Exam #1 Flashcards
(77 cards)
1
Q
4 P’s
A
Product, Place, Price, Promotion
2
Q
The Marketing Concept and its basic ideas (3)
A
An organization aims all of its efforts at satisfying its customers, at a profit.
3 Basic Ides:
1-Customer Satisfaction (The core objective)
2-Total Company Effort (The organization as a total system)
3-Profit as an Objective (The necessary condition for the system’s survival)
3
Q
Needs
A
Are disparities between customers’ actual conditions and their desired conditions. (Needs create motivations to seek satisfaction. Without needs and the motivations to fulfill them, there would be no exchanges.)
4
Q
Wants
A
Are the consumption choices people make to satisfy their needs
5
Q
Utility (5 types)
A
The power to satisfy human needs 5 Types: Form Utility Task Utility Time Utility Place Utility Possession Utility
6
Q
Types of Discrepancy (2)
A
Discrepancies of Quantity
Discrepancies of Assortment
7
Q
Conditions for Exchange (5)
A
- Must be at least 2 parties
- Each party must have something that the other is interested in
- Each must be able to communicate and deliver
- Each must be able to reject the offer
- Each must believe the exchange in desirable to deal with the other party
8
Q
Types of Marketing Exchange (3)
A
Pure Transactions
Repeated Transactions
Relationships
9
Q
Eras in the History of Commerce (4)
A
Simple Trade Era
Production Era
Selling Era
Marketing Era
10
Q
5-C’s
A
Customers Context Capabilities Chains/Channels Competitors
11
Q
Components of Market Strategy (3)
A
Target Market
Market Position
Marketing Mix
12
Q
Analysis Elements
A
External Analysis
Internal Analysis
Strategy Identification & Selection
13
Q
Ansoff Matrix
A
Present Products New Products Present Markets (Market Penetration) (Product Expansion) New Markets (Market Expansion) (Diversification)
Draw it!
14
Q
BCG Matrix
A
Draw it! Stars Question Marks Cash Cows Dogs Business Growth Rate (10%) Relative Market Share (1.0)
15
Q
GE-McKinsey Matrix
A
Draw It!
Build
Hold
Harvest
Business Position
Industry Attractiveness
16
Q
Formulating a Competitive Strategy (4)
A
What is the business doing now?
Implied assumptions.
What is happening in the environment?
What should the business be doing?
17
Q
Porter 5-Forces Model
A
Draw it!
New Entrants
v
Suppliers > Existing Competitors < Buyers
/\
Substitutes
18
Q
Generic Strategies
A
Draw it!
Differentiation Overall Cost Leadership
—————- Focus ——————————-
19
Q
Porter Competitive Advantage Value Chain
A
Draw It! v Firm Infrastructure 2 Resource Management n Technology Development d Procurement Inbound Logistics, operations, outbound Logistics Marketing & Sales, Service (Primary) Margin
20
Q
Economic
A
Disposable Income
Discretionary Income
Buying Power
21
Q
Competitive Structures of Markets (4)
A
Monopoly
Oligopoly
Monopolistic Competition
Pure Competition
22
Q
Components of American Culture (7)
A
Values Language Myths Customs Rituals Laws Material artifacts
23
Q
Technological
A
Advanced Technology
Materials Science
24
Q
Types of Separation (5)
A
Spatial Separation Separation in Time Separation in Information Separation of Values Separation of Ownership
25
Spatial Separation
Producers tend to locate where it is economical to produce.
| Consumers are located in many scattered locations.
26
Separation in Time
Producers may require time to transport goods to consumers.
| Consumers may not want to consume goods or services at the times producers would prefer to produce them.
27
Separation in Information
Producers do not know who needs what, where, when, and at what price.
Consumers do not know what is available from whom, where, when, and at what price.
28
Separation of Values
Producers value goods and services in terms of costs and competitive prices.
Consumers value goods and services in terms of utility and ability to pay.
29
Separation of Ownership
Producers hold title to goods and services that they themselves do not want to consume.
Consumers want goods and services that they do not own.
30
Discrepancies of Quantity
Producers prefer to produce and sell in large quantities.
| Consumers prefer to buy and consume in small quantities.
31
Discrepancies of Assortment
Producers specialize in producing a narrow assortment of goods and services.
Consumers need a broad assortment.
32
Form Utility
When something tangible is produced.
33
Task Utility
When a task is performed for someone else.
34
Time Utility
Having the product when the consumer wants it.
35
Place Utility
Having the product where the customer wants it.
36
Possession Utility
Obtaining a good or service and having right to use or consume it.
37
The Exchange Process
Is giving something of value in return for something of value. (Goods, ideas, and services)
38
Pure Transactions
One-time exchange of value
39
Repeated Transactions
Preference and loyalty
40
Relationships
Interactive, on-going, two-way
41
Simple Trade Era
When families traded or sold their "surplus" output to local middlemen.
42
Production Era
Producing goods faster with greater efficiency; prevailing attitude was that a good physical quality product would sell itself.
43
Selling Era
Creative advertising will overcome consumer resistance; problem wasn't just to produce but to beat the competition and win customers.
44
Marketing Era
The customer is King! Find a need and fill it.
45
Customers
Needs, Segments, Behavior
46
Context
Culture, Social, Economic, Political/Regulatory, Technical and Natural Environment
47
Capabilities
Brand Name & Image, Production Efficiency & Effectiveness, Financial Strengths, Strategy & Structure, Personnel Skills and Knowledge
48
Chain or Channels
Suppliers, Wholesalers, Manufacturers, Distributors, and Retailers
49
Competitors
Competitor Actions, Capabilities, and Resources
50
Target Market
Subset of customers
51
Market Position
Place in minds
52
Marketing Mix
Product, Place, Price, and Promotion
53
External Analysis
- customer analysis
- competitive analysis
- industry analysis
- environmental analysis
54
Internal Analysis
- performance analysis
| - determination of strategic options
55
Strategy Identification & Selection
- specify mission
- identify alternatives
- select strategy
- implement strategy
56
Planning Considerations (3)
Dimensions
Levels
Direction
57
Vision
Highest aspirations and ideals for the firm.
58
Mission
Describes the firm in terms of its business.
59
Competitive Advantage
A firm's ability to perform activities more cheaply or more effectively than rival firms.
60
Distinctive Competences
What a firm can do especially well.
61
Strategic Business Unit (SBUs)
A grouping of related businesses.
62
Growth Opportunity Analysis
```
Firm sales
Competitive gap
Product line gap
Distribution gap
Usage gap
```
63
Disposable Income
Income - Taxes
| Incomes the consumer retains after paying taxes.
64
Discretionary Income
Disposable Income - Necessities
| Remainder of disposable income after paying for necessities.
65
Buying Power
Consumer’s ability to purchase products.
66
Business Cycle
Draw it!
Prosperity Prosperity
Recession Recovery
Depression
67
Monopoly
Single seller, Many buyers
68
Oligopoly
Few sellers, Many buyers
69
Monopolistic Competition
Dominant seller and several other sellers, Many buyers
70
Pure Competition
Many sellers, Many buyers
71
Materials Science
Smart gels
-swell, shrink, mold to meet needs in response to heat, light, electricity or magnetism
Blue light
-tiny, powerful blue-light emitting diodes and laser diodes producing light of much shorter wavelengths
Plastic brains
-plastic computers for throwaway intelligence
Ersatz silk
-“biomimetics” spider silk, barnacle glue, abalone armor
Composites
-“robowrapper” wrap and heat systems
72
Advanced Technologies
Genetic Engineering
-mapping, restructuring and remodeling of genetic codes
Advanced Biochemistry
creating drugs and other chemicals through biological processes
Bioelectricity
-stimulating damaged or dysfunctional tissues bioelectrically
Advanced Computers
-faster, more powerful chips
Multisensory Robotics
-smart generation of robots
New Polymers
-lighter, stronger, conductive to electricity
High-tech Ceramics
-resistant to wear and high-temperatures
73
Advanced Technologies Cont...
Artificial Intelligence
-learning, adaptation, recognition and self-correction
Fiber Optics
-use in telecommunications and data transmission
Photovoltaics
-converting sunlight into energy
Micromechanics
-tiny mechanisms that will link with microelectronics
Molecular Design
-supercomputer created material built molecule by molecule
Fiber-reinforced Composites
-lightweight, noncorrosive materials
Superconductors
-materials that carry electricity without energy loss
Advanced Satellites
-new and improved uses
74
Household Patterns (6)
```
Traditional
Single Live-Alones
Adult Live-Alones
Single-Parent Families
Childless Married Couples
Empty Nesters
```
75
Education Attainment Groups (5)
```
Illiterates
High School Drop-outs
High School Graduates
College Degrees
Graduate/Professional Degrees
```
76
Generational Influences
Life stages > Cohort experiences < Current conditions
v
Values
v
Preferences
v
Behaviors
77
Age Cohorts (7)
```
Preschool
School-age
Tweens ( 10 – 12 )
Teens ( 13 – 19 )
Young Adults ( 20 - 40 )
Middle-aged ( 40 - 65 )
Older Adults ( 65 + )
```
