Opportunity Analysis and Consumer Analysis Flashcards

1
Q

A long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable competitive advantage.

A

Strategic Marketing

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2
Q

The ultimate goal of strategic marketing is to…

A

Create a road map that aligns marketing efforts with overall
business goals, that:
- optimizes resources,
- improves
customer engagement; and
- drives growth.

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3
Q

Helps the organization
establish a clear and concerted direction for all marketing activities.

A

Strategic Marketing Process

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4
Q

Five (5) Steps in the Strategic Marketing Process:

A
  1. Mission Identification
  2. Situation Analysis
  3. Objective Setting
  4. Marketing Strategy Development
  5. Strategy Evaluation and Control
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5
Q

Which Step in the Strategic Marketing Process:

Where the company’s mission statement is articulated.

A

Mission Identification

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6
Q

Mission Statement defines:

A
  • What an Organization is,
  • Why it Exists,
  • its Reason for Being,
  • its Primary Customers,
  • The Products and
    Services it produces; and
  • its Geographical Area of Organization.
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7
Q

Which Step in the Strategic Marketing Process:

The Market, Customers, Competitors, and the Company’s Internal and
External environment are being Assessed and Evaluated.

A

Situation Analysis

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8
Q

Which Step in the Strategic Marketing Process:

Formulation of SMART marketing targets or goals.

A

Objective Setting

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9
Q

Which Step in the Strategic Marketing Process:

Involves Market Segmentation;
1. Identification of target market, positioning
2. selection of broad marketing strategies; and
∙ 3. translation of strategies into action plans

A

Marketing Strategy Development

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10
Q

Which Step in the Strategic Marketing Process:

Periodic Monitoring and Evaluation is necessary to identify deviations and make necessary Adjustments and Corrections.

A

Strategy Evaluation and Control

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11
Q

Determines the means or tactics to implement the strategies.

The objective is to ensure that the strategies are
implemented successfully.

A

Tactical Marketing

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12
Q

Seven (7) Steps in Tactical Marketing Process:

A
  1. Marketing Strategies
  2. Action Plans / Tactics
  3. Marketing Activities
  4. Activity Timetables
  5. Responsibility / Accountability
  6. Activity Budgets
  7. Monitoring and Control
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13
Q

Includes forces that are internal to the company or those that are relevant to its operation.

A

Marketing Microenvironment

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14
Q

Marketing Microenvironment Includes (6):

A
  • The company
  • Suppliers
  • Market Intermediaries
  • Customers
  • Competition
  • Publics
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15
Q

Why is considering the Marketing Microenvironment important?

A

They affect the company’s ability to build and maintain
sustainable relationships with current and prospective customers.

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16
Q

The Marketing Department cannot work independently, as it requires the functions of other Departments.

Its decisions must be also be aligned with the organization’s goals and strategies.

A

The Company

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17
Q

Provides raw materials, utilities, labor, capital, and
equipment.

A

Suppliers

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18
Q

Channels that link the organization to its
customers. Most products are delivered and distributed to
customers through this.

A

Market Intermediaries

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19
Q

Create the demand for products and services.

They can either be end-users, businesses, or organizations.

A

Customers

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20
Q

Very volatile; the demand for a company’s products and services is affected by the nature and intensity of this.

A

Competition

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21
Q

May include any individual or entity with an actual
or potential interest in the company and its products or
services.

A

Publics

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22
Q

Reports of this include a lot of information that can aid organizations in making effective marketing decisions.

A

Marketing Research

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23
Q

Nine (9) Types of Marketing Research:

A
  1. External Research
  2. Observation Research
  3. Test Marketing
  4. Target Market Studies
  5. Concept, Product, Development, and Product Studies
  6. Pricing Test
  7. Locations Studies
  8. Advertising Pre- and Post-Testing
  9. Usage, Attitude, and Image studies
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24
Q

The information from this research helps marketers identify macroenvironment shifts.

These are bases in pinpointing opportunities and
anticipating threats.

A

External Research

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25
Q

Similar to External Research, but also aids in determining consumer behavior.

For example, determining the retail shelf placement strategy to use.

A

Observation Research

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26
Q

The company shall gauge the acceptability of a proposed product / service based on the results of [][].

A

Test Marketing

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27
Q

These studies help identify, quantify, and understand the target market better.

A

Target Market Studies

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28
Q

Using the result generated by this, marketing organizations shall select the proposed produce / service concepts
that have the highest level of market acceptance.

A

Concept, Product, Development, and Product Studies

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29
Q

[][] is Used to:
- Calculate a product’s or
service’s optimal price,
- Determine price elasticity; or
- Determine how price adjustment can affect total
demand for the product or service.

A

Pricing Test

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30
Q

These studies determine the ideal retail store locations, and is valuable tool in site selection.

A

Location Studies

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31
Q

These studies provide cost-effective ways on how to
increase a product’s/services’ awareness level and brand
retail.

In addition, the result can reveal a product’s usage and the effectiveness of current
distribution outlets.

A

Usage, Attitude, and Image studies

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32
Q

System composed of all individuals and/or households who purchase products and services for personal use.

A

Consumer Markets

33
Q

Five (5) Steps of the Buyer / Consumer Decision Process:

A
  1. Need / Problem Recognition
  2. Information Search
  3. Evaluation of Alternatives
  4. Purchase Decision
  5. Post-Purchase Evaluation
34
Q

Which Step of the Buyer / Consumer Decision Process:

Most important as failure of this step results in no sales. Recognized by both Internal and External Stimuli.

A

Need / Problem Recognition

35
Q

Which Step of the Buyer / Consumer Decision Process:

The consumer will search for ways to address the need or solve the problem. They are guided by Internal and External drives.

A

Information Search

36
Q

Which Step of the Buyer / Consumer Decision Process:

Consumer Compares attributes, features, and selling prices of the various brands of products / service capable of addressing the recognized needs or solving the problem.

A

Evaluation of Alternatives

37
Q

Which Step of the Buyer / Consumer Decision Process:

The consumer makes the purchase. May be disrupted by external circumstances or factors (e.g. negative feedback, poor shopping experience).

A

Purchase Decision

38
Q

Which Step of the Buyer / Consumer Decision Process:

Consumer shall make a judgement of the product / service ability to satisfy the recognized need or problem.

A

Post-Purchase Evaluation

39
Q

Five (5) Consumer Buying Roles:

A
  • Initiator
  • Influencer
  • Decider
  • Buyer
  • User
40
Q

Which Consumer Buying Role:

Person who initially suggest buying a particular product/service.

A

Initiator

41
Q

Which Consumer Buying Role:

Person who tries to convince others of the need for product/service and influences the purchase decision.

A

Influencer

42
Q

Which Consumer Buying Role:

The person who makes the final decision.

A

Decider

43
Q

Which Consumer Buying Role:

The person who makes the purchase.

A

Buyer

44
Q

Which Consumer Buying Role:

The person who uses the product/service whether or not he was involved in the buying decision.

A

User

45
Q

Psychological Inputs that affect a Consumer’s Purchase Decisions include:

A
  • Culture
  • Attitude
  • Learning
  • Perception
46
Q

Marketing Inputs that affect a Consumer’s Purchase Decisions include:

A

The Four (4)Ps.

  • Product
  • Price
  • Place
  • Promotion
47
Q

Four (4) Factors Influencing Consumer Behavior:

A
  1. Cultural
  2. Social
  3. Personal
  4. Psychological
48
Q

Which Factor Influencing Consumer Behavior:

Refers to the beliefs, traditions, norms, and values learned by an individual from their family and other societal institutions.

A

Cultural

49
Q

Which Factor Influencing Consumer Behavior:

Refers to the sum of the customer’s social functions and interactions with the member of his or her group.

A

Social

50
Q

The Social Factor in Influencing Consumer Behavior has Three (3) Factors:

A
  1. Reference Groups
  2. Social Role
  3. Social Status
51
Q

Which Social Factor Affecting Consumer Behavior:

Includes family members, relatives, friends, co-worker and others.

A

Reference Groups

52
Q

Which Social Factor Affecting Consumer Behavior:

Refers to the attitudes and behavior that are expected of an individual based on their responsibilities.

A

Social Role

53
Q

Which Social Factor Affecting Consumer Behavior:

The relevance of an individual to other people in the community. Often based on how much an individual earns and spends.

A

Social Status

54
Q

Which Factor Influencing Consumer Behavior:

Are exclusive to the individual alone, such as age, lifestyle, occupation, civil status, religion, economic status and personality.

A

Personal

55
Q

Which Factor Influencing Consumer Behavior:

Associated with the human mind and behavior.

A

Psychological

56
Q

The Psychological Factor in Influencing Consumer Behavior has Four (4) Factors:

A
  • Motivation
  • Perception
  • Learning
  • Beliefs and Attitudes
57
Q

Which Psychological Factor Affecting Consumer Behavior:

The reason that guides one’s behavior. (e.g. someone hungry will buy food because of their desire to be fed).

A

Motivation

58
Q

Which Psychological Factor Affecting Consumer Behavior:

The individual’s unique way of viewing an object or phenomenon. This may have been influenced by the advertisement of each brands.

A

Perception

59
Q

Which Psychological Factor Affecting Consumer Behavior:

The change in the consumer’s behavior and perception of a product / service after availing it.

A

Learning

60
Q

Which Psychological Factor Affecting Consumer Behavior:

Centered on the assumptions that the consumer knows about a product or service.

A

Beliefs and Attitudes

61
Q

Four (4) Types of Buying Behavior:

A
  1. Variety-Seeking
  2. Habitual Buying
  3. Dissonance-Reducing
  4. Complex Buying
62
Q

Which Type of Buying Behavior:

Requires very little to no amount of involvement. Manifests for the sake of trying something new.

A

Variety-Seeking

63
Q

Which Type of Buying Behavior:

Requires a minimal amount of involvement. Manifests when purchasing products that are routinely used but with features that do not significantly differ from other brands.

A

Habitual Buying

64
Q

Which Type of Buying Behavior:

Often requires a relatively larger amount of involvement. Manifests after buying a product brand and realizing they made the wrong decision.

A

Dissonance-Reducing

65
Q

Which Type of Buying Behavior:

Requires the greatest amount of involvement. Manifests when buying a very expensive product.

Involves extensive research and comparisons among the brands to determine the best product to purchase.

A

Complex Buying

66
Q

Products or services that was never bought before.

A

New Task

67
Q

Purchase which have the same specifications from previous purchase.

A

Straight Rebuy

68
Q

A rebuy with some change in specification.

A

Modified Rebuy

69
Q

Eight (8) Steps in Organizational Market Buying Process:*

*Supplementary I Think

A
  1. Problem Recognition
  2. Need Description
  3. Product / Service Specification
  4. Supplier Search
  5. Proposal Solicitation
  6. Supplier Selection
  7. Purchase Order
  8. Performance Audit
70
Q

Three (3) Stages in Target Marketing:

A
  1. Segmentation
  2. Targeting
  3. Positioning
71
Q

Which Stage in Target Marketing:

It is the process of dividing the market into homogeneous parts or groups.

A

Market Segmentation

72
Q

Variables in Market Segmentation:

A
  • Geographic
  • Demographic
  • Psychographic
  • Behaviographic
73
Q

Which Variable in Market Segmentation:

Pertains to where population is located. Ex. region, density, climate.

A
74
Q

Which Variable in Market Segmentation:

Refers to the general characteristics of the population. Ex. Gender, age, income.

A

Demographic

75
Q

Which Variable in Market Segmentation:

Represent the psychological profile of consumers. Ex. Lifestyle

A

Psychographic

76
Q

Which Variable in Market Segmentation:

The segmentation variable most indicative of purchase behavior.

A

Behaviographic

77
Q

Which Stage in Target Marketing:

It is the stage in which companies select their target markets. It requires the use of a great amount of resources.

A

(Market) Targeting

78
Q

Which Stage in Target Marketing:

It is the process of communicating the image of a brand into the minds of consumers (UVP).

A

Positioning