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Market Penetration

answer

employs the existing marketing mix and focuses the firm's efforts on existing customers

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4 Major Growth Strategies

answer

Marketing Penetration, Marketing Development, Development, Diversification

question

Cash Cows

answer

low growth markets but are high market share products

question

Stars

answer

high growth market but relatively low market shares

question

Dogs

answer

low in growth market and have relatively low market shares

question

Portfolio Analysis (BCG Matrix)

answer

Dogs, Stars, Cash Cows and problem children

question

Positioning

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process of defining the marketing mix variable so that target customers have a clear, distinctive understanding of the product compared with the competition

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Targeting

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evaluates eah segment's attractiveness and decides which to pursue

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Segmentation

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the process of dividing the marketing into groups of customers with differnet needs, wants or characteristics geared especially low in growth markets and have relatively low market shares

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What does STP stand for?

answer

Segmentation Targeting Positioning

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SWOT Analysis

answer

Strengths, weakness, opportunities, and threat

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What are the 5 steps in developing a marketing plan?

answer

1. define business mission 2. situation analysis 3. segmentation, targeting, positioning 4. implement marketing mix and allocate resources 5. evaluate performance using marketing metrics

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Locational Excellence

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having a good physical location and internet presence

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Product Excellence

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having product with high perceived value and effective branding and positioning

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Operational Excellence

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achieved through effiecient operations and excellent supply chain and human resource management

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Customer Excellence

answer

focuses on retaining loyal customers and excelent customer service

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4 Macrostrategies for developing Customer Value

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1. Customer Excellence 2. Operational Excellence 3. Product Excellence 4. Locational Excellence

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Sustainable Competive Advantage

answer

An advantage over the competition that is not easily copied and thus can be maintained over a long period of time

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Core Aspects of Marketing

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1. Marketing helps create value 2. Satisfying customer needs and wants 3. Marketing entails and exchange 4. Requiers product, price, place and promotion decisions 5. Can be performed by both individuals

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Define Marketing

answer

the process for creating, capturing, communicating, and exchanging offerings that have value

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4 P's of Marketing

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Product, Place, Price, Promotion

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Production Era

answer

Good would sell self; turn of the century

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Sales Era

answer

1920-1950; Great Depression; produced more than needed; personal selling and advertising

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Marketing Era

answer

1950-1990; customer is the king; could pick and choose based on value and price; firms had to focus on customer's needs and wants

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Why is marketing important?

answer

to help consumers know about product and services and to build relationships

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Marketing Development

answer

employs the existing marketing offering to reach new market segments

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Development

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offers a new product or service to a firm's current target market

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Diversification

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introduces a new product or service to a market segment that currently is not served

question

Creating an Ethical Climate

answer

having a set of values that guides decision making and behavior

question

Influence of Personal Ethics

answer

honesty, responsibility, fairness, respect, transparency, citizenship, implementation

question

Corporate Social Responsibility

answer

voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders

question

4 Steps in the Ethical Decision

answer

1. identify issues 2. gathering info and identify stakeholders 3. brainstorm and evaluate alternatives 4. choose a course of action

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The Six Tests of Ethical Action

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1. publicity test 2. the moral mentor test 3. the admired observer test 4. transparency test 5. person in the mirror test 6. the golden rule test

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Consumers

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may be influenced directly by the immediate actions of the focal company

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Immediate Environment

answer

company capabilities, competitors, corporate partners

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Macro Environment

answer

culture, demographics, social issues, technological advances, economic situation, and political, regulatory environment

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Willing to pay

answer

The key to determining prices is to figure out how much customers are __ __ __ and assess whether a profit can be made at that point.

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Marketing includes offering:

answer

goods, services, ideas

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cocreation

answer

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers.

question

To become value-driven, firms should:

answer

prioritize relationships with customers above individual transactions share information across the entire organization about customers and competitors balance benefits with cost to create value for customers

question

Building relationships with customers

answer

To become a more value driven organization, Pokrah University is holding regular coffee-hour discussions with its students and is surveying its graduates regarding students' educational needs and desires. Pokrah University is becoming more value driven through:

question

Many of the activities take place behind the scene

answer

When considering career choices in marketing, many students overlook supply chain management because:

question

Resource Allocation

answer

After conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps, Monique now has to make ______ _______ decisions.

question

Portfolio analysis is a useful and powerful tool, but firms often need to take a more balanced approach because:

answer

measures are difficult to obtain and project, classifications can become self-fulfillng prophecies, subsitute approaches can offer different insight

question

Strategic Busines Unit

answer

Make decisions independently without consulting headquarters

question

A competitive advantage based on location is often sustainable because:

answer

it is not easily duplicated

question

Qualified Potential

answer

Of primary interest to marketers are ________ ___________ buyers

question

Sales

answer

During the _______ era, firms had excess capacity and used personal selling and advertising to generate customers

question

Marketing

answer

Many U.S. companies first discovered marketing during the _________ era.

question

CRM is a way of thinking that translates into ____ ______ ____ _____ to identify and build long-term relationships with her customers.

answer

a set of strategies, systems, programs, and efforts

question

Marketing Mix

answer

Promotion strategies, pricing strategies, place strategies

question

Marketers want their firms to develop efficient operations because this kind of efficiency:

answer

allows the firm to offer great value to customers, lower prices, makes it easier to get the products customer want, and can lead to more attractive margins

question

Unlike other business functions like accounting or finance, people in marketing are often singled out as the root cause of ethical concerns because:

answer

they interact directly with customers

question

Asian Americans are

answer

the fastest growing minority population

question

Marketers need to include blogs in the marketing plans because:

answer

they can gain important feedback on products and product uses

question

The immediate factors affecting consumers include the actions of the:

answer

focal company

question

What types of unethical behavior are likely to be observed in marketing environments?

answer

Misrepresentation of company, misleading advertising, deceptive sales tactics, high pressure sales techniques

MAR 3023 Exam 1 – Flashcards

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