Quiz 1 Flashcards
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.
Marketing
CX or Cex
Customer Experience
Four P’s
Product, Price, Promotion, Place
What is CX/CEX/Customer experience?
The customers overall assessment of every interaction the customer has experienced with a business.
BCG?
Boston Consulting Group
What is Data?
raw unorganized facts
What is Information?
Interpreted data
True or false?
Marketing is the first and foremost about satisfying customer needs in a profitable way.
True
What is marketing all about?
Customer Experience
What is the Marketing mix?
Four P’s (Price, Product, Promotion, Place)
What is it called when a firm can offer customers a benefit they can’t get from competitors?
Competitive adavantage
What level of a company is Strategic planning?
Corporate
True or false?
Operational is to support functional as functional is to support strategic?
True
What level of a company is Functional Planning?
Chief Marketing officer, Functional level management.
What level of a company is Operational Planning?
Supervisory managers, people on the floor.
What is a cash cow?
dominant share in a low market growth
what are stars?
SBU’s whose market products have a dominant marketshare in high growth markets
what are question marks?
SBU’s who product have a low market share in high growth markets
Dogs
something nobody wants
What is Customer Lifetime Value
Marketers calculate the lifetime value of a customer.
What is it when marketers calculate the lifetime value of a customer?
Customer Lifetime Value
what is value?
have to offer value to customers, benefits out weigh the cost
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.
mission statement
What are the three levels of planning?
strategic, functional, and operational
What is customer experience?
the customers overall assessment of every interaction the customer has experienced with a business.
seek to increase sales of existing products to existing markets
Market Penetration Strategy
create growth by selling new products in existing markets
Product development strategy
introduce existing products to new markets
Market development strategy
emphasize both new products and new markets to achieve both
diversification strategy
people want and can buy
demand
demand
people want and can buy
consumers must have buying power for there to be ???
demand
quick to obtain, free or inexpensive, accuracy is questionable, purpose is unknown
secondary data
time consuming, expensive to collect, accurate
primary data
refers to the process of collecting, analyzing, and interpreting data about customers, rivals, and the business environment in order to improve marketing effectiveness.
Market research
your chance of being asked is equal to someone else being asked
probability sampling
what is Probability Sampling?
each member of the population has some known chance of being included.
What is Non-Probability sampling?
A sample in which personal judgement is used to select respondents.
True or false
the smaller the sample size is the more accurate the survey?
false
what are the internals of SWOT?
strengths and weaknesses
what are the externals of SWOT?
Opportunity and Threat
What is SBU
Strategic Business Units
large company broken down to be more manageable
Strategic Business Units
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
Value chain
each activity adds and removes value
Value chain
Large firms often operate a range of different businesses that are called its ???
Business Portfolio
what does the BCG help marketers do?
decide what to keep and what to let go of
what are business goods?
bought to create a product and not in consumption
