question

Production Orientation

answer

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

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Sales Orientation

answer

the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

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Societal Marketing Orientation

answer

-Extends the marketing concept by acknowledging that some products that customers want, may not really be in their best interest, or the best interest of society as a whole.

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Customer Value

answer

the relationship between benefits and the sacrifice necessary to obtain those benefits

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Customer Satisfaction

answer

customers' evaluation of a good or service in terms of whether it has met their needs and expectations

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Strategic Planning

answer

the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities

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Strategic Business Units

answer

a subgroup of a single business or collection of related business within the larger organization

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Strategic Alternatives

answer

ansoff's opportunity matrix, the Boston Consulting Group model, Generic Electric model

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Ansoff's Opportunity Matrix

answer

strategic alternative; matches products with markets Firms can explore these options: Market Penetration , Market Development, Production Development

question

Market Penetration (Ansoff's Strategic Option)

answer

a marketing strategy that tries to increase market share among existing customers

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Market Penetration Example

answer

amazon.com introduced a streaming movie and tv service for its amazon prime customers, hoping to increase streaming media market share by encouraging current prime subscribers to use the new service instead of netflix

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Product Development

answer

a marketing strategy that entails the creation of new products for present markets

question

Product Development Example

answer

Reckitt Benckiser Group produces Suboxone. They recently lost its patent protection and is now releasing Suboxone as a thin film that dissolves on the tongue. Reckitt Benckiser hopes to convert current Soboxone tablet users to the film.

question

Diversification

answer

a strategy of increasing sales by introducing new products into new markets

question

Diversification Example

answer

Ugg introduced a male footwear collection; can be risky when a firm is entering unfamiliar markets, but very profitable when a firm is entering a market with little or no competition

question

Boston Consulting Group

answer

to determine the future cash contributions and cash requirements expected for each SBU, managers can used the ______________ portfolio matrix

question

Star

answer

in the portfolio matrix, a business unit that is a fast growing market leader

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iPad = Apple's current ____.

answer

Star

question

Cash Cow

answer

in the portfolio matrix, a business unit that generates more cash that it needs to maintain its market share

question

Cash Cow Example

answer

in a low-growth market, but the product has a dominant market share. Example: laptops/PCs

question

problem children (question mark)

answer

in the portfolio matrix, a business unit that has low growth potential and a small market share

question

Competitive Advantage Example

answer

BMW offers customers a four-year, 50,000 mile maintenance cost-free program called "BMW Ultimate Service." The service includes free replacement of brake pad and rotors, wiper blades, scheduled maintenance, oil changes, and roadside maintenance. This marketing gives BMW a:

question

Sales Example

answer

which marketing management philosphy focuses on the question, "How can we sell more aggressively?"

question

Exchange Control

answer

- a law compelling a company earning foreign exchange from its exports to sell it to a control agency, usually a central bank.

question

Societal Marketing Example

answer

Jewelry stores want to provide their customers with the highest quality of diamonds available at the lowest possible prices. Unfortunately, the lowest priced diamonds are sold by African rebels who use the profits to engage in genocide. Human rights organization have asked jewelers to buy diamonds that are "conflict free"--that is, from South Africa, Australia, or Canada. LeeBrant is one retail jewelry store that sells only diamonds that are certified to be from these countries. LeeBrant is exhibiting which marketing management orientation?

question

Education

answer

_________ is the primary determinant of a person's earning potential

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If market share is maintained, stars are likely to grow into:

answer

Cash Cows

question

each party believes it is appropriate to deal with the other party

answer

A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has been legally harvested. In places like Indonesia, as much as 80% of timber available for sale is illegally cut. Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rainforests. What condition required for an exchange to occur is missing when a company tries to sell illegally aquired logs to The Home Depot?

question

creating cross-functional teams and instructing them to focus on creating greater customer value

answer

After hearing his company criticized for its failure to respond to consumer needs, the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy. What action would be the best approach in achieving this goal?

question

Production Example

answer

a firm that adopts a ______ orientation to marketing will fail to consider whether what the firm produces most effeiciently also meets the needs of the market place

question

Market Grouping (Common Trade Alliance)

answer

- occurs when several countries agree to work together to form a common trade area that enhances trade opportunities.

question

Multinational Corporation Example

answer

Apple, Inc. has partnerships with wireless carriers in Japan, Spain, and a handful of other European countries. Apple works with suppliers and retailers worldwide. This means Apple is a:

question

Market Orientation Example

answer

At the Sears website, customers can chat on-line with customer service reps while shopping. This live help allows customers to have questions answered before placing an order. This focus on meeting customer needs illustrates that Sears has a ____ orientation

question

demographically, gen Yers are an extremely large group of consumers

answer

Merissa Champlain designs and sells clothes for young working women. Her marketing managers recently told her that she'll be in financial trouble unless she starts designing clothes suited to Gen Yers. Why?

question

Social Change

answer

The most difficult for marketing managers to forecast, influence, or integrate into marketing plans? -they include our attitudes, values, and lifestyles, they influence the products ppl buy the prices paid for products the effectiveness of specific promotions and how where and when ppl expect to purchase products

question

Boycott

answer

- the exclusion of all products form certain countries or companies.Governments use boycotts to exclude companies from countries with which they have a political dispute.

question

Market Orientation Example

answer

Best Buy has become the nation's largest specialty retailer by focusing on the customer's needs and wants. This philosophy is at the heart of a ______ orientation

question

Mission Statement

answer

-is the foundation of any marketing plan, which answers the question " what business are we in?"

question

Cost Competitive Advantage Example

answer

Walmart realizes a _________ using its relationships with suppliers to give customers low prices and good customer service

question

What do the customers want and need??

answer

Marketing Management Philosophy

question

Building Example

answer

John R. Harland Co. is best known for printing checks. Its Financial Solutions division develops software for mortgage companies, which is a growing industry. The division is currently not producing at the desires level of profitability, but Harland plans to turn the division into a success by acquiring other companies that develop similar software. To accomplish this, Harland will be engaging in a ______ strategy

question

Diversification Example

answer

orange growers in Florida have lost millions of dollars due to hurricanes. As a result, some growers have decided to bulldoze their orange groves and put in freshwater lakes for raising shrimp, a product that has a strong popularity and is more weather resistant. Former orange growers who are now raising shrimp are pursuing a _____ strategy

question

SWOT Analysis Example

answer

Tub King is a small company that refinishes antique claw foot bathtubs and antique sinks, and provides training for bathtub refinishing. The company's management is currently conducting a formal study of its current strengths and weaknesses by looking at the company's profit and sales histories and searching for opportunites and threats by studying consumer trends. Tub King is conducting a _____.

question

Production Example

answer

Researchers at PPG Industries spent considerable time, effort, and money developing a bluish windshield that would let in filtered sunlight but block out the heat. Little market research was done, but the scientists were convinced this new product would be significantly better than existing windshields even though it was more expensive and of a different color than the current models on the market. This scenerio suggests PPG most likely has a ______ orientation.

question

Tariff

answer

-a tax levied on the goods entering a country. B/c a tariff is a tax, it will either reduce the profits of the firms paying the tariff or raise prices to buyers or both.

question

Societal Marketing Example

answer

P&G decided to address the fact that Hispanic women are more likely to die from breast cancer because they're reluctant to get mammograms or discuss screening. P&G brought screening to the supermarket, parking mobile mammography behicles in grocery store parking lots in Texas and inviting follow-up care. P&G adopted a _______ orientation to achieve its goal.

question

Product Development Example

answer

Kraft introduced Philadelphia Ready to Eat cheesecake filling for those who do not have time to make cheesecake in the traditional manner. This is an example of a ______ strategy

question

Cultural Example

answer

a soft drink manufacturer thinking of investing in a bottling plant in the Czech Republic should know the nation is proud of the fact it is among the world's biggest beer drinkers. Czechs consume an average of 1/2 liter of beer a day for every man, woman, and child in the country. The ______ environment of this country could very easily prevent the soft drink bottling company from succeeding

question

Hispanics

answer

a company that specializes in planning and organizing large family reunions has hired you to identify a target ethnic market. Which market would be ideal? (60% of Hispanic Americans are of Mexican descent)

question

Global Marketing Standardization Approach

answer

-Production of uniform products that can be sold the same way all over the world

question

Many people fear world trade because it:

answer

causes some people to lose their jobs as production shifts abroad

question

Environmental Scanning Example

answer

after learning that many of their consumers were shopping at a nearby health food store for free range chickens and organic produce, IGA grocery stores began stocking more organic items. IGA adjusted its market strategy based on:

question

Marketing

answer

is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partner and society at large

question

If an organization has an SBU that it believes has the potential to be a star, what would be an appropriate goal?

answer

Build

question

Divest

answer

getting rid of SBUs with low shares of low-growth markets is called:

question

Marketing Plan

answer

a written document that acts as a guidebook of marketing activities for the marketing manager

question

Marketing Myopia

answer

defining a business in terms of goods and services rather than in terms of the benefits customers seek

question

SWOT Analysis

answer

identifying internal STRENGTHS and WEAKNESSES, and also examining external OPPORTUNITIES and THREATS

question

Competitive Advantage

answer

a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition

question

Cost Competitive Advantage

answer

-being low cost competitor in an industry while maintaining satisfactory profit margins

question

Product/service Differentiation Competitive Advantage

answer

-the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition

question

Niche-Competitive Advantage

answer

-the advantage achieved when a firm seeks to target and effectively serve a small segment of the market

question

Sustainable Competitive Advantage

answer

an advantage that cannot be copied by the competition EX: Netflix

question

Target Market

answer

-a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges

question

Environmental Management

answer

-when a company implements strategies that attempt to shape the external environment within which it operates

question

Component Lifestyles

answer

the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle

question

Demography

answer

-uncontrollable variable in the external environment also extremely important to marketing managers it's the study of people's vital statistics, such as age, race and ethnicity, and location.

question

Purchasing Power

answer

a comparison of income verses the relative cost of a standard set of goods and services in different geographic areas

question

Global Marketing

answer

marketing that targets markets throughout the world - has become an imperative for business

question

Global Vision

answer

-recognizing and reacting in international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets

question

Licensing

answer

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

question

Contract Manufacturing

answer

private label manufacturing by a foreign company (The foreign company produces a certain volume of products to specification, with the domestic firms brand name on the goods.)

question

Empowerment

answer

Some market-oriented firms give employees expanded authority to solve customer problems on the spot. This is known as:

question

The firm's performance

answer

The sales and market orientations differ on all of the following characteristics EXCEPT:

question

Sales Example

answer

A manufacturer of bowls, spoons, and cutting boards knows marketing can make his company a success. He wants to rely solely on promotion as the technique for attracting customers. He advertises extensively in cooking magazines and provides retailers who carry his product with attractive displays. From this information, you know that the manufacturer has a _____ orientation.

question

Market Orientation Example

answer

At The Container Store, every employee is trained to serve customers. Full-time salespeople receive 240 hours of training. The Container Store works to hire people who are self-motivated and have a passion for customer service. The Container Store has a _____ orientation.

question

sales

answer

StoryBlox creates and markets handmade wooden toys, which it sells to retailers in the Midwest. The company's management believes its retail customers will stock more toys if its salespeople use aggressive marketing techniques, so the company provides strong incentives for salespeople and promotional allowances to resellers to get distribution for its toys. In other words, the company has a _____ orientation.

question

The concept of exchange is important to marketing because..

answer

marketing actives help to create EXCHANGE.

question

Teamwork

answer

_____ is the collaborative efforts of people to achieve common objectives.

question

Production Example

answer

Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products. The typical Indonesian logging company has a(n) _____ orientation.

question

Marketing Concept Involves:

answer

Focusing on customers' wants and needs so that the organization can distinguish its product (or products) from competitors' products.

question

Environmental Scanning

answer

_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization or the implementation of the marketing plan.

question

Using a cause simply to sell more of a product can hurt both the cause and the company

answer

One potential drawback of cause-related marketing is that:

question

Niche Competitive Advantage Example

answer

Technol Medical Products makes specialty face masks to shield healthcare workers from infection. Because it focuses on this narrow market, it is able to outsell its primary competitors--3M and Johnson & Johnson. Technol has a(n):

question

Culture

answer

-central to any society is the common set of values shared by its citizens that determines what is socially acceptable. It underlines the family, the educational system, religion, and the social class system.

question

Legal

answer

Japanese law prohibits the storage of more than 50 pounds of explosive at any single site in the nation. Every night, Universal Studios Japan hosts a fireworks display. The theme park recently came under government investigation when allegations were made that the park was detonating more than 50 pounds of explosives in its nightly fireworks displays. If the allegations are true, in terms of the pyramid of corporate social responsibility, then Universal Studios Japan is not operating at a(n) _____ responsibility level.

question

What represents a business unit that shows rapid growth but poor profit margins?

answer

Problem Child / Question Mark

question

One of the arguments against social responsibility

answer

The fact that many people believe that businesses should focus on making a profit and leave social and environmental issues to nonprofit organizations is:

question

Buyer for export

answer

The _____ is an intermediary in the global market who assumes all risks and sells globally internationally for its own account. The domestic manufacturer usually treats it like a domestic customer.

question

Cultural Example

answer

Muslim countries are receptive to most Disney products, but they have asked Disney not to include Piglet when it sells its Winnie the Pooh characters because Muslims (as a part of their religious beliefs) contend that pork in any form is unclean. This is an example of a _____ factor that directly affects Disney's global operation.

question

Countertrade

answer

International trade does not always involve cash. Sometimes companies accept all or part of the payment for goods or services in the form of other goods or services. This is known as:

question

Social Example

answer

If you were to ask Americans what they most desire to make their lives easier, most will want more time. This feeling that there are not enough hours in a day is an example of a(n) _____ factor that has strongly influenced the marketing environment.

question

The growth of dual-income families has resulted in:

answer

Purchasing Power

question

The increasing number of working women

answer

Which of the following events has had the greatest effect on marketing?

question

Gross domestic product (GDP)

answer

The total market value of all final goods and services produced in a country for a given time period is called:

question

Target markets change over time as consumers drop in or out of the market, and as tastes change

answer

Which of the following statements best describes the typical target market?

question

Multinational Corporation

answer

A(n) _____ is a company that is heavily engaged in global trade and moves its resources, goods, services, and skills across national boundaries beyond exporting and importing.

question

Target market Example

answer

Colorific recently began competing with Crayola coloring products. At the beginning of the school year, the _____ for Colorific products consists of back-to-school shoppers.

question

Exchange's FIVE conditions: (must take place for the exchange to take place)

answer

1. There must be TWO PARTIES 2. Each party has something that might be of VALUE to the other party 3. Each party is CAPABLE OF COMMUNICATION ADN DELIVERY 4. Each party i s FREE TO ACCEPT OR REJECT the exchange offer. 5. Each party believes it is APPROPRIATE OR DESIRABLE to deal with the other party

question

Marketing Management Pilosophies

answer

-Production Orientation -Sales Orientation -Market Orientation -Societal Marketing Orientation

question

Marketing Management Philosophies are ..

answer

competing philosophies strongly influence and organization's marketing processes.

question

Market Orientation

answer

meaning they assume that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product.

question

Marketing Concept includes the Following:

answer

-Focusing on customer wants and needs so that the organization can distinguish its products from competitors offerings -Integrating all the organizations activities including production to satisfy customer wants -Achieving long term goals for the organization by satisfying customer wants and needs legally and responsibly

question

Basic values strongly influenced attitudes and lifestyles:

answer

Self Sufficiency, Upward Mobility, Work Ethic, Conformity

question

Tweens

answer

-(ages 8-12) are a population of more than 20 million. With access to information, opinions, and sophistication well beyond their years these young consumers are directly or indirectly responsible for sales of over $180 billion per year and the remainder is spent by parents and family members for them.

question

Teens

answer

- there are approximately 25 million teenagers int he US, they spend approximately 72 hours per week tuned in electronically to television, the internet, music, video games, and cell phones.

question

African Americans

answer

-6 years younger on average than other american consumers. 47% are between 18 and 49, which is the top spending age demographic by marketers. Population is smaller/ but more black house holds then hispanic. 54% of black children are raised by single mothers. 88% are below the poverty line.

question

Asian Americans

answer

-Fastest growing among minority groups.Make more money then other minority groups, 52% have at least a bachelors degree .They visit computer and consumer electronics web sites 36% more often and spend 72% more time at these sites than the total population.

question

The Impact of Trade and Globalization

answer

Protests staged during meetings of the World Trade Organization , the World Bank and the International Monetary Fund have demonstrated that many people fear world trade and globalization.

question

Job Outsourcing

answer

-(sending US Jobs abroad) has been highly controversial for several decades.Many executives say that it leads to corporate growth, efficiency, productivity, and revenue growth. Negative sides????

question

Quota

answer

- a limit on the amount of a specific product that can enter a country. Several US companies have sought quotas as a means of protection from foreign competition

question

Trade Agreement

answer

-an agreement to stimulate international trade. Not all government efforts are meant to stifle imports or investment by foreign corporations

question

Dominican Republic-Central America Free Trade Agreement

answer

-has been an unqualified success. It has created new commercial opportunities for its members, has promoted regional stability and is an impetus for economic development for an important group of US neighbors. Was instituted in 2005 bc it joined after the original agreement was signed, the Dominican Republic was amended to the original agreement title. ( It includes Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) -trade grew 18% -US exported 24 billion of goods and services in 2010

question

World Bank

answer

Offers low- interest loans to developing nations. Originally, the purpose of the loans was to help these nation build infrastructure such as roads, power plants schools, drainage projects and hospitals. Now it offers lans to helping developing nations relieve their debt burdens. It is also a major source of advice and information for developing nations.

question

International Monetary Fund (IMF)

answer

- to promote trade through financial cooperation and eliminate trade barriers in the process. The IMF makes short term loans to member nations that are unable to meet their budgetary expenses.

question

Group of Twenty (G-20)

answer

-finance ministers and central bank governors was establish. in 1999 to bring together industrialized and developing economies to discuss key issues in the global economy, helps to support growth and development across the globe

question

Exporting

answer

-is selling domestically produced products to buyers in other countries . When a company decides to enter the global market, exporting is usually the least complicated and least risky alternative.

question

Direct Foreign Investment

answer

-active ownership of a foreign company or of overseas manufacturing or marketing facilities

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