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Marketing Test 1 > Test 1 Review > Flashcards

Test 1 Review Flashcards

1
Q

What is Marketing?

A

Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others

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2
Q

What is market segmentation?

A

Dividing market into smaller, distinct subsets.
Selecting one or more segments as target market

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3
Q

What is market positioning?

A

Establishing a clear image for a brand in competition with other brands

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4
Q

What are the levels of Segmentation?

A

Mass Marketing-same product to all consumers (no seg)
Segment Marketing-Different products to one or more segments (some seg)
Niche Marketing- Different products within subgroups (more seg)
Micro marketing- products to suit the taste of individuals or locations (complete seg)

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5
Q

What are the requirements for segmentation?

A

Measurable- size, purchasing power
Accessible- segments must be effectively reached
Substantial - segments must be profitable
Differential - segments must be unique
Actionable - must be able to attract the segments

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6
Q

What are the three segmenting strategies?

A

Undifferentiated - offering same marketing mix to all customers
Differentiated - going after 2 or more segments, offering a different marketing mix
Concentrated - choosing one segment to go after, offering a marketing mix to that customer

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7
Q

What are the three components of the Positioning Perceptual Map?

A
  1. 2 most important product attributes
  2. rate brands along attributes chosen
  3. score ideal brand along chosen attributes
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8
Q

Whats Benefit Segmentation?

A

Segmenting on the basis of the most important benefit sought by customers when purchasing the product or service.

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9
Q

What are examples of different types of segmentation?

A

Geographic - nations, states
Demographic - age, gender
Psychographic - social class
Behavioral - benefits, usage

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10
Q

What is a marketing information system?

A

continuously has to assess, develop, and distribute relevant and timely marketing information to its managers.

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11
Q

What is secondary data?

A

data you collect from published sources, inside and outside a company

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12
Q

What is primary data?

A

Data you have to collect with your own research instruments

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13
Q

What are the three different Research approaches?

A

Exploratory - gathering data by observing people
Descriptive - describing people, attitudes or buying patterns
Casual - using groups of people to determine cause and effect relationships

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14
Q

What are the 4 primary data collection methods?

A

Methods
questioning and observing
qualitative and quantitative
experiment and survey

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15
Q

What is Quantitative Research?

A

More structures, have all the answers/questions
ex: multiple choice exam

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16
Q

What is Qualitative Research?

A

Detailed responses, one professor might like, other not
ex: open ended question/ exam

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17
Q

What are focus groups?

A

Qualitative technique
small group, designed to get open-ended questions

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18
Q

What is one exam of a type of Survey?

A

Mail
Pro: Inexpensive
Con: Slow response rate

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19
Q

What is sampling?

A

The process of selecting respondents who statistically represent a larger population of interest

20
Q

What are the 3 different sampling methods?

A

Simple Random Sampling - each individual has an equal chance
Stratified Random - each member of a subgroup has an equal chance of being chosen
non-probability - the likelihood of selections sample cant be calculated.

21
Q

What are confidence Intervals?

A

The range on either side of the sample estimate that contains the true value for the relevant population

22
Q

What are 6 components in the microenvironment?

A

Company, Suppliers, Customers, Intermediaries, competitors, and publics

23
Q

What are the 6 factors of the Macroenvironment?

A

Demographic environment, economic (interest rates), natural (air quality), technology, political (relation w govern), and Cultural (values).

24
Q

What is green marketing?

A

Encouraged recycling and sustainability

25
Q

What factors affect the envrionment?

A

Government intervention, shortage of raw materials and high pollution levels

26
Q

What is cause marketing?

A

A strategy of joining forces with a non-profit organization to tackle a social problem such as: illiteracy, child abuse and breast cancer

27
Q

What’s a reactive approach to environmental management?

A

Sit-back and let these changes happen to your business

28
Q

What’s a proactive approach to environmental management?

A

If you sit back and let these changes happen to your business, you’re going to be behind

29
Q

What are the steps in the Strategic Planning Process?

A

Defining a mission, setting company objectives, designing a business portfolio, planning functional strategies

30
Q

Best place to be in the Boston Consulting Group matrix?

A

Cash cow, slow growth rate, high relative market share, low investment, high revenuw

31
Q

Best place in the GE Matrix?

A

High business strength (strong in the market), high industry attractiveness (strong demand for product)

32
Q

What are 4 growth strategies?

A

Market Penetration - increasing sales
Market development - expanding into new market
Product development - new product/ fixing existing
Diversification - new markets/new products

33
Q

What are the 8 Functions of Marketing?

A

Buying

Selling

Storing

Financing

Standardization and grading

Risk taking

Transportation

Market Information

34
Q

What is the marketing concept?

A

Customer satisfaction = profit
ex: atms in airports

35
Q

What is the marketing strategy?

A

selecting a target market then develop the marketing mix

36
Q

What are the 4 P’s of the Marketing Mix?

A

Product
Price
Place
Promotion

37
Q

What are the types of marketing audits?

A

Environmental
strategy
systems
organization
productivity

38
Q

What is micromarketing?

A

A narrow and focused view, from a company point of view, applies to profit/non profit

39
Q

What is macromarketing?

A

Broader view, view as a social process that matches supply with demand, focused on society’s concerns not individual companies.

40
Q

What is the Micro-Macro Dilemma?

A

What is good for some consumers/companies, isn’t necessarily good for society.

41
Q

What is customer value?

A

benefits received - cost

42
Q

What is customer satisfaction?

A

Product’s perceived performance - expectations

43
Q

What are 5 economic Utilities?

A

Form - creating products
Task - creating services
Time - get things on time
Place -right place
Possession - transfer from seller to buyer

44
Q

What is validity?

A

Did the research measure what it was intended to measure?

45
Q

What is reliability?

A

Are the research techniques free of errors?

Marketing Test 1 (9 decks)

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