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Mktg 451 > Test 1 > Flashcards

Test 1 Flashcards

(68 cards)

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1
Q

Challenge and opportunities in today’s economy

A

Power shift to customers

Increase in product selection

Audience and media
fragmentation

Changing value propositions

Shifting demand patterns

Privacy and ethical concerns

Unclear legal jurisdiction

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2
Q

Meta market define

A

Cluster of closely related goods and services that center around a specific consumption activity

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3
Q

Metamediary

A

A single access place for a meta market

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4
Q

What must be met for exchange to occur? (5)

A

Must have two parties

They each have something of value

Each party must be able to communicate

Must be free to accept/reject the exchange

Each party wants to exchange with the other

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5
Q

What are considered products?

A 
Goods
Services
Ideas
Information
Digital products
People
Places
Experiences
Real or financial property
Organizations
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6
Q

5 types of utility

A 
Form
Time
Place
Possession
Psychological
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7
Q

Tactical planning

A

Addresses specific markets or segments and the development of marketing programs that will fulfill
The needs of customers in those markets

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8
Q

Marketing plan define

A

Provides an outline how the organization will combine product, pricing, distribution, and promotion decisions to create an attractive offering

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9
Q

Situation analysis

A

Collecting and interpreting internal, competitive, and environmental information

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10
Q

Marketing strategy decision

A

Must select the right combo of target market and marketing mix

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11
Q

What does the planning process begin with?

A

Situation analysis

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12
Q

What does the marketing plan do?

A

Explains how the organization will achieve its goals

Serves as a roadmap for marketing strategy

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13
Q

What does the mission statement do?

A

Explains the organizations reason for existence

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14
Q

Vision statement

A

Future oriented, addresses where the company wants to go

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15
Q

What questions should the mission statement answer? (5)

A

Who are we?

Who are our customers?

What is our philosophy

What is our competitive advantage

What are our responsibilities?

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16
Q

When should he mission statement change

A

No longer in sync

When competitors drive firms from certain markets

New technology changes delivery

New opportunity approaches

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17
Q

Corporate strategy define

A

Means for utilizing resources in the area of production, finance, research, HR, and marketing to carry out the organizations mission and achieve goals

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18
Q

Functional strategies must what… (3)

A

Fit the purpose of the functional area

Be realistic

Be consistent

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19
Q

Difference between marketing plan and business plan?

A

Research it

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20
Q

Elements of a good marketing plan

A

Comprehensive

Flexible

Consistent

Logical

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21
Q

Executive summary define

A

Give the reader a quick understanding of the marketing plan and the time frame for it

*should be written last

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22
Q

Steps in the marketing plan structure

A

Executive summary

Situation analysis

SWOT

goals

Marketing strategy

Implementation

Evaluation

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23
Q

The importance of marketing goals and objectives section

A

Sets the performance targets

Defines how the firm will
Measure performance

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24
Q

Purpose of the marketing plan (5)

A

Explains present /future situations

Specifies expected outcomes

Describes actions to take place

Shows resources that’ll be needed

Monitors each action

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25
Things to keep in mind when conducting a situation analysis(4)
Analysis is not a solution Data is not the same as information Benefits of analysis must outweigh the costs Conducting a situation analysis is challenging
26
4 dimensions of social responsibility
Economic Legal Ethical Philanthropic
27
Types of ethical issues
Product related Pricing related Distribution related Promotion issues
28
Types of price related ethical issues
Price discrimination Price fixing Predatory pricing Superficial discounting
29
Ethical sourcing practices in supply chain?
Adopt global supplier code of conduct Make the supply chain diverse Perform regular audits
30
Challenges of marketing strategy
``` Continuous change People driven nature Lack of rules Increase in customer expectations Declining brand loyalty Competing in mature markets Aggressive cost cutting ```
31
Marketing management philosophies (4)
Production Sales Market Societal
32
Production philosophies
Focus on internal capability of the firm. What can we do?
33
To achieve market orientation one must...
Obtain information about customers Examine the info Determine how to deliver customer value Implement actions
34
Sources of competitive advantage
Cost Product/ service differentiation Nice strategies
35
What are social responsibility companies can take
Work with suppliers New packaging Reduce electricity Revise transportation Make commitment announcement
36
A diff strategic opportunity matrix (x and y)
X: product Y: market
37
What goes into ansoff’s opportunity matrix
Market penetration Market development Product development Diversification
38
Market penetration define
Present product; new market Increase market share among existing customers
39
Market development define
New market; present product Attract new customers to existing products
40
Product development define
Present market; new product Create new products for present markets
41
Diversification define
New market; new product Introduce new products into new markets
42
What is on the x and y of the BCG matrix
X: market share Y: market growth
43
What’s goes into BCG matrix
Stars Cash cows Dogs Problem children/ question mark
44
Stars define
High market growth High market share (iPhone)
45
Cash cows define
Low market growth High market growth (iPads)
46
Problem children or question marks define
High market growth Low market share (Apple TV)
47
Dogs define
Low market growth Low market share (iMac)
48
What are BCG portfolio matrix options (4)
Build Hold Harvest Divest/ un-invest
49
What should you build up from the BCG matrix
Give up short term profits | Stars, potential problem children
50
What should you hold in the BCG matrix?
No invest anything significant | Cash cows
51
What should you harvest in BCG matrix
Runs operations for short term cash flow | Cash cows, problem children, dogs
52
Problems with matrix approaches
Costly, hard, timely Hard to measure market share Focuses on current business but little advice for future planning For centralized management team “The starfish and the spider” More customized approaches
53
Marketing environment define
Forces that affect a company’s ability to build and maintain successful relationships with customers
54
Who is apart of the micro environment
``` The company Suppliers Marketing intermediaries Competitors Public’s Customers ```
55
Who apart of the marketing intermediaries
Resellers Physical distributions Marketing services agencies Financial intermediaries
56
Who is apart of public’s
``` Financial Media Government Citizen action Local General Internal ```
57
Who is apart of the macro marketing environment
``` Demographic Economic Natural Technological Political Cultural ```
58
The 3 largest generational groups
``` Baby boomers( 1946-64) Gen x(1960-80) Gen y (1980-00) ```
59
What is apart of the natural environment
Abundance of raw material Increased pollution Increased government intervention Environmentally sustainable strategies
60
Examples of marketing research
New product development | Merger and acquisition
61
Different roles of marketing research
Descriptive Diagnostic Predictive
62
Descriptive research define
What is the historic sales trends in the industry?
63
What is roles of marketing research (diagnostic)
What is the impact on sales of a change in the design of the package
64
Roles of marketing predictive define
How can the researcher use the descriptive and diagnostic research to predict the results of a planned marketing research?
65
Past kinds of marketing research
Survey Evaluative Qualities analysis Long time
66
Current marketing research
Big data Predictive Quantitative analysis Real time
67
Primary data sources
``` Observations Surveys In depth interviews Focus groups Panels Experiments Test markets ```
68
Secondary data sources
``` Internal records Publications Data services Personal networking Internet providers Social networks Government agencies ```

Mktg 451 (2 decks)

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