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MKTG > Unit Test 1 > Flashcards

Unit Test 1 Flashcards

1
Q

Explain the BCG MATRIX

A

Question Marks: High Growth Low Share
Stars: High Growth High Share
Dogs: Low Growth Low Share
Cash Cows: Low Growth High Share

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2
Q

Is a 30 second elevator speech stating the specific value of a product or services provide to a target market

A

Value Proposition

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3
Q

What are the SWOT Analysis?

A

Internal: SW
External: OT

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4
Q

What are the five forces model?

A

Potential New Entrants
Bargaining Power of Suppliers
Competitive Rivalry (Direct Competitors)
Substitutes
Bargaining Power of Buyers

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5
Q

PESTLE MODEL

A

Political
Economic
Sociocultural
Technological
Environmental
Legal

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6
Q

Trade Agreements, Tarriffs, Taxes, labor and environmental regulations

A

Political Factors

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7
Q

Employment levels, interest rates and exchange rates

A

Economic Factor

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8
Q

Demographic trends, consumer preferences, market diversity

A

Sociocultural Factor

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9
Q

Internet, smart phones, connectivity, automation, AI

A

Technological Factors

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10
Q

Resource scarcity, recycling, alternative energy resources

A

Environmental Factors

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11
Q

Contracts, laws, IP, copyrights

A

Legal Factors

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12
Q

The end result they want to achieve - in a given time frame

A

Objective

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13
Q

Means the end, game plan or what a firm is going to do to achieve its objective

A

Strategies

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14
Q

Specific actions such as coupons, tv ads, banner ads,

A

Tactics

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15
Q

A strategic plan at the functional level that provides a firm’s marketing group with direction

A

Marketing Plan

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16
Q

Marketing Strategies

A

Market Penetration: Existing Market/Product
Product Development: NP/EM
Market Development: NM/EP
Diversification: NM/NP

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17
Q

Focus on increasing a firm’s sales of its existing products to its existing customers

A

Market Penetration

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18
Q

Involve creating new products for existing customers

A

Product Development

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19
Q

Focus on entering new markets with existing products

A

Market Development

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20
Q

Involve entering new markets with new products or doing something outside a firm’s current businesses

A

Diversification

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21
Q

Market Entry Methods

A

Direct Investment (High Risk, Investment and Control

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22
Q

Business or product line within an organization that has its own competitors, customers, and profit center for accounting purposes

A

Strategic Business Unit

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23
Q

What are the functional levels of an organization

A

Marketing, HR, Accounting Dept

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24
Q

Defined as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large

A

Marketing

25
Q

The process of collaborating with suppliers and customers to create offerings that have value

A

Creating

26
Q

Broadly, describing those offerings, as well as learning from customers

A

Communicating

27
Q

Getting those offerings to the consumer in a way that optimizes value

A

Delivering

28
Q

Trading value for those offerings

A

Exchanging

29
Q

The solution that the customer wants and needs provided by Goods and services

A

Product

30
Q

The cost to the customer that ensures fair value in the transaction. The monetary amount charged for the product (exchanging)

A

Price

31
Q

The distribution or delivery of the product. Where does the customer buy the product? Getting the product to a point at so the can purchase it.

A

Place

32
Q

The information and communications that occur between the company and the customer. Communication.

A

Promotion

33
Q

The center of everything marketing does

A

Value

34
Q

Personal Value Equation

A

Value = Benefits - [price + hassle]

35
Q

Seeking to satisfy customer wants and needs

A

Market Oriented

36
Q

Focus on product innovation or production

A

Product/Production Orientation

37
Q

Focus on heavily pushing products by heavily emphasizing advertising and selling

A

Selling Orientation

38
Q

Focus on value [all are extensions of the marketing concept]

A

Value/One-to-One/Service-Dominant Logic Eras

39
Q

The approach to business that recognizes that consumers want value no matter how it is delivered—whether through a tangible product or through intangible services, or a combination of the two

A

Service Dominant Logic

40
Q

Focus on identifying and understanding the customer’s needs and wants and addressing them more effectively or efficiently than one’scompetitors

A

Marketing Orientation

41
Q

Value

A

= benefit - cost

42
Q

Provides a very simple answer to the question: Why should someone buy what you are offering. Clear, compelling, and differentiating

A

Value Proposition

43
Q

4Ps

A

Product
Place
Price
Promotion

44
Q

4Cs

A

Cost
Consumer Solution
Communication
Convenience

45
Q

What solution does the customer needs? (Features, Design, Branding, etc)

A

Product

46
Q

What is the dialogue between consumer and the company? (Message, Method of Delivery, Timing of delivery, etc)

A

Promotion

47
Q

How does the customer act or buy? (location, ease of transaction, sales force, etc)

A

Place

48
Q

What is the cost to the customer? (value, discounts, existing price points, etc)

A

Price

49
Q

The set of moral principles or values that guides behavior

A

Ethics

50
Q

Established standards of conduct that are expected and maintained by society and/or professional organizations

A

Norms

51
Q

Represent the collective conception of what communities find desirable, important, and morally proper

A

Values

52
Q

The most difficult ethical issue, 15% marketing professional say

A

Bribery

53
Q

Is the ethical behavior of a companytoward society

A

Corporate Social Responsibility

54
Q

Difference between place and promotion

A

Place is the distribution & logistics, promotion is communication to the customer

55
Q

Characteristic of exchange

A

A customer giving up one thing to get more desired thing

56
Q

In Caroll’s Pyramid (Social Responsibility), which levels form the foundation?

A

Economic
Legal
Ethical
Philanthropic (highest)

57
Q

Fewer customers, often geographically concentrated, with a small number accounting for most of the company’s sales. Large $ amounts = more transactions

A

B2B (Business-to-Business)

58
Q

Many customers, geographically
dispersed. Smaller total dollar amounts due to fewer transactions. Shorter decision cycles

A

B2C (Business-to-Consumer)

MKTG (1 decks)

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