Marketing

Question 1

Market forces

Answer 1

Technology, Globalization, Physical environment and Social responsibility.

Question 2

Market outcomes

Answer 2

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

Question 3

Holistic marketing

Answer 3

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

Question 4

Corporate social responsibility

Answer 4

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

Question 5

Management

Answer 5

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

Question 6

Planning

Answer 6

Establishes the direction of the organisation.

Question 7

Organising

Answer 7

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

Question 8

Leading

Answer 8

Motivates employees to achieve organisational goals.

Question 9

Control

Answer 9

Measures and evaluates organisational performances.

Question 10

The organisational context

Answer 10

Complexity, Uncertainty, Variety.

Question 11

Managing in organisations

Answer 11

Individuals, interactions, Formal systems and Social systems.

Question 12

Five modes of entry into foreign markets

Answer 12

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

Question 13

Entry strategies

Answer 13

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

Question 14

Evaluating attractiveness of potential markets

Answer 14

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

Question 15

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

Answer 15

Market sensing, Customer linking and Channel bonding.

Question 16

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

Answer 16

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?

Question 17

SBU stands for

Answer 17

Strategic business unit.

Question 18

A single SBU has three characteristics

Answer 18

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.

Question 19

Boston Consultancy Group matrix

Answer 19

Star

Cash cow

Question mark

Dog

Question 20

Stars

Answer 20

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.

Question 21

Problem children or question marks

Answer 21

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.

Question 22

Cash cows

Answer 22

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

Question 23

Dogs

Answer 23

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

Question 24

Ansoff’s product-market expansion grid

Answer 24

Market penetration strategy

Product development strategy

Market development strategy

Diversification strategy

Question 25

Strategic formulation(SMART model). Plans should be

Answer 25

Specific Measurable Agreed Realistic Timebound

Question 26

The 4 strategic alliances

Answer 26

Product or service alliances Promotional alliances Logistics alliances Pricing collaborations

Question 27

Contents of the marketing plan

Answer 27

Executive summary and table of contents Situation analysis(context) Marketing strategy(customer, competition, channel and company strategic approach) Financial projections(cash analysis) Implementation controls

Question 28

The business buyer's buying situations

Answer 28

Straight rebuy Modified rebuy New task

Question 29

The buying centre

Answer 29

Initiators Users Influencers Deciders Approvers Buyers Gatekeepers

Question 30

The supplier search over the internet

Answer 30

Catalogue sites Vertical markets ´Pure play´ auction sites Spot(or exchange) markets Private exchanges Barter markets Buying alliances

Question 31

Solution selling

Answer 31

Solutions to enhance customer revenues Solutions to decrease customer risks Solutions to reduce customer costs

Question 32

Trust dimensions

Answer 32

Transparency Product/service quality Incentive Partnering with customers Cooperating design Product comparison and advice Supply chain Pervasive advocacy

Question 33

Buyer-supplier relationships 8 categories

Answer 33

Basic buying and selling Bare bones Contractual transaction Customer supply Cooperative systems Collaborative Mutually adaptive Customer is king

Question 34

A company should monitor three variables when analysing competitors

Answer 34

Share of market Share of mind Share of heart

Question 35

Companys classes of competitors

Answer 35

Strong versus weak Close versus distant ´Good´versus ´bad´

Question 36

Protecting market share and their 2 proactive skills

Answer 36

Responsive anticipation Creative anticipation

Question 37

The 6 types of defence strategy

Answer 37

Position Flank Pre-emptive Counteroffensive Mobile Contraction

Question 38

The 4 factors a company should consider before pursuing increased share

Answer 38

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

Question 39

The market challenger can attack

Answer 39

The market leader Firms of its own size that are not doing the job and are underfinanced Small local and regional firms

Question 40

The 5 attack strategies

Answer 40

Frontal attack Flank attack Encirclement attack Bypass attack Guerrilla warfare

Question 41

Market-follower strategies

Answer 41

Counterfeiter Cloner Imitator Adapter

Question 42

Long-range product market expansion strategy

Answer 42

Introduction Growth Maturity Decline

Question 43

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

Answer 43

Vision of a mass market Persistence Relentless innovation Financial commitment Asset leverage

Question 44

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

Answer 44

Market modification Specification modification Support marketing programme modification

Question 45

Product classifications

Answer 45

Non-durable goods Durable goods Services

Question 45

Service differentiation

Answer 45

Ease of ordering Delivery Installation Customer training Customer consulting Maintenance and repair Returns

Question 46

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

Answer 46

A company can buy other companies It can acquire patents from other companies It can buy a licence or franchise from another company

Question 47

What is NPD?

Answer 47

New product development

Question 48

The 3 basic challenges in NPD

Answer 48

The innovation imperative The development success The new risk of development failure

Question 49

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

Answer 49

Convincing market research study of consumer needs and interests Competitive analysis A technical appraisal

Question 50

Creativity techniques

Answer 50

Attribute listing Forced relationships Morphological analysis Reverse-assumption analysis New contexts Mind mapping

Question 51

Adopters of new offerings move through 5 stages

Answer 51

Awareness Interest Evaluation Trial Adoption

Question 52

5 Characteristics influence the rate of adoption of an innovation

Answer 52

Relative advantage Compatibility Complexity Divisibility Communication

Question 53

The study of consumer behaviour and the 3 interdependent dimensions

Answer 53

The study of culture The study of social groups The study of the individual

Question 54

Jennifer Aaker's Brand personalities

Answer 54

Sincerity Excitement Competence Sophistication Ruggedness

Question 55

Maslow's hierarchy of needs

Answer 55

Physiological needs Safety needs Social needs Esteem needs Self-actualisation needs

Question 56

Five-stage model of the consumer buying process

Answer 56

Problem-recognition Information search Evaluation of alternatives Purchase decision Post-purchase behaviour

Question 57

Information sources in connection with consumers

Answer 57

Personal Commercial Public Experiential

Question 58

Steps between evaluation of alternatives and a purchase decision

Answer 58

Evaluation of alternatives Purchase intention Attitudes of others Unanticipated situational factors Purchase decision

Question 59

Consumers types of risk in buying and consuming a product

Answer 59

Functional risk Physical risk Financial risk Social risk Psychological risk Time risk