Questions and Answers
What is marketing?
Distributions, price, promotion, and product are all elements of what?
______ are the focal point of all marketing activities.
In which of the following situations is the marketer selling an idea, rather than a service or a good?
Signup and view all the answers
The ____ variable of the marketing mix relates to activities used to inform individuals or groups about the organization and its products.
Signup and view all the answers
The marketing plan is what?
Signup and view all the answers
The process of putting marketing strategies into action is called what?
Signup and view all the answers
An organization's goals should be based on its _____, which is a long-term view or vision of what the organization wants to become.
Signup and view all the answers
Groups of individuals and/or organizations that need products in a product class and have the ability, willingness, and authority to purchase those products are called what?
Signup and view all the answers
Procter and Gamble's superb marketing distribution skills and R&D capabilities in five core technologies have enabled it to build a strong reputation in the marketplace and drive down competition. These skills and capabilities are examples of Procter and Gamble's what?
Signup and view all the answers
To monitor changes in the marketing environment effectively, marketers must engage in what?
Signup and view all the answers
Most marketers operate in a competitive environment of either what?
Signup and view all the answers
Which of the following is a characteristic of pure competition?
Signup and view all the answers
Which of the following is a characteristic of the prosperity stage of the business cycle?
Signup and view all the answers
The amount of money left after payment of taxes that is used by individuals for spending on the purchase of basic necessities and savings is referred to as what?
Signup and view all the answers
Employees, customers, communities, and investors are all considered what in relation to marketing?
Signup and view all the answers
All companies have a responsibility to _____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.
Signup and view all the answers
The term refers to the principles and standards that define acceptable conduct in marketing as determined by various stakeholders.
Signup and view all the answers
The practice of linking products to a particular social cause on an ongoing or short-term basis is known as what?
Signup and view all the answers
______ refers to the potential for the long-term well-being of the natural environment, including all biological entities as well as the interaction among nature and individuals, organizations, and business strategies.
Signup and view all the answers
Marketing research is a process designed to gather information about what?
Signup and view all the answers
An overall plan for obtaining the information needed to address a research problem or issue is called the what?
Signup and view all the answers
_____ is the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
Signup and view all the answers
The marketing research process begins with what?
Signup and view all the answers
For the purpose of marketing research, Joe picked up the telephone directory and just selected a few numbers from it to form his sample. Joe is using what type of sampling?
Signup and view all the answers
To find a target market, a firm can use the what?
Signup and view all the answers
Age, rate of product use, location, and gender are all examples of what?
Signup and view all the answers
A(n) ____ market consists of purchasers and household members who intend to use or benefit from the purchased products and do not buy products for the main purpose of making a profit.
Signup and view all the answers
_____ is the process of dividing a total market into groups of people with similar product needs in order to design a marketing mix that matches those needs.
Signup and view all the answers
Which of the following is a geographic variable for segmentation of a market?
Signup and view all the answers
An unplanned buying behavior resulting from a powerful urge to buy something immediately is called what?
Signup and view all the answers
The five major stages of the consumer buying decision process, in order, are what?
Signup and view all the answers
Emma looks at her watch and realizes that it has stopped. She knows that the watch is old and that she will have to buy a new one. Emma is in the what stage of the consumer buying decision process?
Signup and view all the answers
The group of brands that a buyer views as possible alternatives is known as the what?
Signup and view all the answers
______ describes the tendency of people to reject information that is inconsistent with their beliefs, even when presented with information to the contrary.
Signup and view all the answers
Study Notes
Marketing Fundamentals
- Marketing is the process of creating, distributing, promoting, and pricing products to establish satisfying exchange relationships and maintain favorable stakeholder relationships in a dynamic environment.
- Key elements of the marketing mix include product, price, promotion, and distribution.
- Customers are the focal point of all marketing activities.
Marketing Strategies and Plans
- Marketing strategies involve implementing marketing plans, which are detailed documents outlining actions to control marketing efforts.
- Effective marketing requires the implementation of strategies, monitored through marketing control measures.
Market Analysis and Consumer Behavior
- Markets consist of groups that need products and have the ability, willingness, and authority to purchase.
- Understanding the economic environment and engaging in environmental scanning is crucial for effective marketing decisions.
- The business cycle's prosperity stage is characterized by relatively high consumer income.
Income Categories
- Disposable income is the amount remaining after taxes, used for necessities and savings.
- Discretionary income is the amount used for non-essential purchases after basic needs are met.
Stakeholders and Ethical Considerations
- Stakeholders include employees, customers, communities, and investors, all of whom are integral to marketing relationships.
- Marketing ethics centers on principles and standards guiding acceptable conduct within marketing practices.
Research and Information Gathering
- Marketing research involves systematically gathering and analyzing information to solve marketing problems or seize opportunities.
- The research design outlines the overall plan for acquiring necessary information.
Market Segmentation and Targeting
- Market segmentation divides the total market into distinct groups with similar needs, employing variables like demographics and geography.
- A consumer market consists of individuals and households purchasing products for personal use rather than for profit.
- Geographic variables, such as city size, are important for effective market segmentation.
Consumer Decision-Making Process
- The five stages of the consumer buying decision process include problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation.
- Impulse buying describes unplanned purchases driven by strong urges.
Perception and Information Processing
- The evoked set comprises brands that consumers consider as alternatives during the decision-making process.
- Selective distortion refers to individuals rejecting information inconsistent with their existing beliefs.
Marketing Competitiveness
- Most marketers navigate a competitive environment characterized by oligopoly or monopolistic competition, involving multiple competitors and product differentiation.
- Core competencies contribute to a firm's competitive advantage, influencing its marketing effectiveness.
Cause-Related Marketing and Sustainability
- Cause-related marketing connects products to social causes, enhancing brand perception and loyalty.
- Sustainability encompasses the long-term well-being of the natural environment, factoring into marketing strategies and corporate responsibility.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz consists of flashcards designed to help students prepare for their Marketing Exam 1. Each card includes key concepts related to the definitions and processes involved in marketing, ensuring a comprehensive review of essential topics. Test your knowledge and enhance your understanding of marketing fundamentals.