Marketing

3. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

4. Marketing

5. When two or more parties give something of value to each other to satisfy felt needs, this is called a marketing ________.

6. Exchange

7. The marketing mix is the combination of the following 4 strategies…

8. Product • Price • Distribution • Promotion

9. The group of people toward whom the firm decides to direct its marketing efforts

10. Target Market

11. This orientation is based on the ideas that people will buy more goods and services if aggressive sales result in high profits.

12. Sales orientation

13. This is a system of traditions, values, and beliefs that is handed down from generation to generation and is slow to change

14. Culture

15. Customer’s evaluation of a good or service in terms of whether it has met their needs and expectations.

16. Customer satisfaction

17. An intermediary who plays the traditional broker’s role by bringing buyer and seller together

18. Export broker

19. Licensing, franchising, contract manufacturing, joint venture and direct investment are

20. Global market place entry strategies

21. This strategy allows a marketer to change a promotional message or product feature based on the needs of the local market, and their tastes and preferences

22. Adaptation

23. The five environments that face any marketer, over which he/she has little control are…

24. Economic Competitive Political/Legal Social/Cultural Technological

25. Name and/or describe one form of competition

26. Direct Indirect Universal – for all consumer’s disposable income

27. Because not all issues are black and white, this area of business is highly controversial and requires a strong set of morals and values for decision-making.

28. Ethics

29. Once a company has met legal and economic requirements, they should next practice this by giving back to the community.

30. Social Responsibility

31. This ethical issue involves advertisers promoting a product for sale that has a limited quantity or none in-stock, in an attempt to get you to buy other (more expensive) things while shopping.

32. Bait and Switch Advertising

33. A group in society that influences an individual’s purchasing behavior.

34. Reference Group

35. An individual who influences the opinion of others.

36. Opinion Leader

37. The first step in the consumer decision-making process is….

38. Need recognition

39. Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.

40. Cognitive Dissonance

41. The way consumers make decisions is based on…

42. Personal and Interpersonal Factors

43. The marketing of goods and services to individuals and organizations for purposes other than personal consumption.

44. Business Marketing

45. Demand for business products results from demand for consumer products.

46. Derived Demand

47. Name and describe one type of business product.

48. Major Equipment Accessory Equipment Raw Materials Component Parts Processed Materials Supplies Business Services

49. All those persons in an organization who become involved in the purchase decision.

50. Buying Center