Marketing Overview
A company that creates a marketing strategy to attract consumers who want to interact anywhere and any time and expect interactions with the company to be easy.
What is On-demand?
A person who follows inconsistent decisions because they are based on the individual’s choices.
What is deontological theory?
According to this theory, social responsibility refers to paying attention to the interests of all the stakeholders, such as management, suppliers, customers, local community, and so forth.
What is stakeholder theory?
Anika is a dog lover. She walks her goldendoodle every day, takes him to obedience classes, and buys him the newest doggie toys. Anika buys high-quality organic pet food and other innovative pet products. (Hint: group of people an organization designs a marketing mix to satisfy needs)
What is Target Market?
Seeks to confirm an existing theory or to find out more about a concept or phenomenon.
What is Basic Research?
A company believes the social and economic justification for its existence is through the satisfaction of customer wants and needs while also meeting its organizational objectives.
What is the Market Concept?
A person chooses to act in a way that benefits most people, regardless of law or personal feelings.
What is act utilitarianism?
A corporation, Burbs, is reflecting on its annual reports. It wanted to do better than the previous year regarding its impact on society. What is Burbs concerned about?
What is Corporate Social Responsibility (CSR)
Abdula is researching the impacts of inflation on marketing strategies for her company. What is a likely impact of inflation on marketing strategies?
What is people are more likely to respond to discounts and deals, and inflation leads people to focus less on non-essential items?
Anong is a local farmer. He purchased an internet-connected sensor that keeps him notified of how his cows are doing. (Hint: Social factors)
What is The Internet of Things?
A company that follows a market-oriented approach has an advantage in today’s marketplace because it does what?
What is it finds out what customers want and what they need.
In the Rocky Mountains, it is forbidden to burn leaves when there are high winds because there is the danger of spreading the fire and endangering other residents. (Hint: example of standard of proper or acceptable behavior)
What is behavioral norm?
Ingo received a job offer for a position that would work with several corporations. His position would focus on granting firms the rights to build facilities. (Hint: stakeholder position)
What is local community?
A corporate shopping center, Super Plus, continually evaluates its market. It looks to see who is shopping at its stores, what age its consumers are, what it could potentially optimize, and where its threats may be.
What is environmental scanning?
Angela purchased a battery-operated drill. Due to a manufacturing defect, the drill overheated and caught on fire when she used it for the first time. Angela lodged a complaint against the firm that manufactured the drill. (Hint: Regulatory Agency)
What is the Consumer Product Safety Commission (CPSC)?
Jamal, a customer of Associated Bank, feels that the bank has met his expectations for high-quality service. He gives the bank high ratings on its feedback form and also recommends the bank to his friends and family.
What is customer satisfaction?
Hani is a deeply religious individual. His religious views carry over into his everyday life. He does not eat pork, gives to charity, and chooses to be kind in all situations. (Hint: ethical behavior in business)
What is morals?
For-profit companies certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency.
What is B Corps?
Products and forms of expression and identity widely accepted and characteristic of society at a given time.
Comparison of income versus cost of a standard set of goods and services in different geographic areas.
What is Purchasing Power?
Activision, a publisher of video games, monitors social media conversations that are relevant to its products and follows up on those conversations. (Hint: long-term focus on customer needs)
What is relationship marketing?
Antonio has owned a home he loves in a neighborhood he loves for 30 years. Now, the city wants to buy his house, demolish it, and build a four-lane highway. The highway will benefit the entire community. (Hint: ethical theory that produces the greatest benefit to most people)
What is Utilitarian Ethical?
Best Buy has entered a partnership with the Care Core Rehabilitation Center to provide hearing aids to children with hearing loss. Best Buy has collection boxes at cashier counters so that customers can donate their spare change. Best Buy adds its own donation as well (Hint: marketing practice)
What is Cause-related marketing?
The decrease in value of money; a percentage reduction in value since previous year.
What is Inflation?
A good starting point for implementing an effective marketing strategy (Hint: Management has little control over it)
What is the nature of competitive environment?