Marketing 3310 review for test 1 – Flashcards
Unlock all answers in this set
Unlock answersquestion
What are the criteria for analyzing potential market segments?
answer
*Ability & willingness to buy. per Payne
question
What do we mean when we referred to the term "exchange" in marketing?
answer
Trade of things of value between buyer and seller where each is better off
question
What is a core aspect of marketing
answer
1. Helps create value. 2. Is about satisfying customer needs and wants. 3. Entails an exchange. 4. Requires product, price, place, and promotion decisions. 5. Can be performed by both individuals and organizations. 6. Occurs in many settings.
question
How do markets determine the price of the product?
answer
On the basis of the potential buyers belief about the value of the product. Marketers must figure out how much consumers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit
question
Marketers involved in value - oriented marketing are constantly balancing what?
answer
Satisfying needs, keeping costs down, and developing loyalty.
question
What are the goals of promotion
answer
Remind, inform, and persuade
question
List the stages of the evolution of marketing
answer
1. Production-Oriented, 2. Sales- Oriented, 3. Market-Oriented, 4. Value-Based, and *5. Social Media-Oriented Marketing
question
Describe each of the eras of marketing
answer
1.Production - mainly concerned with innovation not customer satisfaction. 2. Sales - more products produced than consumed 3. Marketing - buyers market - customer is King example shopping centers. 4. Value-based marketing - satisfying customers wants and needs. *5. Social Media-Oriented - using social media to monitor and advertise.
question
What do we mean by "relational orientation" in marketing
answer
Firms that focus on the lifetime profitability of their relationships with their consumers as opposed to how much money they can make in each transaction
question
What is the primary purpose of the marketing plan
answer
Marketing activities for a specific period of time.
question
Describe what the process of Co-creation is
answer
Co-created value arises in the form of personalized, unique experiences for the customer (value-in-use) and ongoing revenue, learning and enhanced market performance drivers for the firm
question
Define marketing
answer
Creating, capturing, communicating, and delivering offers that have value for customers and society at large
question
Which elements of the marketing mix is most relevant to the activity of "capturing value"
answer
Price captures value product creates value
question
Define sustainable competitive advantage and give an example
answer
It is not easily duplicated and can be maintained for a long period of time.
question
How do firms achieve operational excellence
answer
Strong through efficient operations, excellent supply chain management, and strong relationships with suppliers. They develop sophisticated distribution and information systems as well as strong relationships with vendors
question
What is least likely to provide a sustainable competitive advantage
answer
Price
question
Explain the SWOT model
answer
S stands for strengths, W stands for weakness, O stands for opportunities, and T stands for threats. If situation analysis, it assesses internal versus external environment the internal strengths and weaknesses external is opportunities and threats
question
What is a key component of target marketing
answer
Market segmentation or segments?
question
Positioning involves what
answer
The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
question
Explain the STP process
answer
Segregating, targeting, positioning. Identify and evaluate opportunity to increase sales and profits. Divide into groups, determine which group to target or pursue and position products to meet the needs of targets.
question
Explain the BCG matrix/what does it measure
answer
Stars - high growth, high market: they are new products Cash cows - low growth, high market: the MP3 ?'s - high growth, low market - the iPad Dogs - low growth low market
question
Explain the four growth strategies
answer
1.Market development - putting current product in a new market or a new area demographic. 2. Product development - offer new product in current market. 3. Diversification- New product to market not currently being served. 4. New product Newmarket
question
Give an example of locational excellence
answer
McDonald's, Starbucks...
question
How do "place" decisions create value
answer
Without a strong and efficient marketing channel, merchandise is not available when customers want it. Sales and profits suffer.
question
Give an example of a positioning strategy
answer
Market positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. Example - Hertz positions itself is a quality car rental company that is the first choice for each of its target segments.
question
Describe what is the 4E framework
answer
Excite customer, educate about offers, experience products, engage with the media.
question
Give an example of a corporate blog
answer
Starbucks
question
What is location-based gamification
answer
Apps used by companies to build loyalty by making patronage and a game. Example- foursquare users can check in at their favorite restaurants and stores sharing the location on Facebook.
question
What is the appeal of Pinterest to marketers
answer
Marketers can receive unlimited exposure to their products and services as like-minded people share pinned items and services.
question
How do marketers benefit from using media sharing sites such as YouTube and Flickr
answer
To highlight how consumers can experience their goods or services as well as encourage consumers to engage with the firm, it's other social media outlets, and other consumers
question
Explain sentiment analysis
answer
Allows marketers to listen and analyze data from Facebook, twitter, online blogs and reviews to collect consumer comments about companies and their products.
question
How do marketers use keyword analysis
answer
marketers use it to determine what the keywords are that people use to search on the Internet for products and services.
question
What do conversion rates measure
answer
The percent of visitors or customers who act as a marketer whether by clicking or buying or donating
question
What do we mean by bounce rates
answer
Percent of time visitor leave site almost immediately after viewing only one page.
question
What does a Klout score measure
answer
How important you are in society
question
Influence refers to what
answer
In social media context, the extent to which the person influences others (for example how much do the people in a person's network read that person is content?)
question
What did Johnson & Johnson sacrifice during the Tylenol crisis
answer
*Sacrificed short-term profits for long-term profits. per Payne
question
What are the steps in the ethical decision-making framework
answer
1. Identify issues 2. Gather information and identify stakeholders 3. Brainstorm and evaluate alternatives 4. Choose a course of action
question
What are the responsibilities of multinational corporations doing business in other countries
answer
*When firms outsource production to manufacturers in other countries, it does not absolve them of responsibility for the working conditions in the factory. per Payne
question
Give an example of a firm that pursues corporate social responsibility
answer
Toms shoes, Burts bees, Dannon yogurt, etc.
