Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Intro to Marketing > Marketing Chap 1-2 > Flashcards

Marketing Chap 1-2 Flashcards

1
Q

What are the five steps of the marketing process?

A
  1. Understand the marketplace and customer wants and needs
  2. Design a customer value-driven marketing strategy
  3. Create a marketing program that delivers superior values
  4. Engage customers and build profitable relationships
  5. Capture value from customers to create profit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are market offerings?

A

The combination of products, services, information, and experiences offered to a market to satisfy a need or want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is marketing myopia? Why is it bad?

A

When a company is short-sighted or has a tunnel vision view where the company is too focused on profit rather than improving profits. This is bad because the company looses focus on adding customer value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is marketing management?

A

choosing target markets and building profitable relationships with them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is Market Segmentation?

A

Dividing the market into different segments based on different criteria (race, gender, age, income)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is target marketing?

A

Selecting a market segment and choosing them as a target audience for products/services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

____________ help customers differentiate one brand from another

A

Value propositions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the production concept of marketing? What should management focus on?

A

consumers favor products that are available and affordable. Management should focus on improving production and distribution efficiency in order to make products more affordable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the product concept of marketing? What should management focus on?

A

consumers favor products that have the best quality, performance, and innovative features. Management should focus on making continuous product improvements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the selling concept of marketing? What should management focus on?

A

consumers want companies to undertake a large scale selling and promotion effort. Management should focus on selling what the company makes rather than what the market wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the marketing concept of marketing? What should management focus on?

A

achieving a company’s goals depends on knowing how to be better than competitors. Management should find the right products for customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the societal marketing concept of marketing? What should management focus on?

A

marketing strategy should deliver value to customers in a way that improves both the consumer’s and society’s well-being. Management should be sustainable and environmentally friendly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Which of the five marketing concepts can lead to marketing myopia?

A

Product concept because it is important to adhere to customer wants and not just change the product just for the sake of it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the difference between the marketing and selling concept?

A

The selling concept starts in the factory and focuses on selling and promoting existing products.
The marketing concept starts with addressing customer needs in the market and using that to create new products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What three things should companies balance?

A
  1. company profits 2. customer wants 3. society’s interests
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the Four P’s of the marketing mix?

A
  1. Product 2. Place 3. Promotion 4. Price
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is customer relationship management?

A

building and maintaining profitable customer relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is customer-perceived value?

A

the customer’s perception of the value of a product in comparison to similar products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is customer engagement marketing?

A

including customers in conversations about the brand, experiences, and the brand community

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is customer generated marketing?

A

consumers shape their own brand experiences by generating reviews, making blogs, and generating videos about products

21
Q

What is partner relationship management?

A

working with other company departments to engage and bring more value to customers

22
Q

What is share of customer?

A

the share companies get of their customer’s purchasing in their product categories

23
Q

What is customer equity?

A

the total combined customer lifetime values of all of the company’s current and potential customers

24
Q

What are the four customer relationship groups? Briefly describe them

A
  1. Strangers: low profitability and little loyalty
  2. butterflies: potentially profitable but not loyal
  3. true friends: profitable and loyal
  4. barnacles: very loyal but not profitable
25
Q

What are the four steps in strategic planning?

A
  1. Defining the company mission
  2. Setting company objectives and goals
  3. Designing the business portfolio
  4. Planning marketing and other functional strategies
26
Q

What is the purpose of a mission statement?

A

Acts as an invisible hand and guides the people in an organization. Should be market oriented and satisfy customer needs

27
Q

_____________ and ________ should support the mission statement.

A

Objectives; goals

28
Q

What is a business portfolio?

A

A collection of businesses and products that make up the company

29
Q

What are SBUs?

A

Strategic Business Units; key businesses that make up the company

30
Q

Briefly explain the BCG approach.

A

The BCG approach classifies a company’s SBUs into four categories-cash cows, stars, dogs, and question marks-and evaluates each SBU based on its market growth rate and market share

31
Q

What is a Star SBU?

A

high growth, high-share businesses or products that require heavy investments

32
Q

What is a Cash Cow SBU?

A

low growth; high-share business or product that needs less investment and can easily generate cash for a company

33
Q

What is a Question Mark SBU?

A

low-share business units in high growth markets that require lots of cash

34
Q

What is a Dog SBU?

A

low-growth, low-share business and products that are not large sources of cash

35
Q

SBU: How are cash cows related to stars and question marks?

A

Cash cows generate lots of money and this money goes to support stars and question marks

36
Q

What is the product/market expansion grid?

A

a portfolio planning tool that identifies growth opportunities

37
Q

What is market penetration in the product/market expansion grid?

A

companies sell existing products to existing markets

38
Q

What is market development in the product/market expansion grid?

A

companies sell existing products in new markets

39
Q

What is product development in the product/market expansion grid?

A

companies sell new products in existing markets

40
Q

What is diversification in the product/market expansion grid?

A

companies sell new products in new markets

41
Q

Why is a company’s marketing department so important?

A

They find opportunities for the company to grow profits by developing new products/services that will engage customers

42
Q

What is a value chain?

A

departments within a company that create activities to design, produce, market, deliver, and support a firm’s products

43
Q

What is a value network?

A

a network of the company, suppliers, distributors, and customers who partner with each other to improve the performance of the entire system

44
Q

What is the difference between a value chain and a value network?

A

A value chain is internal and a value network is external

45
Q

What is the marketing mix made up of?

A

The Four Ps: Product, Place, Price, Promotion

46
Q

What are the Four A’s?

A

a customer based focus on the marketing mix: Acceptability, Affordability, Accessibility, and Awareness

47
Q

What are the five marketing management functions?

A
  1. Analysis
  2. Planning
  3. Implementation
  4. Organization
  5. Control
48
Q

What is a SWOT Analysis?

A

An analysis of a company’s Strengths, Weaknesses, Opportunities, and Threats

49
Q

What is Marketing Return on Investment? How is it calculated?

A

the return a company receives in the form of profit on the investment they made in marketing a product or service

return from marketing invt./cost of invt.

Intro to Marketing (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions