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1st Sem 1st yr > Marketing > Flashcards

Marketing Flashcards

(60 cards)

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1
Q

delivery of customer satisfaction at a profit

A

marketing

(Ac-ac, 2010 p. 18)

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2
Q

activity, set of institutions, and processes for creating, communicationg, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

A

marketing

(American Marketing Association, as cited in University of Minnesota Lib

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3
Q

Marketing Mix (4Ps)

A
  • Product
  • Price
  • Place
  • Promotion
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4
Q

process of planning, organizing, directing, and controlling the activities of employees in combination with other recources to accomplish organizational objectives

A

Management

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5
Q

is the process of
deciding the best way to use an
organization’s resources to
produce goods or provide
services

A

management

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6
Q

Management functions

A
  • Planning
  • Organizing
  • Leading/ Directing
  • Controlling
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7
Q

“the analysis, planning, implementation,
and control of programs designed to
create, build, and maintain beneficial
exchanges with target buyers for the
purpose of achieving organizational
objectives”

A

Marketing management

(Ac-ac, 2010, p. 24).

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8
Q

Marketing Management Philosophies

A
  • Production concept
  • product concept
  • SELLING CONCEPT
  • MARKETING CONCEPT
  • HOLISTIC MARKETING CONCEPT
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9
Q

Consumers will favor products that are available
and highly affordable

A

PRODUCTION CONCEPT

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10
Q

Consumers will favor products the offer the best
quality, performance and features

A

PRODUCT CONCEPT

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11
Q

Consumers will buy enough of the organization’s
products if the organization undertakes
substantial effort to stimulate their interest

A

SELLING CONCEPT

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12
Q

The key task of the organization is to determine
the needs and wants of the market and deliver
the desired satisfaction efficiently and effectively

A

MARKETING CONCEPT

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13
Q

based on the development, design, and
implementation of marketing programs,
processes, and activities that recognize their
breadth and interdependencies

A

HOLISTIC MARKETING CONCEPT

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14
Q

4 HOLISTIC MARKETING CONCEPT

A
  • Internal Marketing
  • Integrated Marketing
  • Relationship Marketing
  • Performance Marketing
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15
Q

(Senior management, Marketing
department, other departments)

A

Internal Marketing

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16
Q

(Communication, Products and
services, Channels)

A

Integrated Marketing

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17
Q

(Customers. Channel, Partners)

A

Relationship Marketing

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18
Q

(Sales revenue, Brand and
customer equity, Ethics, Environment, Legal, Community)

A

Performance Marketing

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19
Q

MARKETING MANAGEMENT 4Ps

A
  • People
  • Processes
  • Programs
  • Performance
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20
Q

Marketing Management Tasks

A
  • Developing Marketing Strategies and Plans
  • Capturing Marketing Insights
  • Connecting with Customers
  • Building Strong Brands
  • Shaping the Market Offerings
  • Delivering Value
  • Communicating Value
  • Creating Successful Long-Term Growth
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21
Q

“has progressed from simply making plan …to
encompass the idea of developing an organization
which is flexible and can react to opportunities which
have not been forecast.”

According to Moutinho and Southern (2013, p. 335),

A

strategic planning

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22
Q

EXTERNAL
ENVIRONMENT

A

(OPPORTUNITIES
& THREATS)

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23
Q

INTERNAL
ENVIRONMENT

A

(STRENGTHS &
WEAKNESSES)

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24
Q

“defines the basic purpose or
purposes of the organization”

(Ghillyer, 2014, p. 79).

A

mission

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25
Characteristics (Mission) | (Kotler & Keller, 2012, p. 38)
* They focus on a limited number of goals * They stress the company’s major policies and values * They define the major competitive spheres within which the company will operate * They take a long-term view * They are as short, memorable, and meaningful as possible
26
Analysis of the environment
PESTEL ANALYSIS ( Forces/ Factors) SWOT ANALYSIS
27
PESTEL
1. POLITICAL 2. ECONOMIC 3. SOCIAL 4. TECHNOLOGICAL 5. ENVIRONMENTAL 6. LEGAL
28
SWOT
1. STRENGTH 2. WEAKNESSES 3. OPPORTUNITES 4. THREATS
29
POSTER'S FIVE FORCES MODEL
Bargaining *POWER OF SUPPLIERS and BUYERS* Threat of *NEW ENTRANTS and SUBSTITUES* Rivalry among competitors
30
Boston Consulting Group (BCG) Matrix
* Stars * Dogs * Question marks * Cash cows
31
When the marketing growth is high as well as the marketing share
Stars
32
When the marketing growth and marketing share is both low
Dogs
33
When the marketing growth is high but the marketing share is low
Question marks
34
When the marketing growth is low and the marketing share is high
Cash Cows
35
“are business policies intended to match the activities of the organization to those of the environment within which it operates” | (Moutinho & Southern, 2013, p. 106).
Strategies
36
Poster's generic strategies
1. Overall cost leadership 2. differentation 3. focus
37
Ansoff's growth strategy
1. product development 2. market development 3. penetration 4. diversification
38
Integrative growth strategies
* Backward integration * Forward integration * Horizontal integration
39
“the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value” | (University of Minnesota Libraries Publishing, 2015, p. 19).
Marketing Plan
40
Components of a marketing plan
* Executive summary and table of contents * Situation analysis * Marketing strategy * Financial projections * Implementation controls
41
Brief description of marketing challenge or opportunity; and overview of the overall marketing strategy and program.
Executive Summary
42
Statement of the challenge to be undertaken or of opportunity to take advantage... | (eg. New Market Offering)
Marketing Challenge/ Opportunity
43
Situational/ Environmental Analysis
* Pestel Analysis * Swot Analysis * Market Analysis * Competitor Analysis
44
analysis of the general environment encompassing the Political, Economic, Social, Technological, Environmental and Legal aspects.
PESTEL Analysis
45
analysis of internal Strengths and Weaknesses; and of external factors comprising the Opportunities and Threats.
SWOT Analysis
46
analysis of the overall market, the number of segments, size and characteristics (behavior and preferences).
Market Analysis
47
analysis of the competitors market position, share, characteristics (number and size), strengths and weaknesses
Competitor Analysis
48
Strategies and Programs
* Target Market * Positioning Strategy * Product Strategy * Price Strategy * Place Strategy * Promotion Strategy
49
describe the chosen segment to serve, and describe how the market offerings match with their characteristics and preferences.
Taget Market
50
state the firm’s Unique Selling Proposition (USP)–(Market/Product)
Positioning Strategy
51
branding, labeling and packaging strategies and tactics.
Product Strategy
52
location, distribution and logistics
Place Strategy
53
personal selling, advertising, sales promotion, publicity and public relations strategies
Promotion Strategy
54
Specific description of the period to start and to end the activities as well as the reasons for such timing decisions.
Schedule and Timing
55
Tools to measure performance and marketing effectiveness
Controls
56
Tools to measure performance and marketing effectiveness which may include the following:
* Metrics * Targets * Budgets
57
“consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers” | (Kotler & Keller, 2012, p. 69).
Marketing Information System (MIS)
58
Marketing Information System
* Marketing Intelligence * Market Research to Company or Internal Records
59
“set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment” | (Kotler and Keller, 2012, p. 71).
Market Intelligence
60
Market Research Process
* Define the problem and research objectives * Develop the research plan * Collect the information * Analyze the information * Present the findings * Make the decision

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