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Mktg 451 > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Challenge and opportunities in today’s economy

A

Power shift to customers

Increase in product selection

Audience and media
fragmentation

Changing value propositions

Shifting demand patterns

Privacy and ethical concerns

Unclear legal jurisdiction

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2
Q

Meta market define

A

Cluster of closely related goods and services that center around a specific consumption activity

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3
Q

Metamediary

A

A single access place for a meta market

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4
Q

What must be met for exchange to occur? (5)

A

Must have two parties

They each have something of value

Each party must be able to communicate

Must be free to accept/reject the exchange

Each party wants to exchange with the other

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5
Q

What are considered products?

A 
Goods
Services
Ideas
Information
Digital products
People
Places
Experiences
Real or financial property
Organizations
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6
Q

5 types of utility

A 
Form
Time
Place
Possession
Psychological
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7
Q

Tactical planning

A

Addresses specific markets or segments and the development of marketing programs that will fulfill
The needs of customers in those markets

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8
Q

Marketing plan define

A

Provides an outline how the organization will combine product, pricing, distribution, and promotion decisions to create an attractive offering

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9
Q

Situation analysis

A

Collecting and interpreting internal, competitive, and environmental information

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10
Q

Marketing strategy decision

A

Must select the right combo of target market and marketing mix

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11
Q

What does the planning process begin with?

A

Situation analysis

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12
Q

What does the marketing plan do?

A

Explains how the organization will achieve its goals

Serves as a roadmap for marketing strategy

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13
Q

What does the mission statement do?

A

Explains the organizations reason for existence

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14
Q

Vision statement

A

Future oriented, addresses where the company wants to go

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15
Q

What questions should the mission statement answer? (5)

A

Who are we?

Who are our customers?

What is our philosophy

What is our competitive advantage

What are our responsibilities?

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16
Q

When should he mission statement change

A

No longer in sync

When competitors drive firms from certain markets

New technology changes delivery

New opportunity approaches

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17
Q

Corporate strategy define

A

Means for utilizing resources in the area of production, finance, research, HR, and marketing to carry out the organizations mission and achieve goals

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18
Q

Functional strategies must what… (3)

A

Fit the purpose of the functional area

Be realistic

Be consistent

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19
Q

Difference between marketing plan and business plan?

A

Research it

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20
Q

Elements of a good marketing plan

A

Comprehensive

Flexible

Consistent

Logical

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21
Q

Executive summary define

A

Give the reader a quick understanding of the marketing plan and the time frame for it

*should be written last

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22
Q

Steps in the marketing plan structure

A

Executive summary

Situation analysis

SWOT

goals

Marketing strategy

Implementation

Evaluation

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23
Q

The importance of marketing goals and objectives section

A

Sets the performance targets

Defines how the firm will
Measure performance

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24
Q

Purpose of the marketing plan (5)

A

Explains present /future situations

Specifies expected outcomes

Describes actions to take place

Shows resources that’ll be needed

Monitors each action

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25
Q

Things to keep in mind when conducting a situation analysis(4)

A

Analysis is not a solution

Data is not the same as information

Benefits of analysis must outweigh the costs

Conducting a situation analysis is challenging

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26
Q

4 dimensions of social responsibility

A

Economic
Legal
Ethical
Philanthropic

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27
Q

Types of ethical issues

A

Product related

Pricing related

Distribution related

Promotion issues

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28
Q

Types of price related ethical issues

A

Price discrimination
Price fixing
Predatory pricing
Superficial discounting

29
Q

Ethical sourcing practices in supply chain?

A

Adopt global supplier code of conduct

Make the supply chain diverse

Perform regular audits

30
Q

Challenges of marketing strategy

A 
Continuous change
People driven nature
Lack of rules
Increase in customer expectations
Declining brand loyalty
Competing in mature markets
Aggressive cost cutting
31
Q

Marketing management philosophies (4)

A

Production
Sales
Market
Societal

32
Q

Production philosophies

A

Focus on internal capability of the firm. What can we do?

33
Q

To achieve market orientation one must…

A

Obtain information about customers
Examine the info
Determine how to deliver customer value
Implement actions

34
Q

Sources of competitive advantage

A

Cost

Product/ service differentiation

Nice strategies

35
Q

What are social responsibility companies can take

A

Work with suppliers

New packaging

Reduce electricity

Revise transportation

Make commitment announcement

36
Q

A diff strategic opportunity matrix (x and y)

A

X: product

Y: market

37
Q

What goes into ansoff’s opportunity matrix

A

Market penetration
Market development
Product development
Diversification

38
Q

Market penetration define

A

Present product; new market

Increase market share among existing customers

39
Q

Market development define

A

New market; present product

Attract new customers to existing products

40
Q

Product development define

A

Present market; new product

Create new products for present markets

41
Q

Diversification define

A

New market; new product

Introduce new products into new markets

42
Q

What is on the x and y of the BCG matrix

A

X: market share
Y: market growth

43
Q

What’s goes into BCG matrix

A

Stars
Cash cows
Dogs
Problem children/ question mark

44
Q

Stars define

A

High market growth
High market share
(iPhone)

45
Q

Cash cows define

A

Low market growth
High market growth
(iPads)

46
Q

Problem children or question marks define

A

High market growth
Low market share
(Apple TV)

47
Q

Dogs define

A

Low market growth
Low market share
(iMac)

48
Q

What are BCG portfolio matrix options (4)

A

Build
Hold
Harvest
Divest/ un-invest

49
Q

What should you build up from the BCG matrix

A

Give up short term profits

Stars, potential problem children

50
Q

What should you hold in the BCG matrix?

A

No invest anything significant

Cash cows

51
Q

What should you harvest in BCG matrix

A

Runs operations for short term cash flow

Cash cows, problem children, dogs

52
Q

Problems with matrix approaches

A

Costly, hard, timely

Hard to measure market share

Focuses on current business but little advice for future planning

For centralized management team
“The starfish and the spider”

More customized approaches

53
Q

Marketing environment define

A

Forces that affect a company’s ability to build and maintain successful relationships with customers

54
Q

Who is apart of the micro environment

A 
The company
Suppliers
Marketing intermediaries 
Competitors
Public’s
Customers
55
Q

Who apart of the marketing intermediaries

A

Resellers
Physical distributions
Marketing services agencies
Financial intermediaries

56
Q

Who is apart of public’s

A 
Financial
Media
Government 
Citizen action
Local
General 
Internal
57
Q

Who is apart of the macro marketing environment

A 
Demographic
Economic
Natural
Technological 
Political 
Cultural
58
Q

The 3 largest generational groups

A 
Baby boomers( 1946-64)
Gen x(1960-80)
Gen y (1980-00)
59
Q

What is apart of the natural environment

A

Abundance of raw material
Increased pollution
Increased government intervention
Environmentally sustainable strategies

60
Q

Examples of marketing research

A

New product development

Merger and acquisition

61
Q

Different roles of marketing research

A

Descriptive
Diagnostic
Predictive

62
Q

Descriptive research define

A

What is the historic sales trends in the industry?

63
Q

What is roles of marketing research (diagnostic)

A

What is the impact on sales of a change in the design of the package

64
Q

Roles of marketing predictive define

A

How can the researcher use the descriptive and diagnostic research to predict the results of a planned marketing research?

65
Q

Past kinds of marketing research

A

Survey
Evaluative
Qualities analysis
Long time

66
Q

Current marketing research

A

Big data
Predictive
Quantitative analysis
Real time

67
Q

Primary data sources

A 
Observations
Surveys
In depth interviews
Focus groups
Panels
Experiments
Test markets
68
Q

Secondary data sources

A 
Internal records
Publications
Data services
Personal networking
Internet providers
Social networks
Government agencies

Mktg 451 (2 decks)

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