Unit Test 1

Question 1

Explain the BCG MATRIX

Answer 1

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

Question 2

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

Answer 2

Value Proposition

Question 3

What are the SWOT Analysis?

Answer 3

Internal: SW
External: OT

Question 4

What are the five forces model?

Answer 4

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

Question 5

PESTLE MODEL

Answer 5

Political
Economic
Sociocultural
Technological
Environmental
Legal

Question 6

Trade Agreements, Tarriffs, Taxes, labor and environmental regulations

Answer 6

Political Factors

Question 7

Employment levels, interest rates and exchange rates

Answer 7

Economic Factor

Question 8

Demographic trends, consumer preferences, market diversity

Answer 8

Sociocultural Factor

Question 9

Internet, smart phones, connectivity, automation, AI

Answer 9

Technological Factors

Question 10

Resource scarcity, recycling, alternative energy resources

Answer 10

Environmental Factors

Question 11

Contracts, laws, IP, copyrights

Answer 11

Legal Factors

Question 12

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

Answer 12

Objective

Question 13

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

Answer 13

Strategies

Question 14

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

Answer 14

Tactics

Question 15

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

Answer 15

Marketing Plan

Question 16

Marketing Strategies

Answer 16

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

Question 17

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

Answer 17

Market Penetration

Question 18

Involve creating new products for existing customers

Answer 18

Product Development

Question 19

Focus on entering new markets with existing products

Answer 19

Market Development

Question 20

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

Answer 20

Diversification

Question 21

Market Entry Methods

Answer 21

Direct Investment (High Risk, Investment and Control

Question 22

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

Answer 22

Strategic Business Unit

Question 23

What are the functional levels of an organization

Answer 23

Marketing, HR, Accounting Dept

Question 24

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

Answer 24

Marketing

Question 25

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

Answer 25

Creating

Question 26

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

Answer 26

Communicating

Question 27

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

Answer 27

Delivering

Question 28

Trading value for those offerings

Answer 28

Exchanging

Question 29

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

Answer 29

Product

Question 30

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

Answer 30

Price

Question 31

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.

Answer 31

Place

Question 32

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

Answer 32

Promotion

Question 33

The center of everything marketing does

Answer 33

Value

Question 34

Personal Value Equation

Answer 34

Value = Benefits - [price + hassle]

Question 35

Seeking to satisfy customer wants and needs

Answer 35

Market Oriented

Question 36

Focus on product innovation or production

Answer 36

Product/Production Orientation

Question 37

Focus on heavily pushing products by heavily emphasizing advertising and selling

Answer 37

Selling Orientation

Question 38

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

Answer 38

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

Question 39

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

Answer 39

Service Dominant Logic

Question 40

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

Answer 40

Marketing Orientation

Question 41

Value

Answer 41

= benefit - cost

Question 42

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

Answer 42

Value Proposition

Question 43

4Ps

Answer 43

Product Place Price Promotion

Question 44

4Cs

Answer 44

Cost Consumer Solution Communication Convenience

Question 45

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

Answer 45

Product

Question 46

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

Answer 46

Promotion

Question 47

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

Answer 47

Place

Question 48

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

Answer 48

Price

Question 49

The set of moral principles or values that guides behavior

Answer 49

Ethics

Question 50

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

Answer 50

Norms

Question 51

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

Answer 51

Values

Question 52

The most difficult ethical issue, 15% marketing professional say

Answer 52

Bribery

Question 53

 Is the ethical behavior of a company toward society

Answer 53

Corporate Social Responsibility

Question 54

Difference between place and promotion

Answer 54

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

Question 55

Characteristic of exchange

Answer 55

A customer giving up one thing to get more desired thing

Question 56

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

Answer 56

Economic Legal Ethical Philanthropic (highest)

Question 57

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

Answer 57

B2B (Business-to-Business)

Question 58

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

Answer 58

B2C (Business-to-Consumer)