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BAM 620: Strategic Marketing > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Commoditization

A

A Consequence of mature industries.

Slowing innovation, extensive product assortment, excess supply and frugal consumers force margins down.

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2
Q

Today’s Economy: Marketing Challenges and Opportunities

A
    1. Power Shift to Customers
      1. Massive increase in product selection
    1. Audience and media fragmentation
      1. Changing Value Propositions
      2. Shifting Demand Patterns
      3. Privacy, security and ethic concerns
      4. Unclear Legal Jurisdiction
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3
Q

*A Market

A

A collection of buyers and sellers

A group of individuals or institutions that have similar needs

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4
Q

*A Marketspace

A

Electronic Marketplace unbound by time or space

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5
Q

*A Metamarket

A

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

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6
Q

*A Metamediary

A

Provides a single access point where buyers can locate and contact many different sellers in the metamarket

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7
Q

*An Exchange

A

A process of obtaining something of value by offering something in return; typically obtaining products for money

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8
Q

*Five Conditions of an Exchange

A
  1. At least 2 parties
  2. Each party has something of value to the other party
  3. Each party must be capable of communication and delivery
  4. Each party must be free to accept or reject the exchange
  5. Each party believes it is desirable to exchange with the other party
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9
Q

*A Product

A

Something that can be acquired via exchange to satisfy a need or want

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10
Q

Types of Products

A 
Goods
Services
Ideas
Information
Digital Products
People
Places
Experiences and Events
Real or Financial Property
Organizations
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11
Q

*Utility

A

The ability of a product to satisfy a customer’s needs or wants.

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12
Q

*Five Types of Utility

A
  1. Form Utility
  2. Time Utility
  3. Place Utility
  4. Possession Utility
  5. Psychological Utility
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13
Q

*Form Utility

A

Attributes or features that set the product apart

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14
Q

*Time Utility

A

Products available when customers want them

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15
Q

*Place Utility

A

Products available where customers want them

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16
Q

*Possession Utility

A

Transfer of ownership or title; ease of acquisition

17
Q

*Psychological Utility

A

Positive experiential attributes that customer find satisfying

18
Q

Strategy

A

The Organizations Game Plan for Success

19
Q

Tactical Planning

A

Specific Markets/Segments and the marketing programs that will meet customers needs and wants

20
Q

Marketing Plan

A

the outline of the marketing program

how to combine product, pricing, distribution, and promotion to create an offering customers find attractive

21
Q

Internal Analysis

A

Analyzing the firm’s current strategy and performance

22
Q

Competitive Intelligence

A

Analyzing competing businesses capabilities, vulnerabilities and intentions

23
Q

Environmental Scanning

A

Analyzing the external environment

Economic, political, legal, technological and cultural

24
Q

Situation Analysis

A

Combination of all Internal Analysis, Competitive Intelligence, and Environmental Scanning

25
Q

Competitive Advantage

A

Something the firms does better than competing firms

26
Q

SWOT Analysis

A

Strength, Weakness, Opportunity and Threats

27
Q

Marketing Strategy Decisions

A

Market Segmentation and Target Marketing

Marketing Mix

Branding and Positioning

28
Q

Social Responsibility

A

Maximizing positive impact on society, while minimizing negative impact

29
Q

Types of Customer Relationship in Marketing

A

Transactional Marketing

Relationship Marketing

30
Q

*Relationship Marketing

A

Develop and maintain long term, mutually satisfying arrangements.

Both buyer and seller focus on value obtained from the relationship

31
Q

Transactional Marketing

A

Complete a large number of discrete exchanges with individual customers

32
Q

Marketing Implementation

A

The process of executing the marketing strategy

The “how” of marketing planning

33
Q

Product Positioning

A

A mental image, or position, of the product offering relative to competing offerings in the minds of target buyers

34
Q

Marketing Goal

A

To connect the organization to its customers

35
Q

Integrated Marketing Communication (IMC)

A

Coordination of all promotional activities to produce a unified, customer focused message

36
Q

Market Mix

A
  1. Product
  2. Price
  3. Distribution
  4. Promotion

BAM 620: Strategic Marketing (9 decks)

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