Chapter 1 Flashcards
1
Q
Is the means of the process that objectives are realized
A
Strategy
2
Q
Focuses on the needs of the individual customer
A
Customer Intimacy
3
Q
Are some mixture of products, services, information, or experiences presented to a market to gratify need or want
A
Marketing offers
4
Q
Include both product and service experience
A
Marketing offers
5
Q
Is everything that can be offered to a market for attention, acquisition, use or consumption that may satisfy a want or need
A
Product
6
Q
Basic contents or utility
A
Core products
7
Q
Color, branding, packaging, labeling, variates, others
A
Product-related feautures
8
Q
After sales service, guarantee and warranty, free home delivery, free repairing, and so on
A
Product -related services
9
Q
Is an outline of the company’s roadmap for the successful attainment of its goals and objectives
A
Strategy
10
Q
At the different hierarchy of the organization, there must be _____ for an effective marketing
A
Strategic Planning
11
Q
_____ issues like corporate mission and vision
A
Macro
12
Q
Is developep as a more specific plan in relation to markets and products in order to meet the objectives of the company as well as that of the customers
A
Marketing plan
13
Q
Provides the outline of the right combination of the 4ps
A
Marketing plan
14
Q
The ___ also entails its implementation, control, and refinement of decision
A
Plan
15
Q
Is likely to center on the individual or marketing group decision, while ____ takes into concern the entire consequences of marketing practices in society
A
Ethics
Social responsibility
16
Q
___ needs to foster an ethical and socially responsible behavior pattern while at the same time achieving company objectives
A
Marketers
17
Q
Six Ethical Values
A
Honesty
Responsibility
Fairness
Respect
Transparency
Citizenship
18
Q
Be straightforward in dealings and present value and integrity
A
Honesty
19
Q
Accept results of marketing practices and provide the needs of customers of all types, at the same time becoming good guardians of the environment
A
Responsibility
20
Q
Balance buyer needs and seller interest reasonably, and stay away from manipulation in all forms while shielding the information if the consumers
A
Fairness
21
Q
Recognize basic human dignity of all the people concerned through efforts to communicate, understand and meet needs and be grateful for contributions from others
A
Respect
22
Q
Form a character of openness in the practice of marketing through communication, helpful criticism, action and discovery
A
Transparency
23
Q
Accomplish all legal, economic, philanthropic and societal responsibilities to all stakeholders and give back to the community and care for the ecological environment
A
Citizenship
24
Q
Is the process of gathering data to find out wether a particular product/service will fullfil the needs of customers
A
Marketing research
25
With _______ a company can get priceless information about its competitors, economic changes, demographics, the contemporary market trends abd the spending behavior of its customers
Effective market research
26
The amount of data that can be collected and brought together in a market research study is through ______
Ceiling
27
All marketers are agree that _____ is imperative
Market Research
28
The _____ is the essence of a company's strategy
Competitive advantage
29
____ may come from any external or internal sources and are the actual differences between competing firms
Competitive advantage
30
In their book, The Discipline of market leaders (1995), __________ and _________ describe the three basic strategies for competitive advantage, namely;
Michael Treacy
Fred Wiersma
Operational Excellence
Product Leadership
Customer Intimacy
31
An _____ strategy intends to achieve cost leadership
Operational Excellence
32
A strategy of _______ is best for markets where customers value cost over the choice
Operational Excellence
33
____ as a competitive strategy intends to make a culture that continuously brings better-quality products to market
Product Leadership
34
____ knows the excellence in creativity, problem solving abd teamwork is vital to their success
Product Leaders
35
The _____ strategy centers on offering a distinctive range of customer services that consents to a personalized service and customized products to meet varying customer needs
Customer Intimacy
36
______ focuses on the needs of the individual customer
Customer Intimacy
37
A ___ is the means of the process that objectives are realized
Strategy
38
______ are regarded as an essential decision-making for marketing managers
Marketing Strategy Decisions
39
____ is the process of dividing a whole market into various customer groups
Segmentation
40
_____ making a decision which possible customer segments that company will concentrate on
Targeting
41
_______ always come prior to targeting
Segmentation
42
_____ and____ are similarly essential for making certain the success of a company in general
Segmentation and Targeting
43
The process of _____ and ______ are indispensable to spot a d placed intention to certain demographic group's
Segmentation
Targeting
44
_____ can be an extensive process
Marketing Segmentation
45
It can be argued that _____ are probably the most crucial as the product is the very epitome of marketing planning
Product decisions
46
As a _________, marketers need to consider packaging, labeling, and branding involved in marketing the overall product
Physical Product
47
The ________ is going to have to make decisions about things such as quality, design, sizes, warranties, returns, brand name etc.
Product/market manager
48
______ must set a _____ that is good enough to target market members to give a satisfying ______
Companies
Price
Marketing Mix
49
The ____ should make price decisions based on an approach that compliments the other elements of the marketing mix
Marketer
50
_____ is the value paid for a product or service in the market
Price
51
_____ frequently look at price decisions as the price are which they sell the product
Marketers
52
______ include any discounts, allowances, payment terms, credit terms, freight terms, rebates and more
Price decisions
53
_____ can use this in developing their strategy to skim the market for the maximum return on each item sold, to penetrate the market and gain maximum market share or to take a neutral _____
Marketers
Pricing approach
54
A ______ isa way through which goods or services move from manufacturing company to the customer or the transfer of payment happens from customer to the company
Distribution Channel
55
Four major decisions are in in supply chain management and there are both ___ and _________ in each of these decisions areas
Location
Production
Inventory
Transportation (distribution)
Strategic
Operational
56
In terms of _______, the geographic placement of production facilities, stocking points, and sourcing points is the normal first step in creating a supply chain
Location
57
When it comes to _______, the strategic decisions include what products to produce, and which plants to produce then in, allocation of suppliers to plants, plants to depots, and depots to customer markets
Production
58
__________ refers to means by which inventories are managed
Inventory decisions
59
____ exist at very stage of the supply chain as either raw material, semi finished or finished goods
Inventories
60
______ are directly connected to the inventory decisions
Transportation decision
61
These _____ and ______ are of great significance to a company since they correspond to the fundamental strategy for accessing customer markets
Distribution
Supply chain decisions
62
____or ___ will not sell unless people are well informed about them
Product
Services
63
____ are made to help in informing the target marketing of the product
Promotion decisions
64
_____ is a combination of various marketing techniques, oriented to acquire a common target
Promotion mix
65
Some elements of promotional mix include _____, _____, _____, _____, _____, and ______ and the of ______
Advertising
Sales promotion
Public relations
Publicity
Person selling
Direct marketing
Social media
66
_____ needs to be given to implementing the strategy
Consideration
67
_______ will undertake programmes and activities that deliver strategic objectives
Marketing managers
68
______ are used to implement marketing strategies and check wether the objectives of the marketing function are achieved or not
Marketing controls
69
_______ helps the organization to evaluate its strategies vy focusing on the outcomes of the activities undertaken
Strategic control
70
____ are at the core of every business' success
Loyal customers
71
Companies have a ___ to __ chance of selling to an existing customer, while the profitability of selling a new prospect is only __ to __
60-70%
5-20%
72
New realities and trends in marketing in the millennium age
Increase focus on customer experience
Engaged and effective measuring analytics 2.0
Marketing technologist and data scientist as the new marketing lieutenant
Personalized everything
Better video content
More social media marketing
Embrace the IOT
Chatbots and AI go mainstream
Right time marketing instead of real time marketing
Prepare for marketing to own digital transformation campaigns
73
Customer experience is the heart of marketing for every industry
Increased focus on customer experience
74
Talk of measuring marketing has been on an endless loop lately
Engaged and effective measuring analytics 2.0
75
As companies work to individualize everything from coca-cola cans to shoes, mass customization has transitioned into personalization
Personalized everything
76
Content is still king, but the kind of content that rules the web is changing
Better video content
77
Companies need to change the way that they think about social media
More social media marketing
78
The internet of things has been in its infancy
Embrace the IOT
79
Providing positive customer experience and service means leveraging the power of technology
Chatbots and AI go mainstream
80
Real-time marketing with eyes out for opportunities to market and score has been hot the last few years
Right time marketing instead of real time marketing
81
Many are suggesting that CMOs own digital transformation
Prepare for marketing to own digital transformation campaigns
82
A _____ is an explanation of the goals needed by a company to accomplish its marketing efforts
Marketing strategy
83
A _____ is how the company is going to attain those marketing goals and objectives
Marketing plan
84
____ is the thinking and _____ is the doing
Strategy
Planning
85
In _______ , it is vital to identify the "what" first and then dig deeper into the "how"
Marketing
86
Strategy is derived from the ancient Greek word _____. Its plain translation meant _____
Strategos
The General's Art
87
In his ____ work, The practice of management, _____ made the distinction between _____ and _____. Others such as ______, ______, _______, and ______ developed _____, ______, ______, and _____ for _____
1955
Peter Ducker
Tactical decisions
Strategic decision
Kenneth R. Andrews
H. Igor Asoff
Alfred D. Chandler
Michael Porter
Structures
Approaches
Conventions
Procedures
88
_______, too, developed during this period which standardized _____ and _____ such as target marketing and segmentation
Marketing Strategy
Terms
Concept
89
Although ____ first became a popular business catchword during 1960s
Strategy
90
____ is not a thing but rather an ongoing process
Strategy
91
A _____ is fundamental pattern of present and planned objectives
Strategy
92
It says that a strategy should always be able to specificy:
What
Where
How
93
Objectives to be accomplished
What
94
As in, on which industries and product markets to focus
Where
95
To allocate resources and activities, so as to meet environment opportunities and threats in each product-market and also gain a competitive advantage
How
96
_____ is a design or plan for achieving a company's policy goals and objectives
Strategy
97
Five components of strategy
Scope
Goals and objectives
Resource deployments
Identification of a sustainable competitive advantage
Synergy
98
The ____ of a company is the extensiveness of its strategic sphere
Scope
99
Strategies need also to specificy preferred level of accomplishment
Goals and objectives
100
Every organization has restricted financial and human resource
Resource deployments
101
One vital part of any strategy is a plan of how the company will participate in each business and product-market within its industry
Identification of a sustainable competitive advantage
102
_____ is present when the company's business, product-market, resource deployments, abd competencies balance and strengthen one another
Synergy
103
Most ____ do not have a single comprehensive strategy any more these days
Organizations
104
In fact, hierarchy in strategies originated in ______, when some of the largest companies in the United States began to ro diversify strategy
1920s
105
In fact, hierarchy in strategies originated in ______, when some of the largest companies in the United States began to ro diversify strategy
1920s
106
According to Walker et al. (2006) 3 major levels of strategy
(Hierarchy of strategies)
Corporate Strategy
Business level Strategy
Functional Strategies
107
The ______ are managed by the corporate level, which is the top level in any organization
Corporate Strategy
108
____ are concerned with the issues of entire company
Corporate Manager
109
The business level consist of smaller units within the whole organization that are commonly administered as self-contained businesses
Business level Strategy
110
The functional level comprises all the different functional areas within a business unit
Functional Strategies
111
Often, ____ and _____ coincidence and overlap
Corporate strategies
Marketing strategies
112
The _______ of a company must stay in close contact with their _____
Executive Management
Marketing department
113
______ focuses primarily on profitability
Corporate Strategy
114
_____ include creating an organization structure, debt reduction to improve company's balance sheet
Corporate strategies
115
Creating a _____ is the final step in this process
Company strategy
116
A _____ should include short and long term goals
Company strategy
117
An _____ exist to accomplish something
Organization
118
A _____ traditionally acted as a way to tell potential shareholders and investors more about a company and its purpose
Corporate mission
119
______ allows companies to define and establish their brand
Mission Statements
120
Is a statement of the organization's reasons for being, its purpose or what it wants to achieve in the larger environment
Mission statement
121
An _____ clearly defines who the customer is and what services and products the business intends to offer
Effective mission statement
122
Focus on a limited number of goals
Mission Statements
123
Highlight the company's major policies and values
Mission Statements
