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80 Cards in this Set
- Front
- Back
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what item in the marketing exchange can satisfy each others needs?
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product
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What item is involved with enabling buyer and seller to find each other
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placement
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what item in the marketing exchange can provide Value to what the other has
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Price
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what item in the market exchange communicate to locate and present the offer
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promotion
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what lengthens the marketing exchange
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intermediaries or other people in the supply channel
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name 5 items that maketing applies to
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products
services people places ideas |
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In marketing applications, a single exchange applies to what kind of item
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services like a wedding or one time event/use
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What is a multiple exhange
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When marketing products, this is when you bounce around from product to product
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What kinds of business are involved in multiple exchanges
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casinos and airlines
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what is an ongoing exchange
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a loyal exchange were people keep coming back to you
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name 2 kinds applications for marketing a place
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travel and incentives
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name a types of Idea that a company might market
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Causes: breast Cancer
Knowledge: Universities Religion: catholic Church or Olympics for Mormons |
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Who is the most trusted professional service provider
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Veternarian
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Athletics is a great way to market to men. Why/
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Because they are emotionally involved with their team
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name 4 marketing utilities
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Form Utility
Time Utility Place Utility Possession Utility |
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Describe Form Utility
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quality of product is consistent
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Describe Time Utility
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Product is ready when you want it
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Describe Place Utility
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Product is where you want it
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Describe possession Utility
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Size, flavor and style is what you wanted
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Name the Historical Marketing Eras
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Production Concept
Product Concept Selling Concept Marketing Concept Market Orientation Concept Experiental Concept Selling Concept |
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Explain what the Product Era
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1920*-1940's how do I add more variety
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Explain the marketing era
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study consumer behaviour, give them what they want
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Explain the marketing orientation era
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based on using CRM and databases to analyze and deliver what consumers want
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What is an experiental or Value-oriented market orientation?
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products and consumers have relationships, people want iteraction
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Which market eras are consumer driven
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marketing, market orientation, experiental
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which market eras are producer driven
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product, production, selling
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Name 2 items that get an A in marketing
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Got Milk
Water Christopher Columbus Independance Day Movie |
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Which market mix item is about value creation
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product
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Which market mix item is about value capture
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price
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Which market mix item is about value delivery
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placement
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Which market mix item is about value communication
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promotion
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What do most people assume is the most common marketing goal
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Profit maximization
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When does immedite maximazation of profit occur
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when there is a scare supply of product and no competition
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how do you achieve long term maximization of profit
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don't price gouge-- Quality of product and service must be inline with price
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what is the most significant measure of market power
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market share
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What does market share mean
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how much of a percent does a given brand have of the total market sales relative to others
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name a way having a large market share positively effect you other than profit
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It is a competitive advantage in the distribution or supply channel
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Name 8 marketing goals
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Profit maximization
largest market share High Sales High Preformance/quality provided Innovation satisfaction levels loyalty levels social responsibility |
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Name two types of sales that are marketing goals
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Revenue and Unit sales
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explain when unit sales would be a more important marketing goal than revenue
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when inventory is expensive and there is a lot of leverage in the volume of sales
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what companies value innovation as a marketing goal and why
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3M and rubbermaid. Because they are in a very competive industry and new products get duplicated quickly and lose market share quickly
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what company uses employee satisfaction goals as part of it's marketing plan
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Starbucks-happy employees create customer satisfaction
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name ways a company can measure loyalty
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Brand loyalty-no switching
Elaboration-most desireable |
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what are the factors considered in the growth options chart
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current market vs new market
existing product vs new product |
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which is the easiest growth option for a company
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current market and current product
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What growth option represents market penetration
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current market and current product
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besides market penetration, what is the next easiest market to grow into as a company
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current market, new product
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list the order of growth options from easiest to hardes to consider
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current market, current product
current product, new market current market, new product new market, new product |
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list ways to increase market penetration
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increase consumption thru more frequency
larger sizes and multi-packs New uses re-get old users get friends and family of user |
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list ways to grow when chosing to target a new market
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Domestic markets
Foreign Markets thru export liscense/franchise joint venture stategic alliance Wofe-direct investment |
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list ways to grow your company when choosing Product development or innovation
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develop related products
develop aftermarket or components Develop different products |
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what is it called when you choose to grow your company using new markets and new products
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diversification
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what is portfolio analysis?
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looking at products to decide whether they should be kept or not based on their market growth rate and their market share
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When considering portfolio analysis, to whom are you comparing your growth potential of your products
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the entire category-like the tablet industry. Not just ipods or Starbucks
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what percent of market growth rate is considered low
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5%
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what percent of market growth rate is considered high
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12%
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in Portfolio analysis, who are the dogs
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low market growth rate and low relative market share
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In portfolio analysis what makes a product a star
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high market growth rate and high relative market share
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In portfolio analysis what makes a product a cash cow
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relative growth rate is low but market share is high b/c These require low capital imput to maintain.
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why do companies keep dogs
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because they are tied to their brand. they take little resources and sell themselves
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what is a problem child in portfolio analysis. why are they difficult to maintain
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low market share and high growth market. These products have lots of potential but it will take lots of money and attention to improve their position in the marketplace
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Which is the fastest growing market segment in the united states
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hispanic americans
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what is the cardinal attitude and value of americans in terms of marketing
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individualism and freedom
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how does starbucks acknowledge individualism
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by writing down your name and your dirnk choice and by reading it back and allowing you to have many choices
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How does freedom and Individualism influence our market decisions?
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we need lots of choices
we want Do It Yourself options We crave movement (or total inactivity) We are very materialistic-with lots of space to put stuff We are very competitive We are very price sensitive We are very patriotic We love convenience |
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Attitude is a great way to measure change. Use an example
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1945 no mom's drive
1965 mom's drive station wagons and everyone sits together 1985 mom's drive vans with buckets in front and bench in back and everyone listens to casset tapes 2005 mom's drive SUV's everyone in own bucket listening to own media device. |
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What is environmental scanning. Who do you look at?
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Target Market-what's your consumers behavior
Market Mix- the things we can control Microenvironment- the industry you operate in macroenvironment-all industries, the economy etc. |
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when do you do environmental scanning?
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Before developing a market mix
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What are the different kinds of economic correlations to sales for most businesses?
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positive, negative, nuetral
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name an industry positively correlated to the economy
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real estate and travel industry
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name an industry negatively correlated to the economy
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dry cleaning
chocolate las vegas netflix cheap liquor. |
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name an industry that is nuetral to economic influences
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milk
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What made the Apple computer commercial so special.
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They didn't show the computer...just showed a takeoff of the movie 1984 with product name. Changed advertising on superbowl forever
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why is GDP important in marketing
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good way to compare one market to another or one country to another
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How has GDP changed in the US recently.
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In 2009 it was 46,442
In 2010 it went down to 44,800 In 2011 it went up a bit to 47,284 |
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What kinds of Income is there
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Disposable income (post tax)
Descretionary Income (after necessities paid) |
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list some Barriers to Entry (BTE's)
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Are there economies of scale or scope
Are there intellectual property right issues Is there a distribution lock Are there switching costs What is the cost of investment |
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how does leverage effect the micro-enviroment
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the power source within the industry influences the entire channel.
ex: starbucks is in control |
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How do stake holders influence the microenvironment
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Employees--like giving them benefits
Shareholders- influence your growth Consumers- influence what you make--like healthy fast food Community Activists--tuna, lumber etc |
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how does cost advantage affect the microenviroment
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Cost advantage is how much it cost to produce a product such as in foreign countries where labor is cheaper
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