Marketing300 Exam1

Front 1

What does marketing seek to do?

Back 1

-Discover needs and wants of customers
-satisfy them

Front 2

What are the four p's?
ALSO KNOWN AS THE MARKETING MIX...

Back 2

-Product
-Place
-Price
-Promotion

Front 3

What are the 5 uncontrollable environmental forces?

Back 3

-Social
-Economic
-Technological
-Competitive
-Regulatory

Front 4

What is Customer value?

Back 4

it is the unique combination of benefits received by targeted buyers that includes quality, convience, on-time delivery, and both before-sale and after-sale service at a specific price.

Front 5

What is a market?

Back 5

it consists of people with both the desire and the abikity to buy a specific product.

Front 6

What is a target market?

Back 6

it consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.

Front 7

What is relationship marketing?

Back 7

it links the organization to its individual customers, employees,suppliers, and other partners for their mutual long term benefits.

Front 8

What is a societal marketing concept?

Back 8

is the view that organizations should satisfy the needs of consumers in a way that provides for society's well- being.

Front 9

What is utility?

Back 9

it consists of the benefits or customer value received by users of the product.

Front 10

What is a strategy?

Back 10

A long term course of action that helps a company set and reach its goals.

Front 11

What does the CMO (Chief Marketing Officer) do?

Back 11

-directs the overall strategy across the organization
-we help achieve the corporate strategy by developing marketing strategies and goals that compliment those of the organization.

Front 12

What does SBU stand for and what is it?

Back 12

Strategic Business Unit, service a clearly definded set if customers different from those served by other SBU's (Different areas of the business i.e. paper products vs. detergents.

Front 13

What is organizational culture?

Back 13

The values, attitude, ideas, norms of behavior... I.E. Corporate Culture

Front 14

When defining an organizations goal or objects what 5- letter acronym should you use?

Back 14

S.M.A.R.T

Front 15

What does S.M.A.R.T stand for?

Back 15

Specific- goals should be #'s based
Measurable
Attainable
Relevant
Time-based

Front 16

Marketing Tactics are...

Back 16

SHORT TERM

Front 17

According to the Business Portfolio Analysis (BCG) where does an Ipod with high market share but relatively low market growth belong?

Back 17

Cash Cow

Front 18

According to the Business Portfolio Analysis (BCG) where does an Iphone with high market share but relatively high market growth belong?

Back 18

Star

Front 19

According to the Business Portfolio Analysis (BCG) where does an Blu-Ray DVD player with low market share but relatively high market growth belong?

Back 19

Question Mark

Front 20

According to the Business Portfolio Analysis (BCG) where does an VCR with low market share but very low market growth belong?

Back 20

Dogs

Front 21

What is a marketing plan?

Back 21

a written document detail how a company plans to reach its goals through marketing activites.

Front 22

What is the Razor and Blades Strategy?

Back 22

Blades(example of Kodak camera flim and ink cartirage for photo printer) This allows the company to sell the razor item lower an in turn still receive contiual return on the blades product.

Front 23

What is a Strategic Marketing Process?

Back 23

-uses resources in the marketing mix to reach the target market.

Front 24

Strategic Marketing Process: Step 1?

Back 24

SWOT Analysis
-situational

Front 25

What does S.W.O.T stand for?

Back 25

Internal
-Strengths
-Weaknesses
External
-Opportunities
-Threats

Front 26

SWOT pt. 2
the planning phase...

Back 26

-Identify industry trends
-Analyze Competitors
-Assess the organization
-Research present and prospective customers

Front 27

SWOT pt. 3
the planning phase cont'd.
Review each stage.. what changes can be made?

Back 27

-Build on a Strength
-Correct a weakness
-Exploit an opportunity (eco-friendly)
-Avoid a disaster-laden a threat

Front 28

Strategic Marketing Process
Step 2: Market-Product Focus and Gaol Setting

Back 28

-Market Segmentation: similar needs or respond to marketing action
-Points of difference: what makes our product better? or differ from out competitors

Front 29

Strategic Marketing Process
Step 3:Marketing Program

Back 29

-Price strategies
-Product
-Place
-Promotion

Front 30

Strategic Marketing Process
Step 4: The implementation phase

Back 30

-obtaining resources
-designing the marketing organization: how should responsibilities flow?
-Developing schedules: How long should it take to reach goals?
-Executing the Marketing Program
-Marketing Strategy (long term)
-Marketing Tactics (short term)

Front 31

Strategic Marketing Process
Step 5:The Evaluation Phase

Back 31

-Comparing results with plans to identify deviations
-planning gap: how can we know if we've reached our goals?
-be sure goals are MEASURABLE!
-Acting on deviations
including:
-exploting positive (keep going)
-correcting negative (stop it)

Front 32

What is the Corporate Level?

Back 32

Is the level in an organization where top management directs overall strategy for the entire organization.

Front 33

What is the Funtional Level?

Back 33

it is the level in an organization where groups of specialists actually create value for organizations

Front 34

What are Cross-functional teams?

Back 34

consists of a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals.

Front 35

What is Market Share?

Back 35

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

Front 36

What are Competencies?

Back 36

they consist of an organization's special capabilities, including skills, technologies, and resources, which distinguish it from other organizations and provide

Front 37

What is Competitive Advantage?

Back 37

its a unique strength relative to competitors, often based on quality, time, cost, or innovation.

Front 38

What is a marketing metric?

Back 38

it is a measure of the quantitavtive value or trend of a marketing activity or result.

Front 39

What is a marketing plan?

Back 39

it is a road map fro the marketing activities of an organizationfor a specified future period of time, such as one year or five years.

Front 40

What is the strategic marketing process?

Back 40

it is the approach whereby an organization allocates its marketing mix resources to reach its target markets.

Front 41

What is situation analysis?

Back 41

it involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's plans and the external factors and trends affecting it.

Front 42

What is a SWOT Analysis?

Back 42

it is an acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats.

Front 43

What is market segmentation?

Back 43

it involves aggregating prospective buyers intro groups, or segments, that (1) have common needs and (2) respond similarly to a marketing action.

Front 44

What are points of difference?

Back 44

are those characteristics of a product that make it superior to competitive substitutes.