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23 Cards in this Set
- Front
- Back
Why should a mission statement be market oriented instead of product or technology oriented?
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Products and technologies become outdated but basic market needs last forever. needs to please the customer
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Why should a mission statement be "motivating" instead of stated in terms of sales or profits?
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Profit is a reward for creating customer value, thus the mission statement should focus on motivating customer experience and creating value for the customer.
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According to the product/market expansion grid (Ansoff’s matrix), what strategy is a company following when it attempts to increase sales of current products to current customers.
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Market Penetration. how do we grow the business
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How might Party Planning Paradise, a company that sells a wide range of party supplies for all occasions, implement a market development strategy?
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They could target a new market—they could attempt selling the same product to younger people (a new market)
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. According to the product/market expansion grid, what strategy would a fast-food hamburger restaurant follow if it offered a salad bar option during lunch hours?
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Product development. Pre packaged salads. Cooke thinks quadrant 1.
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. In to what quadrant of the product/market expansion grid would a "new and improved" product fall?
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First Quadrant
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What is the biggest problem in discussing Ansoff’s matrix?
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It is difficult to determine what makes a product or market “new”
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What are the reasons we do marketing research?
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To reduce uncertainty in decision making. measure markekt size. analysize sales. forecast sales. anaylize customer customer demographics. anaylize competitiors market activities
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What are the three types of surveys?
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Mail/email/internet, telephone and face-to-face
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Most marketing research ends with what step?
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informal investigation. the third step
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What are the four steps in the marketing research process?
Which one is the most important? |
Definition of the problem, secondary data sesearch, informal investigation and formal research.
Definition of the problem |
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List the three methods of collecting primary data
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observations, experiments and surveys
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How much of the cost of packaged consumer goods is distribution
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more than fifty percent
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What are two other names for distribution?
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place and placement
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What are the two sub-parts to distribution?
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Physical distribution and channel of distribution
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What is included in physical distribution?
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Packaging, delivery and storage
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What model of buyer behavior is favored by your instructor?
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2-step process that is a combined decision making and learning process (learning is done as you repeat decision making)
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What model of buyer behavior is favored by the book?
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Decision-making and learning being entirely separate processes
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What is Buyer Behavior a function of?
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The market and product
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Why might demographic segmentation be the most common type of segmentation?
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It is the easiest form of segmentation
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Why might a marketer of laundry detergent be interested in viewing a perceptual positioning map?
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In order to find a hole in the map that they can fill with their product
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. Briefly relate positioning for competitive advantage and the unique selling proposition.
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Looking at a perceptual positioning map, you can find a hole and then identify what will fill that hole. You then develop a marketing mix that does the things that fill the hole, and claim that your product is best for filling that hole
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. Which is easier to implement, market segmentation or product segmentation?
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market segmentation
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