketing Management
- Marketing: Identifying, creating, and maintaining mutually beneficial exchange relationships in an ever changing world
- Market Manager: The person responsible for managing the marketing activities serving a particular group of customers
- Market Opportunity: The combination of circumstances and timing allowing the firm to reach a target market
- Market: A group of individuals or organizations needing/desiring a particular product, have the ability to purchase that product, are willing to purchase the product, and have the authority to buy the product
- Marketing Management: Planning, organizing, implementing, and controlling marketing activities to facilitate mutually beneficial exchanges, effectively and efficiently
Ethics and Errors
- Ethics: Human duty; rules of duty; systems of principles & rules concerning duty
- Morality: Difference between good & evil, right & wrong
- Frame Error: Occurs when a sample is drawn from a universe other than the target universe
- Measuring Error: Occurs when information gathered is different from the information sought
Competition and Sampling
- Monopolistic Competition: A form of competition where many firms compete, there are few barriers to entry, and products are highly differentiated, with many substitutes
- Monopoly: A form of competition where a single firm competes, there are significant barriers to entry, and almost no substitutes
- Non-probability Sampling: A sampling method in which a unit’s likelihood of study is unknown
- Probability Sampling: A sampling method in which each unit has a known chance of being selected
This quiz covers various concepts in marketing and economics, including barter, causal research, Clayton Act, customer value, and dependent variables.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
