Chap 1 Flashcards

1
Q

“In what markets will our particular resources be most effective in implementing the marketing concept?.”

A

Marketing Strategy and Planning

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2
Q
  1. The kind of contribution that each product or product line is expected.
  2. The relative share of the firm’s resources to be devoted to each product or product line.
A

Specification of product mix strategy:

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3
Q

2 kinds of top management decisions:

A

Corporate Marketing Planning
Product Mix Strategy

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4
Q

the process by which an organization sets its long term priorities regarding products and market

A

Corporate marketing planning

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5
Q

provides clear guidance to the middle managers about the top management’s expectation.

A

Product mix strategy

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6
Q

2 considerations being specified in a
corporate strategy:

A
  1. The range of market to be served
  2. The kinds of products to be offered
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7
Q

6 Major Environmental Forces

A

Demographics
Social and Cultural Values
Economic Factors
Technology
Legal and Regulatory Actions
Competition

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8
Q

age, distribution of the population,birthrates, population growth,
regional population shifts, and the percentage of two-worker household

A

Demographics

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9
Q

attitudes towards health and nutrition, the need for self expression, materialism, , ecological concerns, and product safety.

A

Social and Cultural Values

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10
Q

inflation, unemployent rates, economic growths, raw material scarcities, energy cost, iterest rates, import duties, and excise tax.

A

Economic Factors

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11
Q

developing and anticipated
changes that affect the kinds of products available in the market and the kinds of processes used to produced these products.

A

Technology

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12
Q

regulation on the type of advertising availab;e to the product,
product labeling and testing requirements,
limitations regarding product contents, pollution control, and restrictions or incentives with respect to imports or exports.

A

Legal and Regulatory Actions

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13
Q

identity of the competitors and the
type of focus of competition may change because
of:
1. the entry of new firms 9especially foreign)
2. The acquisition of a small competitor by a large, well-financed organization.
3. Deregulation, changing economic conditions, or new production processes that foster increased price competition.
4. Changing social and cultural values or new technology

A

Competition

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14
Q

Strength and Weaknesses

In the broadest sense, resources and
competencies include:

Financial resources, such as cash
reserves
Labor and managerial skills
Production capacity and efficient
equipment
Research and development skills and
patents
Control over key raw materials
Size and expertise of the sales force
Efficient or effective distribution
channels and systems

A
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15
Q

Strength and Weakness

A

Core competencies
Strategic Alliances

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16
Q

the firm’s strongestresource

A

Core Competencies

17
Q

involves exchange of one or more of the resources listed below:
access to sales and distribution networks
new-product technology
production technology and capacity

A

Strategic Alliances

18
Q

Mision, Vision,Objectives and Goals

A

Corporate Mission
Corporate objectives

19
Q

describes the broad purposes that organization serve and provides general criteria for assessing long- run oraganizational effectiveness.

A

Corporate mission

20
Q

reflect’s management’s specific expectations regarding orgnizational performance

A

Corporate Objectives

21
Q

2 fundamental directions in selecting a Typical Corpoarte Marketing Strategy:

A
  1. Growth
  2. Consolidation
22
Q

is one in which sales growth becomes a vehicle for achieving stability or enhanced profitability.

A

growth strategy

23
Q

in which frms seeks to achieve current goals through non-growth means.

A

Consolidation Strategy

24
Q

in which frms seeks to achieve current goals through non-growth means.

A

Consolidation Strategy

25
Q

A firm that finds many opportunities and few problems in its present markets is likely to select some form of current-market strategy.

A

Growth for Current Market

26
Q

3 strategies that focus on the current
markets are:

A
  1. Market Penetration
  2. Product Development
  3. Vertical Integration
27
Q

• is defined as the strategy aiming and
increasing sales of existing products in
the current markets.
• is achieved by increasing the level
marketing effort (as by increasing
advertising or distribution) or by
lowering prices.
• sales potential of many products goes
unrealized because the company is too
small to initiate such efforts.

A

Market Penetration

28
Q

strategies involve the development of new products for existing markets in order to
• meet changing customer needs and ants
• match new competitive offerings
• take advantage of new tecnology
• meet the needs of specific market
segments
Often most important product development efforts are due to competitive introductions that reach untapped market segments.

A

Product Development

29
Q

• such integration is often accomplished
when a firm becomes its own supplier(in
backward integration) or intermediary
(Forward integration).

• these strategies will be the most
appropriate when the ultimate markets
have high-growth potential, because
integration requires extensive resources.

A

Vertical Integration