MAR 3023 Exam 1 – Flashcards

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Market Penetration
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employs the existing marketing mix and focuses the firm's efforts on existing customers
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4 Major Growth Strategies
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Marketing Penetration, Marketing Development, Development, Diversification
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Cash Cows
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low growth markets but are high market share products
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Stars
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high growth market but relatively low market shares
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Dogs
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low in growth market and have relatively low market shares
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Portfolio Analysis (BCG Matrix)
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Dogs, Stars, Cash Cows and problem children
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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?
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Segmentation Targeting Positioning
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SWOT Analysis
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Strengths, weakness, opportunities, and threat
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What are the 5 steps in developing a marketing plan?
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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
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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
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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
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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
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Good would sell self; turn of the century
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Sales Era
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1920-1950; Great Depression; produced more than needed; personal selling and advertising
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Marketing Era
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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?
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to help consumers know about product and services and to build relationships
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Marketing Development
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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
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Creating an Ethical Climate
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having a set of values that guides decision making and behavior
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Influence of Personal Ethics
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honesty, responsibility, fairness, respect, transparency, citizenship, implementation
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Corporate Social Responsibility
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voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders
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4 Steps in the Ethical Decision
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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
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company capabilities, competitors, corporate partners
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Macro Environment
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culture, demographics, social issues, technological advances, economic situation, and political, regulatory environment
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Willing to pay
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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:
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goods, services, ideas
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cocreation
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The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers.
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To become value-driven, firms should:
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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
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Building relationships with customers
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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:
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Many of the activities take place behind the scene
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When considering career choices in marketing, many students overlook supply chain management because:
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Resource Allocation
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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.
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Portfolio analysis is a useful and powerful tool, but firms often need to take a more balanced approach because:
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measures are difficult to obtain and project, classifications can become self-fulfillng prophecies, subsitute approaches can offer different insight
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Strategic Busines Unit
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Make decisions independently without consulting headquarters
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A competitive advantage based on location is often sustainable because:
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it is not easily duplicated
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Qualified Potential
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Of primary interest to marketers are ________ ___________ buyers
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Sales
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During the _______ era, firms had excess capacity and used personal selling and advertising to generate customers
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Marketing
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Many U.S. companies first discovered marketing during the _________ era.
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CRM is a way of thinking that translates into ____ ______ ____ _____ to identify and build long-term relationships with her customers.
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a set of strategies, systems, programs, and efforts
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Marketing Mix
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Promotion strategies, pricing strategies, place strategies
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Marketers want their firms to develop efficient operations because this kind of efficiency:
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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
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Unlike other business functions like accounting or finance, people in marketing are often singled out as the root cause of ethical concerns because:
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they interact directly with customers
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Asian Americans are
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the fastest growing minority population
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Marketers need to include blogs in the marketing plans because:
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they can gain important feedback on products and product uses
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The immediate factors affecting consumers include the actions of the:
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focal company
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What types of unethical behavior are likely to be observed in marketing environments?
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Misrepresentation of company, misleading advertising, deceptive sales tactics, high pressure sales techniques
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