Unit 14 Vocab – Randle – Flashcards
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A group of people who you focus your marketing on is known as what?
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Target market
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A goal can be evaluated to determine its
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Success
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To reach their goal, marketers plan the route they believe to be
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Efficient
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Balancing value and satisfaction for the customer is part of which element of marketing?
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Price
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Which element of marketing refers to the various types of communication that marketers use to inform, persuade, or remind customers of their products?
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Promotion
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Marketers know that changing one marketing mix elements affects
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Other elements
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When marketers determine their tactics, they make sure their tactics
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line up with their strategies
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A firm's strategy is important because it shows
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how its goal will be reached
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Before customizing the marketing mix, marketers should
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Select the strategy
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Which part of the marketing mix gets a selected product in right place at the right time?
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Place
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A marketing plan is designed to attract target customers through a set of
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Strategies
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Which of the following is not a common reason for writing a marketing plan?
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To hire a new company president
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Marketing plans help marketers understand past decisions and outcomes better so that they can avoid
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Repeating past mistakes
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A marketing plan forces the marketing team to put its goals in writing, making those goals
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Easier to remember
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Which of the following is an important benefit of marketing plans
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they can help obtain funding
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What is the purpose of the executive summary in a marketing plan?
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To serve as an introduction
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Which of the following components serves as a "snapshot" of the businesses's current marketing situation:
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Situation analysis
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Which of the following words describes an ideal marketing objective?
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Measurable
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What section of the marketing plan includes information about expected results?
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Performance and implementation
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Which of the following items might be included in a marketing plan's appendix
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A product photograph
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To buy a product, customers in a market must first
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Be willing to buy the product
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When examining a market, marketers primarily notice its
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Categories
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The same person can be included in more than one
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Target market
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When using mass marketing, marketers seek to appeal to the
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Entire market
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Market segmentation is about dividing the market in to what type of groups?
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Specific
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When the total market is divided, one of its groups is called a market
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Segment
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Mass marketing is not as precise as what type of marketing?
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Segment
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Sorting customers by their physical and social characteristics is called _______ segmentation.
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Demographic
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When marketers sort customers psychographically, they divide them by
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Lifestyle habits
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Geographic segmentation is dividing a market by where customers are
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Living
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The company has an excellent reputation among its client base.
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Strength
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A competing company has just gone out of business.
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Opportunity
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A new law has raised the company's taxes.
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Threat
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A competing business has just opened down the street.
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Threat
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Compared to the competition, your staff lacks experience.
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Both weakness and threat
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Your company has some bad debt.
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Both weakness and threat
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Conducting a SWOT analysis is the first step in which process?
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Strategic planning
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A good reputation among current clients is a(n)
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Strength
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What type of SWOT interviews work best?
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One-on-one
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Which of the following questions is appropriate for determining weaknesses:
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What can we improve?
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It's important not to confuse weaknesses with
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Mistakes
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An effective method for gathering external information for use in a SWOT analysis is
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Environmental scanning
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Tom's business has a great reputation among its clients. He'd like to use that reputation to expand his business into the next town. What SWOT marketing strategy is Tom using?
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S-O
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Bridget's business currently lacks the latest technology in the field. She'd like to join a professional organiztions to make more contact with potential clients, but first she'll have to update her equipment. What SWOT marketing strategy is Bridget using?
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W-O
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A new business is competing with Suzie's company, so she plans an ad campaign based on the strong reputation she's already established in the area. What SWOT marketing strategy is Suzie using?
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S-T
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SWOT analysis is subjective because it deals in large part with
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opinion
