Exam 1
Exam 1
Exam 1
Exam 1
Exam 1
100
What is Marketing?
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.
100
What is Strategic Planning?
This is the managerial process of creating and maintaining a fit between the organization's objectives/resources and the evolving market opportunities
100
What is money that the consumer has left (after paying taxes) to use for necessities such as food, housing, clothing and transportation?
Disposable Income
100
List the 5 steps of the Consumer Decision Making Process and define each step
a. Problem Recognition - perceiving a need b. Info Search - seeking value internally and externally c. Alternative Evaluation - assessing value d. Purchase Decision - buying value e. Post Purchase Behavior - consuming/using value
100
Define Culture
The common set of values shared by its citizens that determine what is socially acceptable. The aspect of culture includes language, customs, values and symbols
200
What is the Marketing Concept?
This has three parts to it: 1.) Customer Focused - focuses on customer's wants/needs 2.) Profit Oriented - serves only the customer's that make you money 3.) Organizational Integration - marketing is a philosophy, not a concept
200
Define the 4 steps in the PLANNING phase of the Strategic Marketing Process
Planning Phase: 1. Define the Business - mission statement 2. Situation Analysis/Opportunity ID - SWOT Analysis 3. Market Product Strategy - Determine which products will be directed toward which customers (Ansoff's model) 4. Marketing Program - strategies of the 4 P's
200
What is a period of economic activity characterized by negative growth which reduces demand for goods and services?
Recession
200
What are the 3 ways to evaluate alternatives?
a. Analyze the product attributes b. Use the cutoff criteria (price) c. Rank attributes by importance
200
Define these legal considerations: a. Tariff b. Quota c. Boycott
a. a tax levied on goods entering a country b. limit on the amount of a product entering a country c. exclusion of products from a country
300
What are the 4 P's of the Marketing Mix?
1.) Product - tangible goods, services, image, value 2.) Place - key aspect of exchange of ownership 3.) Promotion - a.k.a. communication, informs, educates, persuades and reminds 4.) Price - this is the most flexible "P", TR = Q x P
300
2.) What is a marketing plan?
it consists of a mission statement and a SWOT analysis a. Mission Statement - profoundly affects the firm's long run resource allocation, profitability and survival b. SWOT Analysis - identifies industry trends, analyzes competitors, assesses the organization and researches present and prospective customers and CREST forces
300
1.) Describe Porter's 5 Force Model
The organization is surrounded by the bargaining power of suppliers, bargaining power of buyers, threat of new entrants and threat of substitute offerings
300
List the 4 factors that influence buying decisions
Culture, Social Class, individual Factors and Psychological Factors
300
What are the 4 methods of entering the global market and their associated risks?
1. Export - sell domestically produced products to buyer in other countries (HAS THE LEAST RISK) 2. License - legal process allowing use of manufacturing/patents/knowledge (RISK OF POTENTIALLY DAMAGING YOUR BRAND NAME) 3. Joint Venture - domestic firm buy/joins a foreign company to create a new entity.(HAS THE ADVANTAGE OF PRODUCING IN A DOMESTIC COMPANY BUT LEVERAGING IN THE SKILLS OF YOUR PARTNER) 4. Direct Investment - active ownership of a foreign company/manufacturing facility (HAS THE MOST RISK)
400
Define Customer Value
Perceived benefits/price
400
What is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition?
Sustainable Competitive Advantage
400
Define Primary and Secondary Research
Primary - facts and figures NEWLY collected for the project Secondary - facts and figures ALREADY recorded prior to the project, you should ALWAYS start with secondary data
400
Define the Family Life Cycle
consists of the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors
400
Define Global Marketing Standardization vs. Multi-Domestic Strategy and list the advantage for each
Global Marketing Standardization - Production of uniform products that can be sold the same way all over the world. The advantage here is that its cheap to produce Multi-Domestic Strategy - Subsidiaries of multinational firms are allowed to compete independently in domestic markets. The advantage here is that you can customize your product.
500
What is RELATIONSHIP MARKETING?
1.) This links the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefit.
500
Show us the BCG Grid!
STARS - high market growth rate/high market share QUESTION MARKS - high market growth rate/low market share CASH COWS - low market growth rate/high market share DOGS - low market growth rate/low market share
500
Define Probability Sample
A sample in which every element in the population has a known statistical likelihood of being selected (everyone has an equal chance of participating)
500
When does a consumer use routine, limited or extended decision making?
Routine = Less involvement Limited = In the middle Extended = Most involvement
500
List the benefits and negatives/concerns of global marketing
Benefits - expands economic freedom, spurs competition, raises productivity and living standards, offers access to foreign capital, global export markets and advanced technology, promotes higher labor and environmental markets and acts as a check on government power Negatives/Concerns - million of Americans have lost jobs, fear losing jobs, threat of outsourcing if workers do not accept pay cuts and vulnerability to operations moving offshore
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