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Erhvervsøkonomi > Marketing > Flashcards

Marketing Flashcards

1
Q

Market forces

A

Technology, Globalization, Physical environment and Social responsibility.

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2
Q

Market outcomes

A

New consumer capabilities, New company capabilities and New competitive environment.

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3
Q

Holistic marketing

A

Relationship marketing, Integrated marketing, Internal marketing and Performance marketing.

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4
Q

Corporate social responsibility

A

Understand how companies actions impact the planet and the sustainability of human life.

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5
Q

Management

A

The ability to use organisational resources to achieve organisational goals through planning, organising, leading and control.

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6
Q

Planning

A

Establishes the direction of the organisation.

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7
Q

Organising

A

Divides activities among work groups, allocating the people, technological, physical, financial and information services required to achieve tasks.

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8
Q

Leading

A

Motivates employees to achieve organisational goals.

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9
Q

Control

A

Measures and evaluates organisational performances.

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10
Q

The organisational context

A

Complexity, Uncertainty, Variety.

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11
Q

Managing in organisations

A

Individuals, interactions, Formal systems and Social systems.

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12
Q

Five modes of entry into foreign markets

A

Direct investment, Joint ventures, Licensing and franchising, Direct exporting and Indirect exporting.

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13
Q

Entry strategies

A

The waterfall approach, the sprinkler approach, The wave approach and The digital market entry approach.

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14
Q

Evaluating attractiveness of potential markets

A

That rank high on market attractiveness, that are low in market risk and In which it possesses a competitive advantage.

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15
Q

Market-driven organisations excel in three distinctive capabilities according to Day and Schoemaker

A

Market sensing, Customer linking and Channel bonding.

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16
Q

Drucker’s classic questions about how to define a companys mission

A

What is our business?

Who is the customer?

What is of value to the customer?

What will our business be?

What should our business be?

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17
Q

SBU stands for

A

Strategic business unit.

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18
Q

A single SBU has three characteristics

A

It is a single business, or a collection of related businesses, that can be planned separately from the rest of the company.

It has its own set of competitors

It has a manager responsible for strategic planning and profit performance, who controls most of the factors affecting profit.

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19
Q

Boston Consultancy Group matrix

A

Star

Cash cow

Question mark

Dog

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20
Q

Stars

A

Are likely to be profitable and are market leaders but require substantial investment to finance growth and to meet competitive challenges. They are tomorrow’s cash cows.

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21
Q

Problem children or question marks

A

Are products in high-growth markets, need significant investment and are a drain on cash flow. In the short term they are low-share products and are likely to be profitable in the longer term.

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22
Q

Cash cows

A

Are leaders in mature(low-growth) markets. High market share leads to high and low investment.

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23
Q

Dogs

A

Operate in the low-growth markets and have low market share. Most dogs produce low or negative cash flows.

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24
Q

Ansoff’s product-market expansion grid

A

Market penetration strategy

Product development strategy

Market development strategy

Diversification strategy

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25
Q

Strategic formulation(SMART model). Plans should be

A

Specific

Measurable

Agreed

Realistic

Timebound

26
Q

The 4 strategic alliances

A

Product or service alliances

Promotional alliances

Logistics alliances

Pricing collaborations

27
Q

Contents of the marketing plan

A

Executive summary and table of contents

Situation analysis(context)

Marketing strategy(customer, competition, channel and company strategic approach)

Financial projections(cash analysis)

Implementation controls

28
Q

The business buyer’s buying situations

A

Straight rebuy

Modified rebuy

New task

29
Q

The buying centre

A

Initiators

Users

Influencers

Deciders

Approvers

Buyers

Gatekeepers

30
Q

The supplier search over the internet

A

Catalogue sites

Vertical markets

´Pure play´ auction sites

Spot(or exchange) markets

Private exchanges

Barter markets

Buying alliances

31
Q

Solution selling

A

Solutions to enhance customer revenues

Solutions to decrease customer risks

Solutions to reduce customer costs

32
Q

Trust dimensions

A

Transparency

Product/service quality

Incentive

Partnering with customers

Cooperating design

Product comparison and advice

Supply chain

Pervasive advocacy

33
Q

Buyer-supplier relationships 8 categories

A

Basic buying and selling

Bare bones

Contractual transaction

Customer supply

Cooperative systems

Collaborative

Mutually adaptive

Customer is king

34
Q

A company should monitor three variables when analysing competitors

A

Share of market

Share of mind

Share of heart

35
Q

Companys classes of competitors

A

Strong versus weak

Close versus distant

´Good´versus ´bad´

36
Q

Protecting market share and their 2 proactive skills

A

Responsive anticipation

Creative anticipation

37
Q

The 6 types of defence strategy

A

Position

Flank

Pre-emptive

Counteroffensive

Mobile

Contraction

38
Q

The 4 factors a company should consider before pursuing increased share

A

The possibility of provoking action from competition authorities

Economic cost

Pursuing the wrong marketing activities

The effect of increased market share on actual and perceived quality

39
Q

The market challenger can attack

A

The market leader

Firms of its own size that are not doing the job and are underfinanced

Small local and regional firms

40
Q

The 5 attack strategies

A

Frontal attack

Flank attack

Encirclement attack

Bypass attack

Guerrilla warfare

41
Q

Market-follower strategies

A

Counterfeiter

Cloner

Imitator

Adapter

42
Q

Long-range product market expansion strategy

A

Introduction

Growth

Maturity

Decline

43
Q

Tellis and Golder 5 factors as underpinning long-term market leadership

A

Vision of a mass market

Persistence

Relentless innovation

Financial commitment

Asset leverage

44
Q

3 potentially useful ways to change the course for a market offering

A

Market modification

Specification modification

Support marketing programme modification

45
Q

Product classifications

A

Non-durable goods

Durable goods

Services

45
Q

Service differentiation

A

Ease of ordering

Delivery

Installation

Customer training

Customer consulting

Maintenance and repair

Returns

46
Q

The acquisition route in connection to make or buy can take 3 forms

A

A company can buy other companies

It can acquire patents from other companies

It can buy a licence or franchise from another company

47
Q

What is NPD?

A

New product development

48
Q

The 3 basic challenges in NPD

A

The innovation imperative

The development success

The new risk of development failure

49
Q

To move from the business plan stage to full new product development requires

A

Convincing market research study of consumer needs and interests

Competitive analysis

A technical appraisal

50
Q

Creativity techniques

A

Attribute listing

Forced relationships

Morphological analysis

Reverse-assumption analysis

New contexts

Mind mapping

51
Q

Adopters of new offerings move through 5 stages

A

Awareness

Interest

Evaluation

Trial

Adoption

52
Q

5 Characteristics influence the rate of adoption of an innovation

A

Relative advantage

Compatibility

Complexity

Divisibility

Communication

53
Q

The study of consumer behaviour and the 3 interdependent dimensions

A

The study of culture

The study of social groups

The study of the individual

54
Q

Jennifer Aaker’s Brand personalities

A

Sincerity

Excitement

Competence

Sophistication

Ruggedness

55
Q

Maslow’s hierarchy of needs

A

Physiological needs

Safety needs

Social needs

Esteem needs

Self-actualisation needs

56
Q

Five-stage model of the consumer buying process

A

Problem-recognition

Information search

Evaluation of alternatives

Purchase decision

Post-purchase behaviour

57
Q

Information sources in connection with consumers

A

Personal

Commercial

Public

Experiential

58
Q

Steps between evaluation of alternatives and a purchase decision

A

Evaluation of alternatives

Purchase intention

Attitudes of others

Unanticipated situational factors

Purchase decision

59
Q

Consumers types of risk in buying and consuming a product

A

Functional risk

Physical risk

Financial risk

Social risk

Psychological risk

Time risk

Erhvervsøkonomi (3 decks)

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