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Flashcards in Test 1 Deck (63):
1

Five conditions of exchange

1. 2 parties.
2. Must have something of value to the other party.
3. Capable of communication and deliver
4. Free to accept or reject
5. Appropriate or desirable to deal with other party.

2

Four marketing management philosophies

Production, sales, market and societal

3

Production Orientation

internal capabilities of firm

4

Sales orientation

aggressive sale techniques, high sales = high profits

5

Market orientation

Satisfying customer needs and wants

6

Societal Orientation

In addition to market orientation, include ind. and society's long-term interests

7

Strategic strategies for marketing

Ansoff's opportunity matrix
Portfolio Matrix
GE Model

8

Ansoff's opportunity Matix

A matrix with new/present product and new/present market on the sides.

9

Market penetration

Increase market share among customers. Present product/market

10

Market Development

Attract new customers to existing products. Present product, new market.

11

Product Development

Creation of new products for existing markets. New Product, present market.

12

Diversification

New products to new markets.

13

Portfolio Matrix

Tool to allocate resources among products or SBU's based on market share and growth rate.

14

Star

Fast-growing market leader

15

Cash cow

Generates more cash than it needs to maintain market share

16

Problem child/question mark

Rapid growth but poor profit margins

17

Dog

(cute animal) low growth potential and small market share

18

SWOT

Strengths
Weaknesses
Opportunities
Threats

19

Environmental scanning and the macroenvironmental forces

Analyzing marketing environment. Social, demographic, economic, technological, political and legal, and competitive.

20

3 competitive advantages

1. Cost
2. Product/service differentiation
3. Niche

21

Cost competitive advantage sources

1. Experience curves
2. Efficient labor
3. No-frill goods
4. Gov. Subsidies
5. Product design
6. Reengineering
7. Production innovation
8. New methods of delivery

22

Product/service differentiation

Provide something unique, valuable, not just cheap

23

Niche competitive advantage

Targeting segments with specific needs and wants

24

Criteria for good marketing objectives

Realistic, measurable, time specific, and compared to a benchmark. Consistent.

25

Elements of marketing mix

Product, place, promotion, pricing.

26

Importance of marketing

Assessing wants and satisfaction of customers
Designing and managing product offerings
Developing distribution strategies
Communicating with present and potential customers
Determining prices

27

GE Model

Market Attractiveness/Business position

28

Sustainable competitive advantage

Advantage that cannot be copied

29

Marketing Follow-up

1. Implementation
2. Evaluation and Control
3. Marketing audit

30

3 techniques for effective strategic planning

Continual Attention
Creativity
Management Commitment

31

Cause-related marketing

Cooperative effort between non-profit and for-profit

32

Component lifestyle

choosing goods that fit one's diverse needs and interest rather than one lifestyle

33

Generation X

1965-1978

34

Generation Y

Us 1979-1994

35

Baby boomers

1946-1964

36

Sherman Act 1890

Monopolies and trusts with conspiracies

37

Clayton Act of 1914

Price discrimination
Tying contracts
pooling ownership of stock

38

Federal Trade Commission Act of 1914

Created FTC

39

Robinson-Patman Act 1936

Charging different prices
Requires supplementary services

40

Wheeler-Lea Amendments

Gives more power to FTC
False, deceptive advertising

41

Lanham Act of 1946

Trademarks

42

Celler-Kefauver Antimerger Act of 1950

Antimerger

43

Hart-scott-Rodino act of 1976

Requires notification of mergere

44

Foreign Corrupt Practices Act of 1977

Bribery of foreign officials

45

Fed. Food and Drug Act 1906

Adulteration and misbranding of foods

46

Federal Hazardous Substance Act 1960

Warning labels on chemicals

47

Kefauver-Harris Drug Amendment 1962

Conduct tests on drugs to prove

48

Child protection and toy safety act

No marketing on goods so dangerous warning labels don't help

49

Consumer credit protection act

Credit checks for loans

50

Pbulic health smoking act

Cigarette crack down

51

Poison Prevention labeling act

safety packaging for things harmful to children

52

National environmental policy act

EPA

53

Public health cigarette smoking act

Tobacco no no

54

Consumer product safety act

Consumer product safety commission

55

Child protection act

# of minutes for ads on kid tv

56

Aviation security act

Extra safety measures on planes

57

Homeland security act

Dep Homeland Security

58

Do Not call Law

No more telemarketing calls

59

Can-spam act

No unwanted email or spam

60

Credit card act

Credit card protections

61

Restoring american financial stability Act

Consumer financial protection bureau

62

Benefits of globalization

economic freedom
spurs competition
Raises productivity and living standards
lift people out of poverty
promotes higher labor and environmental conditions

63

Customer Relationship Management

business strategy focused on optimizing profit and customer satisfaction by focusing on well defined customer groups