MKTG 336 Exam 2 - FLASHCARDS - Chapter 5 Flashcards by Stu Diaz

What is the role of marketing?

Assessing market attractiveness and the competitive effectiveness of the firm

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What is a comprehensive system for converting a company’s vision and strategy into a tightly connected set of performance measures?

Balanced scorecard

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What is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage?

Strategy

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What are plans, tasks, or procedures that can be carried out; may be part of a larger strategy?

Tactics

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What is an example of a strategy?

Planning where to send the troops to win a war

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What is an example of a tactic?

How soldiers can run a zig zag pattern to avoid getting shot

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What is an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets?

Business level strategy

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What type of organizations center on customers?

Market driven organizations

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What type of organizations take an outside-in view of strategy?

Market driven organizations

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What type of organizations demonstrate an ability to sense market trends ahead of their competitors?

Market driven organizations

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What is an approach that can classify decision-making roles and highlight the multifunctional nature of business marketing decision making?

Responsibility charting

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What part of responsibility charting is where a manager takes initiative, analyzes situation, develops alternatives, consults with others, and makes initial recommendation?

Responsible

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What part of responsibility charting is where a manager accepts or rejects decisions?

Approve

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What part of responsibility charting is where a manager offers input?

Consult

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What part of responsibility charting is where a manager is accountable for implementing decision?

Implement

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What part of responsibility charting is where a manager is informed of the decision?

Inform

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What constitutes members of the organization involved in the business marketing decision-making process?

Marketing strategy center

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True or false: in a marketing strategy center, representatives may assume more than one role?

TRUE

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When do roles evolve in a marketing strategy center?

Roles evolve during the marketing strategy development process

True or false: in a marketing strategy center, composition is strictly prescribed by the organization chart?

FALSE

In a marketing strategy center, what influences the composition of the strategy center?

Needs of a particular strategy situation

What are the elements of customer interface?

Fulfillment and Support
Information and Insight
Relationship Dynamics
Pricing Structure

What are channels a firm uses to reach and support customers?

Fulfillment and support

What is knowledge captured from customers and the degree to which this information is used?

Information and insight

What is the nature of the interaction between the firm and its customers?

Relationship dynamics

What are pricing choices offered by a business concept?

Pricing structure

What determines how the firm chooses to compete?

A firm's core strategy

What element of a core strategy describes the overall strategic objective, sets course direction, and defines performance criteria to measure progress?

Business mission

What element of a core strategy defines where the firm competes?

Product market/scope

What element of a core strategy captures the essence of how firm competes differently than its rivals do?

Basis for differentiation

What is a set of skills, systems, and technologies that create uniquely high value for customers?

Core competencies

What are tangible requirements for advantage that enable a firm to exercise its capabilities?

Strategic assets

What are methodologies and routines that companies use?

Core processes

What complements and enriches the firm’s research base?

Value network

What does a value network include?

Suppliers Strategic alliance partners Coalitions

What is it called where scalable and elastic IT-related capabilities are provided as a service to external customers using Internet technologies?

Cloud computing

What connects devices such as everyday consumer objects and industrial equipment onto the network?

Internet of Things (IoT)

What are massive amounts of data collected over time that are difficult to analyze and process using common database management tools?

Big data

What is the process of examining large data sets containing a variety of data types?

Big data analytics

What is the purpose of big data analytics?

To uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful information

What represents the proportion of business in a given market (in terms of number of customers, dollars spent, or unit volume sold) that a business unit sells?

Market share

What tracks, in absolute or relative terms, the rate at which a business unit attracts or wins new customers or business?

Customer acquisition

What tracks, in absolute or relative terms, the rate at which a business unit retains customers?

Customer retention

What matches the satisfaction level of customers on specific performance criteria such as quality, service, or on-time delivery reliability?

Customer satisfaction

What assesses the net profit of a customer, or segment, after deducting the unique expenses required to support that customer or segment?

Customer profitability

What is a tool for visualizing a firm’s strategy as a chain of cause-and-effect relationships among strategic objectives?

Strategy map

Why is a strategy map useful?

Enables an organization to describe and illustrate its objectives, initiatives, and targets