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MKTG FINAL > Slides > Flashcards

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1
Q

What are the four categories of the BCG portfolio Model

A

Stars
Cash Cows
Question mark
Dog

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2
Q

Stars

A

High growth rate, High market share

Takes up a lot of cash because of the growth and makes a lot of money due to high market share.
Amazon

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3
Q

Cash cows

A

Low growth rate, High market share

– Makes a lot of money. Growth has slowed down. So less expenses (Coca- Cola, Apple)

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4
Q

Dog

A

low growth rate, low market share

No potential

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5
Q

Question mark

A

Growing fast. Taking up a lot of cash but generates less cash due to low market share. It will either gain market share and become a star or lose eventually become a dog since they are not making money. (Smartwatches)

Usually helped out by cash cows

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6
Q

market penetration

A

Existing product into an existing market

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7
Q

product development

A

New product into an existing market.

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8
Q

market development

A

Existing product into a new market

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9
Q

Diversification

A

New product into a new market

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10
Q

product orientation

A

all about the product. Does not consider competitors or the needs of the market

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11
Q

Sales orientation

A

Aggressive sales techniques

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12
Q

Market orientation

A

understand customer needs, company capabilities, knows competitors, and wants to make a profit

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13
Q

societal orientation

A

concerned about the environment

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14
Q

what are the five forces in porter’s five forces model?

A 
Threats of entrants
power of suppliers
competitive rivalry
threat of substitutes
power of buyers
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15
Q

Competitive rivalry

A

Rivalry among existing companies in a particular industry varies in intensity based on the type and number of competitors and on the basis of competition—price discounting, advertising, new product offerings, and service quality. High competitive rivalry drives down industry profits. Delta vs. United

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16
Q

power of suppliers

A

Powerful suppliers can drive down industry profits by charging higher prices and/or reducing product and service quality. Oil Industry or Boeing

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17
Q

power of buyer

A

Powerful buyers (customers) can use their clout to demand and receive lower prices, increased product quality, and more services.

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18
Q

threat of entrants

A

New entrants can shake up an industry and cause increased competition as they seek to take market share from existing companies in the industry.

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19
Q

threat of substitutes

A

Substitute products have the potential of replacing existing products because they perform a similar function. As a result, industry profits suffer

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20
Q

Exporting

A

Sending products manufactured in one country to a different country. There could be regulations by governments to ensure the local companies are competitive.

lowest risk lowest return

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21
Q

licensing

A

Giving permission to individuals or businesses to own your products/brand name as long as they abide by certain rules when it comes to the product and quality

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22
Q

joint venture

A

– If you don’t know much about a market, you are better off joining hands with a company who is familiar doing business in the area. (they know the consumers better, they know the area better, they can get things done better)

Joint ownership and control

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23
Q

direct investment

A

build up wholly owned operations in other countries

highest risk, highest return

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24
Q

what are the three parts of the fraud triangle

A

opportunity
pressure
rationalization

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25
cross tabs analysis
frequency counts conditions, attitudes, and/or behaviors that occur most often
26
Analysis of variance
variability around the average averages that differ beyond expected variability
27
regression analysis
Relationship between a dependent variable and one or more independent or predictor variables
28
Factor analysis
Data reduction techniques Identify highly correlated variables, group into factors
29
cluster analysis
Classifies objects or people into groups based on similarities Divide markets into segments
30
Discriminant analysis
Ability of predictor variable to discriminate between categories Generate perceptual maps depicting brands
31
max diff analysis
Measures most/least important or most/least appealing Determine choice preferences
32
conjoint analysis
Estimates the value of component attributes given tradeoffs Develop new products and identify pricing alternatives
33
data product
combine data with statistical algorithms to create value for customers make inferences and predictions ex: amazon does purchase recommendations, Facebook does people you may know
34
Consumer Behavior process
problem recognition--perceiving a need Information search--seeking value evaluation of alternatives--assessing value purchase--buy value post-purchase evaluation--consuming, experiencing, using, and evaluating value
35
sell to the ______ group in the eyes of the ______ group
swing, love
36
what are four ways to segment the market
geographic--region, city size, climate demographic--age, gender, race, occupation Psychographic--lifestyle, personality, values behavioral--usage situations, benefits
37
which segmentation of a market is the most useful?
Behavioral
38
which segmentation of a market is the most used?
Geographic
39
what are the three brand types in the brand matrix
Functional Image Experiential
40
Functional brand
superior performance or superior economy product, price, and/or place solves physiological and safety needs, relatively low involvement
41
image brand
wanted for desirable image promotion solves social and esteem needs, moderate to high involvement
42
Experiential brand
wanted for a unique engaging experience product and place (delivery and service) meets self actualization needs, moderate to high involvement
43
Brand awareness
consumers know about the brand
44
Brand image
consumers have a definite impression about the brand
45
brand loyalty
consumers only purchase thier favored brand
46
brand equity
brand loyalty is transferred to all products within the brand
47
servant's heart service provider
high service quality | low service productivity
48
tiger service provider
high productivity | high quality
49
kitten service provider
low productivity | low quality
50
fox service provider
High productivity | low service quality
51
reliability
the ability to perform the promised service dependably and accurately -- the first time
52
Responsiveness
helping customers promptly
53
assurance
providing the service with competence, courtesy, credibility, respect, and security
54
empathy
providing easy access, clear communication , and listening to understand customer needs
55
tangibles
the appearance of physical facilities, equipment, and personnel
56
total cost=
fixed cost + variable cost
57
Unit margin =
price - unit variable cost
58
percent margin=
price- unit variable cost __________________ price
59
Buying situation
paying more or less for something depending on where you are buying it
60
relative incentives
deals with different products but same incentives (saving $10 on different items)
61
nature of product
– You’ll pay more for medicine you need to need than you will for a movie ticket
62
skimming pricing
sell at high price before reducing to next price level and repeat
63
penetration pricing
whole market price
64
elastic demand
sensitive to price
65
inelastic demand
not as sensitive to price
66
Advertising
Paid placement of announcements and persuasive messages to inform, gain liking/interest, and/or stimulate action
67
sales promotions
Short-term incentives to encourage trial or increase purchase (Ex. Coupons, Rebates, Samples, Contests, Premiums, Price packs)
68
personal selling
Two-way communication between a buyer and seller designed to influence a purchase decision
69
public relations
placement of new or media presentations with the deliberate attempt to manage the publics perception
70
direct marketing
Promotional element that uses direct communication with consumers to generate a response in the form of an order, request for information, or visit to a retail outlet or website. (Ex. Direct Mail, Telemarketing)
71
intensive distribution
maximum market coverage--firm seeks to make the product available in every outlet where customers might want to buy it
72
selective distribution
a level of distribution intensity whereby a firm selects A FEW retail outlets in a specific geographic area
73
exclusive distribution
a level of distribution inteseity whereby only ONE retail outlet in a specific geographical area carries the firm's products
74
what should be the best channel system achieve?
ideal market exposure
75
what are successful startups built on
consumer insight
76
what are the three aspects of a competitive angle
lifts consumer over a hurdle - makes a personal connection - Unique or different
77
what are hurdles
something the customer wants but cannot obtain
78
new products are successful when they
get people over hurdles
79
what are three big challenges for entrepreneurs ?
- lack credibility - power is with the buyers - Ego
80
what is the solution to lacking credibility
- dress the part - speak the language - seek to understand - listen - set correct expectations - be responsive- deliver results--meet and exceed expectations
81
what are the 5 launching tactics
use marketing events to create buzz - make the demonstration compelling - Create a catch phrase and or jingle - Select the channel - Close the deal
82
make the demonstration compelling
It’s important to showcase the relative advantage of the product and it’s fit with day to day life of potential customers. - relative advantage - fit with the day to day
83
Select the channel
put the product where the people are - ready to buy - able to pay - know that good alternatives are out of reach
84
create a catch phrase or jingle
combine authentic hopes or needs with unique features and benefits to create your catch phrase.

MKTG FINAL (5 decks)

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