Marketing quiz 1 Flashcards
(21 cards)
What are the 4 P’s of Marketing?
Product
Price
Placement
Promotion
Which functional department is responsible for the customer/ consumer?
What is marketing?
Marketing is activities that create, communicate, deliver, and exchange offerings that have value to customers, clients, partners, and society as a whole.
In the BCG Matrix, what are cash cows, dogs, question marks, and stars?
Cash cows: profitable products, generate more cash than needed for share maintenance, slow sales growth
Dog: cost disadvantage, markets not growing
Question Mark: rapid growth, poor profit margins, enormous demand for cash
Star: Market leaders, fast growing, requires investments
What is product development?
Product development is to sell a new product to current markets (often line or brand extensions)
What is Marketing Development?
Market development is to sell current products to new markets (demographic segments or geographic markets)
What is Market Penetration?
Market penetration si the increase sales of current products in current markets; focus on advertising, promotion, and price reductions
What is diversification?
Diversification is to develop and/or acquire new products and sell them in new markets. High risk!
SWOT- what does it stand for?
SWOT is the situational analysis that allows a company to understand it SWOT (Strength, weakness, opportunity, and threat) to formulate strategy.
What is point of parity?
Point of parity (PoP) is the area where your business is the same as your competitors (must-have)
What is the point of difference?
Point of Difference (PoD): factors of products or services that establish differentiation
What is customer relationship marketing?
The process of identifing prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase
What is Corporate Social Responsibility?
AKA Societal marketing concept: calls upon marketers to balance three considerations in setting their marketing policies: solving consumer pain-points, company profits, and public interest.
What is the definition of Target Markets and Target Segments?
Target Markets: One or more specific groups of potential consumers toward which a company will direct its marketing program
Target Segments: “who” is the target consumer
What is Strategy? What is tactics?
Tactics: Detailed actions that will allow implementation of the marketing strategy (HOW)
Strategy: what do you plan to do to meet the objective, for whom, when, and why
What is included in the 3 different phases of a marketing plan?
Planning phase: Step 1: situation analysis Step 2: goal setting Step 3: marketing program
Goal setting->marketing plan->implemation phase-> results-> control phase
Implementation phase -> step 3
Control phase-> step 3. Both are corrective actions
What is mission and core values of a company?
Core values: are the fundamental, passionate, and enduring principles that guide its conduct over time (ex. integrity, diversity, and intellectual freedom) The capture of a firm’s heart, guide to motivate the stakeholders, they are timeless
Mission Statement: by understanding core values an organization can take steps to define its customers, products, and technologies
What is the difference between goals and objectives as taught in the classroom?
Objective/ goals: a targeted level of performance set in advance of work. Ex of objectives: sales revenue, profit, market share, quality.
Objectives should be measurable, time-based
Market share
Firm’s sales revenues/ total sales revenue of industy
Relative market share
Firm’s market share (or revenues)/ largest competitors market share
Industry (market) growth rate
Industry sales current year- industry sales prior year sales/ industry sales prior year
