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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Hkane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
