Marketing Final Exam Vocab Flashcards
(134 cards)
1
Q
A company’s or individuals identity.
A
Branding
2
Q
- Happens, planned or not.
- A promise of an experience.
- Connects with the customers hearts and minds.
- Communicates your core personality and values.
- Creates value for the customer and company.
- Aligns the organization and motivates.
- Evolve to stay relevant in the market place.
A
7 Elements of Branding
3
Q
Communications with customers, the market, and suppliers.
A
External Communications
4
Q
Communications with the stakeholders.
A
Internal Communications
5
Q
How firms attempt to inform, persuade, and remind customers about their products.
A
Marketing Communication
6
Q
Often used by brands to introduce themselves or provide general information about their products and services.
A
Information Brochure
7
Q
Used by schools, universities, and other institutions to provide information about their programs, facilities, and staff.
A
Educational Brochures
8
Q
Brochure-like paper that provides specific, detailed information, carrying a technical message.
A
Product Sheets
9
Q
Digital form of communication sent out in an email format to subscribers who’ve opted in to receive it.
A
Newsletters
10
Q
What is the basic difference between a brochure and a product sheet?
A
A brochure has a total company focus whilst a product sheet is product specific.
11
Q
Aspects of a business strategy which relate to techniques and methods for attracting and retaining customers.
A
Customer Relationship Management (CRM)
12
Q
20% of the input accounts for 80% of the output.
A
Pareto Principle
13
Q
What are the two components of customer service?
A
Reactive and Proactive
14
Q
- Points based
- Value based
- Tiered
- Subscription
A
4 Main Kinds of Loyalty Programs
15
Q
What are the two main aims of CRM?
A
Attracting and retaining customers.
16
Q
- Customer service
- Loyalty program rewards
- Customization
- Community building
- Feedback
A
The 5 Components of CRM
17
Q
The ability to fashion continually fresh and new responses to problems.
A
Creativity
18
Q
Superior performance relative to other competitors in the same industry or the industry average.
A
Competitive Advantage
19
Q
A firm that is able to outperform its competitors or the industry average over a prolonged period.
A
Sustainable Competitive Advantage
20
Q
A firm that underperforms its rivals or the industry average.
A
Competitive Disadvantage
21
Q
Two or more firms that perform at the same level.
A
Competitive Parity
22
Q
A financial metric used to measure how well a company is using its capital to generate profits.
A
Return on Invested Capital
23
Q
- Believe you are creative
- Broaden your interests
- Prepare to create
- Look for connections
- Break habits
- Provide the right environment
- Provide time to create
- Perservere
- Maximize all of your senses
- Forget how much you know
A
10 Tips to Developing Creativity
24
Q
- The ability to excel in finding problems
- High tolerance for complexity
- Mental mobility
- Willingness to take risks
- Critical thinking
- Inner motivation
A
The Six Trait Snowflake Model of Creativity
25
Offer lower price with the intent of making up profits in production.
Buy Down Price
26
A sales strategy where a seller encourages a customer to purchase a more expensive or upgraded version of a product or service, or to add additional features.
Upselling
27
Responsible for managing the manufacturing and quality capabilities of suppliers to meet or exceed the desired supplier performance.
Supplier Engineering
28
- Subtle encouragement
- Ownership
- Minimize constraints
- Introduce competition
- Reward
- Provide resources
How do I promote creativity in business?
29
Perceived distance shrinking due to advances in transportation and telecoms technology.
Globalization
30
Barriers to foreign direct investment.
Impediments
31
A system in which the interaction of supply and demand determines the quantity in which goods and services are produced. (USA)
Market Economy
32
- Private property
- Freedom of choice
- Motive of self interest
- Competition
- System of markets and prices
- Limited government
6 Defining Characteristics of Market Economies
33
A system where the allocation of resources, including determination of what goods and services should be produced, and in what quantity, is planned by the government. (USSR)
Command Economy
34
Certain sectors left to private ownership, while other sectors have state ownership and government planning. (China)
Mixed Economy
35
Based on tradition, precedent, and custom - judges have the power to interpret the law so that it applies to the unique circumstances of an individual case.
Common Law
36
Based on a very detailed set of written laws and codes - judges can only apply the law.
Civil Law
37
Based on religious teachings.
Theocratic Law
38
A document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved.
Contract
39
The body of law that governs contract enforcement.
Contract Law
40
US law regarding the conduct of international business in the taking of bribes and other unethical actions.
Foreign Corrupt Practices Act (FCPA)
41
Convention on combating bribery of foreign public officials in international business transactions.
Organization for Economic Cooperation and Development (OECD)
42
Formal licensing process with specific restrictions mostly for military sales.
International Trafficking Arms Regulations (ITAR)
43
A system of values and norms that are shared among a group of people and that when taken together constitute a design for living.
Culture
44
Abstract ideas about what a society believes to be good, right and desirable.
Values
45
Social rules and guidelines that prescribe appropriate behavior in particular situations.
Norms
46
Group of people who share a common set of values and norms.
Society
47
A system of shared beliefs and rituals.
Religion
48
A set of moral principles used to guide and shape behavior.
Ethical Systems
49
What are the three National Differences?
Economic, political, and legal systems.
50
What is another word for Market Economy?
Capitalism
51
Common Law is based on what?
Tradition, precedent, and custom.
52
Civil law is based on what?
A very detailed set of written laws and codes.
53
Absence of barriers to the free flow of goods and services between countries.
Free Trade
54
A country should specialize in producing goods in areas where it has an absolute advantage and import goods in areas where other countries have absolute advantages.
Theory of Absolute Advantage
55
Specialize in producing those goods that it can produce more efficiently and buy goods that it can produce less efficiently from other countries.
Theory of Comparative Advantage
56
Countries may be prompted to respond with countermeasures or punishment, disrupting global supply chains.
Foreign Dispute
57
When intervention goes wrong, it can prompt special interest groups to lobby for policies that benefit them, leading to corruption.
Rent Seeking
58
The gradual loss of purchasing power that is reflected in a broad rise in prices for goods and services over time.
Inflation
59
An economic cycle characterized by slow growth and a high unemployment rate accompanied by inflation.
Stagflation
60
A business method that aims to produce, promote, and distribute products and services based on global standards.
Global Standardization Strategy
61
Increasing profitability by customizing the firm's goods and services so that they provide a good match to tastes and preferences in different national markets.
Localization Strategy
62
Taking products first produced for their domestic market and selling them internationally with only minimal customization.
International Strategy
63
Cooperative agreements between actual or potential competitors.
Strategic Alliances
64
- Exporting
- Creating turnkey projects
- Licensing
- Franchising
- Joint venture
- Wholly owned subsidiary
6 Modes of Entering a Foreign Market
65
Staffing policy where all key management positions filled by parent country nationals.
Ethnocentric
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Staffing policy where host country nationals are recruited to manage subsidiaries and parent country nationals occupy key positions at corporate.
Polycentric
67
Staffing policy that seeks the best people for key jobs regardless of nationality.
Geocentric
68
What are the international business strategies?
Global Standardization, Localization, International.
69
What is the standard method of global HR management.
Geocentric
70
- Economic growth
- Increased global cooperation
- Increased cross border investment
Advantages of Globalization
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- Increased competition
- Disproportionate growth
- Environmental concerns
Disadvantages of Globalization
72
Documents a need and a high level concept of operations.
Capability Document
73
Competitive assessment process taken within the company that focuses on the strengths and weaknesses of the competition.
Black Hat Review
74
What does BAFO stand for?
Best and Final Offer
75
What is the purpose of a Black Hat review?
To assess competitive position.
76
What are the 3 most important factors in writing a proposal?
- Organize
- No surprises
- Be compliant
77
What is the number 1 question I should ask before considering answering an RFP?
Do they have money?
78
Ties compensation directly to the revenue generated.
Cost-of-Sales Commission
79
Focuses on aligning pay with market standards for a job's worth.
Cost-of-Labor Commission
80
A bonus paid to an employee for an action or accomplishment in a sales capacity.
Spiff
81
Objection Example: "This solution exceeds our budget."
Valid Objection
82
Objection Example: "Your competitor offers a similar product at a lower price."
Competitive Objection
83
Objection Example: "This sounds good, but can you provide more specifics about the product's features."
See More Objection
84
Objection Example: "Your proposal is completely unrealistic and a waste of time."
Hostile Objection
85
Objection Example: "We're not sure this aligns with our goals."
Generic Objection
86
- Salary only
- Commission only
- Salary + commission
- Salary + bonus
- Salary + commission + bonus
The Major Types of Sales Compensation Plans
87
What is the objective of a Sales Compensation Plan?
To motivate the sales force to perform in a manner consistent with the objectives of the company.
88
- Valid
- Competitive
- See More
- Hostile
- Generic
The 5 Major Categories of Objectives
89
- Tell the customer they're wrong
- Argue
- Lose cool
- Let an objection go without answer
- Knock competition
- Say anything negative about your company
- Lie
The Major Don'ts of Handling Objectives
90
Focuses specifically on studying and evaluating competitors.
Competitive Analysis
91
Covers a broader scope and looks at the entire market and external factors influencing competition.
Competitive Intelligence
92
Business strategy that seeks to create higher value versus competitors. Often times offers unique features at higher prices.
Differentiation
93
Business strategy that seeks to create similar value versus competitors at lower prices.
Cost Leadership
94
Decreases in cost per unit, achieved as output increases. Ability to bundle.
Economies of Scale
95
Producing two outputs at lest cost, sharing resources or technology.
Economies of Scope
96
When the expansion of output comes with increasing average unit costs.
Diseconomies of Scale
97
The effort to complete a task should take less time and effort the more the task is done over time.
Learning Curve Theory
98
The goal-directed actions that achieve competitive advantage.
Business Level Strategy
99
What are the two generic business strategies?
Differentiation and Cost Leadership
100
Strategic planning method that focuses on the strengths, weaknesses, opportunities, and threats a company faces.
SWOT Analysis
101
CI model that shows how external factors affect the industry.
The PESTEL Model
102
- Political
- Economic
- Sociocultural
- Technological
- Ecological
- Legal
6 Environmental Factors of the PESTEL Model
103
Strategic tool designed to analyze the competitive dynamics within an industry and help businesses understand the factors that influence profitability and competition.
Porter's Five Forces Model
104
- Threat of entry
- Power of buyers
- Power of suppliers
- Threat of substitutes
- Competitive rivalry
The 5 Areas of Porter's Five Forces Model
105
The intensity with which companies in the same industry jockey for market share and profitability.
Competitive Rivalry
106
Method to visually illustrate strengths and weaknesses of a company.
Competitor's Strength Grid
107
Strategy that involves competing in the existing market space and beat the competition.
Red Ocean Strategy
108
Strategy that involves creating uncontested market space.
Blue Ocean Strategy
109
- Competitor profiling
- SWOT
- PESTEL analysis
- Porter's 5 forces model
- Competitive strength grid
The Methods of Competitive Intelligence
110
What is the difference between CA and CI?
CI has a broader scope than CA and it focuses on competitor as well as other external factors.
111
A bargaining process between two or more parties seeking to discover a common ground and reach an agreement.
Negotiating
112
- Reciprocation
- Commitment and Consistency
- Consensus (Social Proof)
- Liking
- Authority
- Scarcity
Cialdini's 6 Principles of Persuasion
113
What does BATNA stand for?
Best Alternative to a Negotiated Agreement
114
How many principles of persuasion does Robert Cialdini have?
6
115
If you had to sum up the aim of a negotiation, what would you say?
Win/Win
116
Utilizing risk to obtain bold objectives that seemed unobtainable through a team of others.
Leadership
117
Organizes and coordinates the enterprise to increase effectiveness by removing risk from the process.
Management
118
The actual hands-on overseeing, and directing of the day-to-day activities of people and motivating them to accomplish their goals.
Supervision
119
What are the 3 main types of leadership style?
Autocratic, Democratic, and Laissez-faire
120
Leadership style where all group members participate more or less equally in the decision making process.
Democratic
121
Leadership style where a single person makes decisions rather than delegating.
Autocratic
122
Leadership style where people are left to their own devices.
Laissez-faire
123
- Legitimate
- Coercive
- Reward
- Referent
- Expert
5 Sources of Leadership Power
124
Managers that are good at building teams and getting results through others.
Competent Manager
125
Managers that have difficulty building loyal followers or getting anything done.
Incompetent Managers
126
The attainment of sales force goals in an effective and efficient manner through planning, staffing, training, motivating, directing, and controlling organizational resources.
Sales Management
127
- Specific
- Measurable
- Achievable
- Realistic
- Timely
SMART Goals
128
The specific sales or profit objective a salesperson is expected to achieve.
Quotas
129
The set of activities and processes used to find possible candidates for a job or function.
Recruitment
130
- Technical
- Cost
- Schedule
- Management
- Past Performance
Selection Criteria for Major Program Capture
131
What is the benefit to creating a list of potential objections?
Helps you be prepared for hard questions and issues needed to be addressed.
132
- Specific Competitor Intelligence
- Market Intelligence
- Partner Intelligence
- Technical Intelligence
- Customer / Prospect Intelligence
Categories of Competitive Intelligence
133
When should negotiations take place?
During the price, terms and conditions stage of the sales process.
134
- Guiding vision
- Strength to persist in the face of failure
- Passion for the course of action
W. Bennis Characteristics of a Successful Leader
