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Principles of Marketing > Quiz 1 > Flashcards

Quiz 1 Flashcards

1
Q

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

A

Marketing

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2
Q

CX or Cex

A

Customer Experience

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3
Q

Four P’s

A

Product, Price, Promotion, Place

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4
Q

What is CX/CEX/Customer experience?

A

The customers overall assessment of every interaction the customer has experienced with a business.

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5
Q

BCG?

A

Boston Consulting Group

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6
Q

What is Data?

A

raw unorganized facts

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7
Q

What is Information?

A

Interpreted data

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8
Q

True or false?
Marketing is the first and foremost about satisfying customer needs in a profitable way.

A

True

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9
Q

What is marketing all about?

A

Customer Experience

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10
Q

What is the Marketing mix?

A

Four P’s (Price, Product, Promotion, Place)

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11
Q

What is it called when a firm can offer customers a benefit they can’t get from competitors?

A

Competitive adavantage

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12
Q

What level of a company is Strategic planning?

A

Corporate

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13
Q

True or false?
Operational is to support functional as functional is to support strategic?

A

True

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13
Q

What level of a company is Functional Planning?

A

Chief Marketing officer, Functional level management.

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14
Q

What level of a company is Operational Planning?

A

Supervisory managers, people on the floor.

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15
Q

What is a cash cow?

A

dominant share in a low market growth

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16
Q

what are stars?

A

SBU’s whose market products have a dominant marketshare in high growth markets

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17
Q

what are question marks?

A

SBU’s who product have a low market share in high growth markets

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18
Q

Dogs

A

something nobody wants

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19
Q

What is Customer Lifetime Value

A

Marketers calculate the lifetime value of a customer.

20
Q

What is it when marketers calculate the lifetime value of a customer?

A

Customer Lifetime Value

21
Q

what is value?

A

have to offer value to customers, benefits out weigh the cost

22
Q

a formal statement in the strategic plan that describes the firms overall purpose and what it hopes to achieve in terms of it’s customers, products, and resources.

A

mission statement

23
Q

What are the three levels of planning?

A

strategic, functional, and operational

24
Q

What is customer experience?

A

the customers overall assessment of every interaction the customer has experienced with a business.

25
Q

seek to increase sales of existing products to existing markets

A

Market Penetration Strategy

26
Q

create growth by selling new products in existing markets

A

Product development strategy

27
Q

introduce existing products to new markets

A

Market development strategy

28
Q

emphasize both new products and new markets to achieve both

A

diversification strategy

29
Q

people want and can buy

A

demand

30
Q

demand

A

people want and can buy

31
Q

consumers must have buying power for there to be ???

A

demand

32
Q

quick to obtain, free or inexpensive, accuracy is questionable, purpose is unknown

A

secondary data

33
Q

time consuming, expensive to collect, accurate

A

primary data

34
Q

refers to the process of collecting, analyzing, and interpreting data about customers, rivals, and the business environment in order to improve marketing effectiveness.

A

Market research

35
Q

your chance of being asked is equal to someone else being asked

A

probability sampling

36
Q

what is Probability Sampling?

A

each member of the population has some known chance of being included.

37
Q

What is Non-Probability sampling?

A

A sample in which personal judgement is used to select respondents.

38
Q

True or false
the smaller the sample size is the more accurate the survey?

A

false

39
Q

what are the internals of SWOT?

A

strengths and weaknesses

40
Q

what are the externals of SWOT?

A

Opportunity and Threat

41
Q

What is SBU

A

Strategic Business Units

42
Q

large company broken down to be more manageable

A

Strategic Business Units

43
Q

a series of activities involved in designing, producing, marketing, delivering, and supporting any product; the series of activities necessary to change raw materials into a product the customer buys

A

Value chain

44
Q

each activity adds and removes value

A

Value chain

45
Q

Large firms often operate a range of different businesses that are called its ???

A

Business Portfolio

46
Q

what does the BCG help marketers do?

A

decide what to keep and what to let go of

47
Q

what are business goods?

A

bought to create a product and not in consumption

Principles of Marketing (1 decks)

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