Marketing 360 Final Study Guide – Magi, UIC | Spring 2017 – Flashcards
Unlock all answers in this set
Unlock answersquestion
What is marketing?
answer
The activity, set of institutions, and processes used for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
question
What is customer value?
answer
Value is in the eye of the beholder. However, value is usually calculated by Benefits/Sacrifice(price) = Value.
question
What is customer satisfaction?
answer
Satisfying consumer needs and caring for individual and societal long-term wellbeing.
question
What is relationship marketing?
answer
Building and maintaining profitable customer relationships by personalizing the interaction with each customer.
question
What is the purpose of strategic planning?
answer
To determine/analyze where an entity is, where they/it want to go, how to get there, and know they arrived at their established goal.
question
What are the elements of a marketing plan?
answer
Mission Statement, SWOT Analysis, Objectives, Marketing Strategy (Target Market Strategy and Marketing Mix), and Implementation Evaluation Control
question
What is a good mission statement?
answer
Should focus on market or markets the company will serve and benefits that will be offered and needs to be "just right."
question
What is a good objective?
answer
Must be measurable, time specific, and compared to a benchmark.
question
What is the definition of a SWOT analysis?
answer
An analysis of the strengths, weaknesses, opportunities, and threats of an organization, entity, or environment.
question
What is the Strategic Opportunity Matrix Model?
answer
To identify growth opportunities (in new markets).
question
What are the environmental marketing factors?
answer
Economic, Technological, Demographic, Political and Legal, and Competitive
question
What is the Consumer Decision-Making Process Model?
answer
Need Recognition, Information Search, Alternative Evaluation, Purchase Decision, and Post-Purchase Behavior
question
What is the Business Decision-Making Process Model?
answer
Need Recognition, Information Search, Alternative Evaluation, Purchase Decision, and Postpurchase Assessment
question
What are the roles of involvement within business buying decisions?
answer
Initiator, Influencers, Gate-keepers, Decider, Purchaser, and Users
question
What are the three types of buying decisions?
answer
New Buy, Modified Rebuy, and Straight Rebuy
question
What is segmentation?
answer
Dividing a large market into smaller groups that have similar needs.
question
What are some of the common segmentation variables?
answer
Demographic, Geographic, Psychographic, Usage, and Benefits
question
What are three main targeting strategies?
answer
Undifferentiated, Concentrated, and Multisegment
question
What is undifferentiated targeting?
answer
Marketing the same product to the entire market the same way.
question
What is concentrated targeting?
answer
The company selects one segment (niche) for its marketing efforts.
question
What is multisegment targeting?
answer
When a company targets two or more segments with different marketing mix for each. The difference can range from new promotion to entirely new product.
question
What is positioning?
answer
The design of and implementation of a marketing mix to create an image of the brand in the customer's mind relative to competitors.
question
What is the perceptual map?
answer
A tool used to understand consumers perceptions of how a brand is positioned on important features relative to competing products.
question
What is brand equity?
answer
When the value of the brand is based on strong, positive consumer associations.
question
What is the Product Life Cycle Model (PLC)?
answer
A diagnostic tool that helps marketers anticipate future changes in the market.
question
How do marketing mix strategies typically change over the course of the PLC?
answer
Create product awareness and trial, Maximize market share, Maximize profit while defending market share, and Reduce expenditure while milking the brand
question
What are the four characteristics of services?
answer
Intangibility, Inseparability, Heterogeneity, and Perishability
question
What are intermediaries?
answer
Their specialization and division of labor help provide contact efficiency.
question
What are the functions of intermediaries?
answer
They are able to provide form, place, time, and exchange utility to manufacturers and consumers.
question
What are the three levels of distribution intensity?
answer
Exclusive, Selective, and Intensive
question
How do the three groups of factors influence distribution channel strategy?
answer
They determine the channel of distribution which manufactures pick for their product(s); Market, Product, and Producer Factors.
question
What are the types of retailers?
answer
Independent Retailers, Chain Stores, and Franchises
question
What are the elements/tools in the promotional mix?
answer
Advertising, Sales Promotion, Public Relations, and Personal Selling, and Social Media
question
What are the four main goals of promotion?
answer
Inform, Persuade, Remind, and Connect
question
What are the differences between push and pull strategies?
answer
One strategy uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise while the other stimulates consumer demand to obtain product distribution.
question
What are the advertising appeals within creative decisions in advertising?
answer
Desirable, Unique, Believable, Rational, and Emotional
question
What are the Unique Selling Propositions USPs) within creative decisions in advertising?
answer
The theme for a campaign.
question
What are the executional styles of creative decisions in advertising?
answer
Lifestyle, Spokesperson/Testimonial, Humorous, and Demonstration
question
What are the advantages of personal selling?
answer
The direct communication between a sales representative (or team) and a prospective buyer.
question
What is the the selling process model?
answer
Lead Generation, Qualification Leads, Approach, Developing and Proposing Solutions, Handling Objections, Closing the Sale, and Following Up
question
Why do companies implement CRMs?
answer
To identify customer relationships to better understand the customer base through capturing customer data. Marketers and salespeople can then leverage the information not only to develop deeper relationships but also to close more sales with loyal customers.
question
What are the consequences of pricing decisions?
answer
When prices go up, demand (usually) goes down. The relationship between demand and price is described by the demand curve.
question
When do consumers typically make price quality inferences?
answer
When comparing with a "reference price."
question
What characterizes a prestige pricing strategy?
answer
It's the more expensive option so it must be better.
question
What is the purpose of a break-even analysis?
answer
To determine how much do needs to be sold to cover fixed costs plus the variable costs for that quantity.
question
What is mark-up pricing?
answer
An amount (percentage) to add to the cost of product to cover profit goals and other costs.
question
What is penetration pricing?
answer
Low initial prices to quickly grow sales and market share.
question
What is price skimming?
answer
Product perceived to have unique advantages. Competitors can't easily copy the product. Significant segment of market (innovators and early adopters) are ready to pay the higher price.
