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REVIEWER MM > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Is the means of the process that objectives are realized

A

Strategy

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2
Q

Focuses on the needs of the individual customer

A

Customer Intimacy

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3
Q

Are some mixture of products, services, information, or experiences presented to a market to gratify need or want

A

Marketing offers

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4
Q

Include both product and service experience

A

Marketing offers

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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

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6
Q

Basic contents or utility

A

Core products

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7
Q

Color, branding, packaging, labeling, variates, others

A

Product-related feautures

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8
Q

After sales service, guarantee and warranty, free home delivery, free repairing, and so on

A

Product -related services

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9
Q

Is an outline of the company’s roadmap for the successful attainment of its goals and objectives

A

Strategy

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10
Q

At the different hierarchy of the organization, there must be _____ for an effective marketing

A

Strategic Planning

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11
Q

_____ issues like corporate mission and vision

A

Macro

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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

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13
Q

Provides the outline of the right combination of the 4ps

A

Marketing plan

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14
Q

The ___ also entails its implementation, control, and refinement of decision

A

Plan

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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

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16
Q

___ needs to foster an ethical and socially responsible behavior pattern while at the same time achieving company objectives

A

Marketers

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17
Q

Six Ethical Values

A

Honesty
Responsibility
Fairness
Respect
Transparency
Citizenship

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18
Q

Be straightforward in dealings and present value and integrity

A

Honesty

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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

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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

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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

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22
Q

Form a character of openness in the practice of marketing through communication, helpful criticism, action and discovery

A

Transparency

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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

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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

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25
Q

With _______ a company can get priceless information about its competitors, economic changes, demographics, the contemporary market trends abd the spending behavior of its customers

A

Effective market research

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26
Q

The amount of data that can be collected and brought together in a market research study is through ______

A

Ceiling

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27
Q

All marketers are agree that _____ is imperative

A

Market Research

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28
Q

The _____ is the essence of a company’s strategy

A

Competitive advantage

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29
Q

____ may come from any external or internal sources and are the actual differences between competing firms

A

Competitive advantage

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30
Q

In their book, The Discipline of market leaders (1995), __________ and _________ describe the three basic strategies for competitive advantage, namely;

A

Michael Treacy
Fred Wiersma

Operational Excellence
Product Leadership
Customer Intimacy

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31
Q

An _____ strategy intends to achieve cost leadership

A

Operational Excellence

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32
Q

A strategy of _______ is best for markets where customers value cost over the choice

A

Operational Excellence

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33
Q

____ as a competitive strategy intends to make a culture that continuously brings better-quality products to market

A

Product Leadership

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34
Q

____ knows the excellence in creativity, problem solving abd teamwork is vital to their success

A

Product Leaders

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35
Q

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

A

Customer Intimacy

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36
Q

______ focuses on the needs of the individual customer

A

Customer Intimacy

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37
Q

A ___ is the means of the process that objectives are realized

A

Strategy

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38
Q

______ are regarded as an essential decision-making for marketing managers

A

Marketing Strategy Decisions

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39
Q

____ is the process of dividing a whole market into various customer groups

A

Segmentation

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40
Q

_____ making a decision which possible customer segments that company will concentrate on

A

Targeting

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41
Q

_______ always come prior to targeting

A

Segmentation

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42
Q

_____ and____ are similarly essential for making certain the success of a company in general

A

Segmentation and Targeting

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43
Q

The process of _____ and ______ are indispensable to spot a d placed intention to certain demographic group’s

A

Segmentation
Targeting

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44
Q

_____ can be an extensive process

A

Marketing Segmentation

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45
Q

It can be argued that _____ are probably the most crucial as the product is the very epitome of marketing planning

A

Product decisions

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46
Q

As a _________, marketers need to consider packaging, labeling, and branding involved in marketing the overall product

A

Physical Product

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47
Q

The ________ is going to have to make decisions about things such as quality, design, sizes, warranties, returns, brand name etc.

A

Product/market manager

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48
Q

______ must set a _____ that is good enough to target market members to give a satisfying ______

A

Companies
Price
Marketing Mix

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49
Q

The ____ should make price decisions based on an approach that compliments the other elements of the marketing mix

A

Marketer

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50
Q

_____ is the value paid for a product or service in the market

A

Price

51
Q

_____ frequently look at price decisions as the price are which they sell the product

A

Marketers

52
Q

______ include any discounts, allowances, payment terms, credit terms, freight terms, rebates and more

A

Price decisions

53
Q

_____ 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 _____

A

Marketers
Pricing approach

54
Q

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

A

Distribution Channel

55
Q

Four major decisions are in in supply chain management and there are both ___ and _________ in each of these decisions areas

A

Location
Production
Inventory
Transportation (distribution)

Strategic
Operational

56
Q

In terms of _______, the geographic placement of production facilities, stocking points, and sourcing points is the normal first step in creating a supply chain

A

Location

57
Q

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

A

Production

58
Q

__________ refers to means by which inventories are managed

A

Inventory decisions

59
Q

____ exist at very stage of the supply chain as either raw material, semi finished or finished goods

A

Inventories

60
Q

______ are directly connected to the inventory decisions

A

Transportation decision

61
Q

These _____ and ______ are of great significance to a company since they correspond to the fundamental strategy for accessing customer markets

A

Distribution
Supply chain decisions

62
Q

____or ___ will not sell unless people are well informed about them

A

Product
Services

63
Q

____ are made to help in informing the target marketing of the product

A

Promotion decisions

64
Q

_____ is a combination of various marketing techniques, oriented to acquire a common target

A

Promotion mix

65
Q

Some elements of promotional mix include _____, _____, _____, _____, _____, and ______ and the of ______

A

Advertising
Sales promotion
Public relations
Publicity
Person selling
Direct marketing
Social media

66
Q

_____ needs to be given to implementing the strategy

A

Consideration

67
Q

_______ will undertake programmes and activities that deliver strategic objectives

A

Marketing managers

68
Q

______ are used to implement marketing strategies and check wether the objectives of the marketing function are achieved or not

A

Marketing controls

69
Q

_______ helps the organization to evaluate its strategies vy focusing on the outcomes of the activities undertaken

A

Strategic control

70
Q

____ are at the core of every business’ success

A

Loyal customers

71
Q

Companies have a ___ to __ chance of selling to an existing customer, while the profitability of selling a new prospect is only __ to __

A

60-70%
5-20%

72
Q

New realities and trends in marketing in the millennium age

A

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
Q

Customer experience is the heart of marketing for every industry

A

Increased focus on customer experience

74
Q

Talk of measuring marketing has been on an endless loop lately

A

Engaged and effective measuring analytics 2.0

75
Q

As companies work to individualize everything from coca-cola cans to shoes, mass customization has transitioned into personalization

A

Personalized everything

76
Q

Content is still king, but the kind of content that rules the web is changing

A

Better video content

77
Q

Companies need to change the way that they think about social media

A

More social media marketing

78
Q

The internet of things has been in its infancy

A

Embrace the IOT

79
Q

Providing positive customer experience and service means leveraging the power of technology

A

Chatbots and AI go mainstream

80
Q

Real-time marketing with eyes out for opportunities to market and score has been hot the last few years

A

Right time marketing instead of real time marketing

81
Q

Many are suggesting that CMOs own digital transformation

A

Prepare for marketing to own digital transformation campaigns

82
Q

A _____ is an explanation of the goals needed by a company to accomplish its marketing efforts

A

Marketing strategy

83
Q

A _____ is how the company is going to attain those marketing goals and objectives

A

Marketing plan

84
Q

____ is the thinking and _____ is the doing

A

Strategy
Planning

85
Q

In _______ , it is vital to identify the “what” first and then dig deeper into the “how”

A

Marketing

86
Q

Strategy is derived from the ancient Greek word _____. Its plain translation meant _____

A

Strategos
The General’s Art

87
Q

In his ____ work, The practice of management, _____ made the distinction between _____ and _____. Others such as ______, ______, _______, and ______ developed _____, ______, ______, and _____ for _____

A

1955

Peter Ducker

Tactical decisions
Strategic decision

Kenneth R. Andrews
H. Igor Asoff
Alfred D. Chandler
Michael Porter

Structures
Approaches
Conventions
Procedures

88
Q

_______, too, developed during this period which standardized _____ and _____ such as target marketing and segmentation

A

Marketing Strategy
Terms
Concept

89
Q

Although ____ first became a popular business catchword during 1960s

A

Strategy

90
Q

____ is not a thing but rather an ongoing process

A

Strategy

91
Q

A _____ is fundamental pattern of present and planned objectives

A

Strategy

92
Q

It says that a strategy should always be able to specificy:

A

What
Where
How

93
Q

Objectives to be accomplished

A

What

94
Q

As in, on which industries and product markets to focus

A

Where

95
Q

To allocate resources and activities, so as to meet environment opportunities and threats in each product-market and also gain a competitive advantage

A

How

96
Q

_____ is a design or plan for achieving a company’s policy goals and objectives

A

Strategy

97
Q

Five components of strategy

A

Scope
Goals and objectives
Resource deployments
Identification of a sustainable competitive advantage
Synergy

98
Q

The ____ of a company is the extensiveness of its strategic sphere

A

Scope

99
Q

Strategies need also to specificy preferred level of accomplishment

A

Goals and objectives

100
Q

Every organization has restricted financial and human resource

A

Resource deployments

101
Q

One vital part of any strategy is a plan of how the company will participate in each business and product-market within its industry

A

Identification of a sustainable competitive advantage

102
Q

_____ is present when the company’s business, product-market, resource deployments, abd competencies balance and strengthen one another

A

Synergy

103
Q

Most ____ do not have a single comprehensive strategy any more these days

A

Organizations

104
Q

In fact, hierarchy in strategies originated in ______, when some of the largest companies in the United States began to ro diversify strategy

A

1920s

105
Q

In fact, hierarchy in strategies originated in ______, when some of the largest companies in the United States began to ro diversify strategy

A

1920s

106
Q

According to Walker et al. (2006) 3 major levels of strategy
(Hierarchy of strategies)

A

Corporate Strategy
Business level Strategy
Functional Strategies

107
Q

The ______ are managed by the corporate level, which is the top level in any organization

A

Corporate Strategy

108
Q

____ are concerned with the issues of entire company

A

Corporate Manager

109
Q

The business level consist of smaller units within the whole organization that are commonly administered as self-contained businesses

A

Business level Strategy

110
Q

The functional level comprises all the different functional areas within a business unit

A

Functional Strategies

111
Q

Often, ____ and _____ coincidence and overlap

A

Corporate strategies
Marketing strategies

112
Q

The _______ of a company must stay in close contact with their _____

A

Executive Management
Marketing department

113
Q

______ focuses primarily on profitability

A

Corporate Strategy

114
Q

_____ include creating an organization structure, debt reduction to improve company’s balance sheet

A

Corporate strategies

115
Q

Creating a _____ is the final step in this process

A

Company strategy

116
Q

A _____ should include short and long term goals

A

Company strategy

117
Q

An _____ exist to accomplish something

A

Organization

118
Q

A _____ traditionally acted as a way to tell potential shareholders and investors more about a company and its purpose

A

Corporate mission

119
Q

______ allows companies to define and establish their brand

A

Mission Statements

120
Q

Is a statement of the organization’s reasons for being, its purpose or what it wants to achieve in the larger environment

A

Mission statement

121
Q

An _____ clearly defines who the customer is and what services and products the business intends to offer

A

Effective mission statement

122
Q

Focus on a limited number of goals

A

Mission Statements

123
Q

Highlight the company’s major policies and values

A

Mission Statements

REVIEWER MM (1 decks)

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