Marketing Principles Exam 1

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Can you name the Marketing Principles Terms?

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DefinitionTermExtra Info
Measure of responsiveness of buyers and suppliers to changes in priceNone
Specified deduction from list price, including a trade-in or promotional allowanceNone
Individuals conform to majority rule even if it is against their beliefsCan be big factor in purchasing decisions, from major choices of buying a care to buying a pair of shoes
High price to develop and maintain image of quality and exclusivityEx. Tag-Heuer, Rolex
Pricing strategy emphasizing benefits derived from a product in comparison to the price and quality levels of competing offeringsWorks best with low priced goods/services
Point at which total revenue is equal to total costTotal Fixed Cost/Per Unit Contribution to Fixed Cost-----In Dollars: Total Fixes/1-VC per unit price
Blending of the four marketing strategy elements to fit the needs and preferences of a specific target marketProduct, place, promotion, price
An individual's reaction to a set of cues and drivesNone
Purchases with high levels of potential social or economic consequencesBuying a car/condo, college decision
Represents units with high market shares in high-growth marketsHigh growth market leaders, need generate considerable income, need inflows to achieve further growth
Market structure with so many buyers and sellers that no single participant can influence pirceEx. Agricultural Sector
Pricing strategy involving the use of high price relative to competitive offeringsAKA Market plus pricing--used when introducing disctinctive products, sometimes used long term
Characteristics of the physical object such as size, color, weight and shapeNone
Groups with their own distincts modes of behaviorUnderstanding differences help marketers develop more effecitive marketing strategies
Limites time period with fit between market requirement and firm competenciesFirst/Second mover strategy
Involves tendencies to act in a certain mannerComponent of Attitude
Pricing strategy that allows marketers to vary prices based on such factors as demand, even though the cost of providing these goods or services remain the sameEx. Charging more for weekend games
The subconscious receipt of incoming informationAimed at subverting perceptual screen, keep consumers unaware of the source of motivation to buy. Unlikely to induce purchasing except by those already willing to buy
Meaning that a person attributes to the incoming stimuli gathered through the five sensesPeople's perception depend as much on what they want to perceive as on the actual stimuli.Ex. Nordstrom and Target perceived differently
Spells out purpose and aim of organization, provides sense of direction, guides-decision making and actionsShould be broad and visionary
Price reductions granted for large volume purchasesNone
Values, beliefs, preferences and tastes handed down from one generation to the nextBroadest determinate of CB
Application to marketing of knowledge based on discoveries in science, inventions and innovationsNone
Features that a consumer considers in choosing among alternativesCan be objective(cars MPG) or subjective(favorable view of Free People clothing)
Percentage of the market that a firm controlsMarket Growth Matrix
Evalutaion of company's products and divisionsUsed to determine strengths and weaknesses
Manage low market shares in low growth marketsPromise poor future prospects, marketers should withdraw asap. In some cases, they can be sold.
Knowledge or skill acquired as a result of experience, which changes consumer behaviorNone
Pricing strategy involving the use of a relatively low entry price compared with comp., based on the theory that this low price with secure mkt. acceptanceNone
Pricing strategy designed to deemphasize price as a competitive variable by pricing a good or servic at the general level of comparable offeringsForces firms to compete on non-price marketing mix variables
Remain stable with a certain rangeLease payments, insurance
Factors that influence consumer buying power and marketing strategies, including stage of the business cycle, inflation/deflation, unemployment, income and resource availabilityConsumer spending accounts for 70% of GDP
A company's goals, shouls be specific and measurable with a time limitEx. Generate a 10% profit over the next 6 months
DefinitionTermExtra Info
The way an individual views him/herselfCompenent of Self Concept
Inner state that diercts a person toward the goal of satisfying a needNone
Prohibits restraint of trade and monopilization. Competive Marketing system is a national policy goal1890
Component of the marketing environment consisting of the relationship between the markter, society and cultureDemographic shifts and changing values, cultural diversity and submarkets
Command high market shares in low growth marketsMarketers want to maintain for as long as possible, firm uses cash to finance growth in SBUs with higher growth potentials.
Short run or long run pricing objectives of achieving a specified return on either sales or investmentNone
Product offered at less than cost to attract customers to storesNone
Point at which making any changes will lower profitPoint at which marginal revenue curve intersects marginal cost curve
Key business units within diversified firmsAlso called categories, each has its own managers, resources, objectives and competitors. Each pursue its own distinct mission
Number of alternatives that a consumer actually considers in making a purchase decisionNone
A refund of a portion of the purchase priceUsed during period of slow sales or to get consumers to test product
The 3 C's(in order)Also add Collaborators and Industry Context
A personal set of objectives, image to which the individual aspiresComponenf of Self Concept
Features large numbers of buyers and sellers with well differentiated products giving marketers some control over priceNone
The mental filtering processes through which all imputs must passHelp to filter out the bombardment of commercial messages.
Review that helps planners compare internal organizational strengths and weaknesses with external opportunies and threatsStrengths, Weaknesses, Opportunities, Threats
Uses all relevant variable costs in setting a product's priceNone
Interactive process among marketers of directly competitive products, marketers of substitutable produtcs, and marketers competing for purchasing powerNone
Objective view of the total personComponent of Self Concept
The way an individual thinks others see him or herComponent of Self Concept
Achieve low market shares in high growth markets. Marketers must decide whether to continue supporting these products as they typically require more cash than they generate. If it cant become star--pull out
Any object in the environment that determines the nature of the conumer's response to a driveNone
Established price normally quotedNone
Laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rightsNone
The Reduction in drive that results from a proper responseCreates bond between the drive and the purchase of the product
Prices set slightly above cost to avoid violating minimum markup regulations, and to earn a minimal return on promo salesNone
Actual price normally paid after subtracting discounts, allowances or rebated from the list priceNone
Unique characteristics of the individual, including not only sensory processes but also experiences with similar imputs and basic motivations and expectationsNone
Two or more products sold together for a single priceNone
Routing purchases that pose little risk to the consumerBuying milk/candy bar
Reductions in pirce in exchange for prompt payments of billsNone
Availability of Subs, role as complement, online transactions, necessity or luxury, portion of budget, Less elasticity in short run than long run
The amount of money people have to spend after buying necessities such as food, clothing and housingNone
DefinitionTermExtra Info
Market structure in which one seller of a product exists and there are no close subs.None
Change with levels of productionRaw Materials, Labor Costs
Relatively few sellers, high start up costs and barriers to entryEx. Petroleum Refining, Tobacco, Automobile
Feelings or emotional reactionsComponent of Attitude
Strong stimulus which impels actionNone
The individual's information and knowledge about an object or conceptComponent of Attitude
Calculated by dividing the sum of the variable and fixes costs by units producedNone
Payments to channel members for performing marketing functionsNone
Uses only costs directly arrtibutable to specific outputNone
Rising prices caused by some combo of excess demand and increases in the costs of raw materials, component parts, human resources;causes devaluation of moneyDeflation-falling prices-is the opposite
Social force within the environemtn that aids and protects the consumers by exerting legal, moral and economic pressures on business and governmentNone
Awareness of a discrepency between existing and desired situationNone
Imbalance between a consumer's actual and desired statesMarketers arouse this sense of urgency by making a need 'felt' and then influencing motivation to satisfy their needs
Imbalance among knowledge, beliefs and attitudes that occur after an action or decision, such as a purchaseLikely to be high if: dollar value is high, rejected alternative have desirable features, purchase decision has high effect on buyer.
The 4 P's(in order)None
The group of people toward whom the firm aims its marketing efforts and ultimately merchandiseNone
People or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, value and conductEx. Spouse, family, friends or celebs. Greater influence when purchased prodcuts are seen and identifiable. Item must be conspicuous
Creating overarching objectives, long term directionsNone
Uses a base-cost figure per unit and adds a markup to cover unassigned costs to provide a profitNone
Creating specific objectives, steps that fit with the long term goalsNone
Marketing philosophies, policies, procedures and actions that have the enhancement of society's welfare as a primary objectiveExtends beyond managers relationship with customers, employees, stockholders. Decisions should involve well being and global effects, orgz should promote social causes
Model that identifies five competitive forces that influence planning strategiesThreat of subs, rivalry among competitors, bargaining power of buyers/suppliers, threat of new entrants
Attaining organizational objectives by predicting and influencing the environmentNone
Marketers standards of conduct and moral valuesNone
Trendsetters who purchase new products before others in a group and then influence others in their purchasesNone
Collecting information about the external marketing environment to identify and interpret potential trendsNone
% change in quantity of product demanded divided by % change in priceNone
Person's multifaceted picture of him/herselfNone
Change in total cost from one additional unit of outputNone
Prices set low to drive others out of businessNone
Reseach that discovered a strong positive relationship between a firm's market share and product qualtiy and its return on invesmentFirms with large shares accumulate greater operating experience and lower overall costs relative to competitors with smaller market shares
Competition work together to fix their priceNone
A person's enduring favorable or unvorable evaluations, emotions, or action tendencies toward some object or ideaHighly resistant to change, marketers appeal to attitudes by influencing attitudes to motivate product purchase and to create a product to fit existing attitudes

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