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37 Cards in this Set
- Front
- Back
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Which is NOT an element in a marketing plan? situation analysis, marketing mix, human resource strategy, implementation and evaluation control |
human resource strategy |
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how many buyers and sellers are there for monopoly? |
many buyers and one seller |
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How many buyers and sellers are there for oligopoly? |
many buyers and many sellers |
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What would be a direct competitor of McDonald's? |
burger king |
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What would be an indirect competitor of McDonald's? |
Kentucky Fried Chicken |
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The Taylors have to choose between buying a new car or vacationing at the seashore for a few weeks, and they choose to buy a new car. What type of competition does this situation describe? |
competition by dissimilar products to win over consumer's limited supply of discretionary buying power |
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How would you explain time-based competitive strategy? |
developing and distributing new products more quickly than competitors |
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How does obtaining a patent help a firm become profitable? |
rewards for firms that have invested in research and development process |
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What act emerged during the Depression and attempted to protect independent merchants against competition from larger chain stores? |
Robinson-Patman Act |
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What should marketers do to stimulate demand during recession? |
offer low prices to appeal to cost-conscious consumers |
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What is the relationship between inflation and unemployment? |
inverse |
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Which is NOT an impact of new technology? new goods and services improves existing offerings addresses social concerns increases prices |
increases prices |
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Due to the arrival of immigrants and higher birthrates among ethnic minority groups, the U.S. society is becoming what? |
culturally diverse (duh) |
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Which of the following are core American values? collectivism self-sufficiency downward mobility laid back |
self-sufficiency |
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What is SWOT? |
strengths, weaknesses, opportunities, threats |
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"increase the level of revenue as much as possible" good or bad marketing obj? |
bad |
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Strategic vs. tactical planning |
strategic - maintaining strategic fit between org's goals and capabilities, allocates resources, longer term tactical - guides the implementation of activities in strategic planning, shorter term |
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3 Types of planning |
strategic, tactical and operational |
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Strategic planning |
long term plans, total budget management: CEO, BOD, COO |
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Tactical planning |
quarterly, semi-annual, divisional budget, divisional policies & procedures management: general sales, MR manager, advertising director |
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Operational planning |
daily/weekly plans, unit budgets, departmental rules management: district sales manager, supervisors |
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Elements of a marketing plan |
business mission statement situation or SWOT analysis objectives Marketing strategy -target market -marketing mix: product, promotion, distribution, price implementation evaluation control
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Marketing objectives must be: |
realistic, measurable (%), time specific (date), consistent with organization's priorities |
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What should an objective do? |
guide development, state intentions & time frame, assess resources |
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Explain SWOT |
Strengths: what the company does well Weaknesses: things the company does not do well Opportunity: conditions in the external environment that favor strengths Threats: conditions that do not relate to strengths or weaknesses, threaten business with better qualities |
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Political-legal environment |
Phases of government regulation: - antimonopoly of late 19th to early 20th century - protect competitors, consumers - deregulation |
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Types of competition within a competitive environment |
1. direct 2. indirect 3. organizations that compete for consumers' purchases |
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What is an Economic Environment? |
forces that influence consumer buying power & marketing strategies |
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What factors influence an economic environment? |
prosperity, recession, depression (1x in history), recovery |
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What is a technological environment? |
application to marketing of knowledge in science, inventions and innovations |
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What is the socio-cultural environment? in the US? |
relationship between marketing and society and its culture US is becoming more affluent, older, culturally diverse |
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What is the market share/market growth matrix? |
a four quadrant chart that plots market share - the percentage of a market that a firm controls - against market growth potential - question mark, cash cow, dog, star |
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Marketing mix |
product strategy, distribution, promotion, pricing |
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product strategy |
good/services, branding |
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distribution |
proper quantities, right time & place, tech open new channels, alliance formation |
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promotion |
comm link between sellers & buyers, direct: sales people, indirect: ad & promotions, integrated marketing comm |
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pricing |
profitable, closely regulated, competition vs price fixing |
