Marketing 2320 Final
Fundamental Value or Purpose of Marketing - CORRECT ANSWER-create value for
the consumer and to capture value from the consumer
Consumer Prospective of Value - CORRECT ANSWER-Value describes the benefits
or problems-solutions the consumer receives when they buy and use a product
Needs and Wants - CORRECT ANSWER-Effective marketing requires not only
recognizing consumer needs, but also understanding the different ways that
consumers want to satisfy those needs
Satisfaction - CORRECT ANSWER-Subjective evaluation on the part of the
consumer of whether a particular choice met, exceeded, or fell short of their
expectations
Demand - CORRECT ANSWER-When wants are backed up by a consumer's buying
power
Target Market - CORRECT ANSWER-Smaller more specific group of consumers
who are willing and able but actually want to buy
Exchange - CORRECT ANSWER-A fundamental marketing activity is the voluntary
trade of things of value between two parties so that each may benefit and both might
prosper
Value Based Orientation - CORRECT ANSWER-An organization competes by
offering the consumer greater value than their competitors can
Market Penetration - CORRECT ANSWER-Chase after more market place to get
more sale
Market Development - CORRECT ANSWER-New consumers for the same product
Product Development - CORRECT ANSWER-New products from the same
consumers
Diversification - CORRECT ANSWER-Doing new things with new people
Related Diversification - CORRECT ANSWER-New product that uses already
developed resources
Unrelated Diversification - CORRECT ANSWER-Starting over with no overlap or
carry over
,Sustainable Competitive Advantage - CORRECT ANSWER-Something a business
does well and can persistently do better than its competitors
Key Success Factors - CORRECT ANSWER-Characteristics or conditions that are
critical to organizational success
Michael Porter's Theory of Sustainable Competitive Advantage - CORRECT
ANSWER-Cost leadership, differentiation, focus (cost/diff), middle of the road
Cost Leadership - CORRECT ANSWER-Compete on price
Differentiation - CORRECT ANSWER-Compete on being unique
Focus - CORRECT ANSWER-Compete on focusing on niches
Middle of the Road - CORRECT ANSWER-Try to be all things for all people
Treacy and Wiersema's value Disciplines for Competitive Advantages - CORRECT
ANSWER-Operational excellence, product leadership, consumer intimacy
A Marketing Plan - CORRECT ANSWER-Blueprint for how an organization will
address their market situation, carry out effective marketing programs that achieve
strategic objectives, and provide customers with value
Mission Statements - CORRECT ANSWER-Broad description of an organization's
overarching goals and the scope of activities it plans to undertake
Vision Statements - CORRECT ANSWER-Broad, forward looking, and motivational
statements that point to the best possible version of an organization
Objectives - CORRECT ANSWER-Specific things that an organization hopes to
achieve with their marketing plan
,Caveat Emptor - CORRECT ANSWER-Buyer beware, also an expectation that
marketing activity should be carried out in ways that are fair and ethical
Consumer Movement - CORRECT ANSWER-Social movement with the goal of
increasing the powers and improving protections afforded consumers in the
marketplace
Environmental Movement - CORRECT ANSWER-Organized movement of
concerned citizens, businesses and government agencies to conserve and improve
our shared natural environment
Deceptive Pricing - CORRECT ANSWER-Withholding info about how much it
actually costs with hidden fees
Deceptive Packaging - CORRECT ANSWER-Packaging can be misleading with
quality or quantity
Deceptive Promotion - CORRECT ANSWER-Possible lies being told about the
product
Puffery - CORRECT ANSWER-Innocent exaggeration for effect
Shrinkflation - CORRECT ANSWER-Business strategy that modifies product
packaging to hide the change in product amount
High-pressure selling - CORRECT ANSWER-Relies on persistence, abundant
information, and direct, forceful appeals to overcome reluctance and compel the
consumer to act
Shoddy Products - CORRECT ANSWER-Low in quality, lacking in efficiency, and
potentially unsafe to use
Obsolete Products - CORRECT ANSWER-Critics will also argue that marketers will
use obsolescence or purposefully limit the useful life of their products to drive
consumer demand and encourage purchasing
Situational Analysis Relevance - CORRECT ANSWER-Considering relevant trends,
forces, factors, and variables at work in the marketing environment and deciphering
the implications they may have on our short-term and long-term goals and objectives
SWOT Analysis - CORRECT ANSWER-Gives framework for understanding our
situation by contrasting and connecting the internal strengths and weaknesses we
possess to the external opportunities and threats we face
, The Company - CORRECT ANSWER-Thoughtful evaluation of an organization and
its capabilities means considering strengths as well as its deficits and shortcomings
The Partners - CORRECT ANSWER-Understanding how we can navigate the
market environment means understanding who we can rely in and where and how
they can help us
The Competition - CORRECT ANSWER-Need to also understand their strategies
and strengths
Direct competitors - CORRECT ANSWER-Offering the same kind of product to the
same consumer to solve the same problem
Indirect competitors - CORRECT ANSWER-Different kind of product to the same
consumer to solve the same problem
The Publics - CORRECT ANSWER-Third party actors that exist separate from an
organization its partners and competitors
Demographics - CORRECT ANSWER-The quantifiable criteria use to understand
and categorize a population or grouping of individuals
Social or Natural trends - CORRECT ANSWER-Attitudes or patterns of behaviour
prevalent within a society or amongst members of a specific group
Technology - CORRECT ANSWER-Technological innovation does not just improve
the value and variety of the products offered to consumers; it can impact every
faucet of marketing activity
Economic - CORRECT ANSWER-Economic variables shape the potential
opportunities marketers encounter as well as the ways individual consumers choose
how to spend their money
Political/Legal - CORRECT ANSWER-Overlapping regulatory guidelines and
legislative frameworks that can impact marketing activity as well as the political
activity that shapes them
Situational Analysis - CORRECT ANSWER-Not all variables are relevant to every
situation we have to see what is going on and understand how and why it matters to
our plan
B2B Marketing - CORRECT ANSWER-Exchange of value between businesses
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