Marketing and Economics Concepts

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Questions and Answers

What term refers to trading products for products?

Barter (correct)

Causal Research

Customer Value

Marketing Concept

Which type of research is conducted to clarify the characteristics of certain phenomena to solve a particular problem?

Causal Research

Experimental Research

Descriptive Research (correct)

Exploratory Research

What is the term for the variable whose value is determined by the independent variable in an experiment?

Independent Variable

Experimental Variable

Dependent Variable (correct)

Control 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 Signup and view all the answers

What is the central idea in modern marketing?

Marketing Concept Signup and view all the answers

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) Signup and view all the answers

What is the term for the degree to which costs are minimized for firm and customer?

Marketing Efficiency Signup and view all the answers

What is the term for everything outside the firm's control, affecting its resources, opportunities, relationships, and customers?

Marketing Environment Signup and view all the answers

What is the primary goal of marketing research?

To gather data for marketing decision makers Signup and view all the answers

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 Signup and view all the answers

What is the role of a market manager?

To manage marketing activities serving a particular group of customers Signup and view all the answers

What is the primary difference between monopolistic competition and monopoly?

Number of firms competing Signup and view all the answers

What is the primary goal of marketing management?

To facilitate mutually beneficial exchanges, effectively and efficiently Signup and view all the answers

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 Signup and view all the answers

What is the primary purpose of probability sampling?

To ensure that each unit has a known chance of being selected Signup and view all the answers

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 Signup and view all the answers

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

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Description

This quiz covers various concepts in marketing and economics, including barter, causal research, Clayton Act, customer value, and dependent variables.