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MKTG FINAL > Slides > Flashcards

Slides Flashcards

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
Q

cross tabs analysis

A

frequency counts

conditions, attitudes, and/or behaviors that occur most often

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26
Q

Analysis of variance

A

variability around the average

averages that differ beyond expected variability

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27
Q

regression analysis

A

Relationship between a dependent variable and one or more independent or predictor variables

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28
Q

Factor analysis

A

Data reduction techniques

Identify highly correlated variables, group into factors

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29
Q

cluster analysis

A

Classifies objects or people into groups based on similarities

Divide markets into segments

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30
Q

Discriminant analysis

A

Ability of predictor variable to discriminate between categories

Generate perceptual maps depicting brands

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31
Q

max diff analysis

A

Measures most/least important or most/least appealing

Determine choice preferences

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32
Q

conjoint analysis

A

Estimates the value of component attributes given tradeoffs

Develop new products and identify pricing alternatives

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33
Q

data product

A

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

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34
Q

Consumer Behavior process

A

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
Q

sell to the ______ group in the eyes of the ______ group

A

swing, love

36
Q

what are four ways to segment the market

A

geographic–region, city size, climate
demographic–age, gender, race, occupation
Psychographic–lifestyle, personality, values
behavioral–usage situations, benefits

37
Q

which segmentation of a market is the most useful?

A

Behavioral

38
Q

which segmentation of a market is the most used?

A

Geographic

39
Q

what are the three brand types in the brand matrix

A

Functional
Image
Experiential

40
Q

Functional brand

A

superior performance or superior economy

product, price, and/or place

solves physiological and safety needs, relatively low involvement

41
Q

image brand

A

wanted for desirable image

promotion

solves social and esteem needs, moderate to high involvement

42
Q

Experiential brand

A

wanted for a unique engaging experience

product and place (delivery and service)

meets self actualization needs, moderate to high involvement

43
Q

Brand awareness

A

consumers know about the brand

44
Q

Brand image

A

consumers have a definite impression about the brand

45
Q

brand loyalty

A

consumers only purchase thier favored brand

46
Q

brand equity

A

brand loyalty is transferred to all products within the brand

47
Q

servant’s heart service provider

A

high service quality

low service productivity

48
Q

tiger service provider

A

high productivity

high quality

49
Q

kitten service provider

A

low productivity

low quality

50
Q

fox service provider

A

High productivity

low service quality

51
Q

reliability

A

the ability to perform the promised service dependably and accurately – the first time

52
Q

Responsiveness

A

helping customers promptly

53
Q

assurance

A

providing the service with competence, courtesy, credibility, respect, and security

54
Q

empathy

A

providing easy access, clear communication , and listening to understand customer needs

55
Q

tangibles

A

the appearance of physical facilities, equipment, and personnel

56
Q

total cost=

A

fixed cost + variable cost

57
Q

Unit margin =

A

price - unit variable cost

58
Q

percent margin=

A

price- unit variable cost
__________________
price

59
Q

Buying situation

A

paying more or less for something depending on where you are buying it

60
Q

relative incentives

A

deals with different products but same incentives (saving $10 on different items)

61
Q

nature of product

A

– You’ll pay more for medicine you need to need than you will for a movie ticket

62
Q

skimming pricing

A

sell at high price before reducing to next price level and repeat

63
Q

penetration pricing

A

whole market price

64
Q

elastic demand

A

sensitive to price

65
Q

inelastic demand

A

not as sensitive to price

66
Q

Advertising

A

Paid placement of announcements and persuasive messages to inform, gain liking/interest, and/or stimulate action

67
Q

sales promotions

A

Short-term incentives to encourage trial or increase purchase (Ex. Coupons, Rebates, Samples, Contests, Premiums, Price packs)

68
Q

personal selling

A

Two-way communication between a buyer and seller designed to influence a purchase decision

69
Q

public relations

A

placement of new or media presentations with the deliberate attempt to manage the publics perception

70
Q

direct marketing

A

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
Q

intensive distribution

A

maximum market coverage–firm seeks to make the product available in every outlet where customers might want to buy it

72
Q

selective distribution

A

a level of distribution intensity whereby a firm selects A FEW retail outlets in a specific geographic area

73
Q

exclusive distribution

A

a level of distribution inteseity whereby only ONE retail outlet in a specific geographical area carries the firm’s products

74
Q

what should be the best channel system achieve?

A

ideal market exposure

75
Q

what are successful startups built on

A

consumer insight

76
Q

what are the three aspects of a competitive angle

A

lifts consumer over a hurdle

  • makes a personal connection
  • Unique or different
77
Q

what are hurdles

A

something the customer wants but cannot obtain

78
Q

new products are successful when they

A

get people over hurdles

79
Q

what are three big challenges for entrepreneurs ?

A
  • lack credibility
  • power is with the buyers
  • Ego
80
Q

what is the solution to lacking credibility

A
  • dress the part
  • speak the language
  • seek to understand
  • listen
  • set correct expectations
  • be responsive- deliver results–meet and exceed expectations
81
Q

what are the 5 launching tactics

A

use marketing events to create buzz

  • make the demonstration compelling
  • Create a catch phrase and or jingle
  • Select the channel
  • Close the deal
82
Q

make the demonstration compelling

A

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
Q

Select the channel

A

put the product where the people are

  • ready to buy
  • able to pay
  • know that good alternatives are out of reach
84
Q

create a catch phrase or jingle

A

combine authentic hopes or needs with unique features and benefits to create your catch phrase.

MKTG FINAL (5 decks)

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