CHS Principles of Marketing Exam 1

2 familiar psychological concepts that have specific meanings and marketing implications-why people do /don't do things

The total amount of money made in one year by a person, household, or family unit is referred to as:

A market is people with both the desire and the ability to buy a specific offering.

post-millennial generation which includes consumers born between 1995 and 2010. embrace diversity, prefer a natural look

Which of the following is true about regulation?

 America’s social class has three main categories - upper, middle and lower.

The hallmark of developing and maintaining effective customer relationships is ___________ marketing.

__ __ is the idea that an organization should strive to satisfy the needs of consumers while also try to achieve goals

 Describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation is

born between 1946 and 1964 and are growing older. and they will all be 65 or older by 2030. 50% of all consumer spending

The 2nd component of the environmental scan-income, expenditures, resources that affect the cost of running a bus./house

fourth component of the environmental scan and refers to the alternative firms that could provide a product

Unique combo of benefits received by targeted buyers that includes quality, convenience, on-time delivery...etc.

concern for obtaining the best quality, features, and performance of a product or service for a given price

Decision process1.Problem recognition2.info- search3.alternative evaluation4.purchase decision5.postpurchase behavior

Word of mouth is the most powerful and authentic information source for consumers because it typically involves friends

The four Ps are called elements of the ________ ____.

The energizing force that stimulates behavior to satisfy a need. 

The social, economic, technological, competitive and regulatory environmental forces are controllable forces.

third environmental force and it refers to inventions or innovations from applied science or engineering research

electronic communication in the inventory, promotion, distribution, purchase, and exchange of products

money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

anxiety felt because the consumer can't anticipate the outcomes of a purchase but believes there may be negative consequ

The process by which an individual selects, organizes, & interprets info to create a meaningful picture of the world

Refers to a person’s consistent behaviors or responses to recurring situations.

Associative, aspiration, and dissociative are 3 examples of__groups an individual looks to as a basis for self-appraisal

 born between 1965 and 1976.self-reliant, supportive of racial and ethnic diversity, and better educated

The activity, set of institutions, and processes for creating, comm.,delivering and exchanging offerings that have value

A company must consider the possible barriers to entry for other firms, which are conditions that make it difficult

____ ____ ____, which is a cluster of benefits that an organization promises customers to satisfy their needs

combos of the mktg. mix that reflect the unique attitudes, ancestry, comm. preferences and lifestyles of diff. races

Consumer behavior shows which of the following:

The process of continually acquiring info on events occurring outside the organization to identify and interpret trends

_ _are homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action

2nd social force which incorporates the set of values, ideas, & attitudes that are learned and shared among the members

A blended family is uncommon in today’s American household.

4th component of the environmental scan and refers to the alternative firms that could provide a product 

the money that remains after paying for taxes and necessities and is used for luxury items.

A visual representation of all the touchpoints for a consumer who comes into contact with a company’s products, services

Consumerism played an integral role to increase influence, power, and rights of consumers in dealing with institutions

born between 1977 and 1994 - Exerts influence on music, sports, computers, video games, and all forms of communication

 The four Ps of the marketing mix are uncontrollable.

Marketing seeks to discover the needs and wants of prospective customers and to satisfy them.

 Responsible for facilitating relationships, and alliances with the organization’s customers, shareholders, & suppliers

Much consumer behavior is learned. Learning refers to those behaviors that result from which two things:

African Americans represent the largest racial/ethnic subculture in the United States.

The____market is one or more specific groups of potential consumers toward which an org. directs its mktg. program

the third environmental force and it refers to inventions or innovations from applied science or engineering research

process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions