Exam 1 – Flashcard Test Answers
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List the four interrelated decisions known as the marketing mix
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Product, Price, Placement, Promotion
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Describe each of the four growth strategies
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Market Penetration - Employs the existing marketing mix and focuses on the firm's efforts on existing customers. Product Development - Offers a new product or service to the current market Market Development - Moving existing product to new market Diversification - Entirely new product in new market
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Another name for the controllable set of activities that the firm uses to respond to the wants and needs of its target markets
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Marketing
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List the activities that Marketing involves
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Create value, Capture value, Deliver the value proposition, communicate value
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Brian is struggling with the choice of publishing his new book as an e-book or a paperback. What core aspect of marketing is he addressing?
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Placement
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Define culture
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The shared meanings, beliefs, morals, values, and customs of a group of people
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List the components of the 4E framework
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Excite, Educate, Experience, Engage
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Which element of the marketing mix deals with supply chain management
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Placement
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Define price from a broad perspective
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Everything that a buyer gives up in exchange for the product
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Offering free samples in a grocery store is an example of which aspect of the 4E framework
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Experience
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Define generational cohorts
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A group of people from the same generation - Have similar purchasing behaviors because same shared experiences
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Describe the type of marketing that occurs when retailers sell to consumers
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Business-to-consumer
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Internet sites and physical stores are most closely associated with which element of the marketing mix
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Placement
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Give an example of C2C marketing
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Amazon or EBay
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Marketing channel management is related to which of the marketing mix elements
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Placement
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Production-Oriented Era
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20th Century, "a good product will sell itself ", Henry Ford
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Sales-Oriented Era
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1920-1950, depended heavily on personal selling and advertising
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Market-Orientated Era
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after WW2, started making consumer products, "The customer became King", firms discovered marketing (what the consumers want)
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Value-Based Marketing Era
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Satisfy customer's needs and wants, provide value (most current)
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Which element of the marketing mix is most relevant to the activity of capturing value?
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Price
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Baby Boomers
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After WW2 between 1946 and 1964
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Generation X
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People born between 1965 and 1976, "Latchkey Children"
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Generation Y (Millennials)
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People born between 1977 and 2000
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Generation Z "Digital Natives"
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Born into a world that was already full of electronic gadgets and digital technologies.
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A relational orientation is based on the philosophy that buyers and sellers develop what?
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A Relationship
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How is sentiment analysis used to evaluate social media content?
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It allows marketers to analyze data from these sources to collect consumer comments about a company and their products
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Which element of the marketing mix is most relevant to the activity of delivering value?
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Placement
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Define marketing
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The activity, set of institutions, processing, and activities that create value for the Customers (The set of activities that create value for the customers)
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The first step that should be performed when conducting an STP analysis
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Market Segmentation
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Describe SWOT analysis
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Strengths, Weaknesses, Opportunity, Threats
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After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa is involved in what
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Target Marketing
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Macro-Environmental Factors
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Culture, Demographics, Social, Technology, Economic, Political/Legal
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Micro-Environmental
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Company, Competition, Corporate Partners
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What type of strategy is a company pursuing when they use endorsements by athletes to create a clear understanding among consumers of the companies' products in comparison to competing products?
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Positioning
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What do we mean by the term greenwashing?
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Is the company actually using their money towards helping the environment?
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Define integrated marketing communications (IMC)
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All of the Market channels used to provide clarity, consistency, and maximum communication impact. (deliver value proposition to customers)
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When positioning products relative to competitors' offerings, firms typically are most successful when they focus on what type of opportunities?
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Opportunities that build on their strengths relative to those of their competitors
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What is the centerpiece of the marketing environment analysis framework?
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Consumers
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When small businesses whose competitors are national franchises advertise "we are locally owned" this is what type of strategy?
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Positioning Strategy
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A firm's microenvironment includes what elements?
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Company, Competition, Corporate Partners
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STP stands for what?
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Segmentation, Targeting, and Positioning
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What government act specifically prohibits monopolies?
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Sherman Anti-Trust Act
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Describe in detail the BCG portfolio analysis
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developed by the Boston Consulting Group (BCG), requires that firms classify all their products or services into a two-by-two matrix
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Stars
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iPhone) High growth markets and high market share products
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Cash Cows
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(iPods) Low growth market but are high market share products
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Question Marks
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(Apple Watch) High growth markets but have relatively low market shares
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Dogs
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iMac) Low growth market shares and low market shares
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What are some ways a firm can build a sustainable competitive advantage?
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Patents, Copyrights Locations, Equipment, Technology, Customer Service, Promotion
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A major difficulty adopting a consumer's perspective is that what changes over time?
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Marketing Environment
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Define market positioning
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The process of defining the marketing mix variables so that target customers have a clear, distinct, desirable, understanding of what the product does or represents in comparison with competing products
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List the four major growth strategies marketers utilize
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Market Penetration, Market Development, Product Development, Diversification
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Successful firms focus their efforts on satisfying customer needs that match what
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Their Core Competencies
