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Flashcards in Test 1 Deck (68):
1

Challenge and opportunities in today’s economy

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

2

Meta market define

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

3

Metamediary

A single access place for a meta market

4

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

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

5

What are considered products?

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

6

5 types of utility

Form
Time
Place
Possession
Psychological

7

Tactical planning

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

8

Marketing plan define

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

9

Situation analysis

Collecting and interpreting internal, competitive, and environmental information

10

Marketing strategy decision

Must select the right combo of target market and marketing mix

11

What does the planning process begin with?

Situation analysis

12

What does the marketing plan do?

Explains how the organization will achieve its goals

Serves as a roadmap for marketing strategy

13

What does the mission statement do?

Explains the organizations reason for existence

14

Vision statement

Future oriented, addresses where the company wants to go

15

What questions should the mission statement answer? (5)

Who are we?

Who are our customers?

What is our philosophy

What is our competitive advantage

What are our responsibilities?

16

When should he mission statement change

No longer in sync

When competitors drive firms from certain markets

New technology changes delivery

New opportunity approaches

17

Corporate strategy define

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

18

Functional strategies must what... (3)

Fit the purpose of the functional area

Be realistic

Be consistent

19

Difference between marketing plan and business plan?

Research it

20

Elements of a good marketing plan

Comprehensive

Flexible

Consistent

Logical

21

Executive summary define

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

*should be written last

22

Steps in the marketing plan structure

Executive summary

Situation analysis

SWOT

goals

Marketing strategy

Implementation

Evaluation

23

The importance of marketing goals and objectives section

Sets the performance targets

Defines how the firm will
Measure performance

24

Purpose of the marketing plan (5)

Explains present /future situations

Specifies expected outcomes

Describes actions to take place

Shows resources that’ll be needed

Monitors each action

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