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mgt 103 > midterm > Flashcards

midterm Flashcards

1
Q

Changing ___ had the most dramatic impact on turning around Nutrisystem (Dawn Zier)

A

culture

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2
Q

Is the company mission statement the fabric and essence of a company? If not, then what is, instead?

A

No; culture is the fabric of a company!

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3
Q

What does SWOT analysis stand for?

A

Strength Weaknesses Opportunity Threats

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4
Q

What is SWOT analysis?

A

competitive marketing analysis

  • strengths and weaknesses (internal we can control)
  • opportunities and threats (external)
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5
Q

What does the acronym SMART goal stand for?

A

specific, measurable, attainable, relevant, time-based goal

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6
Q

How do you calculate market cap?

A

market cap = stock price * number of outstanding shares

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7
Q

Describe Dawn Zier’s management style.

A
  • numerical milestones (SMART goals)
  • focus on culture and rewarding achievement (small wins)
  • hands on
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8
Q

Marketing is ____; sales is _____;

A

marketing is strategic; sales is tactical (sales implements and are the ‘do-ers’

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9
Q

What numeric measure is used to rank the Fortune 500?

A

Revenue. Top co in fortune 500 makes the most revenue.

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10
Q

Would it be a bad idea to enter the weight loss market in southern USA states? Why, or why not?

A

Could argue both. No definitive way to find out theoretically without testing it.

Bad: high obesity rates mean very few care about fitness
Good: everyone assumes ^, therefore if you can figure a solution out, you have less starting competition (although competitors will copy you eventually)

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11
Q

Name several barriers to entry (competitive forces)

A

Capital requirement and advertising expenditures, product identities (Apple has a strong coolness factor & brand), distribution channels (Amazon has a lot of infrastructure you can’t just copy tomorrow), cost to switch (I’m not going to switch to a new car a few months after I just bought one)

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12
Q

In 2016, after over 4 years of operating, was 23andme profitable?

A

No

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13
Q

If you fail your first product launch, can you relaunch?

A

No! No such thing as a relaunch!

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14
Q

Which federal agency stopped 23andme from doing business?

A

FTC

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15
Q

Using secondary market research, what info would you pull from public sources if you were launching a new electric vehicle in the USA?

A

Secondary market research = publicly available info

so for example: % marketshare of hybrids, historical averages of gas prices, states with largest sales of competitors’ electric vehicles

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16
Q

Using primary market research, what additional info would you pull if you were launching a new electric vehicle in the USA?

A

Primary research = research that you conduct to find specific answers (usually deeper, “why” questions)

examples: interview 30 car consumers, do a correlative analysis of the influence of climate, gas price, etc. on existing non-EV car purchases

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17
Q

Working for generation x,y? (Social Forces)

A

gen x,y:
- talented, busy (work/fam), expect a lot from you, intimidated and jealous of you
what to do?
be rational, mature, speak up when you need to

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18
Q

Market research

A

def: the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
- supports everything as evidence

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19
Q

blockbuster –> netflix (comp forces ex)

A

FLANK EM, go around

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20
Q

“Hip Pocket” (board work)

A

hip pocket=you

20s: learn
30s: burn
40s: earn (more responsibility and accountability more $, lay offs)
50s: survive

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21
Q

Is there such a thing as a re-launch?

A

fuck no, put all your work and resources into the initial launch.

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22
Q

What’s the purpose of marketing?

A

To discover the needs and wants of customers and to come up with a strategy to satisfy them

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23
Q

Is it critical that a product is profitable in year 1?

A

No

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24
Q

Which product life cycle stage is iPad in?

A

decline stage

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25
Q

List all the stages of the product life cycle.

A

Introduction -> growth -> maturity -> decline

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26
Q

A positioning statement is ____; a tagline is ____.

Fill in “internal/external”.

A

A positioning statement is internal; a tagline is external.

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27
Q

You work at company ABC. You fill in a market basket – do you include ABC in the basket?

A

Yes

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28
Q

How do you calculate profits?

A

Profits = revenue - expenses

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29
Q

What are two ways to increase market share?

A

Steal marketshare from competitors or acquire non-consumers

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30
Q

What are the 2 most important marketing and sales metrics?

A

Market share and sales (profits)

objective measures

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31
Q

Are all consumers created equal?

A

No; everyone has different needs and wants at a given moment.

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32
Q

What kind of company culture does WD-40 have?

A

Tribal (family) culture, everyday folks,respectful

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33
Q

CEO traits

A 
IQ
Emotional intelligence
stamina 
resilience 
\+garry ridge (WD40) added:
visionary
exemplar
mentor/learner/teacher
generosity with success
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34
Q

Market share in carbonated drinks (board work)

A

-always put yourself in the market basket

mr pibb

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35
Q

what do we take to the bank?

A

cash$$

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36
Q

What is some post-purchase consumer behavior?

A

cognitive dissonance- feeling tension and anxiety after purchase
realizing the value of what you purchased (happy or unhappy)

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37
Q

Psychological impacts on consumer behavior

A

Racial/ethnic subcultures, lifestyle, personality, motivation, geographic, age etc

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38
Q

West Coast

A

style, innovation, what you drive

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39
Q

Midwest

A

where you work, hardworking, family

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40
Q

East Coast

A

where you were educated, bravado, status

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41
Q

South

A

college sports team, us vs. you, call everyone not from there a yankee

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42
Q

What’s the rule of 72?

A

Estimated time in yrs to double your money = 72 / (rate of return in percent)

Example:
7% rate of return (RR) = 10.3yrs to double your money
5% rate of return (RR) = 14.4yrs to double your money
1.5% rate of return (RR) = 48yrs to double your money

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43
Q

ExxonMobil, a gas producing company vs. a gas station.

Which one is a product, which one is a service?

A

gas station = service

exxonomobil gas = product (tangible good)

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44
Q

Who, in a company, defines the marketing basket?

A

marketing department with input from sales

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45
Q

Around what % of consumer products are successful in year 1?

A

3%

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46
Q

How much revenue does a consumer product have to make in year 1 to be considered successful?

A

50M

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47
Q

Explain how the 80/20 rule applies to the marketing basket

A

20% of customers usually generate 80% of revenue

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48
Q

What are the components of a positioning statement?

A

Who (target market),
What (unique value proposition),
Why should people believe you (at least 3 statements here)

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49
Q

You start with 1,000$ principal in year 1. Assuming you have 5% interest (compounded yearly), how much principal do you have AFTER the third year ends? Assume you reinvest your profits.

A

Year 1: P = $1000
Year 2: P = 1.05$1000 = $1050
Year 3: P = 1.05$1050 = $1102.5

50
Q

Texas’ persona:

A

status symbols, feisty, fun, hair

51
Q

What are some cons of celebrity endorsements?

A 
are newer generations influenced? 
expensive
celebrity is NOT the product
could backfire if not done well (ex. pepsi, tiger woods and Buick)
done well- Fonz on reverse mortgage
52
Q

What to do if a product fails?

A
  • if we are in marketing most of the time it is our fault
  • very important: R&D, product dev, creates value
  • get into field with market research
  • launch with everything you’ve got
53
Q

Five categories and profiles of product adopters

A
  • innovators: higher educated, bran loyalty, like new things, those who camp out at night
  • early majority: deliberate, average Joe, very important group to get
  • laggards: dont market to this group
54
Q

Name product types and examples

A
  • high learning: hybrid car
  • low learning: razor
  • fashion product: fedora
  • fad product: pet rock
55
Q

CEO

A

high profile, $, work and communicated with wall street, company culture, policy, legal legislation

56
Q

CMO

A

5-10 years out (?), dont decide tag lines or commercials etc, do product development, portfolio vision

57
Q

Marketing VP

A

product mix, talent observer and identifier, resource allocation

58
Q

Brand Manager

A

where do we spend and how do we spend, brand creation, product life cycle management

59
Q

Creating brand equity

A
  • positive brand awareness
  • brands meaning
  • elicit proper response
  • intense brand loyalty
60
Q

Good brand name should be…

A
  • suggest product benefits
  • memorable + positive
  • fit company or product image
  • have no legal or regulatory restrictions
  • simple and emotional
61
Q

Apple’s iphone generates 66% of its business. This is good or problematic? Why?

A

this can be dangerous so Apple should look to diversify

62
Q

Steve Jobs

A
  • tweaker, ill know it when i see it
  • rival Bill Gates
  • the face of the company
  • partner Wozniak was the creative component that built the computers
63
Q

10,000 hour rule

A
  • from book “Outliers” by Malcolm Gladwell

- 10k hours of deliberate practice can make you an expert

64
Q

these three mean the same thing

A

Customer segmentation
Market segmentation
Consumer markets

65
Q

Marketing

A

The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

66
Q

Simple Marketing def

A
  1. to discover the needs and wants of prospective customers

2. satisfy them

67
Q

Want vs. Need

A

A want is a need that is shaped by a person’s knowledge, culture, and personality

68
Q

Commercial-centric View

A

Top to bottom:

  • CEO/CMO
  • Marketing sales overlapping a little
  • Customers
69
Q

4 P’s

A

Product
Price
Promotion
Place

70
Q

Product

A

Good, service or idea to satisfy the customer’s needs

71
Q

Price

A

What is exchanged for the product

72
Q

Promotion

A

A means of communication between the seller and buyer

73
Q

Place

A

a means for getting the product to the customer

74
Q

Best Marketer/Sales Person portrayed all time TV?

A

Don Draper-Mad Men

75
Q

Target Marketing

A

one or more specific groups of potential consumers toward which an organization directs its marketing program

76
Q

Our class culture and style

A

mix it up, act things out, cover what we want, discuss, question, challenge, get better

77
Q

What do Visionary Organizations have?

A

they have:

  • core values (stakeholders)
  • mission statement or vision
  • organizational culture
78
Q

Southwest Airlines’s value prop?

A

Value prop is not innovation; it is customer service, gets you to where you need to be

79
Q

Describe Google

A

creative, free things, there to have you do your job, they will grind you

80
Q

Company culture and you

A

silent killer
or
unrelenting joy

81
Q

Challenges of market research

A
  • consumers dont really know what they want
  • may not be truthful
  • may not do what they say they wil do
82
Q

What are some environmental forces that influence marketing?

A

Social, economic, technological, competitive, regulatory forces

83
Q

What are some environmental forces that influence marketing?

A

Social, economic, technological, competitive, regulatory forces

84
Q

WD40: stands for what? __________________

In 1993, WD40 was in _______% of U.S. homes?

A 
water displacement (40th try)
80%
85
Q

How does WD40 keep growing?

A
  1. more than 65% or 75 %(article says 65, slides say 75) revenue is outside U.S.
  2. 80/20, those who use many cans a year
86
Q

What’s nordstrom’s value prop?

A

customer service

87
Q

Is this a SMART goal? If not, why not?

“Be number 1 in total sales”

A

No: not measurable.

88
Q

Positioning statement

A
  • is a concise description of your Target Market as well as a compelling picture of how you want that market to perceive your brand
  • everything has to align with this
  • cornerstone of great marketing
  • guidepost for marketing decisions
89
Q

“Is this a SMART goal? If not, why not?”

By Q4 2017, obtain market leadership position among all San Diego based craft breweries with the Sculpin family brand. Current position is #3 (15%), preceded by Stone IPA (#1 @ 18%) and Ale Smith IPA (#2 @ 16%)

A

Yes

90
Q

WD 40- 80/20 rule

A

we use 40 cents of it a year but their 80/20 customer is the bike shop, car dealership and industrial factories

91
Q

How does WD40 keep growing?

A
  1. more than 65% revenue is outside U.S.

2. 80/20, those who use many cans a year

92
Q

How is WD40 marketed?

A
  • do you need me? know me? can you buy me?
  • position themselves as a multi use product
  • buy anywhere
93
Q

WD 40 stock price

A
  • up 200%
  • doubled business in the last ten years
  • 2012:$25 , 2016:$123
94
Q

Determining market opportunities, product positioning, product attributes, customer targets, pricing strategy, post-launch “dip stick”, life-cycle management is up to…

A

market researchers

95
Q

Amazon CEO

A

Jeff Bezos

96
Q

Walmart CEO

A

Doug McMillon

97
Q

Exxon Mobil CEO

A

Darren Woods

98
Q

Google CEO

A

Sundar Pichai

99
Q

How many fortune 500 companies in San Diego?

A

2

100
Q

How many fortune 500 companies in the Bay area?

A

31 or 32 idk

101
Q

UCSD tag line

A

break things better

102
Q

Vans positioning (4 pillars)

A
  1. art
  2. music
  3. action sports, skateboaring
  4. street culture
103
Q

Vans

A

the art of creative expression

104
Q

almost 50% of U.S. GNP is…

A

services: (tax prep, financial services, medical, educational, consulting, counseling)

105
Q

Business products

A

products organizations buy that assist in providing others products for resale
B2B

106
Q

new products

A

Most American families buy the same 150 items over and over (supermarkets carry 30,000 SKUs)

107
Q

why do products fail?

A

no differentiation, not satisfying needs, bad timing, poor execution of marketing mix: brand name, 4Ps etc

108
Q

“if your body is moving”

A

gatorade

109
Q

Nutri system stock

A

tripled with Zier

110
Q

How did nutrisystem boost sales?

A
  • making products available a retail outlets (walmart, amazon)
  • people snack
  • dieters with special needs,veg and diabetes
  • delivery program
111
Q

compound interest

A
  • not a get rich quick scheme

- businesses with above average dividend yields and long histories of success

112
Q

Warren buffets portfolio

A

wells fargo, heinz, coca cola, ibm, amex

113
Q

Life Expectancy greaseboard session:

where is the highest and lowest life expectancy in the US? Why?

A

Highest: Colorado, California

Lowest: West Virginia (high smoking), South/North Dakota (native Americans), Mississippi (poor, bad diet)

114
Q

Life Expectancy greaseboard session:

How long will it take to change the unhealthiness of lowest life expectancy states?

a) years
b) decades
c) generations

A

generations… very long time

115
Q

Life Expectancy greaseboard session:

As a marketer, where would you enter the market? Red states or blue states?

What types of product/service categories would provide value?

A

Blue states; go where people have money and have an interest in life expectancy

Nursing homes, fitness coaches, etc.

116
Q

Byetta market basket:

What’s byetta?

A

diabetes drug

117
Q

Do you have to measure marketshare in dollars revenue only?

A

False. Can measure it in terms of units of product sold, for example.

or # of prescriptions

118
Q

Customer deciles in marketing and sales in the diabetes market. What is their range? What does the number mean?

A

Deciles range from 1 (worst) to 10 (best). Someone in 10 bucket means that this person generates a lot of revenue/prescriptions/whatever.

Know how to draw the decile matrix.

10, 9, …., 1

119
Q

Management case study:
sales rep wants to move from Fargo to Minneapolis – she has 3yrs sales experience and a great track record. She comes and says there’s an opening in Minneapolis…. wants to move and continue sales there even though it’s new territory… asks you for approval.

Choices:

1) do nothing
2) say yes
3) say no

A

say yes b/c she’s proven to be valuable. If she were a 3 month rep then say no.

120
Q

Management case study:
Toronto, Canada

Sent sales trainer to conference. Trainer went to dinner with thought leader Dr J one time and charged his own dinner and Dr J dinner to company card. But we later found out that Dr J wasn’t at the conference.

Sales trainer admitted he took his wife out to dinner and paid using company credit card, apologized for mistake.

Choices:

1) do nothing
2) stern warning
3) fire him

A

Fire him

mgt 103 (2 decks)

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