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BUSM 241 > Midterm 1 > Flashcards

Midterm 1 Flashcards

1
Q

BCG Growth Model

A

Cash cows (low market growth, high market share

Stars (high market growth, high market share)

??? (high market growth, low market share)

Dogs (low market growth, low market share)

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2
Q

“Path to Profitability”

A 
market environment (company, customers, competition)-->
marketing mix (product, price, place, promotion: segmentation, targeting, positioning)-->
capture value (Sales per customer: acquire/retain customers)-->
PROFITABILITY

(SPECIALISTS PERFORM BETTER THAN GENERALISTS!)

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3
Q

Brand Champions/Love Group

A

Customers who love the firm’s products and then advocate or champion the products to others

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4
Q

Product Market Expansion Matrix

A

Market Penetration (existing product, existing market)

Market Development (existing product, new market)

Product Development (new product, existing market)

Diversification (new product, new market)

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5
Q

Consumer Lifetime Value

A

How much is a customer worth over a lifetime? Lets you know how much you should spend to keep a customer.

short term/low profitability: satisfy transaction/no investment

short term/high profitability: satisfy transaction/cross sell

long term/low profitability: cross sell/up sell

long term/high profitability: build loyalty

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6
Q

Marketing creates VALUE by…

A

meeting functional and emotional needs. (Value = benefits-costs)

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7
Q

Corporate strategy

A

What businesses should we be in?

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8
Q

Business strategy

A

How do we compete effectively in our chosen business?

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9
Q

Marketing Strategy

A

how do we design a marketing mix that will attract/reach our target market?

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10
Q

SWOT

A

Internal: play to strengths, moderate weaknesses; External: exploit opportunities, minimize threats

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11
Q

External Environment

A

controllable: marketing mix
uncontrollable: social, economic, regulatory, competitive, technological

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12
Q

Porter’s 5 Forces

A

substitutes, entrants, power of buyer, power of supplier, competitive rivalry

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13
Q

Gross Income

A

total money received by an entity before taxes

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14
Q

Disposable Income

A

money after taxes used for necessities

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15
Q

Discretionary Income

A

money after taxes and necessities used for luxury products and services

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16
Q

Standardization

A

Standard product, All markets= production/cost efficiency

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17
Q

Customization

A

Custom product, Select markets=market suitability

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18
Q

Glocalization

A

Standard platform adapted to local requirements.

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19
Q

Domestic Marketing

A

Focus only on customers in home country; ex: concrete suppliers

20
Q

International Marketing

A

exporting products to one or more countries outside the domestic market and remaining invested solely in the domestic country. Little or no investment outside home country. Joint ventures. Ex: BMW international supplier

21
Q

Global Marketing

A

selling or licensing products for sale across the world. Offer the possibility of adapting services and product characteristics to local markets.

22
Q

Global Risks

A

competitive, economic, legal, political

23
Q

Market Entry strategies

A

Export: selling products produced in the company’s home country, often with little modification. (low risk, low return)

License: company in foreign country buys right to make and produce product/brand. Original company receives royalties. (medlow risk, med low return)

Joint Venture: company in foreign country joins with original company to create a local business, share joint ownership and control. (med risk, med return)

Direct Investment: Develop foreign-based manufacturing or assembly facilities. (high risk, high return)

24
Q

Fraud Triangle

A

opportunity, pressure, rationalization

25
Q

Marketing myths

A

1: Marketers push products consumers don’t want to buy.

#4 Marketers believe in planned obsolescence.
(backlash from consumer groups, risk of global competitors that offer longer lasting/higher quality products).
26
Q

Social Responsibility

A

Organizations are a part of a larger society and are accountable to that society for their actions.

27
Q

Ethics

A

moral principles and values that govern the actions and decisions of an individual or group.

28
Q

Sustainability

A

Organizations will focus on the world’s social problems and view them as opportunities to build profits and help the world.

29
Q

Green Marketing

A

The development and marketing of products designed to minimize negative effects on the environment.

30
Q

Consumer behavior

A

Process customer uses to purchase, use and dispose of products.

Remember….

1) person variability
2) situation variability

31
Q

Market

A

PEOPLE. Individuals with needs/wants & ability/authority to purchase. B2C, B2B.

32
Q

Decision Process

A

1) Problem recognition >perceive need (discrepancy between actual and desired state)
2) Information search >seek value (internal vs external)
3) Evaluation of alternatives >asses value (routine, limited, extensive)
4) Purchase >buying value
5) Post product evaluation >consume, experience, use, and evaluate value

33
Q

Habitual Buying Disruptions

A

1) technology–> rethink old products
2) sampling–> ex. costco, let them try your product to break the habitual products
3) advertising–>peripheral route, no logic/little thinking, good feelings towards a brand or product

34
Q

Factors Influencing Consumer Behavior

A

Cultural
Social
Psychological
Individual

35
Q

Buying Process

A

= marketing mix + buying situation + factors influencing behavior

36
Q

Buying Center

A 
Initiators 
Influencers
Deciders
Buyers
Users
Gatekeepers
37
Q

Multi-attribute Attitude Model

A

(Ao )attitude toward the brand = sum of [ belief strength that the brand can deliver on a particular attribute x evaluation of importance assigned to a particular attribute ]

38
Q

Psychological

A

perception (selective attention: what to let in, distortion: support beliefs, retention: what to keep in)

motivation (hierarchy of needs)

learning (information/experience)

beliefs/attitudes

39
Q

Individual

A

Gender, age, family life-cycle

40
Q

Social

A

family, reference groups, opinion leaders (famous people)

41
Q

Cultural

A

culture (broadest, deepest influence), sub-culture (mormon), social class

42
Q

Initiators

A

suggest purchasing a product orservice (KIDS 62%)

43
Q

Influencers

A

affect the outcome decision with their opinions (KIDS 62%)

44
Q

Deciders

A

have the final decision to buy

45
Q

Buyers

A

purchaser

46
Q

Users

A

ones who use the product or service

47
Q

Gatekeepers

A

control the flow of information (Purchasing agents, administrative assistants, and secretaries )

BUSM 241 (2 decks)

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