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REVIEWER > New Market Development (PRELIM) > Flashcards

New Market Development (PRELIM) Flashcards

1
Q

What are the major segmentation strategies followed by the marketing executives?

A

CONCENTRATION STRATEGY
MULTI SEGMENT STRATEGY

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2
Q

What are the factors need to be considered while promoting existing product to a new market?

A

*CURRENT STAGE IN THE PRODUCT LIFE CYCLE
*BRAND DIFFERENTIATION

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3
Q

What are the factors need to be considered while promoting existing product to a new market?

A

*CURRENT STAGE IN THE PRODUCT LIFE CYCLE
*BRAND DIFFERENTIATION

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4
Q

What are the various risk factors faced while entering in new market segment?

A

*HUGE INVESTMENT
*PRODUCT PRICING AND PROMOTIONS
*ABILITY TO WITHSTAND INITIAL FAILURES
*GAINING MARKET SHARE

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5
Q

Whose decision is critical for success of new venture?

A

*MARKET DEVELOPER

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6
Q

An individual who purchases a good or service to satisfy his or her personal desires

A

*POTENTIAL CUSTOMER

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7
Q

This customers have desires that have not been satisfied

A

*CUSTOMERS WITH UNFULFILLED DESIRES

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8
Q

Unless a customer has money or the ability to get the money they cannot be considered a market.

A

*FINANCIAL ABILITY

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9
Q

Customers that willing to spend their money in order to satisfy their desires.

A

*WILLINGNESS

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10
Q

Customers that willing to spend their money in order to satisfy their desires.

A

*WILLINGNESS

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11
Q

Defined as the identification and selection of markets for a business or product

A

*TARGET MARKET

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12
Q

Importance of target marketing

A

*WHAT PROMOTIONS WILL BEST REACH A MARKET?
*WHAT PRICES WILL ATTRACT THE MARKET?
*HOW CAN THE PRODUCTS BE MADE AVAILABLE TO THE MARKET?
*WHAT PRODUCTS ARE DESIRED BY THE MARKET

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13
Q

Identifying target markets

A

*MARKETING SURVEYS
*QUESTIONNAIRES
*DIRECT INTERVIEWS

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14
Q

Businesses can plan their target marketing activities in 2 broadways.

A

*MASS MARKETING
*MARKETING SEGMENTS

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15
Q

Occurs when sellers design products that will appeal to most buyers and direct their marketing activities to the whole market.
The goal is to appeal to as many types of consumers as possible through one marketing plan.

A

*MASS MARKETING

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16
Q

Two advantages of mass marketing

A

*LOWER PRODUCTION COST
*LOWER PROMOTION COST

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17
Q

Factors which cause a decrease use of mass marketing.

A

*INCREASE COMPETITION
*MORE KNOWLEDGEABLE CONSUMERS
*IMPROVED MARKETING RESEARCH METHODS
*MARKET SEGMENTATION

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18
Q

A strategy and efforts aimed and promoting and deliberating intangible services and newly identified in emerging market.

A

*SERVICES MARKETING

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19
Q

Intangible services characterized by:

A

*INTANGIBILITY
*INSEPERABILITY
*VARIABILITY
*PERISHABILITY
*CUSTOMER PARTICIPATION
*NO OWNERSHIP

20
Q

Changing structure of sectors as economic development evolves (3 major sectors)

A

*PRIMARY-agriculture
*SECONDARY-manufacturing
*TERTIARY-services

21
Q

Changing structure of sectors as economic development evolves (3 categories)

A

*TOTAL OUTPUT
*TOTAL EMPLOYMENT
*TOTAL TRADE

22
Q

Transformation of the service economy

A

*GOVERNMENT POLICIES
*SOCIAL CHANGES
*BUSINESS TRENDS
*ADVANCES IN IT
*INTERNATIONALIZATION

23
Q

These forces are reshaping.

A

*DEMAND
*SUPPLY
*THE COMPETITOR LANDSCAPE
*CUSTOMERS CHOICES
*POWER
*DECISION MAKING

24
Q

significantly transformed into service economy by facilitating cross border trade

A

*GLOBALIZATION

25
Q

Categories of services

A

*SERVICE INDUSTRIES AND COMPANIES
*SERVICE AS PRODUCTS
*CUSTOMER SERVICE
*DERIVED SERVICE

26
Q

8 P’s of service marketing

A

*PRODUCT
*PRICE
*PLACE
*PROMOTION
*PHYSICAL EVIDENCE
*PEOPLE
*PRODUCTIVITY AND QUALITY
*PROCESS

27
Q

It is a process of gathering, analyzing, and dispensing information for tactical or strategic purposes.

A

*ENVIRONMENTAL SCANNING

28
Q

Purpose of environmental scanning.

A

*EFFECTIVE UTILISATION OF RESOURCES
*CONSTANT MONITORING OF RESOURCES
*STRATEGY FORMULATION
*IDENTIFICATION OF THREATS AND OPPORTUNITIES
*USEFUL FOR THE MANAGERS
*PREDICTION OF FUTURE

29
Q

Factors to be considered for environmental scanning

A

*EVENTS
*TRENDS
*ISSUES
*EXPECTATIONS OF PEOPLE

30
Q

Approaches to environmental scanning.

A

*SYSTEMATIC APPROACH
*ADHOC APPROACH
*PROCESSED FORM APPROACH

31
Q

Factors affecting environmental appraisal.

A

*FACTORS RELATING TO NATURE OF ENVIRONMENT
*FACTORS RELATING TO ORGANIZATION
*FACTORS RELATING TO THE STRATEGIES

32
Q

Factors relating to nature of environment

A
  • COMPLEXITY
    *FLEXIBILITY
    *HOSTILITY
    *DIVERSITY
33
Q

2 most important technique

A

*ETOP ANALYSIS
*SWOT ANALYSIS

34
Q

ETOP stands for:

A

*ENVIRONMENTAL
*THREATS
*OPPORTUNITIES

35
Q

SWOT stands for:

A

*STRENGTH
*WEAKNESSES
*OPPORTUNITIES
*THREATS

36
Q

PEST stands for

A

*POLITICAL
*ECONOMIC
*SOCIOCULTURAL
*TECHNOLOGICAL

37
Q

Dividing the environment into different sectors

A

*ETOP

38
Q

Determining the course of action to ensure that growth or survival of the firms.

A

*SWOT

39
Q

Political arena has a huge influence upon the regulation of business and spending power of consumers and other businesses

A

*POLITICAL FACTOR

40
Q

Marketers need to consider the state of each reading economy in the short and long terms.

A

*ECONOMIC FACTORS

41
Q

Influences on business vary from country to country.

A

*SOCIOCULTURAL FACTORS

42
Q

Is a vital competitive advantage and is major driver of globalization.

A

*TECHNOLOGICAL

43
Q

Features res of forecasting

A

*it is concerned with FUTURE EVENTS
*it is necessary for PLANNING PROCESS
*the impact of FUTURE EVENTS has to be considered in the PLANNING PROCESS
*it is a guessing of FUTURE EVENTS

44
Q

Methods of forecasting

A

*QUALITATIVE
*QUANTITATIVE

45
Q

Process of forecasting.

A

*THOROUGH PREPARATION
*ESTIMATION OF FUTURE
*COLLECTION OF RESULTS
*COMPARISON OF RESULTS
*REFINING THE FORECAST

46
Q

Importance of forecasting.

A

*PIVOTAL ROLE IN ORGANIZATION
*DEVELOPMENT OF A BUSINESS
*COORDINATION
*EFFECTIVE CONTROL
*KEY TO SUCCESS
*IMPLEMENTATION OF PROJECT
*PRIMACY TO PLANNING

REVIEWER (14 decks)

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