Marketing 351 Test 1

Front 1

The Company’s Macroenvironment

Back 1

Demographic-populations in terms of size, density, location, age, gender, race, occupation
Economic-affect consumer purchasing power and spending patterns.
Natural-natural resources needed as inputs by marketers or that are affected by marketing activities.

Front 2

The Company’s Macroenvironment

Back 2

Technological
Political
Cultural

Front 3

SWOT Analysis

Back 3

strengths
weaknesses
opportunities
threats

Front 4

SWOT Internal

Back 4

Strengths
Weaknesses

Front 5

SWOT External

Back 5

Opportunities
Threats

Front 6

SWOT Strengths

Back 6

Image, awareness, costs, location, expertise, history, employees, etc.

Front 7

SWOT Weaknesses

Back 7

Create
Improve
Acknowledge

Front 8

Core Competencies meets 3 criteria:

Back 8

1.Potential access to a wide variety of markets
2.Make a significant contribution to the perceived customer benefits of the end product.
3.Difficult for competitors to imitate.

Front 9

Marketing Environment

Back 9

actors and forces outside marketing that affect marketing management’s ability to develop and maintain successful relationships with its target customers.

Front 10

Company’s Internal Environment

Back 10

functional areas inside a company that have an impact on the marketing department’s plans.

Front 11

Suppliers

Back 11

provide the resources needed to produce goods and services.

Front 12

Marketing Intermediaries

Back 12

help the company to promote sell, and distribute its goods to final
buyers.

Front 13

What is Marketing

Back 13

the analysis of customers, competitors, and a company

Front 14

Consumers’ Needs

Back 14

Physical:
Food, clothing, shelter, safety
Social:
Belonging, affection
Individual:
Learning, knowledge, self-expression

Front 15

Consumers wants

Back 15

Wants - form that a human need takes, as shaped by culture and individual personality.

Front 16

Consumers Demands

Back 16

Wants + Buying Power = demand

Front 17

What is a Market

Back 17

The set of actual and potential buyers of a product.

Front 18

Production Concept

Back 18

Consumers favor products that are
available and highly affordable.
Improve production and distribution.

Front 19

Product Concept

Back 19

Consumers favor products that provide
the greatest benefits at the least
cost.

Front 20

Selling Concept

Back 20

Consumers will buy products only if
the company promotes/sells these
products (they must be aware).

Front 21

Marketing Concept

Back 21

Focuses on needs/wants of target
markets & delivering satisfaction
better than competitors.

Front 22

Societal Marketing Concept

Back 22

Focuses on needs/wants of target
markets & greatest overall benefits vs. cost (corporate and societal).

Front 23

Marketing Myopia

Back 23

Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.

Front 24

The Marketing Concept

Back 24

Starting Point:
Market
Focus:
Customer
Needs
Means:
Integrated
Marketing
Ends:
Profits
through
Satisfaction

Front 25

Criticisms Leveled about Marketing

Back 25

High Prices
Deceptive Practices
Shoddy Unsafe Products
Planned Obsolescence

Front 26

Marketing’s Impact on high prices

Back 26

High
Costs of
Distribution


High
Advertising
And
Promotion
Costs

Excessive
Markups

Front 27

Deceptive
Pricing

Back 27

Falsely Advertising “Factory” or “Wholesale” Prices

Front 28

Deceptive
Promotion

Back 28

Overstating the Product’s Features, Luring Customers to the Store for Out-of-Stock Bargains

Front 29

Deceptive
Packaging

Back 29

Exaggerating Package Contents, Not Filling Package to the Top, Using Misleading Labeling

Front 30

Reasons for Planned Obsolescence

Back 30

IncreasedSales
ReducedService
CompetitiveAdvantage

Front 31

Marketing’s Perceived
Negative Impact on
Society

Back 31

False” Wants & Too
Much Materialism
Producing Too Few
Social Goods


Cultural Pollution
Too Much Political
Power

Front 32

Sustainability

Back 32

the idea that marketing firms can help improve society and the environment by leaving things better than when you started

Front 33

The Consumer Bill of Rights (1962) Provisions

Back 33

Right to Safety
Right to Be Informed
Right to Choose
Right to Be Heard
Right to Consumer Education
Right to Recourse and Redress
Right to an Environment That Enhances the Quality of Life

Front 34

Strategic Planning

Back 34

Process of Developing and Maintaining a Strategic Fit Between the Organization’s Goals and Capabilities and Changing Market Opportunities.

Front 35

Good Mission Statement:

Back 35

Market Oriented
Realistic
Specific
Fit Market EnvironmentDistinctive Competencies
Motivating

Front 36

Marketing Objective

Back 36

A statement of what is to be accomplished through marketing activities.

Front 37

Marketing Objectives Must Be:

Back 37

Realistic
Measurable
Time specific
Consistent with and indicate the organization’s priorities

Front 38

Analyzing Current Products: Boston Consulting Group Approach [BCG]

Back 38

Stars
Cash Cows
Question Marks
Dogs

Front 39

Stars

Back 39

High growth & share
Profit potential
May need heavy
investment to grow

Front 40

Question Marks

Back 40

High growth, low share
Build into Stars or phase out
Require cash to hold
market share

Front 41

Cash Cows

Back 41

Low growth, high share
Established, successful
SBU’s
Produce cash

Front 42

Dogs

Back 42

Low growth & share
Low profit potential

Front 43

Market Penetration:

Back 43

Increasing sales to current customers without changing products.

Front 44

Market Development:

Back 44

Finding new
markets for current products.

Front 45

Product Development:

Back 45

Develop modified or new products for current markets.

Front 46

Diversification:

Back 46

Create new products for new markets.

Front 47

Steps in Strategic Planning

Back 47

1. Analyzing the Company
2. Analyzing the Competition
3. Analyzing the Customer

Front 48

Market Segmentation

Back 48

Determining distinct groups of buyers (segments) with different needs, characteristics, or behavior.

Front 49

The 3 C's

Back 49

Company
Competition
Customer

Front 50

Targeting

Back 50

Evaluating each segment’s attractiveness and selecting one or more segments to enter.

Front 51

Positioning

Back 51

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products

Front 52

The 4 P’s

Back 52

Product
Price
Place [Dist]
Promotion

Front 53

Marketing Plan Elements:

Back 53

Business Mission Statement
Objectives
Situation or SWOT Analysis (3C’s)
Marketing Mix (4P’s)
ImplementationEvaluationControl

Front 54

Exploratory Research

Back 54

Gathers preliminary information
that will help define the problem
and suggest hypotheses. Often
uses observations.

Front 55

Descriptive Research

Back 55

Describes things such as
market potential for a product or
demographics and consumers’
attitudes. Often uses surveys.

Front 56

Causal Research

Back 56

Test hypotheses about cause-
and-effect relationships. Typically
uses experiments.

Front 57

Secondary Research

Back 57

Information That Already Exists Somewhere.
Obtained More Quickly, Lower Cost.
Might Not be Usable Data.

Front 58

Primary Research

Back 58

Information Collected for the Specific Purpose at Hand.

Front 59

Research Plan Must Be:

Back 59

Relevant
Accurate
Current
Impartial

Front 60

Sample

Back 60

A subset from a large population.

Front 61

Universe

Back 61

The population from which
a sample will be drawn.

Front 62

Probability Sample

Back 62

A sample in which every element in
the population has a known statistical likelihood of being selected.

Front 63

Random Sample

Back 63

A sample arranged so that every element of the population has an equal chance of being selected.

Front 64

Nonprobability Sample

Back 64

Any sample in which little or
no attempt is made to get a representative cross-section
of the population.

Front 65

Convenience Sample

Back 65

A form of nonprobability sample
using respondents who are
convenient or readily
accessible to the researcher.

Front 66

Implementing the Research Plan

Back 66

Collecting the
Data +
Processing the
Data +
Analyzing the
Data =
Research Plan

Front 67

Interpreting and Reporting Findings

Back 67

Step 1. Interpret the Findings

Step 2. Draw Conclusions

Step 3. Report to Management

Front 68

Marketing Research Process

Back 68

Step 1. Defining the Problem & Research Objectives
Gathering Secondary and/or Primary Data
Step 3. Implementing the Research Plan
Step 4. Interpreting and Reporting Findings

Front 69

Marketing Environment

Back 69

the actors and forces outside marketing that affect marketing management’s ability to develop and maintain successful relationships

Front 70

The Company’s Microenvironment

Back 70

Company’s Internal Environment
Suppliers
Marketing Intermediaries
Customers
Competitors
Publics

Front 71

Company’s Internal Environment

Back 71

functional areas inside a company that have an impact on the marketing department’s plans.

Front 72

Suppliers

Back 72

provide the resources needed to produce goods and services

Front 73

Marketing Intermediaries

Back 73

help the company to promote, sell, and distribute its goods to final buyers.

Front 74

Customers

Back 74

five types of markets that purchase a company’s goods and services

Front 75

Competitors

Back 75

those who serve a target market with similar products and services against whom a company must gain strategic advantage

Front 76

Publics

Back 76

any group that perceives itself having an interest in a company’s ability to achieve its objectives.

Front 77

Types of Customer Markets for company

Back 77

Consumer Markets
Business Markets
Reseller Markets
Government Markets
International Markets

Front 78

Types of Publics for company

Back 78

Financial Publics
Media Publics
Government Publics
Citizen Action Publics
Local Publics
General Public
Internal Publics

Front 79

Steps in Analyzing Competitors

Back 79

Identifying the company’s competitors

Assessing competitor’s
objectives, strategies,
strengths and weaknesses,
and reaction patterns

Selecting which
competitors to
attack or avoid

Front 80

Primary demand

Back 80

Primary demand for a product is the total demand for all brands in a product category

Front 81

Secondary demand

Back 81

Secondary demand is the demand for a given brand in a category

Front 82

Categorization

Back 82

Categorization is necessary to generate primary demand

Front 83

Types of Competitive Advantage

Back 83

Cost

Product/Service Differentiation

Niche Strategies

Front 84

Cost Competitive Advantage

Back 84

Being the low-cost competitorin an industry while maintaining satisfactory profit margins.

Front 85

Product/Service Differentiation Competitive Advantage

Back 85

Advantage achieved when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than the competition.

Front 86

Niche Competitive Advantage

Back 86

Advantage achieved when a firm seeks to target and effectively serve a small segment or sub-segment of the market.

Front 87

More SWOT Analysis

Back 87

Opportunities :Customer Needs Unfulfilled
Attractive Competitor Weaknesses
Threats: Unhappy Customers
Market Changes (Macroenvironment)
Employee/Supplier/Reseller/Cost changes (Micro)
Distinctive Capabilities vs. Competitor

Front 88

Porter’s Five Forces

Back 88

Barriers to Potential Entrants

Bargaining Power of Suppliers

Bargaining Power of Buyers

Substitutes in Other Industries

Barriers to exit