Marketing Exam 1 Flashcards
(168 cards)
1
Q
Is ensuring that financial statements correctly reflect the value of the firm’s brands a core aspect of marketing?
A
No
2
Q
Are Satisfying customer needs and wants, creating value, and an exchange process part of marketing?
A
Yes
3
Q
Does marketing have to do with product, place, and promotion decisions?
A
Yes
4
Q
What is it called when customers give up things that they value - for example, time, money, or information - to a firm in return for goods, services, or ideas?
A
A Marketing Exchange
5
Q
What do the four P’s comprise?
A
Marketing Mix
6
Q
What is the Marketing Mix?
A
The controllable set of activities that the firm uses to respond to the wants of its target market
7
Q
What are Services?
A
Intangible customer benefits that are produced by people or machines, and cannot be separated from the producer
8
Q
What is the goal of promotion?
A
To inform, persuade, or remind potential buyers about a good or service to influence their options and elicit a response
9
Q
Do marketing firms focus on making a profit above all else to become more value driven?
A
No
10
Q
What four activities do Marketing Firms focus on to become more Value Driven?
A
- ) Sharing information about their customers and competitors
- ) Striving to balance their customer’s benefits and costs
- ) Concentrating on building relationships with customers
- ) Taking advantage of new technologies such as social and mobile media
11
Q
Do customers seek benefits and consider trade-offs among them, while also considering costs?
A
Yes
12
Q
In Value-Based marketing, must the marketer seek the lowest cost of the goods and avoid expensive features to give customers the greatest value?
A
No
13
Q
In Value-Based marketing, must the marketer find opportunities to meet as many needs as possible while also keeping costs down?
A
Yes
14
Q
Firms that focus on the lifetime profitability of their relationships with their customers as opposed to how much money they make in each transaction operate under a ____________ orientation.
A
Relational
15
Q
What is the distribution chain?
A
The group of firms that make and deliver a given set of goods and services
16
Q
Do marketers advice the human resource department on the right type of employees to hire?
A
No
17
Q
Do marketers advise how much of a product should be produced?
A
Yes
18
Q
Do marketers advise the logistics department when it should ship products?
A
Yes
19
Q
Do marketers create long-lasting relationships between the company and the firms from which it buys?
A
Yes
20
Q
Do marketers assist the firm in whether or not to expand globally?
A
Yes
21
Q
What are sources of a Sustainable Competitive Advantage?
A
Supply Chain Efficiency, A Strong Brand Name, and Customer Satisfaction
22
Q
What can marketers develop a sustainable competitive advantage through if their products have high perceived value and effective branding or positioning?
A
Product Excellence
23
Q
What document analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four P’s, action plans, and pro forma financial statements?
A
The Marketing Plan
24
Q
Which of the five steps of the strategic marketing planning process comes first?
A
Define the business mission
25
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
26
Which parts of SWOT are internal?
Strengths and Weaknesses
27
Which parts of SWOT are external?
Opportunities and Threats
28
What happens in target marketing?
Evaluating of each potential segment's attractiveness
29
What happens in the implementation stage of market planning?
Executing of pricing, promotion, place, and product strategies
30
What are measuring systems that quantify a trend, dynamic, or characteristic?
Metrics
31
What has high growth rate and a high market share?
Star
32
What has high growth rate and low market share?
Question Mark
33
What has low growth rate and high market share?
Cash Cow
34
What has low growth rate and low market share?
Dog
35
Is market development on of the four major growth strategies?
Yes
36
Are Mergers and Acquisitions part of the major growth strategies?
No
37
A firm's macroenvironment includes ___________ factors, which the marketer cannot ___________________.
External; Control
38
What is the center of all marketing efforts?
The consumer
39
Are demographics a macroenvironmental factor?
Yes
40
Are changes in laws and regulations a macroenvironmental factor?
Yes
41
Are the firm's competitors a macroenvironmental factor?
No
42
What is culture?
The shared meanings, beliefs, morals, values, and customs of a group of people
43
What is marketing?
A set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
44
Compared to other groups, members of the ______________ generation are more likely to marry and buy homes later in life, are more cynical, are shopping savvy, and are considered to be absolute customers.
Generation X
45
Must marketers monitor red/blue marketing in election years?
No
46
Must marketers monitor the green market?
Yes
47
Must marketers monitor privacy concerns?
Yes
48
What information provides marketers with a snapshot of the typical customer in a specific target market?
Demographics
49
Does Marketing entail an exchange?
Yes
50
What are the four P's?
1. ) Product
2. ) Price
3. ) Promotion
4. ) Place
51
What does Product do in the four P's?
Create Value
52
What does Price do in the four P's
Capturing Value
53
What does Promotion do in the four P's?
Communication Value
54
What does Place do in the four P's?
Delivering Value
55
What is the fundamental purpose of marketing?
To create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs
56
When marketers systematically collect, record, analyze, and interpret data in order to aid in decision making, they are engaged in...
Marketing Research
57
What uses a variety of statistical analysis tools to uncover previously unknown patterns in data or relationships among variables?
Data Mining
58
What type of data can be tailored to meet specific marketing research needs?
Primary
59
What is another word for Place (Four P's)
Supply Chain Management
60
What describes all activities necessary to get the product to the right customer when the customer wants it?
Place
61
What is Promotion?
Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response
62
Is Marketing performed by individuals or organizations?
Both
63
What are the 3 Phases of a Strategic Plan?
1. ) Planning
2. ) Implementing
3. ) Controlling
64
What are the 5 Steps of the Marketing Plan?
1. ) Business Mission and Objectives
2. ) Situation Analysis (SWOT)
3. ) Identify Opportunities
4. ) Implementing Marketing Mix
5. ) Evaluating Performance Using Marketing Metrics
65
What 2 Steps of the Marketing Plan are in the Planning Phase?
1. ) Step 1: Business Mission & Objectives
| 2. ) Step 2: Situation Analysis (SWOT)
66
What 2 Steps of the Marketing Plan are in the Implementation Phase?
1. ) Step 3: Identify Opportunities
| 2. ) Step 4: Implementing Marketing Mix
67
What Step of the marketing Plan is in the Control Phase?
Step 5: Evaluate Performance Using Marketing Metrics
68
What does a Firm's Marketing Strategy Identify?
1. ) The firms target market
2. ) A related marketing mix (4 P's)
3. ) The basis on which a firm plans to build a sustainable competitive advantage
69
What is a sustainable competitive advantage?
An advantage over the competition that is not easily copied, and thus can be maintained over a long period of time
70
What are the Four Macro Strategies to develop a sustainable competitive advantage?
1. ) Customer Excellence
2. ) Operational Excellence
3. ) Product Excellence
4. ) Locational Excellence
71
What is Customer Excellence?
Outstanding customer service and excelling at retaining loyal customers
72
What is Locational Excellence?
Physical excellence and internet presence
73
What is Operational Excellence?
Supply Chain Management, Relationship with suppliers, sophisticated information systems
74
What does STP stand for?
Segmentation, Targeting, and Positioning
75
What type of strategy is growing the business from existing customers?
Product Development and Market Penetration
76
Which Strategy is the riskiest?
Diversification
77
What does the Immediate Environment Include?
The company's capabilities, competitors, competitive intelligence, and the company's corporate partners
78
What does JIT stand for?
Just in Time delivery systems
79
Why are firms part of alliances?
Firms work together to create a system that delivers goods and services to customers when and where they want them
80
What does PEST stand for?
Political, Economic, Social, Technology
81
What is PEST used in?
Environmental Analysis
82
What does the Political part of PEST include?
Competitive Practice and Trade Legislation
83
What are Examples of the Economic part of PEST?
Foreign Currency Fluctuations and inflation and interest rates affecting firms' ability to market goods and services
84
What are Examples of Social Trends?
1. ) Health and Wellness Concerns
2. ) Green
3. ) Privacy
85
True or False: Technology is arguably the most important change in the way we live
True
86
Country Culture vs. Regional Culture
Goods can sometimes be removed by a company entirely and this may cause an uprise in a region that this good sells well in. This causes the company to only sell the good in that one region
87
Baby Boomers
Value Leisure time and are careless about how they spend
88
Gen Y
Children of Baby Boomers, Work/Life balance, marriage is secondary
89
Gen Z
High Purchasing power, internet, highly influenced by peers
90
Demographics
Provide an easily understood snapshot of the typical consumer in a specific target market
91
What is the center of everything in marketing??
The consumer
92
What is the key to STP
Understanding the consumer
93
What is the key to the marketing mix?
Understanding Needs
94
What are the steps of STP
1. ) Dividing the marketplace into subgroups or segments
2. ) Determine which of those segments to pursue
3. ) Deciding how to position yourself and your products and services to best meet the needs of your target market
95
What comes after the situation Audit?
STP
96
What part of the 4 P's are goods, services or ideas?
Product
97
Is Price (in the 4 P's) cost based or market based?
Both
98
What part of the 4 P's communicates, Persuades, and informs?
Promotion
99
What part of the 4 P's delivers the product to the customer?
Place
100
What are the 5 steps of the consumer decision process?
1. ) Need Recognition
2. ) Information Search
3. ) Alternative Evaluation
4. ) Purchase
5. ) Post Purchase
101
What are the two types of needs that customers fulfill?
Functional and psychological
102
What are the two types of information searches?
1. ) Internal
| 2. ) External
103
What are 2 Factors affecting Consumer's Search Process?
1. ) Perceived Benefits
| 2. ) Perceived Costs
104
What are the 5 Types of Risks?
1. ) Performance Risk
2. ) Financial Risk
3. ) Social Risk
4. ) Physiological Risk
5. ) Psychological Risk
105
What is Performance Risk?
The perceived danger inherent in a poorly performing product or service
106
What is Financial Risk?
The monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service
107
What is Social Risk?
Worry others might not regard their purchase posatitively
108
What is Physiological risk?
Fear of an actual harm should the product not perform properly
109
What is Psychological Risk?
Risks associated with the way people feel if the product or service does not convey the right imagetri
110
What are the 3 Attribute Sets?
1. ) Universal
2. ) Retrieval
3. ) Evoked
111
What are Universal Attribute Sets?
All possible choices for a product category
112
What are Retrieval Attribute sets?
Brands or stores that can be readily brought forth from memory
113
What are Evoked Sets?
Comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision
114
What does Evaluative Criteria consist of?
A set of important attributes about a particular product
115
What are Determinant Attributes?
Product or service features that are important to the buyer and on which competing brands or stores are perceived to differ
116
What are Consumer Decision Rules?
A set of criteria that consumers use consciously or subconsciously to quickly and efficiently select among several alternatives
117
What is the conversion rate used for?
measuring how well retailers convert purchase intentions into actual purchases
118
What are the Psychological Factors that influence consumer decisions?
1. ) Motives
2. ) Attitudes
3. ) Perceptions
4. ) Learning
5. ) Lifestyle
119
What are Motives?
Needs or wants that are strong enough to cause the person to seek satisfaction.
120
What is Attitude?
A person's enduring evaluation of his or her feelings about behavioral tendencies toward an object or idea
121
What are the 3 components of Attitudes?
1. ) Behavioral
2. ) Cognitive
3. ) Affective
122
What is Perception?
The process by which we select, organize, and interpret information to form a meaningful picture of the world.
123
Can Perception Change?
Yes
124
What is the difference between Learning and Lifestyle?
Learning affects both attitudes and perceptions
| Lifestyle involves decisions in spending time and money
125
What are the Social Factors that Influence Consumer Decisions?
1. ) Family
2. ) Reference Groups
3. ) Culture
126
Why is family important in customer decisions?
Many purchase decisions are made about products or services that the entire family will consume or use
127
What are Reference Groups?
One or more people who an individual uses as a basis for comparison regarding feelings, beliefs, and behaviors
128
What do Reference Groups Provide?
1. ) Information
2. ) Rewards
3. ) Self-Image
129
What is Culture?
The shared meanings, beliefs, morals, values, and customs of a groups of people
130
What are the 2 Situational Factors?
1. ) Purchase situation
| 2. ) Shopping situation
131
What is Marketing Research?
It consists of a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.
132
What are the 5 steps of Market Research?
1. ) Defining the Objectives and research needs
2. ) Designing the research
3. ) Data collection process
4. ) Analyzing data and developing insights
5. ) Action Plan and implementation
133
What are the 2 types of external secondary data?
1. ) Scanner Research
| 2. ) Panel Research
134
What are the 4 types of Qualitative Research?
1. ) Observation
2. ) In-Depth Interviews
3. ) Focus Groups
4. ) Social Media
135
What are the 4 types of Quantitative Research?
1. ) Experiments
2. ) Survey
3. ) Scanner
4. ) Pannel
136
Observation often costs nothing. TRUE OR FALSE
True
137
What are the advantages to Secondary Research?
1. ) Saves Time
| 2. ) Free or inexpensive
138
What are examples of secondary Data?
1. ) Census Data
2. ) Sales Invoices
3. ) Internet Information
4. ) Books
5. ) Journal Articles
6. ) Syndicated Data
139
What are Disadvantages of Secondary Data?
1. ) May not be precisely what you want
2. ) Might not be within recent time
3. ) May not be original sources
4. ) May use inappropriate data collection methods
5. ) Data sources may be biased
140
What are examples of Primary Data?
1. ) Observed Customer Behavior
2. ) Focus Group
3. ) Survey
4. ) Experiments
141
What are Advantages of Primary Data?
1. ) Specific
2. ) Behavioral Insight
3. ) Not available from secondary research
142
What are disadvantages of primary data?
1. ) Expensive
2. ) Time consuming
3. ) Harder to do
143
What 2 Parts of STP are in segmentation?
1. ) Strategy or Objectives
| 2. ) Segmentation Methods
144
What 2 Parts of STP are in Targeting?
1. ) Evaluate Segment Attractiveness
| 2. ) Select Target Market
145
What part of STP is in Positioning?
Identify and Develop Positioning Strategy
146
What are the 5 types of segmentation?
1. ) Geographic
2. ) Demographic
3. ) Psychographic
4. ) Benefits
5. ) Behavioral
147
What is Geographic Segmentation?
Regional: Continent, country, state, county
148
What is Demographic Segmentation?
Age, Gender, Income
149
What is Psychographic Segmentation?
Lifestyle, Self-Concept, Self-Values
150
What is Benefits Segmentation?
Convenience, Economy, Prestige
151
What is Behavioral Segmentation?
Occasion, Loyalty
152
What is the most common segmentation?
Demographic
153
What are the 5 determinants of segment attractiveness?
1. ) Substantial
2. ) Reachable
3. ) Responsive
4. ) Profitable
5. ) Identifiable
154
What is a target market?
A group of consumers against whom we want to aim our marketing
155
How large should a target market be?
Large enough to represent a growth opportunity but narrow enough for our marketing to be relevant
156
What is Positioning?
The act of designing the company's offering and image to occupy a distinct place in the mind of the target market
157
What are the 4 elements that help define the brand?
1. ) Target Market
2. ) Frame of Reference
3. ) Point of Difference
4. ) Product Attributes
158
What is Frame of Reference?
Consumer grouping of like products or services for which our brand can effectively substitute
159
What is Point of Difference?
Specific benefit we want consumers to primarily associate with our Brand
160
What is Product Attributes?
Most convincing and preemptive support (usually product-based)
161
Product Positioning Statement Example
To ______________________ (core user), Product ________________ is the ________________________ (Frame of Reference) that _______________________ (Point of difference).
162
What are the Components of a product?
1. ) Actual Product (Name, Quality level, Packaging, Features)
2. ) Associated Services (Financing, Product Warranty, Product Support)
163
What is a product Mix?
The complete assortment of products a company offers
164
What are Product Lines?
Groups of associated items that consumers tend to think of as a part
165
What is Breadth?
The number of product lines
166
What is Depth?
Number of products within a product line
167
What Makes a brand?
1. ) Brand Name
2. ) URLs
3. ) Logos and Symbols
4. ) Characters
5. ) Slogans
6. ) Jingles / Sounds
168
What is Brand Equity?
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service
