MBA Marketing Management Flashcards
1
Q
What is Marketing?
A
Identifying and meeting human and social needs; meeting needs profitably.
2
Q
What is Marketing Management?
A
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
3
Q
What is Marketed?
A
Goods, services, events, experiences, persons, places, properties, organizations, information, ideas.
4
Q
Who is a Marketer?
A
Someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the prospect.
5
Q
What are Touch Points?
A
Where a customer directly or indirectly interacts with the company.
6
Q
What are the 4 Key Customer Markets?
A
Consumer, Business, Global, and Nonprofit.
7
Q
What are Needs?
A
Basic human requirements such as air, food, water, clothing, and shelter.
8
Q
What are the 5 Types of Needs?
A
Stated needs, real needs, unstated needs, delight needs, secret needs.
9
Q
What are Stated Needs?
A
Example: Customer wants an expensive car.
10
Q
What are Real Needs?
A
Example: The customer wants a car whose operating cost, not initial price, is low.
11
Q
What are Unstated Needs?
A
Example: The customer expects good service from the dealer.
12
Q
What are Delight Needs?
A
Example: The customer would like the dealer to include an onboard GPS system.
13
Q
What are Secret Needs?
A
Example: The customer wants friends to see him or her as a savvy consumer.
14
Q
What is a Value Proposition?
A
The set of benefits or values it promises to deliver to consumers to satisfy their needs.
15
Q
What is Paid Media?
A
A category of promotional tactic based on the traditional advertising model, whereby a brand pays for media space.
16
Q
What is Engagement?
A
The extent of a customer’s attention and active involvement with a communication.
17
Q
What is Value?
A
Sum of the tangible and intangible benefits and costs.
18
Q
What is Satisfaction?
A
Reflects a person’s judgement of a product’s perceived performance in relationship to expectations.
19
Q
What is the Task Environment?
A
The actors engaged in producing, distributing, and promoting the offering.
20
Q
What is the Broad Environment?
A
Demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment.
21
Q
What is the Production Concept?
A
The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
22
Q
What is the Product Concept?
A
Consumers favor products that offer the most quality, performance, and features. Focus is on continuous product improvements.
23
Q
What is the Selling Concept?
A
Holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products.
24
Q
What is the Marketing Concept?
A
The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.
25
What is the Holistic Marketing Concept?
Based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
26
What is Relationship Marketing?
Aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business.
27
What is a Marketing Network?
Ultimate outcome of relationship marketing is a unique company asset.
28
What is Internal Marketing?
Element of holistic marketing that involves hiring, training, and motivating able employees who want to serve customers well.
29
What is Performance Marketing?
Requires understanding the financial and non-financial returns to business and society from marketing activities and programs.
30
What is Integrated Marketing?
Devise marketing activities and programs that create, communicate, and deliver value such that 'the whole is greater than the sum of its parts.'
31
What are the 4 P's of Marketing?
Product, Price, Place, Promotion.
32
What are the Updated 4 P's?
People, Processes, Programs, Performance.
33
What are the 3 Major Market Forces?
Technology, Globalization, Social Responsibility.
34
What are the Two Key Market Outcomes?
1. New consumer capabilities 2. New company capabilities.
35
What are the Four Fundamental Pillars of Holistic Marketing?
Relationship marketing, integrated marketing, internal marketing, performance marketing.
36
What is a Global Industry?
Competitors' strategic positions in major geographic or national markets are affected by their overall global positions.
37
What is a Global Firm?
Operates in more than one country and captures R&D, production, logistical, marketing, and financial advantages not available to purely domestic competitors.
38
What is the Waterfall Approach?
Gradually entering countries in sequence.
39
What is the Sprinkler Approach?
Entering many countries simultaneously.
40
What are the methods for Deciding How to Enter the Market?
Indirect exporting, direct exporting, licensing, joint ventures, and direct investment.
41
What is Straight Extension?
Introduces the product in the foreign market without any change.
42
What is Product Adaptation?
Alters the product to meet local conditions or preferences.
43
What is Product Invention?
Creating new products or services for foreign markets.
44
What is Communication Adaptation?
Changing marketing communications programs for each local market.
45
What is Dual Adaptation?
Adapt product, adapt communications.
46
What is Price Escalation?
Raising the price to cover the added cost of transportation, tariffs, middleman margins, and the risk of currency fluctuations so it can earn the same profit.
47
What is a Gray Market?
Diverts branded products from authorized distribution channels either in-country or across international borders.
48
What is a Functional Organization?
The most common form of marketing organization with different marketing functions headed by a functional specialist.
49
What is a Geographic Organization?
Sales and marketing people are assigned to specific countries, regions, and/or districts.
50
What is a Product-or-Brand Management Organization?
Companies producing a variety of products and brands often establish a product or brand management organization.
51
What is a Market Management Organization?
A market manager supervising several market development managers, market specialists or industry specialists and drawing on functional services as needed.
52
What is a Matrix Management Organization?
Companies that produce many products for many markets may adopt a matrix organization employing both product and market managers.
53
What is Sustainability?
The ability to meet humanity's needs without harming future generations.
54
What is Cause-Related Marketing (CRM)?
Links the firm's contributions toward a designated cause to customers' engaging.
55
What can Marketing do?
Build brand awareness, enhance brand image, establish brand credibility, evoke brand feelings, create a sense of brand community and elicit brand engagement.
56
What is Social Marketing?
Nonprofit or government organizations furthers a cause.
57
What is a Value Chain?
A network of value-creating activities.
58
What are the primary activities of the Value Chain?
Inbound logistics, operations, outbound logistics, marketing and sales, service.
59
What are the secondary activities of the Value Chain?
Procurement, technology development, human resource management, firm infrastructure.
60
What is the Market Sensing Process?
Gathering and acting upon information about the market.
61
What is the New Offering Realization Process?
Researching, developing, and launching new high-quality offerings quickly and within budget.
62
What is the Customer Acquisition Process?
Defining target markets and prospecting for new customers.
63
What is the Customer Relationship Management Process?
Building deeper understanding, relationships, and offerings to individual customers.
64
What is the Fulfillment Management Process?
Receiving and approving orders, shipping goods on time, and collecting payment.
65
What is a Value Delivery Network?
Supply chain.
66
What are the characteristics of a Core Competency?
Source of competitive advantage and makes a significant contribution to perceived customer benefits; it has applications in a wide variety of markets; it is difficult for competitors to imitate.
67
What is a Strategic Marketing Plan?
Lays out the target markets and the firm's value proposition, based on an analysis of the best market opportunities.
68
What is a Tactical Marketing Plan?
Specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service.
69
What is a Mission Statement?
A statement of the organization's purpose - what it wants to accomplish in the larger environment.
70
What are the 4 Planning Activities?
Defining the corporate mission, establishing strategic business units, assigning resources to each unit and assessing growth opportunities.
71
What are the 3 characteristics of Strategic Business Units (SBU)?
It is a single business or collection of related businesses that can be planned separately from the rest of the company; it has its own set of competitors; it has a manager responsible for strategic planning and profit performance who controls most of the factors affecting profits.
72
What are Growth Opportunities?
Intensive growth, integrative growth, diversification growth.
73
What is Intensive Growth?
The production of more goods or services by using existing factors of production with greater efficiency.
74
What is Integrative Growth?
A business can increase sales and profits through backward, forward, or horizontal integration within its industry.
75
What is Diversification Growth?
Expansion by entering related or new business areas.
76
What is Corporate Culture?
The shared experiences, stories, beliefs, and norms that characterize an organization.
77
What is Scenario Analysis?
Process of devising a list of possible economic scenarios and specifying the likelihood of each one, as well as the HPR that will be realized in each case.
78
What is SWOT Analysis?
Strengths, weaknesses, opportunities, threats.
79
What is the External Environment?
Opportunities and threats.
80
What is the Business Unit Strategic Planning Process?
- Business Mission
- SWOT Analysis
- Goal Formulation
- Strategy Formulation
- Program Formulation
- Implementation
- Feedback and Control.
81
What is a Marketing Opportunity?
Area of buyer need and interest that a company has a high probability of profitably satisfying.
82
What are the 3 Main Sources of Market Opportunity?
Offer something in short supply; supply an existing product or service in a new or superior way; main source market opportunities which can lead to a whole new product.
83
What do Marketers need to be good at spotting?
Opportunities from converging industry trends, making a buying process more convenient or efficient, meeting the need for information and advice, customizing an offering, introducing a new capability, delivering products or services faster, offering a much lower price.
84
What is Market Opportunity Analysis (MOA)?
The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.
85
What is an Environmental Threat?
Challenge posed by an unfavorable trend or development that, in the absence of defensive marketing action, would lead to lower sales or profit.
86
What is Goal Formulation?
The process of developing specific goals for the planning period.
87
What is a Strategy?
A 'game plan' that enables a company to attract customers by distinguishing itself from competitors.
88
What are the 3 Generic Strategies?
Overall cost leadership, differentiation, focus.
89
What is Partner Relationship Management (PRM)?
Discovers optimal sales channels by selecting the right partners and identifying mutual customers.
90
What is a Marketing Plan?
A written document that acts as a guidebook of marketing activities for the marketing manager.
91
What are the Contents of a Marketing Plan?
Executive summary, Table of contents, Situation analysis, Marketing strategy, Marketing tactics, Financial projections, Implementation controls.
92
What is Marketing Implementation?
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.
93
What are Marketing Metrics?
The set of measures that helps marketers quantify, compare, and interpret marketing performance.
94
What are Marketing Dashboards?
A concise set of interconnected performance drivers to be viewed in common throughout the organization.
95
What are Marketing Mix Models?
Analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities.
96
What is a Marketing Audit?
A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.
97
What is a Marketing Information System (MIS)?
Consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
98
What is a Customer Database?
Organized collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic, and behavioral data.
99
What is Database Marketing?
The process of building, maintaining, and using databases for the purpose of contacting, transacting, and building customer relationships.
100
What is a Data Warehouse?
Marketers can capture, query, and analyze data to draw inferences about individual customers' needs and responses.
101
What is Data Mining?
Extract from the mass of data useful insights about customer behavior, trends, and segments.
102
What is a Marketing Intelligence System?
Set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment.
103
What is Marketing Research?
The function that links an organization to its market through the gathering of information.
104
What are Marketing Insights?
Provide diagnostic information about how and why we observe certain effects in the marketplace and what that means to marketers.
105
What is the Marketing Research Process?
1. Defining the problem and research objectives 2. Developing the research plan for collecting information 3. Implementing the research plan - collecting and analyzing the data 4. Interpreting and reporting the findings.
106
What is Ethnographic Research?
Use concepts and tools from anthropology and other social science disciplines to provide deep cultural understanding of how people live and work.
107
What is a Focus Group?
Seven to ten people who participate in a group discussion led by a moderator.
108
What is Experimental Research?
Designed to discover causal relationships between various factors.
109
What are the 3 Main Research Instruments to collect primary data?
Questionnaire, closed-ended questions, qualitative research.
110
What is Measure of Market Demand?
Potential market, available market, target market, penetrated market.
111
What is Market Demand?
The demand by all the consumers of a given good or service.
112
What is Market Share?
A company's product sales as a percentage of total sales for that industry.
113
What is Market Forecast?
Expected demand not the maximum demand.
114
What is Market Potential?
The limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment.
115
What is Company Demand?
The company's estimated share of market demand at alternative levels of company marketing effort in a given time period.
116
What is Company Sales Forecast?
The expected level of company sales based on a chosen marketing plan and an assumed marketing environment.
117
What is a Sales Quota?
The sales goal set for a product line, company division, or sales representative.
118
What is a Sales Budget?
A conservative estimate of the expected volume of sales, primarily for making current purchasing, production, and cash flow decisions.
119
What is Company Sales Potential?
The sales limit approached by company demand as company marketing effort increases relative to that of competitors.
120
What is Total Market Potential?
The maximum sales available to all firms in an industry during a given period, under a given level of industry marketing effort and environmental conditions.
121
What is Forecasting?
The art of anticipating what buyers are likely to do under a given set of conditions.
122
What is a Trend?
Direction or sequence of events with momentum and durability, revealing the shape of the future.
123
What is a Fad?
Craze that is unpredictable, of brief duration and without long-term significance.
124
What are the 6 Major Forces?
Demographic, economic, sociocultural, natural, technology, and political-legal.
125
What is a Subculture?
Groups of people with shared value systems based on common life experiences and situations.
126
What is Corporate Environmentalism?
Recognizes the need to integrate environmental issues into the firm's strategic plans.
