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A&P(1) > Marketing Exam > Flashcards

Marketing Exam Flashcards

1
Q

Stars

A

SBUs whose products have a dominant market share in high-growth markets

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2
Q

Question Marks

A

SBUs whose products have a low market share in high growth markets

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3
Q

Cash Cows

A

SBUs whose products have a dominant market share in a low-growth market

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4
Q

Dogs

A

SBUs nobody wants

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5
Q

Triple Bottom Line

A

Management seeks to maximize financial, social, and environmental bottom lines

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6
Q

What is marketing first and foremost about?

A

Satisfying customer needs

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7
Q

What is the evolution of the marketing concept?

A

The idea that organizations succeed when they satisfy customers needs

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8
Q

CX (Customer Experience)

A

The overall assessment of every interaction the customer has experienced with a business

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9
Q

What is the production era?

A
  • Marketing dominated by a production orientation
  • A management philosophy that emphasizes the most efficient ways to produce and distribute products
  • At the beginning of the industrial revolution, when demand for products outstripped supply
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10
Q

What does Triple Bottom Line put emphasis on?

A

Sustainability, accountability, ROI, and ROMI (return on marketing investment)

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11
Q

Perceived Value

A

The ratio of perceived benefits to perceived costs

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12
Q

What is disruptive marketing?

A
  • Stepping outside of the box
  • The only way to stay in business for the long term
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13
Q

What is World Trade?

A

Refers to the flow of goods and services among different countries

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14
Q

Countertrade

A
  • In some countries sufficient
  • Cash or credit is not available. Firms work out deals to trade their producers.
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15
Q

Steps in the decision process to enter global markets

A

Step 1: Wether to go global
Step 2: Which market(s) to enter
Step 3: Level of commitment
Step 4: How to adapt marketing mix strategies (localize and standardize)

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16
Q

What do tarrifs do?

A

Affect the price of goods sold internationally

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17
Q

What are some elements of the external enviroment?

A

Economic environment, competitive environment, political/legal environment, sociocultural environment, decisions in the domestic market, decisions in the global market

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18
Q

Marketing Mix Strategies

A
  • Straight extension
  • Product adaptation
  • Product invention
  • Backward invention
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19
Q

Straight extension

A

Offer the same product into a foreign market

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20
Q

Product Adaptation

A

Some changes in the product depending on what country it is being sold in

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21
Q

Product Invention

A

Create a new product for the new market

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22
Q

Backward Invention

A

Take an existing product and defeature it

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23
Q

Competition in the Microenvironment

A

Involved three types of decision making

24
Q

Competition in the macroenvironment

A
  • Monopoly
  • Oligopoly (small number of sellers w/ substantial market share)
  • Monopolistic Competition (May sellers who compete for buyers in a market - small market share)
  • Perfect Competition (Many sellers each offering the same good at the same price with the same level of demand)
25
Q

Xenocentrism

A

When someone believes another country is better than their own in some way
Ex) Americans believe Germans make better cars

26
Q

Ethnocentrism

A

The belief that your country is better than another

27
Q

Levels of Business Planning

A
  • Strategic Planning
  • Functional Planning
  • Operational Planning
28
Q

Strategic Planning

A

Planning done by corporate and/or SBU-level management
1) Define the mission
2) Evaluate the internal and external environment
3) Set organized or SBU objectives
4) Establish the business portfolio
5) Develop growth strategies

29
Q

Functional (Market) Planning

A

Planning done by top functional-level management, such as the firm’s chief marketing officer
1) Perform a situation analysis
2) Set marketing objectives

30
Q

Operational Planning

A

Planning done by supervisory managers
1) Develop action plans to implement the marketing plan
2) Use marketing metrics to monitor how the plan is working
* Products to produce (the portfolio)
* Identifying target markets (functional plan)
* Specific new producer ad language, media, selection, cities to run in etc.

31
Q

What makes a good mission statement?

A

Can’t be too narrow, broad, or short sighted

32
Q

Internal Environment

A

A firm’s strengths and weaknesses
- Technologies/patents
- Physical facilities
- Financial stability
- Supplier relationships
- Reputation
- Strong brands
- Human Capital

33
Q

What is a SWOT Analysis

A

Strengths, weaknesses, opportunities, and threats

34
Q

BCG Growth Share Matrix

A

Classifies various SBUs into one of four categories based on the SBU market growth rate and relative market share

35
Q

SBU

A

Strategic business unit

36
Q

Product-Market Growth Strategies Matrix

A

Displays the product-market growth matrix which characterizes different growth strategies according to type of market and type of product

37
Q

Market Penetration Strategy

A

Seek to increase sales of existing products to existing markets

38
Q

Product Development Strategy

A

Create growth by selling new products in existing markets

39
Q

Market Development Strategy

A

Introduce existing products to new markets

40
Q

Diversification Strategy

A

Emphasizes both new products and new markets to achieve

41
Q

What are two measures of actual performance

A

1) Activity metrics
2) Outcome metrics

42
Q

ROMI

A

Return on marketing investment

43
Q

What is ROMI

A

Revenue (or profit) generated by investment in a given marketing program divided by the cost of the program at its given level of risk

44
Q

What is a internal company data system

A
  • Information generated from within the company, often through their intranet and marketing dashboards
  • Used to produce reports on sales and marketing activities
  • Includes sales records: who buys what in what quantities at what intervals
  • Commonly accessed by marketers via secure intranets
45
Q

Cross-Sectional

A

Study a fresh sample of people each time

46
Q

Longitudinal

A

Follow the same sample of people over time

47
Q

Descriptive Research

A

-Systematically investigates a marketing problem
-Conclusions based on a large representative sample of research participants
-Results expressed in quantitative terms

48
Q

Mail questionnaire advantages and disadvantages

A

Advantages
- Respondents feel anonymous
- Low Cost
- Good for ongoing research
Disadvantages
- It may take a long time
- Low rate of response; many consumers may not return questionnaires
- Inflexible questionnaire format
- The length of the questionnaire is limited by the respondents

49
Q

Probability Sampling

A

Each member of the population has some known chance of being included

50
Q

Simple Random Sample

A

Systematic sampling procedure

51
Q

Stratified Sample

A

Researchers obtain more accurate results when they carefully design and implement good sampling techniques.

52
Q

Where does a CRM capture information?

A

CRM captures information at each customer touchpoint

53
Q

Non-probability sampling

A

A sample in which personal judgment is used to select respondents

54
Q

Data mining

A

The process by which analysts identify unique patterns of behavior in big data

55
Q

Data Warehouse

A

A system to store and process data

A&P(1) (16 decks)

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