Marketing Ch.2 Review – Flashcards
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The Marketing Plan
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an action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy.
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Marketing Plan: Executive Plan
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comes last in process "mission statement" -synopizes the marketing plan's main point.
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Marketing Plan: Situation Analysis
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analyzes the environment within: Market summary, SWOT analysis, and competition.
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Marketing Plan: Marketing Strategy
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Defines the target market and outlines the positioning and marketing mix strategies based on specific, measurable, realistic objectives
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Marketing Plan: Financials
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Details the financial projections including the sales and expense forecast, and break even analysis.
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Marketing Plan: Controls
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Proposes how to monitor and adjust the plan through the following key items: -implementation -organizational structure -contingency planning.
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SWOT Analysis
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Internal Considerations: Strengths and Weaknesses External Considerations: Opportunities and threats
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Which of the following is the role of the promotion element in the marketing mix
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communicating the value of a product to a customer
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Which of the following makes it absolutely essential that nonprofit organizations engage in marketing efforts?
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Successful marketing helps attract membership and much-needed funds.
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Needs are states of felt deprivation that
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are created when customers lack something useful or desirable
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_____refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product
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customer value
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Brand has the closest association to___ in a firm's marketing mix
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product
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CSR
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Corporate social responsibility maximizes its positive impact and minimize its negative impact on society.
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Marketing Concept
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characterized by customer orientation
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Why should marketers distinguish between needs and wants?
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it helps them provide products that fulfill customer's wants and satisfy their underlying needs
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Which of the following is a useful guideline to make ethical decisions?
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it is possible to avoid ethical problems if the ethical issue is clearly identified.
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The name, term, symbol, design, or any combination of these that identifies and differentiates a firms products is termed as
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brand
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Which of the following led to the development of the marketing concept strategy?
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the surpluse of products in the market beginning in the early 1950s
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Which of the following is true of customer value?
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to create value, the new good, service, or idea must satisfy a perceived marketplace demand
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Which of the following can be considered a product decisions?
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determining the features of a product
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Once a company has created value, the next thing that the company must do is to
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communicate that value.
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Franchising is an attractive method of entering foreign markets becuase
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franchisees assume the majority of the capital costs and human resources issues
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Which of the following is a function of the marketing strategy in a marketing plan
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defining the target market
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BCG Matrix: Dog, Question Mark, Star, Cash Cow
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Dog: Low market share and growth Question Mark: Low Market Share, High Growth Star: High Market Share and Growth Cash Cow: High Market Share Low Growth.
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Which of the following is a feature of executive summary?
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it must be done after the rest of the marketing plan has been completed
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A market penetration stratefy
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emphasizes selling more of existing goods and services to existing customers
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The mission statement of a firm
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provides a standard to ensure the the business never strays too far from its core goals and values
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Joint ventures work best when the partners
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competitive goals diverge
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Which of the following is true of contingency planning?
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it defines the actions the company will take if the initial marketing stratefy does not achieve results
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A product possesses a competitive advantage when it enjoys a superior positions over competing products b/c
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consumers believe it has more value than other products in its category
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Which of the following is a major risk associated with licensing?
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the licensor may be inadvertently creating a future competitor in the form of the licensee
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The mission statement of a firm
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is a concise affirmation of the firm's long term purpose
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The ____ is an action oriented document or playbook that fuides the analysis, implementationm and control of the firm's marketing strategy
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marketing plan
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_____is the process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives
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strategic planning
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The primary strategic planning tool for directing and coordinating the marketing effort is the
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marketing plan
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A firm with a cash cow product is most liekyl to
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invest jut enough money to maintain strong sales.
