Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Marketing > Exam 1 Cards > Flashcards

Exam 1 Cards Flashcards

1
Q

Market Segmentation

A

Identifying different customer groups based on demographics and predictable behaviors to cater to them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are interested parties?

A

Groups that have interest in the success or failure of a company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the two types of interested parties?

A

Internal- People that affect and directly affect company actions like employees, owners, managers, and shareholders. External- Don’t directly influence the company, but contribute to their success like customers, suppliers, distributors, and the government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is utility?

A

The measurement of how useful a product is to their customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 4 types of Utility?

A

Form utility, time utility, place utility, and possession utility.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is form utility

A

Changing the appearance of a product to change its perceived value to customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is time utility?

A

Making a product more valuable by making its purchase faster and convienent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is place utility?

A

Making goods physically available through accessibility and convenience like selling in common superstores.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is possession utility?

A

Making goods easy to aquire like being able to go in to buy a car and actually drive off the lot with it in the same trip.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

CRM meaning

A

Customer Relationship Management - Creating high equity by increasing customer loyalty for increase purchases.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Value Proposition Marketing

A

Explaining the value of a product to customers to convince them to buy it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the 4 P’s of marketing, explain each one.

A

Product - the actual good, Price - the amount paid for the good, Place - location where customers purchase the product, and Promotion - the actual advertising of the goods.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the outside factors that affect the efficacy of selling products to consumers.

A

Family/friend expectations, cultural or gender stereotypes, and personal responsibilities/needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the 5M framework?

A

The elements within the organization that determine its atmosphere.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the components of the 5M framework?

A

Minds, Minutes, Machinery, Materials, and Money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the two components of the external marketing environment?

A

The Microenvironment and Macroenvironment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the components of the external marketing microenvironment?

A

Suppliers, Market Intermediaries, Customers, and the General Public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the components of the external marketing macroenvironment?

A

PESTLE - Political, Economic, Social, Technological, and Environmental factors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How does the evolution of marketing concepts go?

A

Production concept, product concept, sales concept, marketing concept, and societal marketing concept.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is the production concept

A

Arose during the Industrial Revolution when people likes mass manufactured goods and they were easy to produce. They made lots of goods and sold them at the lowest price while making a bunch of profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is the product concept.

A

Consumers starting to prioritize quality over quantity, so producers had to improve usefulness, quality, and longevity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is the sales concept

A

When people got tired of mass produced concepts, producers had to start marketing the products to actually convince consumers to buy them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the marketing concept?

A

Customer needs now began to be researched and developed before catering to them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the societal marketing concept?

A

Not only are marketers considering consumer needs, now they set prices that help with the longevity of the company while making sure customers can still afford the product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What are the 5 types of consumer needs
Stated needs, Real needs, Unstated needs, Delight needs, and Secret Needs.
26
What are stated needs
Customer's basic needs that are directly stated
27
What are Real Needs
More specific qualities of a customer's stated needs.
28
What are unstated needs
Things expected by a customer that they do not ask for, like good service at a restaurant.
29
What are delight needs
The extra bells and whistles that give the wow factor to sell the product.
30
What are secret needs
may not be realized by the customer, but make or break the decision. Like getting an IPhone over Android with the secret need being the status symbol of Apple.
31
What is a value proposition
A statement that promises the value others can gain from your product.
32
What is operational CRM software
Tracks how companies approach customers when trying to convert them into repeat buyers.
33
What is analytical CRM software
This uses market trends on consumer wants/needs to give back to management.
34
What is collaborative CRM software
This is software that shares consumer data with other companies to make one big data bank.
35
What percentage of U.S. Consumers stop buying from companies that they think are unethical?
56%
36
What fraction of customers what to share when a company is behaving ethically?
1/3 of customers.
37
What percentage of customers share support of companies they think are ethical using social media.
29%
38
What percentage of customers want complaint responses within an hour, and what percentage want them within 30 minutes.
42% want a response in an hour, 32% want a response in 30 minutes.
39
What is Corporate Level Strategy
Covers the game plan for the entire business with the strategies put in place by upper management.
40
What is business level strategy?
A plan made by middle level management to support corporate level strategy that gets enacted on the lower level management.
41
What is Functional Strategy?
Outcome of the corporate level and business strategy combined to achieve goals in smaller functional sectors like HR, marketing, and production.
42
What are the 4 steps of strategic planning?
1. Define vision statement 2. Define mission statement 3. Perform Gap analysis. 4. Establish objectives and goals
43
What are the 4 Steps of Performing a Gap Analysis
1. Identify the current state of the business. 2. Identify where you want the business to be. 3. Identify the gaps/reasons why the goals aren't being met. 4. Make improvements to close the gaps.
44
What is the BCG Matrix
A model that analyzes a business' product lines to see which are worth investing in for the future.
45
Stars in the BCG
High market share in a high market growth rate, most promising products.
46
Question marks in the BCG
There is market growth but the company is not giving this product enough market share for whatever reason. Needs gap analysis to see what to do with them, why there is not much investment in this product.
47
Cash cow in BCG matrix
Valuable even when market growth is low because they provide lots of revenue. This money is used to reinvest in other products.
48
Dogs in BCG matrix
First products to be considered for elimination or lower funding because there is low market share in a slow market growth for them.
49
What is SWOT Analysis
Strengths, Weaknesses, Opportunities, and Threats. Each category gets ranked on the most important to the company, and opportunities get ranked by likelihood.
50
Market Penetration Strategy
Growing its market share in existing markets by making their presence stronger in these markets.
51
Product Development Strategy
Making new products or improving them. Requires lots of investment but usually worth it, normally making different product lines.
52
Market Development Strategy
Finding new markets to sell existing products.
53
Product Diversification Strategy
Making new products under the same brand there are 3 different methods.
54
What are the 3 types of Product Diversification Techniques?
Concentric Diversification, Horizontal Diversification, and Conglomerate Diversification.
55
Concentric Diversification
Adding similar products to the existing products. A pizza place adding calzones to the menu.
56
Horizontal Diversification
Giving customers access to slightly unrelated products to the ones they already buy. Toothbrush companies giving teeth whiteners to existing customers.
57
Conglomerate Diversification
Making completely unrelated products to ones initially produced. Like Amazon delivery making Alexa technologies.
58
Buyers Black Box
The unknowns of CBB (customer buying behavior, they try to combat this by predicting and shaping what customers want using the 4 P's of marketing.
59
Buyer's Black Box
The unknowns of CBB so they try to predict what customers want using the 4P's of marketing and 3 other forms of stimuli.
60
What are the 3 types of stimuli that are considered in the buyer's black box.
Environmental stimuli - Economic, legal/political, technological, etc. Buyer Characteristics - Age, family, gender, their decision making process.
61
What are the 4 types of consumer buying behavior?
Complex buying behavior, dissonance-reducing buying behavior, habitual buying behavior, and variety seeking behavior.
62
Complex buying behavior
Higher consideration of what to buy since this is used when making big purchases
63
Dissonance Reducing Buying Behavior
When you are highly involved in a purchase but see little variety among brands. Since the market is the priced the same it makes the decision easier since you can buy based on personal preference.
64
Habitual Buying behavior
Repeat purchases like milk and fruit, easy since you go for a specific type but will easily buy a different brand if your preferred one is out of stock.
65
Variety Seeking Buying Behavior
The lowest customer involvement since brand switching is normal like when buying chips or clothes.
66
Selective Distortion
When people perceive marketing messages in a way that suits them and not the way marketers intended. The blink Coke/Pepsi taste test example.
67
The 5 steps of the Consumer Decision Process
1. Recognizing the want/need for a product 2. Researching different products/solutions for the problem. 3. Evaluating competition and finding alternatives 4. Purchasing product 5. Evaluating the product and seeing if you would buy again.
68
What are global market opportunities (meaning)
Good conditions for a company to expand globally
69
What are some of examples of global market opportunities
More revenue from new global markets, faster company growth, diversification of risk, and less competition in some new markets
70
What are some challenges to globalizing a company?
Cultural barriers, different business landscapes, politics in the other country, regulations on marketing.
71
What is the meaning of AM FERAL
The acronym for the factors a company should consider when seeing if they are strong enough to go international
72
AM FERAL - components.
Attitude - Is global expansion a priority. Magnitude - is the company capable of keeping up with the expansion. Fortitude - Is there commitment to long term expansion despite setbacks. Exactitude - Does the company culture align with expansion Rectitude - Do you have the legal and ethical flexibility to adapt to foreign markets. Aptitude - Do you have the tools/knowledge to expand. Latitude - Can the company adapt to changes.
73
Economic Infrastructure
The facilities of the global economy that shape the production and distribution of goods.
74
What are the 3 types of income marketers look at.
Consumer Income, Disposable Income, and Discretionary Income.
75
Consumer Income
The gross income of a person or household.
76
Disposable Income
The net income a household has after taxes are paid.
77
Discretionary Income
Left over money after consumer has paid taxes and bills. The actual amount a customer can spend.
78
Luxury product companies focus on the customer's _______ income, regular consumer goods (groceries) are focused on ________ income.
Discretionary; Disposable.
79
Purchasing Power
The amount of goods that can be bought with one unit of currency.
80
CPI - Corruption Perceptions Index
The survey that shows business owners the level of corruption in other countries that shows how easy it would be to globalize their business over there. 0-100, 0 means highly corrupt.
81
What are the methods to start globalizing your company.
FLAVED = Franchising Licensing Alliances Ventures (Joint Ventures) Exporting Direct foreign investment.
82
Difference between licensing and franchising.
Licensing is where a company lets a foreign company pay them to make their goods with their name. Franchising is where a company lets a foreign one use their whole business name and model.
83
The 4 ways the IMD ranks a country's competitiveness levels.
Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure .
84
What is the difference between Multinational Corporations and Multinational Organizations
The corporations are businesses in multiple countries, and the organizations are non profits that work in multiple countries.
85
Ethnocentric Managers.
Think their home culture is best and better than others. AKA parochialism.
86
Polycentric Managers
Think the other cultures ways are always best.
87
Geocentric Managers
Think the best way to operate culturally, is the one that works the best for both sides regardless of cultural differences.
88
Tariffs
Trade barriers like taxes placed on imports, makes foreign products cost more to locals, so the local products sell better.
89
Import Quotas
A limit on how many imports there can be. Makes foreign goods harder to acquire, raising their prices and reducing competition against the home country.
90
Sanctions
Trade ban on certain products for political reasons
91
Embargos
Complete bans on trade with another country.

Marketing (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions