Business Marketing Test 1 - Extras

Front 1

Name the 5 Marketing Management Orientations

Back 1

1- Production
2- Product
3- Selling
4- Marketing
5- Social Marketing

Front 2

Downsizing

Back 2

the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy

Front 3

Marketing Environment

Back 3

includes the
actors and forces outside marketing that affect marketing management’s ability to build and
maintain successful relationships with customers

Front 4

Marketing (notes)

Back 4

How people get what they need and want through creating and exchanging products and value with others.

Front 5

Baby Boomers

Back 5

Include people born between 1946 - 1964. These are the most affluent Americans

Front 6

Generation X

Back 6

Includes people born between 1965 and 1976.
- High Divorce Rates
- Respond to socially responsible companies
- Concerned about the environment
- Consumer organizations, environment groups, and minority groups

Front 7

Generation Y

Back 7

Includes people born between 1977 - 2000.
The Internet Generation

Front 8

Marketing Research

Back 8

the
systematic design,
collection, analysis, and
reporting of data relevant
to a specific marketing
situation facing an
organization

Front 9

Primary Data

Back 9

information that is collected for the specific purpose at hand

Front 10

Secondary Data

Back 10

information that already exists somewhere, having been collected for another purpose

Front 11

Products (notes)

Back 11

Anything - (ideas, experiences, persons, services, plans, info, organizations, etc) that can be offered toa market to satisfy a need or want.

Front 12

Requirements for Marketing to Occur (on test)

Back 12

- 2 or more parties with unsatisfied needs
- Desire and ability to satisfy the need
- A way to communicate
- Something to exchange

Front 13

What is the challenge of meeting consumer needs with new products?

Back 13

- Focusing on the consumer Benefit
- Learn from the past

Front 14

In marketing, the concept of "exchange" refers to what?

Back 14

the process through whinch any buyer and seller trade something of value.

Front 15

Market share is?

Back 15

the ratio of the sales revenue of the firm to the total sales revenue of all firms in the industry including the firm itself.

Front 16

A BYU co-ed would like to buy a Vespa Scooter, but cannot afford one. What would explain why marketing fails?

Back 16

no ability on the part of each to satisfy the other

Front 17

The four P's are commonly known as

Back 17

the marketing mix

Front 18

What would best constitute the best target market for week-night Utah Jazz tickets?

Back 18

Pwople living near SLC who enjoy professional basketball.

Front 19

What cannot not be marketed?

Back 19

nothing

Front 20

Throu the use of advertising and promotions marketers are able to create fundamental needs which cause consumers to purchase their products - True or False

Back 20

False

Front 21

According to Michael Porter's Big Ideas - strategy is about

Back 21

- choosing to be different
- making choices
- tradeoffs, deciding what not to be

Front 22

According to Michael Porter, sound strategy starts with having the right goal and the only goal that can support a sound strategy is

Back 22

superior profitability

Front 23

What represents the opinion of Carlos Goshn and Michael Porter

Back 23

We don't want to be something for everybody, we want to be everything for some people....Strategy 101 is about choices, you can't be all things to all people.

Front 24

T or F
According to Jagdish Sheth and Rajendra Sisodia, "Customers should be viewed and managed as assets of the organization to be invested in, depreciated and replaced...some customers need to be fired"

Back 24

True

Front 25

Southwest Airlines, as reported in "Start with the Customers," helps to create a family feeling with customers by inviting frequent fliers to do what?

Back 25

interview new flight attendants

Front 26

Technology, as reported in "Why Service Stinks," allows companies to cater to the profitable customers while doing what?

Back 26

giving other people skimpier service

Front 27

A typical commercial bank in "Why Service Stinke" knows that the top 20% of its customers generate up to 6 x more revenues than they cost while the bottom 20% cost 3-4 x more than they make the company. True or False

Back 27

True

Front 28

According to Leavitt in "Marketing Myopia," Henry Ford was a genius because:

Back 28

he figured out how much people would pay then designed a car that he could build and sell for the amount.

Front 29

Theodore Leavitt asserts what about oil companies?

Back 29

they should have broadened their perspective about gas to include natural gas distribution to homes

Front 30

Name 7 key competitive advantages for a brand or company.

Back 30

- Intellectual Property
- Market Share
- Network Effect
- Strong brand management
- Cost effective structure
- High Switching Costs
- Strong Customer connection and understanding

Front 31

What is the most enduring and hardest to replicate?

Back 31

A deep understanding of the customer - you must ask why does the customer want that and what do they want?

Front 32

What is the SBU Law?

Back 32

There is not any - an SBU can be run or organized however the company wants

Front 33

Name and describe the 3 factors of a marketing environment

Back 33

1- Uncontrollable - react and adapt to the environment
2- Proactive - aggressive actions to affect forces in the environment
3- Relative - watching and reacting to forces in the environment

Front 34

What are competitive factors in a marketing environment?

Back 34

- Entry & barriers to entry
- Power of buyers & suppliers
- Existing competitors & substitutes
- Start-ups, entreprenuers & Small Business

Front 35

What is the new lean look in American Corporations.

Back 35

right - sizing

Front 36

What effect do the following have on the microenvironment?
1- Company suppliers 2- Intermediaries 3- Competitors 4- Publics 5- Consumers 6- Cause

Back 36

1- treated as partners, provide resources.
2- retailers (Coke & Pepsi) in restaurants, resellers, etc.
3- technology - napster
4- groups that influence at all level - i.e. anti cigarette ads.
5- power to influence the company -(Wispa, Charles Schwab)
6- Tom's Shoes

Front 37

What effect in the macroenvironment do different groups have?

Back 37

they can change the way we market as a whole.
- Generational buying changes
- Race diversity
- Che changing family type
- Green marketing

Front 38

What is discretionary income?

Back 38

the money that remains after paying taxes and necessities (tithing)

Front 39

Give examples of the political environment

Back 39

- Sherman Antitrust Act
- Robison Patman Act
- Trademark Revision Act
- Digital Millenium Copyright Act

Front 40

Robison Patman Act

Back 40

cannot discriminate prices charged to different purchasers of the same product
(exception - Wal Mart due to its shipping policy and sharing cost)

Front 41

Trademark Revision Act

Back 41

allows companies to secure rights to a name before actually using it by declaring in intent to use the name
(ex - Bayer lost the "Asprin" name)

Front 42

Digital Millenium copyright Act

Back 42

extends the digital copyright to mean you cannot copy things for personal use - it goes bsd

Front 43

Hatch v Gates

Back 43

Sen Hatch accused microsoft ofAnti Trust because of bundling their browser

Front 44

As pointed out in Future Markets - companies are spending increasing amounts of advertising - true or false

Back 44

False

Front 45

The author of "10 Things to Know about Customers" postulates that, increasingly companies are moving away from traditional marketing programs that focus on...

Back 45

developing customer loyalty and retention

Front 46

Over a century ago, Ernest Engel observed that , as a family income rises, the percentage food spent on ________ the percentage spent on housing remains constant, and the percentage devoted to savings __________

Back 46

decreases, increases