mkrg exam 1

The process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

Four marketing variables—product, price, distribution, and promotion— that a firm controls to meet the needs of customers within its target market

The purchasers of organizations' products; the focal point of all marketing activities

A specific group of customers on whom an organization focuses its marketing efforts

A good, a service, or an idea

A customer's subjective assessment of benefits relative to costs in determining the worth of a product

The provision or transfer of goods, services, or ideas in return for something of value

Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes

The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix

A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

An organization wide commitment to researching and responding to customer needs

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Establishing long-term, mutually satisfying buyer-seller relationships

A strategic process involving stakeholder assessment to create meaningful, long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

The process of collecting information about forces in the marketing environment

The process of assessing and interpreting information gathered through environmental scanning

Other firms that market products that are similar to or can be substituted for a firm's products in the same geographic area

Firms that market products with similar features and benefits to the same customers at similar prices

Firms that compete in the same product class but market products with different features, benefits, and prices

Firms that provide very different products that solve the same problem or satisfy the same basic customer need

Firms that compete for the limited financial resources of the same customers

A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply

A competitive structure in which a few sellers control the supply of a large proportion of a product

A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product

A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply

Resources—such as money, goods, and services—that can be traded in an exchange

After-tax income

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces

A pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling

A local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms

A self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement

The application of knowledge and tools to solve problems and perform tasks more efficiently

The influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles

An organization's obligation to maximize its positive impact and minimize its negative impact on society

The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders

An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical

The practice of linking products to a particular social cause on an ongoing or short-term basis

The synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits

Organized efforts by individuals, groups, and organizations to protect consumers' rights

Formalized rules and standards that describe what a company expects of its employees

The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities

Research conducted to gather more information about a problem or to make a tentative hypothesis more specific

Small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of its marketing strategy

A small group of 8 to 12 people who are brought together to participate in an interview that is often conducted informally, without a structured questionnaire, to observe interaction when members are exposed to an idea or a concept

Research designed to verify insights through objective procedures and to help marketers in making decisions

Research conducted to clarify the characteristics of certain phenomena to solve a particular problem

Research that allows marketers to make causal inferences about relationships between variables

An overall plan for obtaining the information needed to address a research problem or issue

An informed guess or assumption about a certain problem or a certain set of circumstances

A condition that exists when a research technique produces almost identical results in repeated trials

A condition that exists when a research method measures what it is supposed to measure

Data observed and recorded or collected directly from respondents

Data compiled both inside and outside the organization for some purpose other than the current investigation

All the elements, units, or individuals of interest to researchers for a specific study

A limited number of units chosen to represent the characteristics of a total population

The process of selecting representative units from a total population

A type of sampling in which every element in the population being studied has a known chance of being selected for study

A form of probability sampling in which all units in a population have an equal chance of appearing in the sample, and the various events that can occur have an equal or known chance of taking place

A type of probability sampling in which the population is divided into groups with a common attribute, and a random sample is chosen within each group

A sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen

A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group

A research method in which respondents answer a questionnaire sent through the mail

A research method in which respondents' answers to a questionnaire are recorded by an interviewer on the phone

An interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys

A research method in which participants respond to survey questions face-to-face

A personal interview that takes place in the respondent's home

A research method that involves interviewing a percentage of individuals passing by "intercept" points in a mall

A variation of the shopping mall intercept interview in which respondents complete a selfadministered questionnaire displayed on a computer monitor

A research method in which respondents answer a questionnaire via email or on a website

Combines the words crowd and outsourcing and calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call

Analysis of what is typical and what deviates from the average

The use of databases, big data, and measurement methods enabled by technology to interpret the effectiveness of a firm's marketing functions

Involves massive structured and unstructured data sources that can be used by marketers to discover unique insights and make strategic decisions

A file of fixed data that is in one department isolated from the rest of the organization

A collection of information arranged for easy access and retrieval

Information provided by a single marketing research firm

Customized computer software that aids marketing managers in decision making

A framework for managing and structuring information gathered regularly from sources inside and outside the organization