Helgy Midterm

Question 1

Marketing Basics

Answer 1

The process of planning and executing the conception, pricing, and promotion and distribution of goods and services to exchanges that satisfy individual and organizational objectives

Core concept=exchange

Question 2

2 areas of Mktg decision making

Answer 2

Target Market Decisions and marketing mix decisions

Question 3

Target market decisions

Answer 3

• Segmenting
• Positioning
• Market entry
• Timing
• Growth

Question 4

Marketing Mix Decisions

Answer 4

• Product
• Price
• Promotion
• Place (Distribution)

Question 5

Marketing Concept Definition

Answer 5

the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals

Question 6

Marketing Concept steps

Answer 6

Focus: Customers (receiving end)
Means: Steps toward end/total company effort
End: What you are striving for
Death Star: Competition

Question 7

Flow of Strategic Planning

Answer 7

Mission statement -> 
Objective/Goals -> 
Grand strategy ->
Mktg. strategy/Tactics -> 
Target Market -> 
Mktg. Mix ->
Offering to Market -> 
feedback of results

funnel

Question 8

Thinker Toys

-mother of all thinker toys

Answer 8

Tools that aid decision making

Models

Question 9

Models

Answer 9

Specifications of a set of variables and their interrelationships, designed to represent some real system or process in whole or in part.

Question 10

Product Life Cycle

Answer 10

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

Question 11

General Electric Multifactor Matrix

Answer 11

Business strengths (high, medium, low)
-Size, growth, share, position, technology position, profitability, margins, image, people

Industry attractiveness (high, medium, low)
-Size, market growth (pricing), market diversity

Question 12

BCG (Boston Consulting Group) Matrix

Answer 12

A framework for evaluating businesses relative to the growth rate of their market and the organization’s share of the market.

Stars
Question Marks
Cash Cows
Dogs

Question 13

Growth Opportunity Matrix

Answer 13

market penetration, market development, product development, diversification

Question 14

perceptual maps

Answer 14

a visual representation of the perceptions of customers or potential customers about specific attributes of an organization, brand, product, service, or idea.

Question 15

Positioning

Answer 15

arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Question 16

Sources of Information

Answer 16

Marketing internal data
-accounting data

marketing intelligence
-observations, outside data

marketing science
-analytical systems

marketing research

• quantitative (survey research)
• qualitative (focus groups)

Question 17

Consumer Behavior Decision

Answer 17

Problem Recognition

• > Search
• > Alternative Evaluation
• > Choice
• > Outcomes

Question 18

Value-Model

Answer 18

Benefits-costs=value

Tangible: Performance Price Economics

Between: Perception Perceived perceived

• Product
• service
• brand

intangible: Psych/Emotional Perceived perceived

Question 19

Customer-service and articles

Answer 19

peep the doc

Question 20

New Product Development (NPD) Process

Answer 20

1. Select new product strategy
2. search for new product ideas
3. screening
4. business analysis
5. development and testing
6. Test Market
7. Introduction
8. Evaluation

Question 21

Competitive Advantage

Answer 21

an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

based on cost adv, differentiation adv, and mktg, adv.

Question 22

cost advantage

Answer 22

significantly lower cost position from which to create lower prices while still achieving desirable profit margins.

(variable cost/mktg. expense/operating expense)

Question 23

Differentiation advantage

Answer 23

Meaningful differentiation that creates desired performance benefits at a level superior to competitors.

(Product dif/Service quality/brand reputation)

Question 24

MKTG. Advantage

Answer 24

A market position and mktg effort that dominates the competition in brand recognition, product line, and channels of distribution

(Market leader/Product line advantage/channel advantage)

Question 25

Discontinuous innovation

Answer 25

A major shift from an old technology to a new technology that usually effects new customer benefits.

New technology, for example, has led to the development of digital photography, which has largely replaced film photography. Similarly, flat-panel televisions have eroded the market for picture-tube sets.

Question 26

Continuous Innovation

Answer 26

The development of technology and improved products for a given product market

The mainframe computer, vacuum-tube television, and fountain pen were all improved over many years of continuous innovation.

Question 27

Disruptive Innovation

Answer 27

Change along the technology innovation curve that allows for the development of products that are less expensive, smaller, and often easier to use.

The microcomputer, solid-state television, and ballpoint ben greatly expanded the market demand and market potential for computers, televisions, and pens.

Question 28

Major behaviors of an effective service delivery game plan

Answer 28

• Quick
• Effective
• Skillful
• Safe
• Caring
• Managed

Question 29

5 marketing concepts

Answer 29

Production concept → can we produce the product? Can we produce enough of it?

Product concept → quality, performance, or innovative features

Selling concept → can we sell the product? Can we charge enough for it?

Marketing concept → what do customers want? Can we develop it while they still want it? How can we keep our customers satisfied?

Societal marketing concept →

Question 30

Value creation

Answer 30

• Customer analysis
• Computer analysis
• Improve product benefits
• Seek a price point
• Challenge production engineers