MIDTERM Flashcards

1
Q

.Identifies competitors and understand competitor’s strengths and weaknesses in relation to
yours

A

Competitor analysis

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2
Q

An organization uses these to develop and deliver their products and services

A

Internal processes

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3
Q

Known as 80-20 rule

A

Pareto principle

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4
Q

4.It is how the business sells its products and services.

A

Distribution channels

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5
Q

Methods the company uses to promote and sell its products and services.(

A

Marketing Strategy

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6
Q

Used to measure themselves against internal or external standards

A

Benchmarking

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7
Q

Secondary sources regarding information about the competitors. Enumerate alphabetically

A

Advertising
Articles
Reference books and databases
Sales brochure

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8
Q

SWOT means

A

Strengths
Weaknesses
Opportunities
Threats

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9
Q

.This section provides a general profile of the company in question and might include information
such as when the company was formed, how many employees it has etc

A

Company
profile

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10
Q

The proportion of market controlled by the company

A

Market share

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11
Q

This section highlights the basis of profits

A

Key competitive advantage

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12
Q

Used to refer to our current post-industrial era, given that practically all of the world’s most
valuable enterprises receive a significant percentage of their value from the strength of their networks

A

Network economy

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13
Q

A method you use to connect your offerings with your customers and users.

A

channel

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14
Q

The customer’s perceived portrayal of a business’s offerings.

A

brand

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15
Q

Ensure and enhance a product’s or service’s utility and value.

A

service innovations

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16
Q

Refers to improvement and modifications you perform to guarantee that your products function
together with other complimentary ones in a way that provides greater value than the product alone
could

A

Product system innovation

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17
Q

Focuses on an enterprise’s core product or service

A

offering

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18
Q

Businesses plot how to charge more for their products than their competitors do

A

premium pricing

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19
Q

Means creative solutions to real problems from study and experimentation can actually be
implemented.

A

innovation

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20
Q

5 Categories of Competitors

A

Direct
Future
Indirect
Potential
Replacement

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21
Q

The application of scientific knowledge for practical purposes especially in the industry

A

Technology

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22
Q

This covers pretty much everything from your organizational design, competencies and assets,
incentives and management structures, all the way to knowledge management.

A

structure

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23
Q

Involves himself in technological changes in producing goods and services for his organization

A

technopreneur

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24
Q

From the Latin verb _____, means “to renew”

A

innovare

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25
Q

Those who see a new technology development and understand how it can be applied to meet a market need

A

innovator

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26
Q

Those who develop a unique technology capable of driving a new business

A

Technology developers

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27
Q

.Used to ascertain the most salient aspects of a market and its structure at a certain point in
time.

A

market analysis

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28
Q

Works for an organization but given the task of starting new ventures(

A

intrapreneur

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29
Q

It is a process of merging technology prowess and entrepreneurial talent and skills(

A

technological entrepreneurship

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30
Q

The process of creating something with new value

A

entrepreneurship

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31
Q

Means “to enter”(

A

entre

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32
Q

A technique that identifies industry best practices followed by setting goals to implement
action to achieve goal or overtake competitors

A

benchmarking

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33
Q

Means “to undertake”(

A

entreprendre

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34
Q

A cross between managers and entrepreneurs(

A

intrapreneur

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35
Q

Foundation on which everything else in your business is built

A

sales unit

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36
Q

.The practice of embarking on a new business or reviving an existing business by pooling together
a bunch of resources in order to exploit new found opportunities

A

entrepreneurship

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37
Q

An innovator or developer who recognizes and seizes opportunities and converts these
opportunities into workable/marketable ideas

A

entrepreneur

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38
Q

An individual or business that purchases another company’s goods or services

A

customer

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39
Q

May not be the one who purchased, but the end-user

A

consumer

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40
Q

Motive of buying is for consumption only

A

consumer

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41
Q

The one who purchases the product

A

customer

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42
Q

It is simply entrepreneurship in a technology intensive context

A

technological entrepreneurship

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43
Q

A key contributor to a company’s cash flow

A

discount customers

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44
Q

Typically receptive to recommendations on products

A

impulse customers

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45
Q

Best customers to upsell to and the second most attractive segment to focus on

A

Impulse customers

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46
Q

.Important to solicit their feedback and involve them in a company’s decision-making process

A

Loyal customers

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47
Q

Customers that make up a minority of the customer base but generate a large portion of
sales

A

loyal customers

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48
Q

It acts as a new breed in the field of entrepreneurship

A

technopreneurship

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49
Q

The degree of assistance and courtesy granted those who patronize a business

A

customer service

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50
Q

Provides the customers with a series of services in order to make cost-effective choices and
appropriate use of a product

A

customer support

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51
Q

The most pared down version of a product that can still be released

A

minimum viable product

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52
Q

Means “nerve center

A

neur

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53
Q

By studying how your competitors are perceived, you can draw conclusions about your own
brand’s strengths and weaknesses TF

A

T

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54
Q

The 80-20 rule states that 80% of the causes result to 20% of the outcomes T/F

A

F

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55
Q

The more that one firm’s strategy resembles another firm’s strategy, the more the two firms
compete T/F

A

T

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56
Q

Companies normally learn about their competitors’ strengths and weaknesses through secondary
data, personal experience, and word of mouth. T/F

A

T

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57
Q

Companies normally learn about their competitors’ strengths and weaknesses through secondary
data, personal experience, and word of mouth T/F

A

T

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58
Q

Competitors may share the costs of market and product development and help legitimize new
technologies T/F

A

T

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59
Q

Competitive intelligence systems help decision makers identify opportunities to improve the
company or organization’s strategic position among competitors, customers, and suppliers T/F

A

T

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60
Q

Companies have long engaged in head-to-head competition in search of profitable growth. T/F

A

T

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61
Q

Most companies will compete with distant competitors—those that resemble them most—rather
than close competitors T/F

A

F

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62
Q

Shopping malls, department stores, retail stores are examples of this

A

Physical (market)

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63
Q

In this type of market, The buyers try to top each other for the purchase price. The items up for sale
end up going to the highest bidder

A

Auction

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64
Q

Refers to an illegal exchange or marketplace where transactions occur without the knowledge or
oversight of officials or regulatory agencies

A

Black market

65
Q

Refers to any place where securities, currencies, bonds, and other securities are traded between
two parties

A

Financial market

66
Q

Sold between industries for resale or the production of other goods

A

Market for intermediate goods

67
Q

A strategy which is directed towards attracting a huge portion of the audience

A

mass marketing

68
Q

Very effective in advertising products that are rendered as necessities and are guaranteed that
people will shop for it anyway

A

mass marketing

69
Q

Allows brands to create strategies for different types of consumers, depending on how they
perceive the overall value of certain products and services

A

segmentation

70
Q

Allows you to target your content to the right people in the right way, rather than targeting your
entire audience with a generic message

A

market segmentation

71
Q

ROI means

A

Return on Investment

72
Q

Main types of Market Segmentation

A

Behavioral
Demographic
Geographic
Psychographic

73
Q

Other types of market segmentation

A

Firmographic
Generational
Lifestage
Seasonal
Value

74
Q

In a marketing analysis, this is crucial

A

size of the market

75
Q

Refers to any activities that involve distributing a finished product to a customer.

A

outbound logistics

76
Q

Defined as “an advantage of established sellers in an industry over potential entrant sellers,
which is reflected in the extent to which established sellers can persistently raise their prices above
competitive levels without attracting new entrants to enter the industry,”

A

barriers

77
Q

Most common in monopolistic markets, where the cost of entry to the market is too high for new
firms for a variety of reasons

A

Natural barriers to entry

78
Q

Receiving, warehousing, and inventory control of a company’s raw materials are all part o

A

inbound logistics

79
Q

The impact of several users on the value of a product or service to other users

A

multiplicity

80
Q

A network of intermediaries that permits the transportation of products from manufacturers to end
consumers as well as the transmission of money from buyers to producers.

A

distribution channel

81
Q

Can occur when companies in a market engage in tactics that make it more difficult for other
companies to enter

A

artificial entry barriers

82
Q

Procedures for transforming raw materials into a final product or service are included in

A

operations

83
Q

Comprises transforming all inputs into outputs

A

operations

84
Q

Acts that aid in persuading a customer to buy a company’s product or service

A

marketing and sales strategy

85
Q

The process of acquiring inputs, or resources, for a company

A

procurement

86
Q

Refers to a company’s support systems as well as the functions that enable it to operate

A

infrastructure

87
Q

It is the quickest and most straightforward method of direct distribution of products from
manufacturer to customer

A

direct channel

88
Q

Defined as the practice of a manufacturer using one or more middle men to sell and distribute
their goods to clients

A

indirect selling

89
Q

One intermediary is used to move items from the manufacturer to the customer via this channel
of distribution.

A

one level channel

90
Q

This plays a key role in marketing research and strategy development

A

market trends

91
Q

Business strategies that are crucial to a successful connection with your consumers are known
as

A

Key success factors

92
Q

Manufacturers and customers are linked together via the intermediary role played by
wholesalers and retailers

A

Two level channel

93
Q

Refers to a company’s efforts to lower technology expenditures, such as migrating from a
hardware storage system to the cloud.

A

technical development

94
Q

Manufacturers that use the services of agents or brokers to connect with wholesalers and
retailers are considered to be in this distribution channel.

A

three level channel

95
Q

It is the most often used distribution route for consumer goods.

A

two level channel

96
Q

Promoting to a narrower target market as opposed to the overall market allows you to allocate
your hours and money more efficiently on the people who are most likely to need or want to buy from
you. T/F

A

T

97
Q

For a successful mass marketing campaign, the advertisement must be focused on “set of
product needs that are common to most consumers in a target market T/F

A

T

98
Q

Market analysis is a basis for decision-making. T/F

A

T

99
Q

Culture and location’s impact on how advertising messages are received by customers is
another disadvantage of mass marketing T/F

A

T

100
Q

Behavioral data is useful because it relates directly to how someone interacts with your brand or
products. T/F

A

T

101
Q

If you find that members of a demographic segment are responding differently to your content,
you might want to add in some psychographic information T/F

A

T

102
Q

Business-to-business (B2B) companies only uses value segmentation to divide up the
businesses in a market. T/F

A

F

103
Q

.Identify the niche with the narrowest audience and whether it has needs that your brand can
effectively address T/F

A

F

104
Q

A part of a company’s overall marketing strategy which refers to the value that a company
promises to deliver to customers should they choose to buy their product

A

Value proposition

105
Q

Aims at achieving a fit between what the customer wants and what your product/service can
offer to overcome pains and generate gains

A

Value proposition canvas

106
Q

.A company must clearly answer for its potential customers the question of why they should
choose the company’s products over all other available choices

A

specific value

107
Q

Should be created for each customer segment

A

customer profile

108
Q

This element is aimed at appealing to customers’ emotions and establishing a relationship

A

customer connection

109
Q

6.Describes what the business offers to the customer

A

specific value

110
Q

Instead of focusing on the features themselves, Blank saw the need to emphasize the benefits
derived from the features in a simple sentence

A

Steve Blank Method

111
Q

A value proposition is executed best when it answers the following questions such as “What
sets my brand apart from competitors

A

Harvard Business School method

112
Q

.A template that’s more specific in identifying the industry categories alongside the benefits
customer value

A

Geoff Moore Method

113
Q

Also referred to as “expectations’

A

gains

114
Q

The negative experiences, emotions and risks that the customer experiences in the process of
getting the job done

A

pains

115
Q

The functional, social and emotional tasks customers are trying to perform, problems they are
trying to solve and needs they wish to satisfy

A

customer jobs

116
Q

The benefits which the customer expects and needs, what would delight customers and the
things which may increase likelihood of adopting a value proposition.(

A

gains

117
Q

Once the value proposition canvas is completed, the next step will be to determine how your
value proposition fits within the company profile t/f

A

F

118
Q

The value proposition canvas identifies your customer’s major Jobs- to-be-done, the pains they
face when trying to accomplish their Jobs-to-be-done and the gains they perceive by getting their
jobs don T/F

A

T

119
Q

Through the use of value proposition canvas, a business can adjust their Value Proposition
based on the insights you gained from customer evidence and achieve Product-Market fit T/F

A

T

120
Q

A business can define the most important components of their offering using a value proposition
canvas T/F

A

T

121
Q

The customer profile makes up the first half of the value proposition canvas. T/F

A

T

122
Q

9.A customer profile represents your target buyer through their wants and needs T/F

A

T

123
Q

The value proposition is the same with slogans and catchphrases T/F

A

F

124
Q

Value proposition is a powerful tool to drive sales and build a customer base T/F

A

T

125
Q

Each of the proposition must be the same to communicate differentiation points of a business to
its customers T/F

A

F

126
Q

Value proposition must be pain-focused T/F

A

T

127
Q

Value proposition must be exclusive T/F

A

T

128
Q

Value proposition must be specific T/F

A

T

129
Q

Knowing a competitor’s mix of _______ reveals whether the competitor is satisfied with its
current situation and how it might react to different competitive actions

A

Objectives

130
Q

It is a group of firms in an industry following the same or a similar strategy in each target
market

A

strategic group

131
Q

This aims to determine the benefits that target customers value and how customers rate the
relative value of various competitors’ offers.

A

customer value analysis

132
Q

This strategy tries to create products and services for which there are no direct competitors, and
its main goal is to make competition irrelevant

A

blue ocean

133
Q

.It helps decision makers identify opportunities to improve the company or organization’s
strategic position among competitors, customers, and suppliers

A

Competitive intelligence system

134
Q

It means creative solutions to real problems from study and experimentation can actually be
implemented

A

innovation

135
Q

According to Doblin, this type of innovation focuses on the innermost workings of an enterprise
and its business system

A

configuration

136
Q

According to Doblin, this type of innovation focuses on an enterprise’s core product or service

A

offering innovation

137
Q

A condition where there is a single seller and many buyers at the marketplace

A

monopoly

138
Q

A set up where buyers can physically meet the sellers and purchase the desired merchandise
from them in exchange of money

A

physical market

139
Q

In such markets, buyers purchase goods and services through internet. In such a market the
buyers and sellers do not meet or interact physically, instead the transaction is done through
internet.

A

nonphysical/virtual markets

140
Q

A market that refers to any place where securities, currencies, bonds, and other securities are
traded between two parties

A

financial

141
Q

This allows you to target your content to the right people in the right way, rather than targeting
your entire audience with a generic messag

A

market segmentation

142
Q

.It refers to splitting up audiences based on observable, people-based differences. These
qualities include things like age and sex

A

demographic segmentation

143
Q

This type of segmentation groups consumers by generation and group them into categories that
include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation.

A

generational

144
Q

Whenever you are establishing a new firm, it is important to be aware of this. It plays a key role
in marketing research and strategy development

A

market trends

145
Q

These people sell unique products directly to retailers or agents

A

Independent suppliers or Independent craftspeopl

146
Q

This type of segmentation is similar to demographic segmentation, but it deals with
characteristics that are more mental and emotional such as personality, interests, and belief

A

psychographic segmentation

147
Q

t is splitting up your market based on their location, which a basic but highly useful
segmentation strategy

A

Geographic segmentation

148
Q

.Ideally a market is a place where two or more parties are involved in buying and _____.

A

selling

149
Q

They sell a similar product or service to a similar target audience

A

direct competitors

150
Q

Those who provide an alternative to the services that you offer that solves the same pain points

A

replacement competitors

151
Q

.Companies with business capabilities that will allow them to quickly take a market share in the
market if they decide to enter your market space

A

Future Competitors

152
Q

They sell a different product or service in the same category but target an audience similar to
yours

A

indirect competitors

153
Q

.They are either a direct, indirect, or replacement competitors that currently has no distribution in
your market

A

Potential Competitors

154
Q

.Innovation is the process of translating new ideas into tangible product T/F

A

T

155
Q

.In a frontal attack, the market’s leader attempts to match the challengers’ efforts across the full
range of products, attacking the challengers’ strengths rather than its weaknesses T/F

A

F

156
Q

In an encirclement attack, the market challenger concentrates on the leader’s weaknesses
rather than its strengths. T/F

A

F

157
Q

A flanking attack involves attacking from several directions at once. T/F

A

F

158
Q

In a bypass attack, the market challenger attempts to bypass the market leader entirely and
targets new markets. T/F

A

F