Exam (elaborations)

UGA MARK Exam 1 Grantham • Course • MRKT3000

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UGA MARK Exam 1 Grantham • Course • MRKT3000 .4 ps - ANSWER-Product, Price, Place, Promotion .Acculturation - ANSWER-(n.) the modification of the social patterns, traits, or structures of one group or society by contact with those of another; the resultant blend .Actual or Perceived...

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 Course
 MRKT3000

.4 ps - ANSWER-Product, Price, Place, Promotion

.Acculturation - ANSWER-(n.) the modification of the social patterns, traits, or structures of one group or
society by contact with those of another; the resultant blend

.Actual or Perceived Risk - ANSWER-performance risk, financial risk, social risk, physiological risk,
psychological risk

.affective component - ANSWER-A component of attitude that reflects what a person feels about the issue at
hand—his or her like or dislike of something.

.American Marketing Association Code of Ethics - ANSWER-Generally accepted code in marketing, flows from
general norms of conduct to specific values, subareas within marketing have their own code of ethics to deal
with specific issues

.attitude - ANSWER-A person's enduring evaluation of his or her feelings about and behavioral tendencies
toward an object or idea; consists of three components: cognitive, affective, and behavioral.

.average incomes - ANSWER-median = $74,580

<high school = $29,800

high school grad = $36,600

college< = $59,600

.Baby Boomers - ANSWER-1964 -1946

Control 80% of personal wealth

,• More active than previous, "never age"

• Postponing retirement

• Involved in lives of adult children/grandchildren

• Poms trailer

.behavioral component - ANSWER-a component of attitude that comprises the actions a person takes with
regard to the issue at hand

.Behavioral Segmentation - ANSWER-A segmentation method that divides customers into groups based on
how they use the product or service. Some common behavioral measures include occasion and loyalty.

.Behavorial Segmentation - ANSWER-occasion segmentation, special or everyday, loyalty segmentation

.benefit segmentation - ANSWER-different consumers seek different primary benefits from the same product

.book marketing definition - ANSWER-anticipating and determining the needs/wants of consumers and
satisfying those needs through the use of the 4 Ps to create long term exchanges of value

.business ethics - ANSWER-the moral or ethical dilemmas that might arise in a business setting

.Business to business marketing - ANSWER-B2B, the process of buying and selling goods and services to be
used in the production of other goods and services

.business to consumer marketing - ANSWER-B2C, process in which businesses sell to consumers

.cannibalization - ANSWER-new product cuts into sales of old product; aim at new segment, hit old segment

.cause related marketing - ANSWER-the cooperative marketing efforts between a for-profit firm and a
nonprofit organization

.caveat emptor - ANSWER-let the buyer beware

, .Clayton Act - ANSWER-A 1914 amendment that strengthens the Sherman Act by making it illegal for firms to
engage in certain anticompetitive business practices.

.cognitive component - ANSWER-a component of attitude that reflects what a person believes to be true

.company norms - ANSWER-values, rules, controls

.compensatory decision making - ANSWER-strategy for choosing between alternatives in which positive
attributes can compensate for negative attributes. all factors

.compensatory decision rule - ANSWER-at work when the consumer is evaluating alternatives and trades off
one characteristic against another, such that good characteristics compensate for bad ones

.competitive environment - ANSWER-1. direct competition

2. indirect competition

3.Competition for discretionary spending

.Concentrated (niche) marketing - ANSWER-A market-coverage strategy in which a firm goes after a large
share of one or a few segments or niches

.concentrated targeting strategy - ANSWER-a marketing strategy of selecting a single, primary target market
and focusing all energies on providing a product to fit that market's needs

.consumer behavior - ANSWER-same process different results, factors that influence behavior

.consumer decision process - ANSWER-marketing mix, psychological factors, situational factors, social factors

.consumer decision rules - ANSWER-the set of criteria that consumers use consciously or subconsciously to
quickly and efficiently select from among several alternatives

.consumer to consumer marketing - ANSWER-C2C, consumers selling to other consumers

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Exam (elaborations)

UGA MARK Exam 1 Grantham • Course • MRKT3000

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