Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Intro to Marketing 2201 > Place and promotion > Flashcards

Place and promotion Flashcards

1
Q

What is a situation analysis?

A

An appraisal of a company’s competencies and environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the SWOT analysis?

A

Strengths
Weaknesses
Opportunities
Threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a microenvironment?

A

External groups with which the company must manage relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the value delivery network?

A

All the members of the microenvironment in creating and delivery value to customers - company, suppliers, distributors, customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the internal environment?

A

Must be kept customer-focused - internal partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the suppliers?

A

Provide the resources needed by the company to produce its g/s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the marketing intermediaries?

A

They help the company to promote, sell, and distribute its products to final buyers - physical distribution, marketing services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the customers?

A

They must be considered as part of your value chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What the competitors?

A

Who are they and what are they doing?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who is the public?

A

Any group with an actual/potential interest in the company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the standardized global marketing?

A

Using the same marketing strategy and 4Ps in all of the company’s international markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the adapted global marketing?

A

Adjusting the marketing strategy and 4Ps to each international target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the macroenvironment?

A

External forces that the company cannot control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the demographics?

A

As demographics change, companies need to take note, and both anticipate and respond

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the economic forces?

A

Impact consumer buyer power/spending

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the natural?

A

The physical environment and natural resources needed as inputs by the company or affected by the company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the techonology?

A

New tech create new markets and new opportunities to differentiate the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the political?

A

Legal and regulatory forces that influence or limit various organizations and individuals within or between countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is the cultural?

A

Institutions and other forces that affect a society’s basic values, perceptions, and behaviors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is the cultural environment?

A

Core beliefs and values have a high degree of persistence
Secondary beliefs and values are more open to change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How can you respond to the environment?

A

Reactive firms passively accept the marketing environment and do not try to change it
Proactive firms develop strategies to change the environment where possible:
- they manage relationships with groups
- they take aggressive actions to affect the groups
- socially responsible companies seek out ways to protect the long-run interests of their environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What does place mean?

A

Supply chains, distribution channels, marketing logistics, retailing and wholesaling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are upstream partners?

A

Supply materials, information, finances, expertise, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are downstream partners?

A

Serve as distribution channels that link the firm and its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What are marketing channels?

A

Describe the relationship among marketing intermediaries that help make a product/service available to the customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are wholesalers?

A

Involved in all the activities of selling goods and services to those buying for resale or B2B use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What are retailers?

A

Businesses involved in selling goods or services directly to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

How are retailers classified?

A
  • Relative price
  • Breadth and depth of the product assortments
  • Amount of service offered:
  • Self-service retailers
  • Limited-service
  • Full-service
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is a whole-channel view?

A

Refers to designing an international value delivery network that accounts for the entire global supply chain and marketing channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is vertical integration?

A

Producers, wholesalers
Incorporating or taking control over an actor at a different level of marketing channel
Examples include:
Contractual
Corporate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What is horizontal integration?

A

2 or more companies at the same level of a marketing channel join together to pursue a new marketing opportunity or a common target customer
ie. starbucks at target

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What are multichannel distribution systems ?

A

Using multiple channels to reach customers, often meaning that customers can access your product in multiple ways

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What are the different multichannel distribution systems?

A

Exclusive - Tesla
Selective - Black toilet paper
Intensive - Coke

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What is disintermediation?

A

Removing a level in the marketing channel
ie. drones for amazon deliveries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What are the marketing logistics?

A

Logistics refer to managing distribution channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What do logistic functions include?

A

Warehousing and inventory management
Transportation
Information management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What are storage warehouses?

A

Store goods for moderate to long periods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What are distribution centers?

A

Large, automated warehouses that manage their inventories to efficiently deliver goods to customers

37
Q

What is inventory management?

A

Just-in-time logistics

38
Q

What in information management?

A

Communication within the firm, between channel partners, customers

39
Q

Examples of logistics partnerships?

A

Vendor-managed inventory
3rd party logistics

40
Q

What is promotion?

A

Activities that involve communication with members of the microenvironment

41
Q

What is the promotion mix?

A

It is a blend of promotion tools:
PR
Sales promotion
Personal selling
Direct and digital marketing

42
Q

What is advertising?

A

The paid, non-personal presentation of ideas, goods, or services by an identified sponsor

43
Q

What are the steps for advertising?

A
  1. Set advertising objectives
  2. Create advertising messages
  3. Select advertising media
  4. Set a budget and evaluate ROI
44
Q

What is setting advertising objectives?

A

Informative advertising, persuasive advertising and reminder advertising

45
Q

What is creating advertising messages?

A

Grabbing attention and be memorable

46
Q

What is selecting advertising media?

A

With what media does the target audience engage?

47
Q

What is PR?

A

Involves building good relations with the company’s microenvironment

48
Q

What are PR tools?

A

Press - newsworthy moments for media
Public affairs - building relationships with adjacent publics
Lobbying - building relationships with regulators in the government public
Investor relations - managing relations with investors and wider financial public

49
Q

What are sales promotions?

A

Short-term incentives to
encourage a desired behavior, often the purchase or sale of a product

50
Q

How are sales promotions tactics categorized?

A

Consumer promotions, trade promotions, sales force promotions

51
Q

What does personal selling involve?

A

The company’s sales force
interacting with customers for engagement, making sales, and building relationships

52
Q

What is the most important job of a sales manager?

A

Compensation - commissions, quotas and sales force promotions
Scheduling

53
Q

What is direct marketing?

A

Using personalized efforts to obtain an immediate response and/or build lasting relationships with carefully selected individuals or communities
Traditional and digital methods

54
Q

What is a push strategy?

A

Incentivizing movement of
the product through a marketing channel

55
Q

What is a pull strategy?

A

Inducing final consumers to
buy the product, causing intermediaries to derive
demand for the product from a produce

56
Q

What are digital marketing strategies?

A

Owned media - websites, blogs, etc.
Paid media - display ads, paid influencers, paid content, etc.
Earned media - mentions, shares, reviews, etc.

57
Q

What is content marketing?

A

Making and distributing
engaging material that consumers will seek out

58
Q

What do you need to consider when selecting an influencer?

A

Relevance, resonance, reach, relationship, risk

59
Q

What is integrated social media marketing?

A

Social media efforts that blend with and support other elements of the Promotion Mix

60
Q

What is inbound marketing?

A

Consumers come to your online channels for your content and offers
Includes content marketing

61
Q

What is omni-channel retailing

A

Seamless buying experience across in-store, online, and mobile

62
Q

What is a merchant?

A

Operates similarly to retails but they sell to just businesses

63
Q

What is a broker?

A

An individual who looks at someone who is looking to sell something and brings them together with someone who wants to buy it

64
Q

What is an agent?

A

If a broker is loyal to one side, then it is an agent

65
Q

What is predatory targeting?

A

Targeting consumers who you are vulnerable to a given message rather than interested in your product

66
Q

What is digital red lining?

A

Discriminating against certain groups of consumers for ideological rather than strategic reasons

67
Q

What are examples of self-regulation?

A

Use data to provide customer value
Provide transparency about data usage
Don’t collect more data than you plan to use
Don’t share or sell data without permission
Invest in and build for data security

68
Q

What is globalisation?

A

Process by which businesses develop international influence

69
Q

What are pros and cons of globalisation?

A

Pros:
Better opportunities for growth
Competing with international rivals
Cons:
Greater risk
Unfamiliar markets

70
Q

What are macroenvironmental factors?

A

Demographics, economic factors, political factors, cultural environments

71
Q

What is intermarket segmentation?

A

Grouping consumers with similar needs and buying behaviors irrespective of their country or geopolitical location

72
Q

What are types of trade barriers?

A

Tariffs, quotas, nontariff trade barriers

73
Q

What is straight product extension?

A

Entering a foreign market without making any changes to the product

74
Q

What is product adaptation?

A

Adapting a product to meet local conditions or wants in foreign markets

75
Q

What is product invention?

A

Creating something new to meet the needs of consumers

76
Q

What is communication adaptation?

A

Strategy of adapting advertising messages and channels to global markets

77
Q

What is indirect exporting?

A

The company is not on-the-ground in the foreign market, and does not work with any
overseas marketing organizations

78
Q

What is direct exporting?

A

The company handles their own exports

79
Q

What are the 3 steps of market entry strategies

A

Exporting, joint venturing, direct investment

80
Q

What is joint venturing?

A

Partnering with a foreign company to produce or market the product/service

81
Q

What are types of joint venturing?

A

Licensing, contracts, joint ownership

82
Q

What is licensing?

A

Developing an agreement with a licensee or franchisee in the foreign market

83
Q

What is contract manufacturing?

A

Working with manufacturers in a foreign market to produce
product or provide services

84
Q

What is management contracting?

A

A local firm provides information, consulting services, or operations for the company’s business in the foreign market

85
Q

What is joint ownership?

A

A company shares control and risk with a company locally present in the foreign market

86
Q

What is direct investment?

A

When a company develops their own foreign-based operations

87
Q

What are examples of direct investments?

A

Acquisitions, take overs

88
Q

What is sustainable marketing?

A

Meeting present needs
while preserving the ability of future generations to meet
their needs
There is an ethical component and a strategic component

89
Q

What is ethical standards marketing?

A

Defining a company’s mission in broad social terms

90
Q

What is consumer-orientated marketing?

A

Viewing a company’s
marketing activities from the consumer’s point of view

91
Q

What is customer value marketing?

A

Putting most of a company’s
resources into customer value-building marketing

92
Q

What is cause-related marketing?

A

When is it a strategy for
selling more products rather than a strategy for giving
back to society?

Intro to Marketing 2201 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions