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Marketing Week 12 Exam Flashcards

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1
Q

What are they four segments of the BCG Matrix?

A
  1. Cash Cow
  2. Question Mark
  3. Dog
  4. Stars
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2
Q

What are the characteristics of the Cash Cow of the BCG Matrix?

A

. High market share
. Low growth rate
. High cash inflow
. Strategy: Milk for all cash

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3
Q

What are the characteristics of a Dog of the BCG Matrix?

A

. Low market share
. Low growth rate
. Low growth earnings
. Strategy: divest

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4
Q

What are the characteristics of a Question Mark of the BCG Matrix?

A

. Earnings: low unstable, growing
. Cash flow: negative
. Strategy: Analyse if a business can become a star or it will become a dog

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5
Q

What are the characteristics of a Star of the BCG Matrix?

A

. Earnings: high earnings, growth
. Cash Flow: neutral
. Strategy: invest for growth

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6
Q

What are the 5 Marketing concepts?

A 
. Product concept
. Societal marketing concept
. Marketing concept
. Selling concept
. Production concept
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7
Q

What are the characteristics of the marketing mix?

A

. Product
. Price
. Place
. Promotion

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8
Q

What are the characteristics of Product?

A 
. Product variety 
. Quality 
. Design
. Features
. Brand name
. Packaging
. Sizes
. Services
. Warranties
. Returns
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9
Q

What are the characteristics of Place?

A 
. Channels
. Coverage
. Assortments
. Locations
. Inventory
. Transport
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10
Q

What are the characteristics of Price?

A 
. List price
. Discounts
. Allowances
. Payment period
. Credit terms
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11
Q

What are the characteristics of promotion?

A 
. Sales promotion
. Advertising
. Sales force
. Public relations
. Direct marketing
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12
Q

What are the 5 Marketing Philosophies?

A
  1. Product concept
  2. Societal marketing concept
  3. Marketing concept
  4. Selling concept
  5. Production concept
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13
Q

What is product concept?

A

Operates on the belief that a good or service should be produced according to the wants and needs of the market.

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14
Q

What is societal marketing?

A

An organisation does not only exist to satisfy the customer’s wants but also to preserve and enhance societies and the individuals long-term interests.

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15
Q

What is the marketing concept?

A

profits through customer satisfaction and focus in on customer desires.

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16
Q

What is the selling concept?

A

Sales only take place with excessive promotion and selling efforts.

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17
Q

What is the production concept?

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A

The major task of an organisation is to pursue efficiency in production and distribution.

18
Q

What are the steps in the Consumer Decision Process?

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A
  1. Environmental influence
  2. Individual influence
  3. Recognition of problem of Opportunity
  4. Search for Most Appropriate Solution
  5. Evalutaion of Alternative Solution
  6. Purchase Decision
  7. Purchase Act
  8. Post purchase evalutation
19
Q

What are the stages in the Business Buying Process?

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A
  1. Problem recognition
  2. General need description
  3. Product specification
  4. Supplier search
  5. Proposal solicitation
  6. Supplier selection
  7. Order routine specification
  8. Performance review
20
Q

Comparison of business & consumer buying situations?

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A

Industrial needs are more extensive, technical and planned out, whilst consumer is more impulsive, less technical and less extensive.

21
Q

What are the 3 product levels?

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A
  1. Core benefit or service/ core product
  2. Actual product
  3. Augmented product
22
Q

What are the characteristics of the actual product?

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A
  1. Packing
  2. Features
  3. Styling
  4. Quality
  5. Brand name
23
Q

What are the characteristics of the augmented product?

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A
  1. Installation
  2. After-sale service
  3. Warranty
  4. Delivery & Credit
24
Q

What are the classification of consumer goods?

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A
  1. Convenience goods
  2. Shopping goods
  3. Specialty goods
25
What are the steps in the new product development process?
1. Idea generation 2. Screening 3. Idea evaluation 4. Development 5. Commercialisation
26
What are the stages in the product life cycle?
1. Product development stage 2. Introduction 3. Growth 4. Maturity 5. Decline
27
What are the new product pricing strategies?
1. Marketing skimming pricing | 2. Marketing penetration pricing
28
What is market skimming pricing?
Setting a high price for new products in order to maximize revenue from the target market segment
29
What is marketing penetration pricing?
Setting a low price for a new product to attract a large number of buyers and gain and dominant market share
30
What are the three price adjustment strategies?
1. Discount 2. Psychological 3. Segmented
31
What are the discount characteristics?
1. Cash 2. Quantity 3. Seasonal 4. Functional 5. Allowances
32
What are the segmented characteristics?
1. Customer 2. Product form 3. Location 4. TIme
33
What are the wholesaler functions?
1. Selling and promoting 2. Buying and assortment 3. Bulk-breaking 4. Warehousing 5. Transporting 6. Financing 7. Risk bearing 8. Market information 9. Management advice
34
What does the retailer do for suppliers?
1. Anticipates consumer needs 2. Provides inventory storage and transportation 3. Finances inventories 4. Breaks bulk 5. Provides market information 6. Assumes product risk 7. Provides personal selling and advertising effort
35
What does the consumer do for the retailer?
1. anticipates the consumer's wants and needs 2. provides product storage and delivery 3. breaks product bulk into acceptable sizes 4. provides credit 5. provides product and information services 6. assumes risk by giving guarantees and after-sale service
36
What are the elements of the promotional mix?
1. Advertising 2. Personal selling 3. Sales promotion 4. Direct marketing 5. Publicity
37
What does Undifferentiiated marketing refer to?
A single marketing mix directed at the entire market
38
What does differentiated marketing mix relate to?
A strategy that chooses two or more well defined marketing segments and develops a distinct marketing mix for each.
39
What does concentrated marketing refer to?
A strategy used to select one segment of a market for targeting marketing efforts.
40
What does the market research process refer to?
1. Define problem or opportunity 2. Utilize exploratory research 3. Develop hypothesis 4. Prepare research design 5. Collect data 6. Interpret and Present data 7. Marketing manager
41
What factors should international marketing decisions take into account?
PESTEL 1. Political 2. Economical 3. Environmental 4. Technological 5. Environmental 6. Legal
42
What are 3 market entry strategies?
1. Direct investment 2. Joint venturing 3. Exporting

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