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MGT 103 > Week 1 > Flashcards

Week 1 Flashcards

1
Q

What are the 4 p’s of marketing mix?

A

product, price, promotion, place

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2
Q

What is the product part of the “4 P’s”?

A

what is being offered

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3
Q

What is the price part of the “4 P’s”?

A

what is being exchanged for the product

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4
Q

What is the promotion part of the “4 P’s”?

A

how this is being communicated to the consumer

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5
Q

What is the place part of the “4 P’s”?

A

how is the product getting to the consumer?

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6
Q

What is marketing?

A

the discovery of, creation of, communication of, and finally, delivery of value.

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7
Q

What is value proposition?

A

benefits that an organization promises to the customer.
What does the customer believe they are getting from the company? What does the company know they will have to deliver?

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8
Q

What is the triple bottom line?

A

profit, people, planet
financial, social, and environmental consequences of business decisions

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9
Q

What is strategy?

A

an organization’s long term course of action designed to deliver a unique customer experience while achieving its goals

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10
Q

What are core values?

A

fundamental, passionate, and enduring principles that guide the conduct of an organization

must be communicated and supported by top management and employees

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11
Q

What is organizational culture?

A

set of values, ideas, attitudes and norms of behavior that are learned and shared among members of the organization

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12
Q

What is considered part of organizational culture?

A

what you can wear to work, communication style between colleagues, what is expected from your work (nit picking management v. independent)

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13
Q

What is a mission statement?

A

a formal declaration that describes the firm’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources

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14
Q

What is S.M.A.R.T.?

A

specific, measurable, attainable, relevant, and have a timeline when it comes to setting goals

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15
Q

What is a marketing plan?

A

a road map for the marketing actions of an organization for a specified future time period. should be re-written every 1-3 years

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16
Q

What are stars?

A

high share of high growth (significant potential in the future)

17
Q

What are cash cows?

A

generate lots of cash, high share of low growth (mature, slow-growing industries have a large chunk of market share and require minimal investment to thrive)

18
Q

What are question marks?

A

low share of high growth (product in a market that is growing quickly but have a low market share)

19
Q

What are dogs?

A

low share of slow growth (a business unit that has a small market share in a mature industry)

20
Q

What is market penetration strategy?

A

seek to increase sales of existing products to existing markets

21
Q

What is product development strategy?

A

create growth by selling new products in existing markets

22
Q

What is market development strategy?

A

introduce existing products to new markets

23
Q

What is diversification strategy?

A

emphasize both new products and new markets to achieve growth

24
Q

What is a SWOT analysis?

A

taking into consideration of internal(strengths, weaknesses) and external(opportunities, threats) factors of a product/person/place

25
Q

What is implementation?

A

how to turn the plan into results

26
Q

What is evaluation/control?

A

measuring actual performance, comparing performance to the objectives, making adjustments

27
Q

What is an environmental scan?

A

the process of continually aquiring information on events occurring outside the organization
e.g. identify and interpret potential trends that impact the business

28
Q

What are environmental forces?

A

social, economic, technological, competitive, and regulatory

29
Q

What is sociocultural environment and what are its impacts?

A

changes in cultural values, ideas, and attitutes and how they alter people’s needs and desires for products

30
Q

What is egocentrism?

A

you think that other people think in the same way that you do

31
Q

What is the business cycle?

A

recession, depression, recovery, prosperity, inflation

32
Q

What is gross income?

A

total money made in a year by person, household, etc.

33
Q

What is disposable income?

A

money left after taxes, used for necessities, food, housing, clothing, transportation

34
Q

What is discretionary income?

A

money left after paying for taxes and necessities

35
Q

What are some recession proof products?

A

generic labels, camping gear, repair shops, education, sin products

MGT 103 (7 decks)

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