Marketing Essentials Chapter 2 – Flashcards
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The process of classifying people who form a given market into even smaller groups
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market segmentation
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Identifies target markets and sets marketing mix choices that focus on those markets
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marketing strategy
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money left over after taking out *taxes*
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disposable income
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the projection of probable, *future sales* in units or dollars
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sales forecasts
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refers to *statistics* that describe a population in terms of personal characteristics such as age, gender, income, martial status, ethnic background, education, and occupation
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Demographics
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formal *written document* that directs a company's activities for a specific period of time
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marketing plan
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involves grouping people with similar lifestyles, as well as shared *attitudes, values, and opinions*
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psychographics
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an *analysis* of *outside influences* that may have an impact on an organization
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environmental scan (PEST Analysis)
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the money left after paying for *basic living necessities* such as food, shelter, and clothing
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discretionary income
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refers to segmentation of the market based on *where people live*
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geographics
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assessments that lists and analyzes the company's *strengths and weaknesses* and includes the *opportunities and threats* that surround it
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SWOT Analysis
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*brief overview* of the entire marketing plan
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executive summary
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the study of the *internal and external factors* that affect marketing strategies
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situation analysis
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an expectation for *performance* that reflects the plan's objectives
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performance standard
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involves using a single marketing strategy to reach all customers
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mass marketing
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mass marketing can still be used effectively by certain companies for their products, one example of a product that could be successful using mass marketing techniques is:
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bread
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The generation who fought in both *WWI and WWII* is the:
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GI Generation
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The generation who was the first to grow up with *dual income families* and were the first labeled by marketers is:
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Generation X
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according to the book a marketing plan created for a *small retail business* would be created to last usually for a time period of ____.
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one year
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in order to perform a consumer analysis you must have a ___________ of information to pull from.
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database
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the *election* of 2012 has the largest impact on the results of what part of the PEST portion of the SWOT process?
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political
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*Satellite Technology developments* such as OnStar, came from a company looking at and using advancement in the area of ________________ which is an external portion of the SWOT analysis/process referred to as PEST?
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technological
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looking at the *unemployment figures* to determine if there may be an opportunity for business growth would be using the __________ portion of the SWOT analysis/process referred to as PEST?
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economic
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the *internal and external analysis*/process done known as, SWOT will help a business?
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prepare to handle threats such as competition or a changing marketplace
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the internal analysis of a company centers around the three C's which are:
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customers, competition, and company
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What is the outcome for a company after breaking a market into segments?
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"Which of these markets should we target?"
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identify the item included in a Marketing Plan that must be single-minded, specific, realistic, measurable, and have a time frame
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objectives
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segmenting a market based on product-related behavior involves looking at:
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benefits desired, shopping patterns, and usage rates
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what result is a company hoping for by creating a promotional campaign based on luxury products to enhance lifestyles?
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growing into the Generation Y market share
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True/False: Market segmentation is crucial to creating a customer profile
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True?
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True/False: You belong to a group called Generation X
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False
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True/False: The *executive summary* portion of the marketing plan *outlines the whole plan* and highlights strategies, costs, objectives, and implementation
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True
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True/False: Psychographics includes items like activites, attitudes, and product usage
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True
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True/False: Market segmentation is more expensive than mass marketing and the cost keeps some companies from using it
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False?
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True/False: mass marketing is very specific and has become more popular over the last twenty years
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False (less popular)
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True/False: SWOT is the acronym for strategies, weakness, opportunities, and threats
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True
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True/False: the generation that has *very little to be remembered* by is the *silent generation*
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True
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True/False: the customer profile is used as a guide but not that important to the decisions that are being made regarding the marketing mix
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False
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True/False: the marketing mix is also known as the four P's of marketing
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True
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What conclusion about marketing segmentation can you draw from this statement? 55% of the Asian population lives in the Southern state, Utah, and Alaska
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You should target Asian products towards the southern states, Utah, and Alaska
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What do companies do with the information gathered from a SWOT analysis?
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they make marketing strategies which prepares them for competition and a changing market place
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What is your opinion of the 80/20 rule in business?
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It makes sense because the "regulars" that often go into the store are spending money there all the time, which results in their money being around 80% of the stores income. They are the customers that come and come again, spending the most money in that store
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niche marketing vs. mass marketing
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niche- narrows and define a market with extreme precision, increasing the chances of a products success mass- using a single marketing strategy to reach all customers
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What are questions for the 3 C's
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Company Analysis: "How experienced are the company's executives?" Customer Analysis: "Who are the customers?" Competitive Position: "What is the company's market share?"
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4 things that make up marketing segmentation
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-demographics -psychographics -geographics -behavioral
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Generation Y
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racially and ethnically diverse; internet communication, social networking
