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Marketing Concepts

Marketing is basically selling and advertising
Marketing can be viewed as a set of activities performed by organizations, but not as a social process
The marketing concept says that a firm should aim its efforts at satisfying customers, even if this proves to be unprofitable.
The “marketing concept” means that a firm emphasizes attracting new customers above all other objectives
Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
To develop lasting relationships with customers, marketing-oriented firms need to focus on customer satisfaction both before and after each sale
Planning, implementation, and control are basic jobs of all managers
The three basic jobs in the marketing management process are planning, implementation, and control
The marketing management process consists of (1) palnning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans
Marketing strategy planning is the process of deciding how best to sell the products the firm produces.
A marketing strategy specifies a target market and a related marketing mix
A target market consists of a group of consumers who are usually quite different
Target marketing aims a marketing mix at some specific target customers
Potential customers are all alike
The four “P’s” are: Product, Price, and Personnel
The product area of the marketing mix may involve a service and/or a physical good which satisfies some customers’ needs
A channel of distribution is any series of firms or individuals that participate in the flow of products from producer to final user or consumer.
Promotion is composed of personal selling, advertising, publicity, and sales promotion.
Personal selling involves direct personal communication to get the sale, but personal attention is seldom required after the sale.
Advertising is any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor
Sales promotion can involve point-of-purchase materials, store signs, contests, catalogs, and circulars.
Personal selling and advertising are both forms of sales promotion.
The marketing mix should be set before the best target market is selected.
A marketing plan and a marketing strategy mean the same thing.
A marketing program should lower customer equity
A good S.W.O.T. analysis helps a manager focus on a strategy that takes advantages of the firm’s opportunities and strengths while avoiding its weaknesses and threats to its success.
Differentiation often requires a firm to fine-tune its marketing mix to meet the specific needs of its target market(s).
Which of the following is one of three basic marketing management jobs?
1. To direct the implementation of plans
2. To control the plans in actual operation
3. To plan marketing activities
A target market and a related marketing mix make up a:
Marketing strategy
_____ assume(s) that everyone is the same–and consider(s) everyone to be a potential customer.
Mass marketing
“Target marketing,” in contrast to “mass marketing,”
Focuses on fairly homogeneous market segments
The marketing mix
helps to organize the marketing strategy decision areas
The “four Ps” of a marketing mix are:
A firm’s “marketing mix” decision areas would NOT include:
“Product” is concerned with:
Packaging and warranty
Physical goods
The packaging design for a new flavor of Ben and Jerry’s ice cream is an aspect of which component of the marketing mix
“Place” is concerned with
Channel members
“Promotion” includes:
Personal selling
Sales Promotion
Marketing strategy decisions concerning Promotion include decisions about
training for salespeople
_____ is direct spoken communication between sellers and potential customers
Personal selling
Advertising is:
any paid form of non personal presentation of ideas, goods, or services by an identified sponsor.
Sales promotion
Tries to help the personal selling and mass selling people
To help cosmetic company, RedRain Inc., launch a new line of lipstick, tickets that can be redeemed for prizes are enclosed in some of the lipstick packages. This activity can be best classified as
Sales promotion
is affected by the kind of competition in the target market
When developing a marketing mix, a marketing manager should remember that
“Price” includes markups, discounts, allowances, and geographic terms
A “marketing plan” is:
a marketing strategy — plus the time-related details for carrying it out.
Short-run decisions to help implement strategies are best known as
Operational decisions
Customer equity
takes the perspective of the selling firm
A S.W.O.T. analysis includes
often requires that the firm fine-tune all of the elements of its marketing mix to the specific needs of a distinctive target market
The marketing manager can control the variables in the market environment.
Company objectives should shape the direction and operation of the whole business.
Attractive opportunities should make use of a firm’s resources and its unique strengths.
The competitive environment affects the number and types of competitors the marketing manager must face and how they may behave.
The Internet is a powerful way to get information about competitors.
The Internet is a system for linking computers around the world.
A basic idea in the legal environment in the United States is that attempts by business to limit competition are considered contrary to the public interest.
The cultural and social environment affects how and why people live and behave as they do.
When evaluating opportunities, quantitative screening criteria help a manager decide what kind of opportunities to pursue.
The economic environment:
Can change very rapidly.
A market is a group of two or more sellers who offer substitute ways of satisfying customer needs.
A firm’s “relevant market for finding opportunities” should be bigger than the present product-market but not so large that it couldn’t expand and still be an important competitor.
Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets.
One of the difficult things about segmenting is that not every customer will neatly fit into some market segment.
“Homogeneous within” means that the customers in a market segment should be as similar as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions.
With the “multiple target market approach” the marketer combines two or more homogeneous submarkets into one larger target market as a basis for one strategy.
A segmenter is more likely than a combiner to really satisfy a target market and build such a close relationship with customers that it faces no real competition.
Dimensions that should be looked at when segmenting consumer markets are: geographic location and other demographic characteristics, behavioral needs, urgency to get needs satisfied, and willingness to compare and shop.
CRM is a variation of the positioning approach.
“Positioning” shows how proposed and/or present brands are located in a market–as seen by customers.
A ______________ market is a market with broadly similar needs and sellers offering various–and often diverse–ways of satisfying those needs.
Which of the following is LEAST LIKELY to compete in the same generic market as the others?
A firm’s “relevant market for finding opportunities” should:
be bigger than the firm’s present product-market–but not so big that the firm could not be an important competitor.
Customer type
refers to the final consumer or user of a product type.
Which of the following criteria should a marketing manager use when segmenting a broad product-market?
The people in different segments should be as heterogeneous as possible with respect to their likely response to marketing mix variables.
Combiners (as opposed to segmenters):
try to increase the size of their target markets by combining two or more market segments.
Segmenting, in contrast to combining:
tries to identify homogeneous submarkets and develop different marketing mixes for each submarket.
When Hallmark stores offer a product line that includes everything you need to have a Spiderman theme birthday party, what is the primary segmenting dimension that Hallmark is using?
Benefits sought
______________ segmenting dimensions are those which actually affect a person’s purchase of a specific product type or brand in a product-market.
Clustering techniques applied to segmenting markets
usually require computers to group people based on data from market research.
Differentiating the marketing mix is important because:
1. It can help the firm build a competitive advantage with a group of target customers.
2. It can help target customers to view the firm’s position in the market as uniquely suited to their preferences and needs.
3. It can clarify the position the firm wants to achieve with customers.
4. It can contribute to better blending of marketing mix decisions to achieve desired objectives.
Positioning analysis
is a visual aid to understanding a product-market.
The economic-buyer theory assumes that consumers know all the facts and logically compare choices.
Motivation, perception, learning, attitudes, trust, and lifestyle are psychological variables which affect consumer buying.
Wants are needs which are learned during a person’s life.
Motivation theory suggests that only one need can be satisfied at a time.
In selective exposure we screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs.
According to learning theory, a cue is likely to result in a consumer response only if there is a drive to satisfy.
The main difference between attitudes and beliefs is that beliefs always involve liking or disliking, but attitudes don’t necessarily involve liking or disliking.
Beliefs are not as action-oriented as attitudes.
Activities, Interests and Opinions are the “AIO” variables used in lifestyle analysis.
The VALS approach to understanding consumer behavior considers values, attitudes, and lifestyles.
Reference group influence is likely to be greater for products which will not be seen by other individuals.
Opinion leaders for one subject or product are also usually opinion leaders for many other subjects or products.
When consumers screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs, this is called:
Selective perception
Which of the following is NOT a major step in the learning process?
The order of the steps in the learning process is:
drive, cue, response, reinforcement.
Attitudes are:
1. things we believe strongly enough to be willing to take some action.
2. more action-oriented than beliefs.
3. reasonably enduring points of view about something.
4. usually thought of as involving liking or disliking.
Consumers’ attitudes can be learned from:
1. exposure to the attitudes of others.
2. promotion which is directed toward them.
3. previous experiences.
4. family and friends.
An expectation is
an outcome that a person looks forward to.
Psychographics may also be called
lifestyle analysis.
The AIO items used in life-style analysis include:
activities, interests, and opinions.
Which of the following is NOT a stage in the TRADITIONAL flow of the family life cycle?
Young divorced with children
______ refers to the people to whom an individual looks when forming attitudes about a particular topic.
A reference group
Opinion leaders:
are people who influence others.
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people is a(n):
When a consumer puts much effort into deciding how to satisfy a need, he engages in
extensive problem solving.
Extensive problem solving probably would NOT be required by young newly-marrieds in the purchase of:
soft drinks.
This type of problem solving is typical for a low-involvement purchase.
Routinized response behavior.
Routinized response behavior
is most common for purchases where the consumer has much experience in how to meet a need.
Dissonance is a:
tension caused by uncertainty about the rightness of a decision.
Consumers go through six steps when deciding to accept or reject a new idea. In this adoption process:
the confirmation step follows the decision step.
With regard to the adoption process,
evaluation precedes trial.
Which of the following are NOT “business and organizational customers?”
Financial institutions
Government units
Concerning consumer and business markets:
it is often easier to define customer needs in business markets.
Organizational customers:
Try to consider the total cost of selecting a supplier, not just the initial cost of the product.
A set of ________________ contains a written or electronic description of what a firm wants to buy.
purchasing specifications
Which of the following products would be bought using purchasing specifications?
1. 100 gallons of Du Pont brand muriatic acid.
2. 1,000 700MB CD-Rs.
3. 50 pounds of number 10 USX nails.
Multiple buying influence is MOST likely to occur in which of the following purchases?
A voice-mail phone system.
A _____ refers to all of the people who participate in or influence a purchase.
buying center
A “buying center”
may vary from purchase to purchase.
Vendor analysis is a(n)
formal rating of suppliers on all relevant areas of performance.
Regarding new-task organizational buying, which of the following are likely to be involved?
Top managers.
Purchasing manager.
Production process engineers.
Production line supervisors.
A buyer who has not purchased from a vendor in the past is MOST LIKELY to buy from that vendor when there is:
new-task buying.
Straight rebuy
vendor selections are likely to be made by a purchasing manager–without consulting anyone else.
A straight rebuy
is a routine repurchase that may have been made many times before.
A modified rebuy would be most likely when:
A car producer is developing a sportier car which will require wider tires.
Which of the following statements about manufacturers is true?
Marketers often segment industrial markets on the basis of customer size.
With regard to retail buying:
Buying committees, instead of individual retail buyers, may make the decisions.
The government market:
Often has a buying process that includes purchase specifications and competitive bidding procedures.

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