Midterm (C1-7) Flashcards
1
Q
4 orientations of marketing and what they are
A
- product
- sales
- market
- value-based
2
Q
4 strategies to create customer value
A
- customer excellence: retaining loyal customers and excellent customer service
- operational excellence: efficient operations and excellent supply chain and HRM
- product excellence: having products with high perceived value and effective branding and positioning
- locational excellence: having a good physical location and internet presence
3
Q
5 steps of the marketing plan
A
- define mission and objectives
- situation analysis
- identifying and evaluating opportunities using STP
- implement marketing mix and allocate resources
- evaluate performance
4
Q
CDSTEP
A
cultural demographic social technological economic political
5
Q
cash cow
A
low market growth rate
high market share
6
Q
stars
A
high market growth rate
high market share
7
Q
question mark
A
high market growth rate
low market share
8
Q
dogs
A
low market growth rate
low market share
9
Q
market penetration
A
current markets
current products
10
Q
market development
A
new markets
current products
11
Q
product development
A
current markets
new products
12
Q
diversification
A
new markets
new products
13
Q
3 factors in a firm’s microenvironment
A
- company capabilities
- corporate partners
- competition
14
Q
competitive intelligence
A
used by firms to collect and synthesize info about their position in respect to their rivals; allows companies to anticipate changes rather than react
15
Q
gen x
A
baby boomer’s children
