Exam 1 Review Flashcards
High market growth rate, high market share
“We’ll be countin, we’ll be countin stars”
Low market growth rate, high market share
“Cow goes moo”
High market growth rate, low market share
Huh???
Low market growth rate, low market share
Sup Dawg!
SWOT analysis internal=
strengths/ weaknesses
SWOT analysis external=
opportunities/ threats
Marketing Philosophy: Product orientation=
If you build it, they will come. Does not consider the needs of the market or care about competitors
Marketing Philosophy: Sales Orientation=
Sell, sell, sell!!!
Marketing Philosophy: Market orientation=
Understand customer needs/ wants. Know company capabilities. Know competitors. Satisfy customers at a profit.
Marketing Philosophy: Societal orientation=
Concern about the environment. Society’s long-term best interest. Tree hugger.
Strategic triangle: company wants to create ___ for the customer
Value
Strategic triangle: Between company and competition
Cost
Strategic triangle: Competition means that value= _____ - ______ to the customer.
benefits - cost
Profitability drivers: Margin
Shift mix toward higher margin. Change customer behavior so they are less expensive to serve (online bank statements). Terminate unprofitable customers (bank fees)
The uncontrollable variables in the marketing environment are: (Hint: 5 different forces)
Social forces (strongest), economic forces, technological forces, competitive forces, regulatory forces.
The generational cohorts are:
Tweens (8-14) $39 billion. Gen Y (1977-94) $200 billion. Gen X (1965-76) $1 trillion. Baby BOOMers (1946-64) $1-2 trillion= biggest group and biggest purchasing power.
What phenomenon has probably had a greater effect on marketing than any other social change?
The changing role of working women.
Porter’s five forces model: 4 things make up competitive rivalry. They are: (hint: two types of treats and two types of powers)
Threat of entrants, threat of substitutes, power of suppliers, power of buyers.
Lowest risk, lowest return=
exporting
3rd biggest risk, 2nd biggest return=
Joint venture
2nd biggest risk, 3rd biggest return=
Licensing
Biggest risk, biggest return=
Direct investment
Organizations are accountable to society for their actions=
Social responsibility
Organizations focus on the world’s social problems and view them as opportunities to build profits and help the world=
Sustainability
Marketing designed to minimize negative effects on the environment=
Green marketing
To fix sampling error, you need to
increase sample size.
To fix measurement error, you need to
ask the right questions.
To fix coverage error, you need to
sample appropriate decision- makers, users, influencers
To fix non-response error, you need to
understand differences between those who respond and those who do not.
What are the two main points of the nature of consumer behavior?
People are not all the same, and people make choices depending on the situation.
True or False: According to Maslow’s Hierarchy of Needs, safety needs are more important than social needs.
True. Protection is more important than a sense of belonging. You can’t really have a sense of belonging if you don’t have security.
I am going to: A. Get crushed by this exam. B. Do OK on this exam. C. Show this exam who is boss. D. Freaking destroy this pathetic excuse for an exam!!!
D- as in DUH!
