Part 1

Question 1

mission statement

Answer 1

the description of its reason for existence

this defines the direction in which the org is heading and how it will reach its desired goals

Question 2

mission statement should be:

Answer 2

focused on markets rather than products, achievable and motivational

Question 3

organizational strategies

Answer 3

involves choice of major directions organizations will take in pursuing its objectives

Question 4

market development

Answer 4

ex: in n out going to different part of the country

existing product to new market

Question 5

market penetration

Answer 5

ex: selling OJ to consumers who regularly drink it in the morning

existing product to existing market

Question 6

diversification

Answer 6

new product to new customers

Question 7

org strategies based on competitive advantage

Answer 7

southwest: low fares/simple service
BMW: more sporty luxury brand
Ritz Carlton: great service and luxury

Question 8

industry attractiveness

Answer 8

market growth, rate, market size, demand variability, industry profitability, industry rivalry

Question 9

business unit strength

Answer 9

market share, brand equity, profit margins relative to competitors, production capacity

Question 10

marketing management process

Answer 10

distribution of goods, services, and ideas to satisfy customers and achieve organizational objectives and the process of planning and executing the conception, pricing, promotion

Question 11

market segmentation

Answer 11

process of dividing market into similar consumers

demographic variable: gender, age, income, etc

geographic variables: north, south, east, west

psychographic variables: beliefs, values, lifestyles

behavioral variables:

Question 12

product development

Answer 12

new product to existing market

Question 13

target market

Answer 13

market segment that a company selects to focus on

things to consider when selecting target market: segment/size potential, segment structural attractiveness, marketing objectives/company resources

Question 14

undifferentiated (mass) marketing

Answer 14

ex: Coke classic, for all the people

Question 15

differentiated (segmented) marketing

Answer 15

choose multiple segments as target market

ex: Toyota has Prius, Corolla, Camry for different segments

Question 16

concentrated (niche) marketing

Answer 16

one product

ex: whole foods (upper class)

Question 17

positioning

Answer 17

placing a product in consumers minds relative to competing products
ex: nike gets consumers to think that nike is different from others, better than reebok

Question 18

how to position

Answer 18

product/service features. benefits and attributes. price and value. specific usage occasion (ex OJ in the morning). against a competitor

Question 19

repositioning

Answer 19

altering/ revising a products positioning

Question 20

qualitative date vs quantitative data

Answer 20

qual- focus groups, topics can be about ads
when topic is sensitive, don’t use focus groups but rather use long interviews

quant- servers research, experimental research, observational research

Question 21

regression analysis

Answer 21

find relationship between dependent and independent variables

Question 22

primary vs secondary data

Answer 22

primary- yours

secondary- previously collected, usually collect first

Question 23

culture vs subculture

Answer 23

culture- a set of beliefs, attitudes, and behaviors shared my group

subculture

Question 24

social class

Answer 24

every society has its status groupings largely based on similarities in income, education and occupation

Question 25

reference group

Answer 25

groups that individuals look to when forming attitudes and opinions

Question 26

aspiration groups

Answer 26

groups that you aspire to be like, you want what they have

Question 27

the family

Answer 27

has great influence on attitude towards specific brands and stores

Question 28

self concept

Answer 28

consumers tend to choose brands with personalities that match their self concept

Question 29

lifestyles

Answer 29

broad patterns of activities, interests and opinions and the behaviors the result

Question 30

perception

Answer 30

perception- process of interpreting information, its subjective

Question 31

selectivity

Answer 31

customers pick and choose only selected pieces of information and ignore the rest

Question 32

memory limitations

Answer 32

even though consumers select information, they remember only a small portion of it

Question 33

attitude

Answer 33

a positive or negative feeling about something

Question 34

tri component theory

Answer 34

attitude is based one behavioral, cognitive and affective factors