MCS 1000 Final Exam
Marketing - CORRECT ANSWER-activity of creating, communicating, delivering and
exchanging offerings that benefit the organization, its stakeholders and society at
large
1. Two or more parties with unsatisfied needs
2. desire and ability on their part to be satisfied
3. a way of parties to communicate
4. something to exchange - CORRECT ANSWER-requirements for marketing to
occur
Market - CORRECT ANSWER-people with the desire and ability to buy specific
product
Social Marketing - CORRECT ANSWER-designed to influence the behaviour of
individuals in which the benefits od those behaviour accrue to those individuals or to
society in general and not to the marketer
Ultimate consumers - CORRECT ANSWER-all people who use the goods and
services purchased for a household
organizational buyers - CORRECT ANSWER-maufacturers, wholesalers, retailers,
and government agencies that buy goods and services for their own use
target market - CORRECT ANSWER-one or specific groups of potential consumers
towards which an organization directs its marketing program
1. Product
2. Price
3. Promotion
4. Place - CORRECT ANSWER-4 P's of Marketing
Marketing mix - CORRECT ANSWER-marketing actions of 4 Ps, that he or she can
take to create, communicate and deliver value
environmental forces - CORRECT ANSWER-uncontrollable factors involving social ,
economic, technological, competitive and regulatory forces
marketing program - CORRECT ANSWER-a plan that integrates the marketing mix
to provide a good or service, or idea to prospective buyers
Production Era - CORRECT ANSWER--central notion was products would sell
themselves
,Sales Era - CORRECT ANSWER--more goods made than consumed
-competition grew
-more sales people hired
Marketing concept (era as well) - CORRECT ANSWER-idea that an organization
should strive to satisfy the needs of consumers, while also trying to achieve goals
Marketing orientation (era as well) - CORRECT ANSWER-1. continuously collecting
information about customers
2. sharing this information throughout the organization
3. using information to create value
customer value - CORRECT ANSWER-unique combination of benefits received by
the customer that include quality, price, convenience, on time delivery and both
before-sale and after sale service
customer satisfaction - CORRECT ANSWER-match between customer expectations
of the product and the product's actual performance
customer relationship management - CORRECT ANSWER-process of devleoping
long term relationships
customer lifetime value - CORRECT ANSWER-profit generated by the customer's
purchase of an organziations product or service over customers life time
eCRM - CORRECT ANSWER-a web-centric personailized approach to managing
long term customer relationships electronically
interactive marketing - CORRECT ANSWER-involves two way buyer seller electronic
communication in which the buyer can control the kind and amount of information
received from the seller
customer experience management - CORRECT ANSWER-managing the customers
interactions with the organization at all levels
social media marketing - CORRECT ANSWER-consumer generated online
marketing efforts to promote brands and companies for the ones they like
social CRM - CORRECT ANSWER-the use of social media to enable organizations
to engage customers in collaborative conversations for mutually beneficial value
ethics - CORRECT ANSWER-the moral principles and values that govern the
actions and decisions of individual or group
,social responsibility - CORRECT ANSWER-individuals and organizations are part of
a larger society and are accountable to that society for their actions
societal marketing concept - CORRECT ANSWER-view that an organization should
discover and satisfy the needs of its consumers in a way that also provides for
society's well being
macromarketing - CORRECT ANSWER-aggregate flow of a nation's goods and
services to benefit soceity
micromarketing - CORRECT ANSWER-how and individual organization directs its
marketing activities and allocates its resources to benefit its customers
consumer behaviour - CORRECT ANSWER-actions that a person takes in
purchasing and using products and services, including the mental and social
processes that precede and follow these actions
purchase decision process - CORRECT ANSWER-stages a buyer passes through in
making choices about which products and services to buy
5 stages of purchase decision process - CORRECT ANSWER-1. problem
recognition
2. information search
3. alternative evaluation
4. purchase decision
5. post-purchase behaviour
evaluative criteria - CORRECT ANSWER-factors that represent both the objective
attributes of a brand and the subjective ones
consideration set - CORRECT ANSWER-The group of brands that a consumer
would consider acceptable from among all the brands of which he or she is aware.
cognitive dissonance - CORRECT ANSWER-Feeling of post-purchase psychological
tension or anxiety.
involvement - CORRECT ANSWER-The personal, social, and economic significance
of the purchase to the consumer.
situational influences - CORRECT ANSWER-Conditions that have an impact on your
purchase decision process: (1) the purchase task, (2) social surroundings, (3)
physical surroundings, (4) temporal effects, and (5) antecedent states.
, motivation - CORRECT ANSWER-The energizing force that causes behaviour that
satisfies a need.
personality - CORRECT ANSWER-A person's consistent behaviours or responses to
recurring situations.
national character - CORRECT ANSWER-A distinct set of personality characteristics
common among people of a country or society.
self-concept - CORRECT ANSWER-The way people see themselves and the way
they believe others see them.
perception - CORRECT ANSWER-The process by which an individual selects,
organizes, and interprets information to create a meaningful picture of the world.
subliminal perception - CORRECT ANSWER-Means that you see or hear messages
without being aware of them.
selective comprehension - CORRECT ANSWER-interperting information so it is
consistent with attitudes and beliefs
selective rentention - CORRECT ANSWER-consumers don't always remember all
the information they are exposed to
perceived risk - CORRECT ANSWER-The anxiety felt because the consumer cannot
anticipate the outcomes of a purchase but believes that there may be negative
consequence
learning - CORRECT ANSWER-Those behaviours that result from (1) repeated
experience, and (2) thinking.
behavioral learning - CORRECT ANSWER-process of developing automatic
responses
cognitive learning - CORRECT ANSWER-learn using mind, problem solving without
direct experience
brand loyalty - CORRECT ANSWER-A favourable attitude toward and consistent
purchase of a single brand over time.
values - CORRECT ANSWER-Personally or socially preferable modes of conduct or
states of existence that are enduring.
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