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Marketing > Marketing Quiz 1 (ch 1, 2, 3) > Flashcards

Marketing Quiz 1 (ch 1, 2, 3) Flashcards

1
Q

The 4 P’s

A

Promotion, product, price, place

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2
Q

marketing mix

A

communicating, creating, exchanging, delievering, value

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3
Q

Personal value equation

A

VALUE = BENEFITS RECEIVED – (PRICE + HASSLE)

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4
Q

Market oriented

A

degree to which a company seeks to fulfill consumer want and needs

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5
Q

goals of marketing

A

discover the needs and wants of customers and satisfy them

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6
Q

value era (now)

A

companies focus on creating value for customers

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7
Q

one to one era (now)

A

build relationships with customers one at a time

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8
Q

transformative era (now)

A

transforming companies and products to serve the customers more

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9
Q

marketing plan

A

strategy for implementing the component of marketing: creating, communicating, delivering, and exchanging value.

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10
Q

value proposition

A

thirty-second elevator speech stating the specific benefits a product or service offering provides a buyer

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11
Q

strategic planning

A

a process that helps an organization allocate its resources to capitalize on opportunities in the marketplace

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12
Q

Situation analysis

A

analyzes external factors, internal factors, and uses SWOT

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13
Q

mission statement

A

shows purpose of the organization and why it exists

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14
Q

marketing plan

A

a strategic plan that provides direction

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15
Q

Marketing strategy

A

the means for the goal to be achieved

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16
Q

Marketing tactics

A

the detailed day to day operational marketing actions that contribute to the success of marketing strategies

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17
Q

product / market entry strategies quadrants

A

market penetration, market development, product development, diversification

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18
Q

market penetration

A

increase sales

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19
Q

market development

A

sell current products to new markets

20
Q

product development

A

sell new products to current markets

21
Q

diversification

A

develop new products to sell in new markets

22
Q

five forces model

A

potential new entrants, bargaining power of buyers, substitutes, suppliers, and competitive rivalry (middle)

23
Q

portoflio planning

A

analyzing a firms entire collection of businesses relative to one another.

24
Q

Boston Consulting Group (BCG) matrix based on

A

SBU’s market growth rate and SBU’s relative market share

25
Q

question marks (BCG Matrix)

A

low market share and high market growth

26
Q

stars (BCG Matrix)

A

high market share and high market growth

27
Q

cash cows (BCG Matrix)

A

high market share and low market growth

28
Q

General Electric (GE) business and industry planning model

A

examines a business’s strengths and the attractiveness of the industry and evaluates the strength and attractiveness of industries as high, medium, and low

29
Q

dogs (BCG Matrix)

A

low market share and low market growth

30
Q

SBU looks at

A

market share, growth of the SBU, size of the opportunity, potential for profit, environmental factors, and competitive conditions

31
Q

Green (SBU)

A

invest for growth

32
Q

Yellow (SBU)

A

status quo

33
Q

Red (SBU)

A

divest

34
Q

Consumer behavior

A

why people shop for products, buy and use them, become loyal customers, and dispose of them

35
Q

consumer behavior - situational factors

A

social situation, time, reason for the purchase, mood, economic situation

36
Q

consumer behavior - personal factors

A

personality and self-concept, gender, age, stage of life, and lifestyle

37
Q

consumer behavior - psychological factors

A

motivation, perception, learning, attitude

38
Q

consumer behavior - societal factors

A

culture, subculture, social class, reference groups, opinion leaders, influencers

39
Q

consumer purchasing process

A

need recognition, search for product information, product evaluation, product choices and purchase, postpurchase use and evaluation of product, disposal of the product

40
Q

low involvement decisions

A

used for products that carry a low risk of failure or have a low price tag

41
Q

high involvement decisons

A

used for products that carry a high price tag or high level of risk

42
Q

consumer touchpoints

A

a marketer’s product, service, or brand points of contact with a consumer from start to finish in the purchase decision process.

43
Q

Consumer Journey Map

A

a visual representation of all the touchpoints for a consumer who comes into contact with a company’s products, services, or brands before, during, and after a purchase

44
Q

Maslow’s Hierarchy of Needs

A

physiological, safety, love/belonging, esteem, self-actualization

45
Q
A

Marketing (1 decks)

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