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IBM 301 > IBM 301 > Flashcards

IBM 301 Flashcards

1
Q

What is a marketing concept?

A

Idea that a firms long-term success must include a company-wide effort to satisfy customer needs.

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2
Q

What is strategic planning?

A

Process of thoughtfully defining a firm’s objectives and developing a method for achieving those objectives.

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3
Q

Why is strategic planning important to a firm?

A

Insures that marketers will select and execute the right marketing mix strategies to maximize success.

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4
Q

What is a situation analysis?

A

Systematic collection of data to identify the trends, conditions, and competitive forces that have the potential to influence the performance of the firm and the choice of appropriate strategies.

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5
Q

What is the BCG Matrix?

A

Most popular analysis tools to describe the current market. Boston Consulting Group (BCG)

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6
Q

Why is the situation analysis important?

A

Competition

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7
Q

What are the 4 basic marketing growth strategies?

A

Market penetration, product development, market development, diversification

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8
Q

What is market penetration?

A

Strategy of selling more existing goods and services to existing customers

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9
Q

What is product development?

A

Creating new goods and services for existing markets.

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10
Q

What is market development?

A

Strategy of selling more existing goods and services to new customers.

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11
Q

What is diversification?

A

Strategy to attract new customers by offering new products that are unrelated to the existing products produced by the company.

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12
Q

What are the 6 external factors affecting the marketing environment?

A

Sociocultural, Technological, Demographic, Legal, Economic, Political

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13
Q

What does the Economic factor of the marketing environment involve?

A

Recession, Income distribution, inflation, consumer confidence

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14
Q

What does the Sociocultural factor of the marketing environment involve?

A

Shift from single income to two-income families, ex: 60 year old hispanics

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15
Q

What percentage of new products fail?

A

80%

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16
Q

What would a competitive advantage might make a consumer do?

A

Switch

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17
Q

Less than what percent of world population lives in the U.S.?

A

5%

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18
Q

What type of need is shaped by personality, culture or buying situation?

A

A Want

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19
Q

The global network used to create and deliver products is referred to as the…

A

Supply chain

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20
Q

What are the 3 quality marketing objectives?

A

Specific, Measurable and Realisitc

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21
Q

What is an example of why licensing can be risky?

A

Secret formula given away or bad recognition

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22
Q

What is an example of why joint venture can be risky?

A

Could not get along

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23
Q

What is an example of why direct investment can be risky?

A

Don’t understand culture and ways of living

24
Q

Which of the 5 global strategic options has the best return?

A

Direct Investment

25
Q

What is inflation?

A

Increase in general level of prices of products in an economy over a period of time

26
Q

What is demand analysis and which part of the 4 P’s is it?

A

Estimate how much customer demand there is for a particular product and understand the factors deriving that demand. PRICING

27
Q

What is sales forecasting and which part of the 4 P’s is it?

A

Estimates how much of a product will sell over a period of time. PLACE

28
Q

Advertising effectiveness studies and sales tracking are part of what from the 4 P’s?

A

PROMOTIONAL

29
Q

What are the 5 steps to the marketing research process?

A
  1. Problem Definition
  2. Plan Development
  3. Data Collection
  4. Data Analysis
  5. Taking Action
30
Q

What are the 3 types of research?

A

Exploratory, Descriptive and Causal

31
Q

What is an Exploratory type of research?

A

Research that seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs and behaviors.

32
Q

What is an Descriptive type of research?

A

Research seeking to understand consumer behavior by answering the questions, who, what, where, when and why

33
Q

What is an Causal type of research?

A

Research used to answer the cause and effect relationship among variables

34
Q

What is probability sampling?

A

Sampling in which everyone in target population has a chance of being selected, and is known

35
Q

What is quota sampling?

A

Sampling in which a certain number of participants is picked based on selection criteria such as demographics.

36
Q

What is a qualitative analysis?

A

Info about qualities; info that can’t actually be measured. Ex: Color and smell

37
Q

What is a quantitative analysis?

A

Info about quantities, can be measured and written down with numbers.

38
Q

What is an MIS?

A

Marketing Information System; computer software that continuously help companies capture info and store it

39
Q

What is DSS?

A

Decision Support System; computer program that enables access and use of info in data warehouse

40
Q

What is data mining?

A

Process that involves the computerized search for meaningful trends in a large amount of data

41
Q

What is competitive intelligence?

A

Involves systematically gathering data about what strategies direct and indirect competitors are pursuing in terms of new product development and the marketing mix.

42
Q

What are the 5 steps to the consumer buying process?

A
  1. Problem recognition
  2. Info Search
  3. Evaluating Alternatives
  4. Making the purchase
  5. Post purchase evaluation
43
Q

What is the evaluative criteria?

A

Attribute a consumer considers most important about product

44
Q

What is a ritual consumption?

A

Patterns of consumptions repeated with regularity.

45
Q

What is cognitive dissonance?

A

Mental conflict people undergo when when they acquire new info that contradicts their beliefs or assumptions. Ex: Free sirius radio for 12 months with car purchase

46
Q

What is internal information search?

A

When consumers use their past experiences with items from the same brand or product class as sources of info. Ex: shampoo

47
Q

What is external information search?

A

When consumers seek info beyond their personal knowledge and experience to support buying decision. Ex: new computer

48
Q

What are 4 situational influences on a consumer?

A

Time, Social Factors, Personal factors and Global Factors

49
Q

What does the PERSONAL FACTOR on situational influences on a consumer consist of?

A

Personality, Lifestyle and Values

50
Q

What does the GLOBAL FACTOR on situational influences on a consumer consist of?

A

Country of origin effects

51
Q

What is Country of Origin Effects?

A

Beliefs and associations people have about a country

52
Q

What does the SOCIAL FACTOR on situational influences on a consumer consist of?

A

Family influences and family life cycle, Reference groups, opinion leaders

53
Q

What does the TIME FACTOR on situational influences on a consumer consist of?

A

Consumer paying more to save time

54
Q

What is derived demand?

A

When demand for one product occurs because of demand for a related product. (Ex: Olympic stadium and its construction)

55
Q

What is priming?

A

Act of providing a stimulus to a subject or audience to improve the likelihood of a desired action on that subject’s part. Ex: Tv commercial

56
Q

What does the psychological process of the consumer consist of?

A

Attitude, Learning, Motivation

57
Q

What is a dissociative reference group?

A

People that the individual would not want to be like.

IBM 301 (2 decks)

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