midterm 1

Question 1

what is the BCG model

Answer 1

2x2 matrix of market share and market growth

Question 2

what are the four sections of the BCG model

Answer 2

cash cow, star, question mark, dog

Question 3

what are the four marketing philosophies. define them

Answer 3

product orientation- all about making a product, sales orientation-agressive sales techniques, market orientation-understand market and customers needs, societal orientation-concerned about environment.

Question 4

what is important about customer acquisition vs retention

Answer 4

costs more to acquire than retain

Question 5

what is CLV? define it

Answer 5

customer lifetime value, measures total revenue a business can expect from a customer over their relationship

Question 6

describe product market expansion matrix

Answer 6

EpEm Market penetration
EpNm Market development
NpEm Product penetration
NpNm Diversification

Question 7

what is the path to profitability?

Answer 7

Marketing environment to Marketing mix to Profitability drivers to Profit

Question 8

How does marketing create value?

Answer 8

Adding target market to the marketing mix

Question 9

What is the marketing mix

Answer 9

product
place
price
Promotion

Question 10

what is marketing strategy

Answer 10

target market + Marketing mix

Question 11

What is SWOT

Answer 11

a combination of internal and external factors that are favorable or unfavorable which result in: Strengths, Weaknesses, Opportunities, Threats

Question 12

Differentiate between the three types of income

Answer 12

gross: all money (before taxes)
Disposable: after taxes
discretionary: after taxes and needs

Question 12

order generations in revers chronological order

Answer 12

Alpha, Z, Y (millennials), X, Baby boomers, Silent, Greatest

Question 13

What are porters five forces?

Answer 13

Competitive rivalry
Power of suppliers
Power of buyers
Threat of entrants
Threat of substitutes

Question 14

what are the External Factors

Answer 14

Regulatory
social
competitive
technological
economic

Question 15

what ways can a firm enter a market?

Answer 15

Licensing
foreign direct investment
joint venture
exporting

Question 16

what are the three marketing strategies when going global

Answer 16

Customization
Standardization
Glocal

Question 17

what are the global expansion risks?

Answer 17

competitive: how others react
economic : country’s economy
legal: inadequate legal protections
political: political situation

Question 18

what is glocal?

Answer 18

going global acting local, mostly standardization with some customization

Question 19

what are the parts of the fraud triangle?

Answer 19

Rationalization, opportunity, Pressure/motivation

Question 20

what are the main marketing myths

Answer 20

1. marketers push products customers don’t want to buy
2. consumers are no match for the power of marketing
3. marketing is deceptive and not truthful or honest
4. marketers believe in planned obsolescence (breaking)

Question 21

what is green marketing

Answer 21

a firm adds green to their products meaning they are good for the environment

Question 22

what are screening questions?

Answer 22

questions that let you know what type of person is taking a survey

Question 23

what are the types of market analysis?

Answer 23

Cross tabs
Analysis of variance
Regression analysis
Factor analysis
Cluster analysis
Discriminant analysis
MaxDiff analysis
Conjoint analysis

Question 24

what is Cross tabs

Answer 24

• frequency counts
• conditions, attitudes and/or behaviors that occur most often

Question 25

what is analysis of variance

Answer 25

• variability around an average
• averages that differ beyond expecte variability

Question 26

what is regression analysis

Answer 26

• relationship between variable and one or more independent or predictor variables

Question 27

what is factor analysis

Answer 27

• data reduction techniques
• identify highly correlated variables, group into factors

Question 28

what is cluster analysis

Answer 28

• classifies objects or people onto groups based on similarities
• divide markets into segments

Question 29

what is discriminant analysis

Answer 29

• ability of predictor variable to discriminate between categories
• generate perceptual maps depicting brands
• usedto assign people to groups

Question 30

what is MaxDiff analysis

Answer 30

• measures most/least important or most/least appealing
• determine choice preferences

Question 31

what is conjoint analysis

Answer 31

• estimates the value of component attributes given tradeoffs
• develop new products and identify pricing alternatives

Question 32

what are the advantages/disadvantages of primary and secondary data

Answer 32

primary: costs and time are more but data is more useful to a specific problem
secondary: costs and time are less but data might not answer specific questions/problems

Question 33

what is data wrangling?

Answer 33

Cleaning, unifying, and preparing unorganized/scattered data for easy access and analysis

Question 34

what is data exploration?

Answer 34

discovery through numerical summaries and visualizations

Question 35

what is data modeling?

Answer 35

• transforming data to insights
• build model to represent interest
• select variables to include in model
• delineate relationships among variables (dependent, independent, predictor)

Question 36

what is consumer insights

Answer 36

data that helps marketer understand customers (behavior)

Question 37

what is big data

Answer 37

data that is passively collected
- volume
- velocity
- variety

Question 38

types of measurement scales. define them

Answer 38

Nominal: organized into categories (male, female)
ordinal: ordered by place (1st, 2nd)
interval: equal distance between numbers for rating (1 to 7 scale)
ratio: has equal intervals and ratios

Question 39

Types of data. define them

Answer 39

unstructured: amorphous formats and requires some sort of treatment before it can be used
structured: defined organized format with easily accessible and extractable data

Question 40

define routine problem solving or habitual purchases?

Answer 40

low involvement
frequently purchased
inexpensive
little risk
little information

Question 41

define extensive problem solving

Answer 41

high involvement
infrequently purchased
expensive
high risk
much information

Question 42

what is an opinion leader

Answer 42

someone who has influence over a populations purchasing choices

Question 43

what is the consumer behavior process

Answer 43

problem recognition
information search
evaluation of alternatives
purchase
post purchase evaluation

Question 44

what factors influence the buying process. define them

Answer 44

cultural factors: subculture, social class (norm/attitudes of being a member of society)
social factors:family, reference groups, opinion leaders
Psychological factors: perception, motivation, learning, beliefs
Individual factors
Individual factors: age, gender, family life cycle

Question 45

what are the parts of the buying center

Answer 45

influencers - affect the outcome decision with their opinions
deciders - have the final decision to buy
buyers - purchaser
users - ones who use the product
gatekeepers - control the flow of information

Question 46

what is the multi attribute model?

Answer 46

how consumers evaluate alternatives

Attitude to brand = sum of importance of attribute * belief brand can deliver

Question 47

what are the AMA three ethical norms

Answer 47

Do no Harm: avoiding harmful actions or omissions
- Foster trust: Fair dealings with the customers and avoid being deceptive
- Embrace ethical values: Build customer confidence in integrity of the marketing

Question 48

framework for identifying and applying levels of ethical strength

Answer 48

Personal ethical understanding
Applications of ethics to business situations
Ethical courage
Ethical leadership

Question 49

what are the profitability drivers?

Answer 49

Margin
consumer retention
consumer acquisition
sales per customer