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Marketing Flashcards

1
Q

What´s marketing?

A
  1. Find effective and efficient means of making the business cater to the interests of customers
  2. Organization should seek to make profit by serving the needs of customer groups
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2
Q

What does strategic planing include?

A

Activities that lead to the development of:

  1. Organizational mission
  2. Organizational objectives
  3. Appropriate strategies to achieve organizational objectives
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3
Q

What´s the mission statement?

A
  • Defines the direction in which the organization is heading and how it will succeed in reading its desired goal
  1. Focused on markets rather than products
  2. Achievable
  3. Motivating
  4. Specific

Consider for mission statement organizations: history ; distinctiveness competiveness; environment

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4
Q

What are organizational objectives?

A
  • End points of an organization’s mission that define what an organization seeks through its ongoing, long run operations
  • Objectives must be: specific,measurable,action commitments

Objectives:

  1. Can be converted into specific action
  2. Provide direction
  3. Establish long-run priorities for the organization
  4. Facilitate management control
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5
Q

What are possible areas of permformance in an Organizational Objectives context?

A
  1. Market standing
  2. Innovations
  3. Productivity
  4. Physical and financial resources
  5. Profitability
  6. Manager performance and responsibility
  7. Worker performance and attitude
  8. Social responsibility
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6
Q

What are Organisational Strategies?

A
  1. Involves the choice of major directions the organization will take in pursuing its objectives
  2. Organizations can pursue various strategies based on:
  • Products and markets
  • Competitive advantages
  • Value
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7
Q

Please define Market penetration?

A
  • focuses primarily on increasing the sale of present products to present customers
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8
Q

Pease define Market development?

A
  • A market development strategy involves selling your existing products into new markets.
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9
Q

Please define Product development?

A
  • A product development diversification strategy takes a company outside its existing business and a new product is developed for a new market.
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10
Q

Please define Diversification?

A
  • Diversification is a corporate strategy to enter into a new market or industry which the business is not currently in, whilst also creating a new product for that new market.
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11
Q

What are possible Strategies based on competitive advantages?

A
  1. Cost leadership strategy: firms to focus on being the low-cost company in its industry (Efficiency is stressed; No-frills products are offered)
  2. Strategy based on differentiation: firms seek to be unique in its industry or market segment along particular dimensions that customers value (Firms can charge a premium price)
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12
Q

What are possible Strategies based on value?

A
  1. Stresses on the concept of customer value Focuses on developing and delivering superior value to customers as a way to achieve organizational objectives

Value strategies

Best price
Best product
Best service

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13
Q

What does the Industry analysis facilitate?

A
  1. Assessment of industry and firm performance
  2. Identification of factors that affect performance
  3. Determination of the effect of changes in the business environment on performance and
  4. The identification of opportunities and threats (SWOT analysis: strong; weakness; opportunities; threat)
  5. Industry analysis helps with assessing generic business strategies
  6. Porter’s five forces framework is rooted in microeconomics
  7. Value net (Brandenburger & Nalebuff) supplements the five forces framework to analyse strategy
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14
Q

What are the porter´s five forces?

A
  1. Porter’s five-forces identifie the economic forces that affect industry profits
  2. Question is: “ is the force sufficiently strong to reduce or eliminate industry profits” (today and trends)?
  3. Five forces determine the competitive intensity and attractiveness of a market and identify where power lies in a business situation

The five forces are:

  • Internal rivalry
  • Entry
  • Substitutes and components
  • Supplier power
  • Buyer power
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15
Q

Under what conditions does the Price competition heat up in the context of internal rivalry and p5f?

A
  1. There are many sellers
  2. Some firms have cost advantage over others
  3. There is excess capacity in the industry
  4. Products are undifferentiated and switching costs are low
  5. Prices and sale terms are easily observable
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16
Q

What are possible Categories of organizational buyers in an B2B context?

A
  1. Producers: Buy goods and services in order to produce other goods and services for sale
  2. Intermediaries: Purchases products to resell at a profit
  3. Government agencies: operate at the federal, state and local levels
  4. Other institutions: Hospitals, museums, universities, nursing homes and churches
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17
Q

What are possible Marketing tactics for reaching organizational buyers?

A
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18
Q

What´s market segmentation?

A
  1. process of dividing a market into groups of similar consumers and selecting the most appropriate group for the firm to serve
  2. groups are homogenous inside, heterogeneous among them
  3. target market: group or segment a company selects to serve
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19
Q

What are the dimensions/bases for market segmentation?

A
  1. Benefit segmentation: Focuses on satisfying needs and wants by grouping consumers on the basis of the benefits they are seeking in a product
  2. Psychographic segmentation: Focuses on consumers lifestyle as the basis for segmentation
  3. Geodemographic segmentation: Creates classification of actual, addressable, mappable neighbourhoods where consumers live and shop
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20
Q

For what are Positioning strategies used?

A
  1. Focusing on the superiority to competitive products
  2. Based on user or applications
  3. Targeting particular types of product users
  4. Relativity to a product class
  5. Pitching directly against particular competitors
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21
Q

What do successful marketing strategies depend upon?

A
  1. successful marketing strategies depend on discovering and satisfying consumer needs and wants
  2. consumer needs and wants are translated into operation concepts at a strategic level
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22
Q

What´s Priori segmentation and what´s Post hoc segmentation?

A
  1. Priori segmentation: marketing manager decides on the appropriate basis for segmentation in advance of doing any research on a market
  2. Post hoc segmentation: A post hoc segmentation model, on the other hand, is empirically derived from data collected in a market research survey
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23
Q

What could be possible outcome decisinons of a marketing strategy?

A
  1. Not to enter the market
  2. Segment but to be a mass marketer
  3. Market to one segment
  4. Market to more than one segment and design a separate marketing mix for each
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24
Q

What are the Criteria for segmentation?

A

Viable segments must be:

  1. measurable: forms must be capable of measuring its size and characteristics
  2. meaningful: should have sufficient sales and growth potential to offer long-run profits
  3. marketable: can be reached and served by the firm in an efficient manner
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25
Q

What are possible categorys in the product definition?

A
  1. Tangible product: physical entity or service that is offered to the buyer
  2. Extended product: tangible product along with whole cluster of services that accompany it
  3. Generic product: includes the essential benefits the buyer expects to receive
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26
Q

Define Product?

A
  • sum of the physical, physiological, and sociological satisfactions the buyer derives from purchase, ownership and consumption
27
Q

What are possible product classifications in consumer goods?

A
  1. convenience goods: purchased frequently with minimum effort
  2. shopping goods: purchased after some time and energy spent comparing various offerings
  3. speciality goods: unique in some way for which consumer makes special purchase effort
28
Q

Define Product value?

A
  1. encompasses quality and price
  2. customer’s perception of value depend on:
  • degree to which the product meets his or her specification
  • price that he or she will have to pay to acquire the product
29
Q

Whats the product mix?

A

Full set of products offered for sale by an organization
Described by:

  1. Width: number of individual product lines offered by the organization
  2. Depth: average number of products in each product line
30
Q

What´s Branding?

A
  1. Brand name, term, design, symbol,
  2. or any other feature that identifies one seller’s good or service as distinct from those of other sellers
  3. trademark – legal term for brands
31
Q

What are possible Branding Strategies?

A
  1. Dual branding: two or more branded products are integrated. Marketing partnership between two or more different brands to jointly promote a product or service
  2. Multibranding: assigns different brand names to each product
32
Q

What are the advantages and disadvantages of Multibranding strategies?

A

Advantages

  1. firm can distance products from other offerings it markets
  2. image of one product is not associated with other products the company markets
  3. products can be targeted at specific market segments
  4. should the products fail, the probability of failure impacting on other company products is minimized

Disadvantages

  1. no consumer brand awareness
  2. significant amounts of money must be spent familiarizing customers with new brands
33
Q

What´s the brand equity?

A
  1. Set of assets or liabilities to the brand that add or substitute value (Value of assets depend upon results of marketplace relationship with the brand)
  2. Determined by the consumer on the basis of consumer’s assessment of the (product; company that manufactures and markets;variables that impact on the product
34
Q

What are Elements of brands?

A
  1. brand identity: all the elements used by a company to transmit the brand
  2. brand image: what consumers perceive
  3. brand positioning
35
Q

What are the Qualities of a good brand name?

A

Brand name should suggest:

  1. product benefit (easy off, powerbook)
  2. be memorable, distinctive, positive (eagle, firebird, mustang)
  3. fit the company or product image (sharp, mustard’s last stand)
  4. not have legal restrictions (parmesan vs parmiggiano)
  5. be simple and emotional (opium, sure deodorant)
36
Q

What do you know about packaging?

A
  1. helps differentiate homogenous products
  2. helps create new attributes of value in a brand
  3. can make products urgently saleable
  4. things to consider while making packaging decisions: consumer and costs
37
Q

What are possible variations in the product life cycle of different product categorys?

A
  1. Fashion: accepted and popular products that go through a repetitive cycle of popularity, lost popularity and regained popularity
  2. Foods: product that experiences an intense but often very brief period of popularity
  3. Evergreen: continuous popularity
38
Q

What Decisions can be taken when sales decline?

A
  1. dropping or altering the product
  2. seeking new uses for the product or new markets
  3. continuing with more of the same
39
Q

What kind of Adaptor Categories are there?

A
  1. Innovators: first to buy a new product
  2. Early adaptors: buying the product if the experience of innovators is favourable
  3. Early majority: avoid risks and make purchases carefully
  4. Late majority: avoid risks and are cautious and sceptical about new ideas
  5. Loggards: reluctant to make changes and are comfortable with traditional products
40
Q

What are the strategic goals of marketing communication?

A
  1. create awareness
  2. build positive images
  3. identify prospects
  4. build channel relationships
  5. retain customers
41
Q

What´s the promotion mix?

A
  • Combination and types of non-personal and personal communication an organization puts forth during a specified period
  1. Advertising
  2. Sales promotion
  3. Public Relations
  4. Direct marketing
  5. Personal selling
42
Q

Define advertising?

A
  1. paid form of non personal communications about an organisation its product or its activities
  2. transmitted through a mass medium to a target audience
43
Q

What´s a sales promotion?

A
  1. is media and non-media marketing communication used for a pre-determined limited time to increase consumer demand, stimulate market demand or improve product availability.
  2. Examples include coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions
44
Q

What are Public relations?

A
  • efforts are directed at influencing the attitudes, feeling and opinions of customers, non customers, stake holders suppliers employees, and political bodies about the organization
45
Q

What are Vertical boundaries of the firm?

A
  • vertical boundaries of the firm determine which tasks are to be performed inside the firm and which to be out sourced
  • the choice between the using the market or using the organization is a make or buy decision
46
Q

What´s the vertical chain?

A
  1. beginning with the acquisition of raw materials ends with the sale of finished good/services
  2. organizing the vertical chain is an important part of business strategy
47
Q

Define Upstream, Downstream in the marketing context?

A
  1. early steps in the production process are upstream (farming) i.e., factors
  2. later steps are downstream (retailing) i.e., sales
  3. support services are provided all along the chain
48
Q

What means Defining boundaries of the firm and what are market firms?

A
  1. firms need to define their vertical boundaries
  2. outside specialists who can perform vertical chain tastes are market firms
  3. market firms are often recognized leaders in their field (e.g. UPS)
  4. the firm must compare the benefits/costs of using the market as opposed to performing the activity in-house
49
Q

What are theadvantages and disadvantages of using market firms?

A

Advantages

  • economies of scale achieved by market firms
  • value of market discipline (efficient and innovative)

Disadvantages

  • problems in coordination of production flows
  • possible leak of private information
  • transactions costs
50
Q

Whar are Reasons to buy and not make?

A
  1. markets firms may have patents or proprietary information that makes low cost production possible
  2. market firms can achieve economies of scale that in-house units cannot
  3. market firms are likely to export learning economies
51
Q

What are Agency costs?

A
  1. agency costs are due to slacking – shirking by employees and the administrative offer to deter slacking
  2. when there are joint costs measuring and rewarding individuals unit’s performance is difficult
  3. it is difficult to internally replicate the incentives faced by market firms
52
Q

What are influence costs?

A
  1. performing a task in-house will lead to influence costs
  2. need to allocate scarce capital within the firm
  3. allocations can be favourable affected by influence activities
  4. Influence activities aim at putting projects of one function n top of company’s activities
  5. resources consumed by influence activities. represent influence costs
53
Q

What are Reasons to make and not to buy?

A
  1. costs due to poor coordination
  2. reluctance of partners to develop and share private information
  3. transactions cost that can be achieved by performing the task in-house

Each of the three problems can be traced to difficulties in contracting

54
Q

What are possible Coordination problems?

A
  1. Occur when dealing with 3rd parties
  2. without good coordination, bottlenecks arise in the vertical chain
  3. to ensure coordination, firms rely on contracts
  4. firms also use merchant coordinates independent specialists who work with firms along the vertical chain (i.e. wedding planner)
55
Q

What are Transaction costs?

A
  • outsourcing entails costs of negotiating
56
Q

What are the three main function Performed in channels of Distribution?

A
  1. Transactional function: Functions necessary for the transaction of goods
  2. Logistical function: performs the flow of goods, resources and information
  3. Facillitating function: facilitate both physical exchange and transaction of goods
57
Q

What are direct and indirect marketing channels?

A
  1. direct channels: Selling directly to the market
    (direct marketing: using direct mail, telemarketing, direct-action advertising, catalogue selling, cable selling, online selling and direct selling through demonstration)
  2. indirect channels: channels with one or more intermediaries
58
Q

What are considerations when deciding on Distribution coverage?

A
  1. Intensive distribution: manufacturer attempts to gain exposure through as many wholesalers and retailers as possible
  2. Selective distribution: manufacturer limits the use of intermediaries to the ones believed to be the best available in a geographic area
  3. Exclusive distribution: manufacturer limits distribution, and intermediaries are provided exclusive right with a particular territory
59
Q

How can you differentiate between different retailers?

A
  1. types of merchandise they carry
  2. breadth and depth of their product assortment
  3. amount of service they provide
60
Q

What´s Non-store Retailing?

A
  1. catalogues and direct mail
  2. vending machines
  3. television home shopping
  4. direct sales
  5. online retailing marketing of products and services directly to consumers via the internet
61
Q

What are the advantages and disadvantages of online retailing?

A
62
Q

What are P5fs?

A
63
Q

What´the marekting mix?

A
  1. price,
  2. product,
  3. promotion
  4. place

Marketing (4 decks)

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