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Marketing > Chapter 2 (her pwrpoint) > Flashcards

Chapter 2 (her pwrpoint) Flashcards

1
Q

People with a common mission are in a

A

Organization

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2
Q

A group of like organizations with similar mission is known as

A

Industry

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3
Q

What is the formula for profit?

A

Profit= Revenue-Cost

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4
Q

What is the biggest difference between for-profit businesses and nonprofit organizations?

A

The measure of accomplishment

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5
Q

Which type of organization am I describing below?
- Formed to make money, or profits
- Measure accomplishments is generally profit ( or loss)

A

For-Profit Organization

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6
Q

Which type of organization am I describing below?
- Purpose to earn enough profit to cover expenses and further goals
- Success measure on how effectively services are delivered

A

Non- Profit Organization

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7
Q

What is the organizational structure?

A

Board of Directors
Corporate-Level strategy
Business unit-level strategy
Functional-level strategy
Departments

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8
Q

What section of the organizational structure jointly supervises the activities of an organization

A

Board of Directors

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9
Q

What section of the organizational structure makes decisions that affect the whole company?

A

Corporate-level strategy

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10
Q

What section of the organizational structure makes decisions about specific areas of business?

A

Business unit-level strategy

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11
Q

What section of the organizational structure involves decisions about day-to-day operations to support company goals?

A

Functional-level strategy/departments

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12
Q

What is the organization structure of a distribution channel?

A

Board of directors
Corporate level officers
Functional-level strat
Departments

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13
Q

slide 7-8

A
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14
Q

What term can be described as the road map for the entire organization over time?
This term can be separated into short term ( 1 year) and long term (3-5 years) and focuses on decisions pertaining to all the functional growth strategies
Includes: goals and mission for organization

A

Business Plan

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15
Q

Slide11!

A
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16
Q

What plan determines how the business plan will be achieved? The road map for marketing activities of the company and is an INTEGRAL part of the business plan?

A

Marketing Plan

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17
Q

T/F- With visionary organizations, plans get more and more detailed and specific as you go down the pyramid

A

True

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18
Q

What structure is the visionary organization shaped?

A

Pyramid

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19
Q

Explain the categories of the visionary organization from least specific to most or top of pyramid to bottom

A

Vision
Mission
Goals
Strategies
Tactics
Action Plans

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20
Q

This term explains why the company exists and is an element that is transversal and perennial

A

Mission

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21
Q

Improve the quality of life of children around the world.
This sentence describes the action of a:
Mission

Goal

KPI

Strategy

A

Mission

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22
Q

What you hope to accomplish this year is known as a?

A

Goal

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23
Q

Increasing donations is an example of

Mission

Goal

KPI

Tactic

A

Goal

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24
Q

The goal using the SMART criteria is known as the

A

Objective

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25
Q

Increasing donations by 20% in one year is an example of:

Mission

Goal

Objective

Tactic

A

Objective

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26
Q

T/F- Goals and Objectives are interchangeable- and in many cases mean the same thing

A

True

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27
Q

The key indicators for measuring the success of your objectives is known as

A

KPI

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28
Q

What is an example of a KPI

A

dollar amount donations compared to the dollar amount donations of last year

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29
Q

How you will achieve your objective is known as the

A

Strategy

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30
Q

What is an example of a strategy?

A

Improving the customer experience

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31
Q

The implementation, the action, or the concrete part of the organization is known as the

A

Tactic

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32
Q

Indicators to measure the success of the tactics are known as

A

Metrics

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33
Q

What is the visionary organizations formula?

A

Organization foundation (why) +
Organizational foundation( what) =
Organizational strategies (how)

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34
Q

Core values
mission (values)
organizational culture make up
A) Organizational foundation
B) Organizational direction
C) Organizational strategies

A

A) Organizational foundation

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35
Q

Business plan
Goals( objective)
- short
-long term make up
A) Organizational foundation
B) Organizational direction
C) Organizational strategies

A

B) Organizational direction

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36
Q

By level:
Corporate
SBU
Functional

By product:
Good
service
idea
Represent
A) Organizational foundation
B) Organizational direction
C) Organizational strategies

A

C) Organizational strategies

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37
Q

Enduring principles that guide the organization are known as

A

Core Values

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38
Q

Statement of purpose or function in society is known as

A

Mission (vision)

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39
Q

Enduring the principles that guide values/ideas/norms of behavior is known as

A

Organizational culture

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40
Q

SLIDE 18 for species missions for ben and jerry’s

A
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41
Q

What are some examples of KPI (key performance indicators)

A

Profit
Sales($ or #)
Market Share
Quality
Customer Satisfaction
Employee welfare
Social responsibility

42
Q

Statement of an accomplishment of a task to be achieved by a specific time is known as a

A

Goal or Objective

43
Q

Specific objectives ( to be accomplished) described in a marketing plan is known as

A

Marketing Goals

44
Q

T/F- Goals should be SMART

A

True

45
Q

Describe SMART

A

S- Specific
M- Measurable
A- Attainable
R- Relevant
T-Timely

46
Q

An organizations long-term course of action designed to deliver a unique customer experience while achieving goals is known as a

A

Strategy

47
Q

Why is strategy needed?

A
  • Can’t be all things to all people
  • Limited Resources
  • Need to decide where to focus
48
Q

What does SBU stand for?

A

Standard Business Unit

49
Q

Means by which a marketing goal is to be achieved and includes: firm’s target mix, marketing mix, and method of obtaining sustainable competitive advantage is known as the

A

Marketing Strategy

50
Q

Specify action taken to support marketing strategies is known as

A

Marketing Tactic

51
Q

What are some tactics used for digital marketing?

A

Branding
Social media
Content Marketing
Email Marketing
Video Production
SEO
Web Design
App Development
SEM

52
Q

What is this statement declaring?
Increase overall attendance at parks by 20%
A) Goal
B) Strategy
C) Tactic

A

A) Goal

53
Q

What is this statement declaring?
- Attract new visitors to resort (adults)
- Encourage existing visitors to stay longer
A) Goal
B) Strategy
C) Tactic

A

B) Strategy

54
Q

What is this statement declaring?
- Develop new attractions that appeal to adult audiences (Avatar)
- Increase operating hours of “half day” parks (Animal Kingdom)
- Update old attractions with new tech and visuals
-Offer fast passes on more attractions
A) Goal
B) Strategy
C) Tactic

A

C) Tactic

55
Q

Slide 27 for visual of goal/strat/tactic

A
56
Q

What are two questions needed to ask before setting a strategic direction?

A

Where are we now?
Where do we want to go?

57
Q

When setting strategic direction and asking where are we now? what does that include

A

Competencies
Customers
Competitors

58
Q

When setting strategic direction and asking where do we want to go? what does that include

A

Business portfolios analysis
Diversification analysis

59
Q

Something your firm does better or good/service that is offered that competitors do not is known as a
- possibly short lived

A

Competitive advantage

60
Q

Something the firm can persistently do better than its competitors that cannot be easily replicated
- longer term and is the ultimate goal to be successful is known as a

A

Sustainable Competitive Advantage

61
Q

When determining where the company is now they must look at
- who buys the product/ services
-target markets/segments
- differs by business segement
This falls under which category?

A

Customers

62
Q

Where do competitors exist?

A

Within industry
outside of industry
and can change depending on business segments

63
Q

The measure of quantitative value or trend of a marketing action or result that is used to spot deviations (positive or negative) from the plan is known as

A

Marketing Metrics

64
Q

When tracking strategic performance of a market the firm focuses on

A

Growth
Share
Demand potential

65
Q

When tracking strategic performance of the firms competitiveness they focus on

A

Relative product quality
Relative service quality
Relative price and value

66
Q

When tracking strategic performance of customers the firm focuses on

A

Customer satisfaction
Retention
Loyalty of customers

67
Q

The ratio of revenue of a firm to the Toal revenue of all firms in industry is known as

A

Market Share

68
Q

How do you calculate market share?

A

Sales revenue/ Total industry sales

69
Q

slide 38 example

A
70
Q

The increase in demand for type of product or service over time is known as

A

Markt growth

71
Q

What is the calculation of market growth?

A

( Current year sales- Previous year sales)
DIVIDED BY
Previous Years Sales

72
Q

T/F- Market growth can be shown as $ value or as a %

A

True

73
Q

slide 40 example

A
73
Q

What type of analysis is used to quantify performance measures and growth targets to analyze business units as separate investments?

A

Business Portfolio Analysis (BCG Matrix)

74
Q

Slide 44!

A
75
Q

Which analysis is used to help a firm search for growth opportunities?

A

Diversification Analysis

76
Q

Which diversification strategy seeks to increase sales of existing products to existing markets

A

Market Penetration Strategy

77
Q

Which diversification strategy creates growth by selling new products in existing markets?

A

Product Development Strategy

78
Q

Which diversification strategy introduces existing products to new markets?

A

Market Development Strategy

79
Q

Which diversification strategy emphasizes both new products and new markets to achieve growth?

A

Diversification Strategy

80
Q

What product emphasis/strategy does Tylenol rapid release fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy

A

B) Product Development

81
Q

What product emphasis/strategy does Starbucks Coffee Liqueur fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy

A

D) Diversification Strategy

82
Q

What product emphasis/strategy does the Nintendo Wii being played by older generations fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy

A

C) Market Development

83
Q

What product emphasis/strategy does the Starbucks Rewards app fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy

A

A) Market Penetration

84
Q

Written documents that include:
Analysis of current situation (SWOT)
Marketing objectives
Marketing objectives and strategies in terms of 4 P’s
Action program (tactics)
Projected income or other measures of success
Budget is known as the

A

Marketing Plan

85
Q

List the stages in order of the marketing planning process

A

Planning Phase:
Step 1: Situation (SWOT) Analysis
Step 2: Market- product focus and goal setting
Step 3: Marketing program

Marketing plan

Implementation Phase

Evaluation Phase

86
Q

What does step 1 of the planning phase consist of?

A
  • Evaluate situation (internal and external)
  • SWOT Analysis ( Strength, Weaknesses, Opportunities, Threats)
  • Identify industry trends
  • Analyze competitors
  • Assess the organization
  • Research present and prospective customers
87
Q

What are some strengths of internal (business)

A

Advantages of proposition
Capabilities
Competitive advantage
USP’s (unique selling points)
Resources, Assets, People
Experience, knowledge, data
continue more on slide 63

88
Q

What are some weaknesses of internal (business)

A

Disadvantages of proposition
Gaps in capabilities
Lack of competitive strength
Reparation, presence, and reach
Financials
Own known vulnerabilities
continue more on slide 63

89
Q

What are some opportunities of external (environment) issues

A

Market developments
Competitors vulnerabilities
Industry or lifestyle trends
Tech development and innovation
Global influences
more on slide 63

90
Q

What are some threats of external environment issues

A

Political effects
Legislative effects
Environmental effects
IT developments
Competitor intentions- various
Market demand
more on slide 63

91
Q

What are the SWOT analysis actions required to help aid in Step 1 of the situation analysis?

A

Build on a strength
Correct a weakness
exploit an opportunity
avoid a disaster laden threat

92
Q

What must be completed in step 2 of the Planning phase?

A

Step 2: Market- Product Focus & Goal Setting
- Set goals for your marketing plan- what marketing plan should accomplish
- STP takes place- segmentation, targeting, positioning
- Determine which products with be directed towards which customers
- Market Segmentation: involves aggregating buyers into groups or segments that
– have a common need and will respond similarly to a marketing action

93
Q

What term involves aggregating prospective buyers into groups or segments that have a common need and will respond similarly to a marketing action

A

Market Segmentation

94
Q

What must be completed in step 3 of the Planning phase?

A

Step 3: Marketing Program
-Develop marketing strategy
- Develop marketing mix- how to satisfy target market needs/wants
- 4 P’s of the Marketing Mix
Product
Price
Place
Promotion

95
Q

Under step 3 of the planning phase, what does the product category entail

A

Features
Brand Names
Packaging
Service
Warranty

96
Q

Under step 3 of the planning phase, what does the price category entail

A

List prices
Discounts
Allowances
Credit terms
Payment periods

97
Q

Under step 3 of the planning phase, what does the promotion category entail

A

Advertising
Personal Selling
Public Relations
Sales promotion
Direct Marketing

98
Q

Under step 3 of the planning phase, what does the place category entail

A

Outlets
Channels
Coverage
Transportation
Stock level

99
Q

During the implementation phase, the company is required to

A
  • Obtain resources
  • Design the marketing organization
  • Define precise tasks, responsibilities and deadlines
  • Execute the plan
100
Q

What must be completed during the evaluation phase?

A

Step 5 (evaluation phase) - Evaluate performance using marketing. metrics
- Compare results to goals set for plan
- Act on deviations
- Exploit a positive deviation
- Correct a negative deviation
- Important b/c this is how companies improve performance and grow

101
Q
A

Marketing (31 decks)

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