Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/60

Click to flip

60 Cards in this Set

  • Front
  • Back
Name the strategic planning tools
SWOT
Value Net
BCG matrix
GE strategic planning grid
SWOT
Strength
Weakness
Opportunity
Threat
Value Net
Suppliers
Customers
Subsituters
Complimentors
Two parts of value net that can be the same
Complimentors
Subsituters
Parts of BCG matrix
Star
Question Mark (problem child)
Dog
Cash Cow
Cash Cow
Low Growth
High Market Share
Star
High growth
High market share
Question mark (problem child)
High growth
Low market share
Dog
Low growth
Low market share
GE Stategies
Build
Hold
Harvest
Divest
When to build
High growth market
Star or Question mark
When to hold
Low growth
High market position
Cash Cow
When to Harvest
Dog
When to divest
Weak competitive position
Low attractivness
if you have a product with a strong market position in a good market what strategy should you use?
Build
Mental accounting
Double gains
Segregate them
Double losses
integrate them
Mixed -- loss overall
Not enough info
Mixed -- gains overall
Integrate the two
Equity premium puzzle
People invest in bonds instead of stocks
CRM
Tracking customers, spending habits.
Way to Valuate a company
Market structure
Pure competition
Dominant marketing element
Distribution
Market Structure
Monopolistic Competition
Dominant marketing element
Promotion
Pricing
Oligopoly
Dominant marketing element
Promotion
Abstraction
You don't consider all the good points of your product.
Why Super Bowl commercials might not be such a bad idea
Target tough demographic
Hype
High-involvement
90 million unique people
Recent trends in Super Bowl ads
Movie trailer ads
Humor ads
Loss aversion
You don't want to lose.
A $1 loss is worse than a $1 gain.
Value function
Difference between positive and negative side
Positive side is shallower than the negative side
Asymetric Dominence
One option is better in both aspects (cost and quality)
Comprimise effect
You buy the option that is in the middle of two on eiter side when there are three in a row.
Status quo bias
You haven't taken possesion of something yet but you value it higher.
Endowment effect
When you have something you value it higher
Certainty effect
There is a huge difference in your mind between 99% and 100%
Reflection effect
same situation, just opposite sign produces different desicions.
Pain of paying
you encode things as an exchance.
You want to pay first, and enjoy the gain later
Most expensive phase in product life cycle?
Introduction phase
Product life cycle
Introduction
Growth
Maturity
Decline
New Product Introduction
Aspect of the Maturity stage in the product life cycle
Commodiztion
Differentiation is tougher
Heuristics
Shortcut choice concept
Lexicographic Heuristic
You choose the product that is the best in a certain criteria
Conjunctive Heuristic
You eliminate any products that don't fit a certain criteria
Disjunctive Heuristic
You choose whatever product fits a certain criteria
Pioneer Advantage
Whoever is first to the market has the higher market share.
Also becomes the first to go.
Disadvantages to being the first one to the market
Cost outlays
Can be leapfrogged
Problem Regognition
When there is a difference between the actual state and ideal state
Two ways Problem recognition occurs
Shift in ideal state -- people want bigger houses now
Shift in actual state -- Your house is falling apart
Marketing Myopia
You think about your product narrowly, don't cosider other uses
Straight re-buy
Renew the contract
Modified re-buy
change the contract
new task
get bids from other companies and go with the best
Marketing is
pricing, planning, promotion of goods, services, ideas
Four P's
Price
Product
Promotion
Placement
Marketing research DOES
Reduce uncertainty
Marketing research DOES NOT
Make desicions for you
Consideration set consists of
Brands found through search
Brands found accidentely
evoked set
Unrecalled brands
Ways to collect conjoint data
Ratings
rankings
choice
Four orientations (or concepts) that businesses use
Production
Product
Sales
Marketing
Non-probablility sampling
quota
convienience
Probability sampling
simple random
systematic
simplified