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MKTG 351 > Exam 1 (Ch 1-7) > Flashcards

Exam 1 (Ch 1-7) Flashcards

1
Q

What is the main purpose of marketing?

A

Satisfying the customers’ needs and wants

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2
Q

What is the definition of marketing?

A

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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3
Q

What are the 5 marketing philosophies?

A

production, product, sales, marketing, and societal

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4
Q

What is the main focus of production philosophy?

A

focus on production

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5
Q

What are the main criteria for production philosophy?

A

price/cost is the main criteria, demand exceeds supply, customers are not as picky

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6
Q

What marketing philosophy rarely exists today?

A

production

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7
Q

What is the main focus of product philosophy?

A

focus on producing the highest quality goods

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8
Q

What is the main focus of sales philosophy?

A

focus on pushing and hard selling (aggressive)

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9
Q

What is the main focus of marketing philosophy?

A

best serving customers’ wants and needs

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10
Q

What is the main marketing philosophy today?

A

marketing

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11
Q

T or F:
In marketing philosophy, the goods should sell on their own.

A

True

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12
Q

What is the first step in marketing philosophy?

A

Identify customers and figure out what they want

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13
Q

What is the difference between marketing and societal philosophy?

A

it also preserves and enhances individuals in society’s long term interests

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14
Q

How do you find customer value?

A

difference between benefits customers receive and the price they pay

= Benefits - Price

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15
Q

T or F:
Retaining customers is more expensive than acquiring new ones

A

False

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16
Q

What is relationship marketing?

A

develop and enhance long term relationships with customers

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17
Q

What is strategic planning?

A

process of creating and maintaining a fit between the organization’s objectives and resources

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18
Q

What are the four combinations of Ansoff’s Strategic Opportunity Matrix?

A

EP-EM: Marketing Penetration
EP-NM: Market Development
NP-EM: Product Development
NP-NM: Diversification

EP: Existing Product
EM: Existing Market
NP: New Product
NM: New Market

19
Q

What is the purpose of diversification?

A

spread and reduce risks

20
Q

What is the flow for the BCG Matrix?

A

Problem Children/?s → Stars → Cash Cows → Dogs

21
Q

What is a strategic business units (SBUs)?

A

fully-functional unit of a business that has its own vision and direction

22
Q

What does SBU stand for?

A

strategic business units

23
Q

What are the two axes of the BCG Matrix?

A

x axis: market growth
y axis: market share dominance

24
Q

How is the money earned from cash cows used?

A

support stars and problem children/?s

25
Q

What does the size of the circle mean in a BCG Matrix?

A

revenue

26
Q

What is harvesting?

A

getting as much profit as we can from a product or SBU

27
Q

What is divesting?

A

a product/SBU is withdrawn from the market or sold to another company

28
Q

What does low, med, and high mean in GE Matrix?

A

Low: Harvest/Divest
Med: Cautiously Invest
High: Invest/Grow

29
Q

What are the two axes of the GE Matrix?

A

x axis: Market Attrativeness
y axis: Business Position

30
Q

How are the 9 cells in the GE Matrix divided?

A

Bot Left: Low
Mid: Med
Top Right: High

31
Q

What is a marketing plan?

A

designing activities relating to marketing objectives

32
Q

What are the steps in a marketing plan?

A
  1. Business Mission Statement
  2. Situation or SWOT Analysis
  3. Business Objectives
  4. Choosing Target Market
  5. Implementation and Control
33
Q

What is marketing myopia?

A

mission statements that are defined in very narrow terms, which become too restrictive

34
Q

What does SWOT in SWOT analysis stand for?

A

S: Strength
W: Weakness
O: Opportunity
T: Threat

35
Q

What is the difference between a business mission statement and business objectives?

A

business objectives are quantifiable goals that can be measured while a business mission statement is more abstract

36
Q

What is another name for marketing mix?

A

4 Ps of Marketing

37
Q

What are the 4 Ps of Marketing?

A

Price
Product
Promotion
Place

38
Q

What is ethics?

A

principles and values that generally govern the conduct of an individual or group

39
Q

What is the difference between legal and ethical standards?

A

Legal: written law
Ethical: varies per person

40
Q

What is the order of the CSR pyramid from bot to top?

A

Economic, Legal, Ethical, Philanthropic

41
Q

What does CSR stand for?

A

Corporate Social Responsibility

42
Q

What is green marketing?

A

Some consumers are more willing to pay more for green products

43
Q

What is cause related marketing?

A

companies partner with non profits or contribute to charitable organizations

MKTG 351 (3 decks)

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