Class 1
What are the 4 quadrants of the BCG model?
Cash Cow, Star, Question Mark, Dog
What two questions should you ask when determining if a situation is a strength, weakness, opportunity, or threat?
Is it internal or external?
Is it good for the business or bad for the business?
What is involvement?
Amount of time and effort buyer invests in decision making process
Which type of targeting consists of choosing one type of consumer to target?
Concentrated targeting
What type of business consumer best described like this: "Seek to achieve goals other than standard business goals of profit, market share, and return on investment"?
Institutions
Product development is part of what strategic planning strategy?
Ansoff's Growth Matrix
Trademarks, patents, copyrights, and locations are examples of very good ______?
Sustainable competitive advantages
What are the three types of decisions?
Routine response behavior
Limited decision making
Extensive decision making
Name two types of segmentation bases mentioned in class.
Geographic segmentation
Demographic segmentation
Psychographic segmentation
Benefit segmentation
Usage-rate segmentation
Who is accountable for the largest volume of purchases of any customer category in the U.S.?
Government
What approach does production orientation take to selling products?
Focuses on internal capabilities of firm rather than desires and needs of marketplace
What is the heart of the marketing mix?
The product strategy
How does interest affect involvement?
Increased interest, increased involvment
What type of targeting does sales orientation use?
Undifferentiated targeting
True or false: business marketing has a greater number of consumers than consumer marketing.
False.
List the 5 conditions of exchange.
1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
What are two reasons to do environmental scanning?
Understand current customers and desires of potential customers
Understand how consumer decisions are made in a rapidly changing environment
Identify the most valuable customers and understand their needs
Understand the competition
What is the most important social institution?
Family
What is positioning?
Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general
Business buying is much more formal than consumer buying.
What is the marketing concept?
Marketing concept: idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives
Company A sells lawn mowers. They have been around for decades and have gained the trust of homeowners and others. Recently, their lawn mowers malfunctioned and stopped working after being purchased just days earlier. This incident caused an issue with some of their loyal customers. In response, their largest competitor put out a satirical ad making fun of Company A's incident. To Company A, what element of SWOT analysis does this ad constitute?
Threat
What is the relationship between involvement and cognitive dissonance?
The higher involvement in the decision, the greater the chance of cognitive dissonance.
List all the criteria of good segmentation.
Substantiality
Identifiability
Accessibility
Responsiveness
Name and describe each of the three roles of marketing research.
Descriptive: gathering and presenting facts
Diagnostic: explaining data (explaining the impact of a price change on sales)
Predictive: “What if”