Principles of Marketing (Test) Flashcards
What are the core principles of marketing?
Customer satisfaction and value creation.
Relationship marketing to build loyalty.
The 4 Ps: Product, Price, Place, Promotion.
What is the purpose of the BCG Matrix and its categories?
Purpose: Evaluate product performance and resource allocation.
Categories:
Stars: High growth, high market share.
Cash Cows: Low growth, high market share.
Question Marks: High growth, low market share.
Dogs: Low growth, low market share.
Name the four strategies in Ansoff’s Grid.
Market Penetration: Increase market share with existing products.
Product Development: Introduce new products in existing markets.
Market Development: Enter new markets with existing products.
Diversification: Launch new products in new markets.
What does PESTLE stand for?
Political
Economic
Social
Technological
Legal
Environmental
What are the steps in the STP process?
Segment the market: Identify distinct groups.
Target a market: Choose segments to serve.
Position the product: Design to appeal to the chosen market.
What are the stages in the consumer decision-making process?
Problem Recognition
Information Search
Alternative Evaluation
Purchase Decision
Post-Purchase Behavior
What are the stages of the PLC?
Introduction: Build awareness and trial.
Growth: Expand market share.
Maturity: Defend market position.
Decline: Decide on product discontinuation or repositioning.
What are the five forces in Porter’s framework?
Threat of new entrants.
Bargaining power of suppliers.
Bargaining power of buyers.
Threat of substitutes.
Competitive rivalry.
How does CSR impact marketing decisions?
Enhances brand reputation and trust.
Aligns with customer values (e.g., sustainability).
Demonstrates ethical business practices.
What are the modes of entry for international markets?
Exporting
Franchising
Joint Ventures
Direct Investment
How does SWOT Analysis help in marketing?
Strengths: Internal capabilities.
Weaknesses: Internal limitations.
Opportunities: External trends to exploit.
Threats: External challenges to mitigate.
What are common pricing strategies?
Penetration Pricing: Low price to gain market share.
Skimming Pricing: High price for early adopters.
Competitive Pricing: Align with competitors.
Value-Based Pricing: Based on perceived value.
What are the stages in the new product development process?
Idea Generation
Screening
Concept Testing
Business Analysis
Product Development
Test Marketing
Commercialization
How do environmental and societal factors influence marketing?
Diversity: Inclusive marketing strategies.
Environmental Concerns: Sustainability-focused campaigns.
Ethical Practices: Transparent and responsible marketing.
