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ORG AD FINALS > Marketing > Flashcards

Marketing Flashcards

1
Q

It is about planning and executing the
development, pricing, distribution, and promotion of
products and services to satisfy the needs of your
customers

A

Marketing

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2
Q
  • “foundation of its business and what keeps it in
    existence”
  • “Marketing and innovation produce results, all the
    rest are costs.”
A

Drucker, 1954

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3
Q

buyer or product or services

A

Customers

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4
Q

offered to the market for
consumption

A

Products

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5
Q

a forum for transactions

A

Market

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6
Q

planning, design, and development
of manufactured and service products

A

Marketing

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7
Q

a customer-centric
organizational marketing philosophy

A

Market Orientation

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8
Q

a particular group of
consumers at which a product or service is aimed

A

Target Market

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9
Q

Refers to the collective of individual customers’ or
organizations’ wants or needs for a product which
have:
- The ability or authority to purchase that
product.
-Can obtain that product legally.

A

Market

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10
Q

individual consumer or organization wants or needs a product

A

POTENTIAL MARKET

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11
Q

those in the potential market who can afford to buy the product.

A

AVAILABLE MARKET

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12
Q

those in the available market that can legally obtain the desired product

A

QUALIFIED AVAILABLE MARKET

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13
Q

those individuals in the qualified available market that the business wants to supply its product

A

TARGET MARKET

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13
Q

those who have purchased the product

A

PENETRATED MARKET

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14
Q

The percentage of the qualified available market that a single organization serves

A

Market Share

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15
Q

Market share can do three things:

A
  1. Grow market share
  2. Maintain current market share
  3. Drop out of the market altogether
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16
Q

when a business grows through expanded sales of its existing products in existing markets.

A

MARKET PENETRATION

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17
Q

when a business grows through the sale of new products in existing markets.

A

PRODUCT DEVELOPMENT

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18
Q

when a business grows through expanded sales of existing products in new markets

A

MARKET DEVELOPMENT

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19
Q

when a business grows through expanded sales of new products in new markets

A

MARKET DIVERSIFICATION

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20
Q

To bring this product to a new market at
a price that customers will pay requires
having the following information:

A

MARKET ENTRY

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21
Q

An alternative way of considering the target
markets.

A

Market Segmentation

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22
Q

The process of splitting the known market for a product into separate parts.

A

Market Segmentation

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23
Q

Customers within segments may be categorized in a variety of ways, such as:

A
  1. by age
  2. social class
  3. lifestyle
  4. setting
  5. geography
  6. vocation
  7. purchasing habits.
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24
Q
  • It can lead to a position where the marketing effort
    is focused on a portion of the population to the
    neglect of other portions.
  • Potential for redundancy
    and increased costs.
A

DRAWBACKS

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25
Q
  • One of two options for resolving financial stability
  • Cutting down products or services that do not give you profit in order to potentially free resources to be reinvested in a company’s more profitable products
A

MARKETING RETRENCHMENT

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26
Q

The target market for a specific product or service

A

Niche Market

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27
Q

The ability to influence consumer perception

A

Market Positioning

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28
Q

The goal is to generate sales higher than the competitors

A

Market Leader

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29
Q

This is all about studying the behavior of customers, needs, and trends to create changes for your organization to be successful

A

Innovator

30
Q

This method is designed around customer needs and interests.

A

Customer-Centric

31
Q

refers to the variables that a business can
actively manage to satisfy the needs of
target markets

A

Marketing Mix

32
Q

7ps of marketing mix

A

product, price, promotion, place, physical evidence, processes, people

33
Q

all of the products an organization
offers for consumption

A

Product Mix

34
Q

goal achievement strategies ——> product mix

A

Product Portfolio Analysis

35
Q

monitoring current products
* market performance
* changing strategy
* changing products

A

Product Management

36
Q

If management considers all product strategies in conjunction with one another, the company is more likely to benefit than if individual product decisions are made independently.

A

Product Diversification

37
Q

Opportunities that must be bypassed in order to pursue one business strategy rather than another

A

Opportunity Cost

38
Q

A unique image for the
product in the minds of
target market members

A

Product Positioning

39
Q

Commitment to providing customers with products of maximum standards

A

Quality

40
Q

an element of quality & an essential element in
designing health care products

A

Safety

41
Q

Product Positioning is composed of

A

Quality
Safety
Technical Leadership
Customer Service

42
Q

the fairly predictable way that sales and profitability of products change over time

A

Product Life Cycle

43
Q

Low sales, high expenses, and financial losses

A

Introduction Stage

44
Q

Introduction Stage composed of:

A
  1. High Profile Marketing
  2. Preemptive Penetration
  3. Selective Penetration
  4. Low Profile Marketing
45
Q

Large-scale promotion; expected extensive competition

A

High Profile Marketing

46
Q

Heavy promotion + low price; Substantial competition

A

Preemptive Penetration

47
Q

Moderate Promotion; high price

A

Selective Penetration

48
Q

Small-scale promotion; low price

A

Low Profile Marketing

49
Q

the amount a customer must pay in money, time,
inconvenience, and so on and the mechanisms used to justify the amount

A

Price

50
Q

Cost-based pricing is composed of:

A
  1. Markup Pricing
  2. Cost-plus pricing
  3. Target return pricing
  4. Payback period pricing
51
Q

A fixed percentage marks up products over cost

A

Markup Pricing

52
Q

Summing up the cost to develop, produce, market and sell services and products + arbitrary margin of pofit

A

Cost-plus Pricing

53
Q

Target return percentage+sum of the costs

A

Target return pricing

54
Q

Looks ahead to when the return on investment will be at a desirable level

A

Payback period pricing

55
Q

Taste and Expectations

A

Targeted Customers

56
Q

Mission

A

Organization

57
Q

It includes the various methods used to inform the public about the product and sell it. It also involves communicating with the general public and previous and current customers.

A

Promotion

58
Q

Communication Options

A
  1. Advertising
  2. Direct Marketing
  3. Personal Selling
  4. Public Relations
  5. Sales Promotion
59
Q

All the businesses paid for means of promoting itself
and its products, including websites

A

Advertising

60
Q

mail, phone, and electronic communications
directed to a target market

A

Direct Marketing

61
Q

face-to-face communication with potential,
current, and past customers

A

Personal Selling

62
Q

all free information distributed by others about
the business and its products

A

Public Relations

63
Q

Time-limited incentives associated with the
purchase of product

A

Sales promotion

64
Q

A combination of communication tools and it is based on the strategic marketing plan
to promote the product(s), an integrated
combination of this communication
methods are selected

A

Communication Mix

65
Q

Promotional Program:

A
  1. Product awareness
  2. Product knowledge
  3. Product differentiation from alternative products
  4. Support comparisons that favorably represent the promoted product
  5. Form a product preference based on steps 1–4
  6. Act on this preference by purchasing the preferred product
66
Q

Marketing Ethics - health
care marketing should:

A
  1. Put patient welfare first
  2. Avoid unnecessary services
  3. Maintain high standards of honesty and accuracy
  4. Be accountable to the public
67
Q

Customers need other forms of _________ to
help them judge if they are about to or have bought a high-quality product and if it will be effective in meeting their needs

A

Physical Evidence

68
Q

It refers to the way business activities flow and
are coordinated. Specific operations of importance to
customers include ease of setting appointments,
timeliness of communications, and diligence in
pursuing accurate information from third-party payers.

A

Processes

69
Q

It includes all members of a business. All the
members of a business a customer sees and hears can influence their perception of quality.

A

People

70
Q

It starts with a potential or actual customer’s first contact with the business. Customer attention is on the essential observable and experiential elements like:

A

Customer service

71
Q

One of the hardest characteristics to demonstrate to healthcare customers because it is hard for them to evaluate.

A

Technical Leadership

72
Q

It can be characterized by management’s success in developing a high-performing staff, and providing the best technical equipment and appropriate settings.

A

Technical Leadership

ORG AD FINALS (4 decks)

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