Marketing Principles Terms Quiz by cdurg7791

Definition	Term	Extra Info
The 4 P's(in order)		None
A personal set of objectives, image to which the individual aspires		Componenf of Self Concept
Change with levels of production		Raw Materials, Labor Costs
An individual's reaction to a set of cues and drives		None
Reductions in pirce in exchange for prompt payments of bills		None
Involves tendencies to act in a certain manner		Component of Attitude
Reseach that discovered a strong positive relationship between a firm's market share and product qualtiy and its return on invesment		Firms with large shares accumulate greater operating experience and lower overall costs relative to competitors with smaller market shares
Collecting information about the external marketing environment to identify and interpret potential trends		None
Attaining organizational objectives by predicting and influencing the environment		None
Evalutaion of company's products and divisions		Used to determine strengths and weaknesses
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. acceptance		None
The Reduction in drive that results from a proper response		Creates bond between the drive and the purchase of the product
Prohibits restraint of trade and monopilization. Competive Marketing system is a national policy goal		1890
Marketing philosophies, policies, procedures and actions that have the enhancement of society's welfare as a primary objective		Extends beyond managers relationship with customers, employees, stockholders. Decisions should involve well being and global effects, orgz should promote social causes
Marketers standards of conduct and moral values		None
Any object in the environment that determines the nature of the conumer's response to a drive		None
Inner state that diercts a person toward the goal of satisfying a need		None
High price to develop and maintain image of quality and exclusivity		Ex. Tag-Heuer, Rolex
Rising prices caused by some combo of excess demand and increases in the costs of raw materials, component parts, human resources;causes devaluation of money		Deflation-falling prices-is the opposite
Knowledge or skill acquired as a result of experience, which changes consumer behavior		None
Command high market shares in low growth markets		Marketers want to maintain for as long as possible, firm uses cash to finance growth in SBUs with higher growth potentials.
Prices set low to drive others out of business		None
Manage low market shares in low growth markets		Promise poor future prospects, marketers should withdraw asap. In some cases, they can be sold.
Established price normally quoted		None
Calculated by dividing the sum of the variable and fixes costs by units produced		None
Measure of responsiveness of buyers and suppliers to changes in price		None
The way an individual thinks others see him or her		Component of Self Concept
Social force within the environemtn that aids and protects the consumers by exerting legal, moral and economic pressures on business and government		None
Short run or long run pricing objectives of achieving a specified return on either sales or investment		None
Uses only costs directly arrtibutable to specific output		None
Number of alternatives that a consumer actually considers in making a purchase decision		None
Pricing strategy designed to deemphasize price as a competitive variable by pricing a good or servic at the general level of comparable offerings		Forces firms to compete on non-price marketing mix variables
Model that identifies five competitive forces that influence planning strategies		Threat of subs, rivalry among competitors, bargaining power of buyers/suppliers, threat of new entrants

Definition	Term	Extra Info
Remain stable with a certain range		Lease payments, insurance
Review that helps planners compare internal organizational strengths and weaknesses with external opportunies and threats		Strengths, Weaknesses, Opportunities, Threats
Objective view of the total person		Component of Self Concept
A refund of a portion of the purchase price		Used during period of slow sales or to get consumers to test product
The group of people toward whom the firm aims its marketing efforts and ultimately merchandise		None
Application to marketing of knowledge based on discoveries in science, inventions and innovations		None
Payments to channel members for performing marketing functions		None
Pricing strategy emphasizing benefits derived from a product in comparison to the price and quality levels of competing offerings		Works best with low priced goods/services
Groups with their own distincts modes of behavior		Understanding differences help marketers develop more effecitive marketing strategies
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 same		Ex. Charging more for weekend games
Values, beliefs, preferences and tastes handed down from one generation to the next		Broadest determinate of CB
Change in total cost from one additional unit of output		None
Person's multifaceted picture of him/herself		None
The 3 C's(in order)		Also add Collaborators and Industry Context
A company's goals, shouls be specific and measurable with a time limit		Ex. Generate a 10% profit over the next 6 months
People or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, value and conduct		Ex. Spouse, family, friends or celebs. Greater influence when purchased prodcuts are seen and identifiable. Item must be conspicuous
Trendsetters who purchase new products before others in a group and then influence others in their purchases		None
Awareness of a discrepency between existing and desired situation		None
Specified deduction from list price, including a trade-in or promotional allowance		None
Characteristics of the physical object such as size, color, weight and shape		None
Represents units with high market shares in high-growth markets		High growth market leaders, need generate considerable income, need inflows to achieve further growth
Market structure in which one seller of a product exists and there are no close subs.		None
Unique characteristics of the individual, including not only sensory processes but also experiences with similar imputs and basic motivations and expectations		None
Creating overarching objectives, long term directions		None
% change in quantity of product demanded divided by % change in price		None
The mental filtering processes through which all imputs must pass		Help to filter out the bombardment of commercial messages.
Uses a base-cost figure per unit and adds a markup to cover unassigned costs to provide a profit		None
Features that a consumer considers in choosing among alternatives		Can be objective(cars MPG) or subjective(favorable view of Free People clothing)
Market structure with so many buyers and sellers that no single participant can influence pirce		Ex. Agricultural Sector
Two or more products sold together for a single price		None
Feelings or emotional reactions		Component of Attitude
Individuals conform to majority rule even if it is against their beliefs		Can be big factor in purchasing decisions, from major choices of buying a care to buying a pair of shoes
Features large numbers of buyers and sellers with well differentiated products giving marketers some control over price		None

Definition	Term	Extra Info
Competition work together to fix their price		None
Purchases with high levels of potential social or economic consequences		Buying a car/condo, college decision
The amount of money people have to spend after buying necessities such as food, clothing and housing		None
Prices set slightly above cost to avoid violating minimum markup regulations, and to earn a minimal return on promo sales		None
Relatively few sellers, high start up costs and barriers to entry		Ex. Petroleum Refining, Tobacco, Automobile
Blending of the four marketing strategy elements to fit the needs and preferences of a specific target market		Product, place, promotion, price
The individual's information and knowledge about an object or concept		Component of Attitude
Percentage of the market that a firm controls		Market Growth Matrix
Meaning that a person attributes to the incoming stimuli gathered through the five senses		People's perception depend as much on what they want to perceive as on the actual stimuli.Ex. Nordstrom and Target perceived differently
Limites time period with fit between market requirement and firm competencies		First/Second mover strategy
Key business units within diversified firms		Also called categories, each has its own managers, resources, objectives and competitors. Each pursue its own distinct mission
Imbalance between a consumer's actual and desired states		Marketers arouse this sense of urgency by making a need 'felt' and then influencing motivation to satisfy their needs
Strong stimulus which impels action		None
Factors that influence consumer buying power and marketing strategies, including stage of the business cycle, inflation/deflation, unemployment, income and resource availability		Consumer spending accounts for 70% of GDP
Availability of Subs, role as complement, online transactions, necessity or luxury, portion of budget,		Less elasticity in short run than long run
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
Interactive process among marketers of directly competitive products, marketers of substitutable produtcs, and marketers competing for purchasing power		None
Creating specific objectives, steps that fit with the long term goals		None
Actual price normally paid after subtracting discounts, allowances or rebated from the list price		None
A person's enduring favorable or unvorable evaluations, emotions, or action tendencies toward some object or idea		Highly resistant to change, marketers appeal to attitudes by influencing attitudes to motivate product purchase and to create a product to fit existing attitudes
Spells out purpose and aim of organization, provides sense of direction, guides-decision making and actions		Should be broad and visionary
The way an individual views him/herself		Compenent of Self Concept
Laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights		None
Component of the marketing environment consisting of the relationship between the markter, society and culture		Demographic shifts and changing values, cultural diversity and submarkets
The subconscious receipt of incoming information		Aimed 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
Imbalance among knowledge, beliefs and attitudes that occur after an action or decision, such as a purchase		Likely to be high if: dollar value is high, rejected alternative have desirable features, purchase decision has high effect on buyer.
Point at which total revenue is equal to total cost		Total Fixed Cost/Per Unit Contribution to Fixed Cost-----In Dollars: Total Fixes/1-VC per unit price
Price reductions granted for large volume purchases		None
Product offered at less than cost to attract customers to stores		None
Point at which making any changes will lower profit		Point at which marginal revenue curve intersects marginal cost curve
Routing purchases that pose little risk to the consumer		Buying milk/candy bar
Uses all relevant variable costs in setting a product's price		None
Pricing strategy involving the use of high price relative to competitive offerings		AKA Market plus pricing--used when introducing disctinctive products, sometimes used long term

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