Exam 1 long Flashcards
(129 cards)
1
Q
What is the definition of marketing?
A
The processes for creating, capturing, communicating, delivering and exchanging offerings that have value for partners
2
Q
Marketing is about satisfying _______ and ________.
A
Needs and Wants
3
Q
What are the four components of the marketing mix (The 4 Ps?
A
- Product (creating value)
- Price (capturing value)
- Place (Delivering the value proposition)
- Promotion (Communicating the value proposition)
4
Q
Marketing can be performed by ________ and _______
A
Individuals and Organizations
5
Q
What are the various eras of marketing?
A
- Production era- 1920
- Sales Era- 1950
- Marketing Era-1990
- Value Era-2000
6
Q
Does providing a good value mean selling at a low price?
A
No, value is the relationship of benefits or costs, or what you “get” for what you “give”.
7
Q
How are marketers connecting with customers through social and mobile media?
A
Through Mobile apps and Facebook.
8
Q
Customer relationship management (CRM)
A
a business philosophy that focuses on identifying and building loyal customers.
9
Q
Entrepreneur
A
people who organize, operate, and assume the risk of a business venture.
10
Q
Exchange
A
The trade of things of value between the buyer and seller so that each is better off as a result.
11
Q
Goods
A
Items you can physically touch.
12
Q
Ideas
A
Thoughts, opinions, and philosophies; intellectual concepts such as these also can be marketed.
13
Q
Supply Chain
A
Raw material-Manufacturer-Retailer-Consumer
14
Q
Value
A
The relationship of benefits to costs, or what you get for what you give.
15
Q
Value Cocreation
A
When customers act as collaborators to create the product or service.
16
Q
Control Phase
A
evaluating the performance of the marketing strategy
17
Q
Customer excellence
A
when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service
18
Q
diversification strategy
A
introduces a new product to a market that is currently is not served.
19
Q
integrated marketing communications (IMC)
A
the promotion of the 4 Ps.
20
Q
Locational excellence
A
having a competitive location is particularly important for retailers an service providers.
21
Q
Market development strategy
A
employs the existing marketing offering to reach new market segments, whether domestic or international.
22
Q
market growth rate
A
the annual rate of growth of the specific market in which the product competes.
23
Q
market penetration strategy
A
employs the existing marketing mix and focuses a firms efforts on existing customers.
24
Q
Market positioning
A
defining the marketing mix variables so that target customers have a clear understanding of what the product does
25
Market segment
consisting of consumers who respond similarly to a firm's marketing efforts.
26
Market segmentation
The process of diving the market into groups of customers with different needs, wants, or characteristics.
27
market share
the percentage of a market accounted for by a specific entity and is used to establish the products strength in a particular market.
28
marketing plan
an analysis of the current marketing situation
29
marketing strategy
identifies (1) a firms target markets, (2) a related marketing mix (its 4 Ps), (3) the bases on which the firm plans to build a sustainable competitive advantage.
30
mission statement
a broad description of a firm's objectives and the scope of activities it plans to undertake.
31
operational excellence
the second way to achieve a sustainable competitive advantage, through their efficient operations, excellent supply chain management, and strong relationships with their suppliers.
32
planning phase
step 1 of a marketing plan, marketing executives in conjunction with top managers define the mission and or vision of the vision.
33
product development strategy
offers a new product or service to a firms current target market.
34
product excellence
the third way to achieve a sustainable competitive advantage occurs by providing products with high perceived value and effective branding and positioning.
35
product line
level of the firm, though managers also can use it to analyze brands or even individual items.
36
related diversification
The current target market and or marketing mix shares something in common with the new opportunity.
37
relative market share
provides managers with a products relative strength, compared with that of the largest firm in the industry.
38
segmentation, targeting and positioning (STP)
when a firm divides the marketplace into subgroups or segments
39
Situation analysis
uses SWAT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses
40
strategic business unit (SBU)
division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.
41
Sustainable competitive advantage
an advantage over the competition that is not easily copied and can be maintained over a long period of time.
42
SWOT analysis
Assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
43
Target marketing/targeting
After a firm has identified the various market segments it might pursue, it evaluates each segments attractiveness and decides which to pursue.
44
unrelated diversification
the new business lacks any common elements with the present business.
45
What are the various components of a marketing strategy?
1. A firm's target market(s)
2. A related marketing mix -- four P's
3. The bases on which the firm plans to build a sustainable competitive advantage.
46
List the 4 macro strategies that can help a firm develop a sustainable competitive advantage
customer excellence, operational excellence, product excellence, locational excellence.
47
The Marketing Plan
1. Define the Business Mission
2. Conduct a Situation Analysis
3. Identify and Evaluate Opportunities Using STP
4. Implement Marketing Mix and Allocate Resources
5. Evaluate Performance and Make Adjustments
48
Product and value creation
successful products and services are those that customers perceive as valuable enough to buy
49
price and value capture
price must allow for customers to perceive good value for the product they receive
50
place and value delivery
the product must be readily accessible
51
promotion and value creation
tv, radio, magazines, sales force, new media
52
What tool helps a marketer conduct a situation analysis?
SWOT analysis
53
What is STP?
Segmentation, Targeting, Positioning
54
Upper left quadrant on the portfolio analysis
high-growth markets and are high market share products.
55
Lower left quadrant on the portfolio analysis
In low-growth markets but are high market share products.
56
Upper right quadrant on the portfolio analysis
growth markets but have relatively low market share
57
Lower right quadrant on the portfolio analysis
low-growth markets and have relatively low market shares.
58
4 growth strategies
1. Market Penetration
2. Market Development
3. Product Development
4. Diversification
59
What type of strategy is growing the business from existing customers?
product development and market penetration
60
What strategy is the riskiest?
diversification
61
CURRENT products and services and CURRENT market
market penetration
62
NEW products and services and CURRENT market
product development
63
CURRENT products ad services and NEW markets
market development
64
NEW products and services and NEW markets
diversification
65
customer excellence
achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service
66
diversification strategy
introduces a new product or service to a market segment that currently is not served
67
locational excellence
occurs by having a good physical location and internet presence
68
market development strategy
employs the existing market offering to reach new market segments, whether domestic or international
69
market penetration strategy
employs the existing marketing mix and focuses the firm's efforts on existing customers
70
mission statement
a broad description of a firm's objectives and the scope of activities it plans to undertake
71
operational excellence
achieved through efficient operations and excellent supply chain and human resource management
72
product development strategy
offers a new product or service to a firm's current target market
73
product excellence
occurs by having products with high perceived value and effective branding and positioning
74
a situation analysis uses a
SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats
75
STP stands for
segmentation, targeting and positioning, and is used to identity and evaluate opportunities for increasing sales and profits
76
sustainable competitive advantage
an advantage over the competition that is not easily copied, and thus can be maintained over a long period of time
77
What is the 4E framework of social media?
Excitement
Education
Experience
Engagement
78
What social media elements works best for each of the 4Es?
Excitement: apps, games, & social networks
Education: blogs and blogging tools, HubSpot, & Youtube
Experience: YouTube
Engagement: blogging and microblogging
79
What is the wheel of social media engagement?
```
The five effects that drive social media:
Information
Connected
Network
Dynamic
Timeliness
```
80
How does information effect engagement?
spread by firms or individuals to other members of its social network
81
How does connected effect engagement?
satisfies humans' innate need to connect w/ other people; enhances human interaction on a one-to-one basis
82
How does network effect engagement?
enables the impact of the interaction to expand exponentially; allows information to spread instantaneously over social media
83
How does dynamic effect engagement?
describes the way in which information is exchanged to network participants through back-and-forth communications in an active and effective manner,
84
How does timeliness effect engagement?
response must be quick or the benefit diminishes, responding in a timely manner can positively impact customers' buying intentions
85
What are categories / types of social media with examples?
Social networking sites ex.Facebook LinkedIn
media-sharing sites ex. YouTube
thought-sharing sites ex. blogs, microblogs(ex. Twitter)
86
What motivates mobile app usage (there are 7 types of motivations)?
```
self-expression
discovery
preparation
accomplishing
shopping
socializing
"me time"
```
87
business ethics
Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
88
marketing ethics
Refers to those ethical problems that are specific to the domain of marketing.
89
ethical climate
The set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior.
90
corporate social responsibility
Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
91
Identify the four steps in ethical decision making.
First, firms can include ethics and social responsibility in their corporate mission.
Second, institute policies to ensure that everyone working for the firm is acting ethically
Third, model their ethical policies after a well-established code of ethics
Fourth, when making ethically sensitive decisions, firms can use metrics such as the ethical decision-making metric
92
Identify the stages in the ethical decision-making framework.
Stage 1: Identify issues; Stage 2: Gather information and identify stakeholders; Stage 3: Brainstorm alternatives; Stage 4: Choose a course of action.
93
locational privacy
A person's ability to move normally in public spaces with the expectation that his location will not be recorded for subsequent use.
94
Provide examples of each of the stakeholders that firms should consider in their corporate social responsibility efforts.
Employees, customers, the marketplace, and society.
95
macro-environmental factors
aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment
96
culture
set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts and underlying values
97
country culture
entails easy-to-spot visible nuances that are particular to a country
98
regional culture
the influence of the area within a country in which people live
99
demographics
information about the characteristics of human populations and segments
100
generational cohort
a group of people of the same generation--typically have similar purchase behaviors because they have shared experiences and are in the same stage of life
101
Generation Z
born into a world that already was full of electronic gadgets and digital technologies
102
Generation Y
Generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boom
103
millennials
consumers born between 1977 and 2000 and the children of the Baby Boomers
104
Generation X
Generational cohort of people born between 1965 and 1976
105
Baby Boomers
generational cohort of people born after World War II, between 1946 and 1964
106
green marketing
involves a strategic effort by firms to supply customers with environmentally friendly merchandise
107
greenwashing
exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales
108
inflation
refers to the persistent increase in the prices of goods and services
109
foreign currency fluctuations
changes in the value of a country's currency relative to the currency of another country; can influence consumer spending
110
interest rates
these represent the cost of borrowing money
111
political/regulatory environment
comprises political parties, government organizations, and legislation and laws
112
1906 - Federal Food and Drug Act
created the Food and Drug Administration. Prohibited the manufacture or sale of adulterated or fraudulently labeled food and drug products
113
1914 - Federal trade commission
established the FTC to regulate unfair competitive practices and practices that deceive or are unfair to consumers
114
1966 - Child Protection Act
prohibits the sale of harmful toys and components to children. Sets the standard for child-resistant packaging
115
1966 - Fair Packaging and Labeling Act
regulates packaging and labeling of consumer goods
116
1967- Federal Cigarette Labeling and Advising Act
requires cigarette packages to display warning of the use of the product
117
1972 - consumer product safety act
created the commission that has the authority to regulate safety standards for consumer products
118
1990- children's television act
limits the number of commercials shown during children's programming
119
1990- nutrition labeling and education act
requires food manufacturer's to display nutritional contents on product labels
120
1995- telemarketing sales rule
regulates fraudulent activities conducted over the telephone.
121
2003- controlling the assault of Non-solicited pronography and marketing act of 2003
prohibits misleading commercial e-mail, particularly misleading subject and from lines
122
2003- amendment to the telemarketing sales rule
establishes a National Do Not Call Registry, requiring telemarketers to abstain from calling consumers who opt to be placed on the lsit
123
2003- do not spam law
laws created to reduce spam or unwanted emails
124
2010 financial reform law
created financial protection bureau to enforce appropriate consumer-oriented regulations
125
What are the components of the immediate environment?
The company's capabilities, competitors, and competitive intelligence, and the company's corporate partners.
126
What are the six key macroeconomic factors?
Culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment.
127
Differentiate between country culture and regional culture.
Country Culture is the entire country but regional culture is based on the region or area within the country.
128
Identify the different generational cohorts.
Tweens, Gen Y, Gen X, Baby Boomers, Seniors
129
What are some important social trends shaping consumer values and shopping behavior?
Thrift, Greener consumers, marketing to children, privacy concerns, and time-poor societies.
