Marketing Exam 1 Flashcards
A manner, physical item or method, to accomplish a task.
Technology
B2B
Business to Business
B2C
Business to Consumer
The process of identifying clusters of customers in a market which share similar needs and wants and will respond in a unique way to a given marketing effort.
Market Segmentation
The factual data of the people who make up the market for your products or services.
Demographics
Characteristics which include people’s lifestyles and behaviors.
Psychographics
Features, benefits, packaging, and quality.
Product
Price levels, credit terms, price changes, and discounts.
Price
Advertising, publicity, sales promotion, personal selling, and sponsorship.
Promotion
Inventory, channels of distribution, and number of intermediaries.
Place
Business strategy that allows companies to realize significant profits by selling low volumes of hard-to-find items to many customers.
The Long Tail
A business common purpose or prime function.
Mission Statement
Identifying and understanding market needs.
Marketing Process
Establish and manage relationships, obtain cash and profit.
Sales Process
Managing labor resources and ensuring staff wellbeing.
Employment Development Process
Concept refinement, prototyping, and production.
Technology and Product Development Process
Ensuring the business’ financial stability by maintaining financial records of transactions and sourcing appropriate types of finance to fund its operations.
Accounting and Finance Process
A process that you collected money for and must deliver it with quality.
Product or Services Delivery Process
System wide quality process with feedback into improvements.
Quality, Process Improvement, and Change Management Process
A set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
Strategic Plan
What do we want to accomplish ultimately?
Vision
How do we accomplish our goals?
Mission
What commitments do we make, and what guardrails do we put in place, to act both legally and ethically as we go forward?
Values
Makes sure each business function supports strategic goals of the business.
Operational Plan
The number of people whom a manager is directly responsible.
Span of Control
Line of authority from top down throughout the business.
Chain of Command
The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
Division of Labor
The whole is greater than the sum of its parts.
Synergy
Ready money in the bank or business.
Cash
The demand for a product is highly responsive to changes in its price.
Elastic Demand
Price increase has minimal effect on quantity and increases in revenue.
Inelastic Demand
An organized process to determine the cost at which a proposed product must be developed so as to generate profits at the product’s anticipated selling price in the future.
Target Costing
Analyze the customer’s needs and problems. Present product benefits and consult with the customer regarding the best solution. Gain commitment for the purchase. Provide excellent service to maintain relationship.
ABC’S of Relationship Selling
The process of conducting one-off, generally impersonal sales where immediately generating revenue is the main priority.
Transactional Selling
Type of selling that emphasizes service after the sale.
Consultative Selling
Type of selling where strategy is given as much attention as selling tactics.
Strategic Selling
A roadmap that matches a firm’s resources to its market opportunities.
Strategic Planning
An executable plan for establishing, building, and maintaining quality relationships (informal partnership).
Relationship Strategy
Become a product expert, sell benefits, and configure value added solutions.
Product Strategy
Plan that results in maximum responsiveness to the customer’s needs.
Customer Strategy
A long term symbiotic relationship, occurring when the seller is seen as offering additional value for which the customer is willing to commit.
Partnering
Multiple companies collaborate to achieve a result. (Typically increasing profit)
Strategic Alliances
A piece of information that indicates that an individual or entity is a potential customer.
Lead
The process by which the sales and/or marketing teams make the initial evaluation about whether or not their company is likely to succeed in making a sale to a potential customer.
Lead Qualification
A formal process by which companies document their requirements for a product or service and solicit try to obtain competitive bids.
Request for Proposal (RFP)
Formal document that describes a vendor’s idea to deliver a product or service to satisfy the requirements which have been specified in an RFP.
Proposal
The development, application, and distribution of content across various media to convey information.
Communicaiton
Inevitable, Consequences, Irreversible, Full of Error
Four Communication Truths
Clear, Concise, Coherent
Three C’s of Communication
0-2 Feet
Intimate Territorial Space
2-4 Feet
Personal Territorial Space
4-12 Feet
Social Territorial Space
12-25 Feet
Public Territorial Space
When the buyer and seller don’t share a common understanding of information.
Differences in Perception
Enthusiasm and slight sales pressure is good, but high-pressure techniques erect communication barriers.
Selling Pressure
When you don’t match your style to the client’s style.
Not Adapting to Buyer’s Style
Presenting too much technical information confuses the buyer.
Information Overload
Handling clutter: Refer, Act, File, Trash
RAFT System
A group of customers or a geographic area assigned to a salesperson.
Sales Territory
= Forecasted Sales / Avg Sales per Person
Number of Sales Territories
Uses the number, location, and size of customers and prospects to determine the frequency of sales calls and amount of time a call takes.
Equalized Workload Approach
The establishment of standards of performance for the individual territory in the form of qualitative and quantitative quotas or goals.
Territorial Control
Something that can be objectively checked by inspection, analysis, test, or demonstration.
Verifiable
Within budget and schedule, and technically feasible.
Attainable
Observation using one or more of the five senses, physical manipulation, and measurement to verify that the item conforms to its specified requirements.
Inspection
Actual operation of an item to provide evidence that it accomplishes the required functions under specific scenarios.
Demonstration
Application of scientific principles and procedures to determine the properties or functional capabilities of items.
Test
The use of established technical or mathematical models or simulations, analysis, or other scientific principles and procedures to provide evidence that the item meets its stated requirements.
Analysis
Requirements or things the solution must or must not do.
Constraints
Factors that are scored.
Criteria
Concentrate, Acknowledge, Restate, Empathize
CARE (Way to be a better listener)
The discipline dealing with what is good and bad and with moral duty and obligation.
Ethics
The moral principles, policies, and values that govern the way companies and individuals engage in business activity.
Business Ethics
Would this choice violate a law or policy of my employer?
Legality/Policy Test
Do the benefits outweigh the harms?
Harm Test
Would I think this choice were good if I traded places with someone else?
Reversibility Test
What would professional colleagues say?
Colleague Test
How would this choice look on the front page of a newspaper?
Publicity Test
What if everyone behaved this way?
Common Practice Test
Countries have export and import policy. Export/import rules are foreign policy. Licenses include specific restrictions. Hardware, technology, processes, production, and software. Frequently applies to significant military equipment components.
Export Control Requirements (ECR)
Formal licensing process with specific restrictions. Different license types required. Separate from classification. Export can happen in a casual conversation. Military equipment.
International Trafficking Arms Regulations (ITAR)
Targeted at prohibiting bribery/corruption outside the US. Foreign firms also must comply if any US connection.
Foreign Corrupt Practices Act (FCPA)
Prevent or control monopolies or agreements that restrict competition between businesses to bring quality products at fair prices.
Anti-Trust
Focused on preventing excess profit when working with the federal government.
Federal Acquisition Regulations (FAR)
Must report your actual expected cost with accurate/proper time accounting.
Truth In Negotiation Act (TINA)
