Marketing exam 1 Flashcards
What is Marketing Mix?
A combination of factors that the company controls to influence consumers.
What are the 4 Ps
Product, price, place, and promotion
What is social responsibility
The companies commitment to managing its social, environmental, and economic impacts.
What are the external environment elements for a firm to succeed in both domestic and global markets?
- Economic environment
- Competitive environment
- Technological environment
- Political and legal environment
- Sociocultural environment
What is functional planning?
Planning done by top functional level management. (Situational analysis, annual plan, etc.)
strategic planning?
The managerial process that matches firms resources and capabilities to market opportunities
What does SBU stand for?
Strategic business unit
What steps does the strategic planning process include?
- Define mission
- Evaluate the internal & external environment
- set organizational or sbu objectives
- establish the business portfolio
- develop growth strategies
What is SWOT analysis
Strengths, weaknesses, opportunities, and threats
What is market research?
Refers to the process of collecting, analyzing, and
interpreting data about customers, rivals, and the
business environment.
What are some research designs?
secondary data and primary data
What are sources of secondary data?
Company reports, previous research, salesperson feedback (Data found without specific research into it)
what methods collect primary data?
exploratory research, descriptive research, casual research
What is independent and dependent variable?
independent variable is something the researcher can change. Dependent variable is the outcome and effect
what does CRM stand for? What are the characteristics?
Customer Relationship Management.
Customer lifetime value (CLV), Share of customer, customer prioritization.
What does CLV stand for?
Customer lifetime value
What are steps in consumer decision making process
- Problem recognition
- Information search
- Evaluation of alternatives
- Product choice
- Postpurchase evaluation
Difference between extended problem solving and habitual problem solving?
extended problem solving has a high level of involvement, high perceived risk, and is not a simple decision.
What are the internal and external influences on consumer decision making?
Internal:
- Perception
- Motivation
- Learning
External:
- Situational/social influences
- Culture
- Social class
What is STP framework?
Segmentation, Targeting, and Positioning
What are segmentation variables?
the process of dividing a larger
market into smaller pieces based on meaningful,
shared characteristics.
What are the steps of market research?
- Define research problem
- determine research design
- choose the method to collect primary data
- design the sample
- collect the data
- analyze and interpret the data
- prepare the research report
