Marketing Management Ch 1, 2, 3 – Flashcards
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Is the set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing
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From a customers perspective, value is defined as
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Receiving the benefits for the burdens endured
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The Concept of exchange relates to
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- Monetary Price - The hassle factor involved in making a choice - Skill or intellectual capital - Time used in shopping
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AMA's current official definition of marketing reflects the view toward marketing activities as
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Focused on value through creating, communicating, delivering, and exchanging, offerings that have value
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The marketing concept was first articulated in writing in the Annual Report of
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General Electric
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The internet has made it easy for customers to access information and disinformation, post their opinions, and read other peoples opinion. From a marketers point of view
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A shift in power from marketers to consumers
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Strategic Marketing refers to
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Understanding the market, competitors, and other external forces and focusing on internal capabilities to plan for the future.
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The long-term objective of strategic marketing is
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Achieving profitability through building a customer-oriented organization
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Not considered a goal
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To practice responsible financial management
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Not considered an objective
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To get five new distributors
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a SWOT analysis should not
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Suggest solutions to problems
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The best place in a SWOT analysis to list the competitive trends is
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External threats
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The best place in SWOT analysis to identify problems with hurricanes, earthquakes, major snowflakes, and other natural phenomena is
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External Threats
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The best place in a SWOT analysis to identify rising interest rates and availability of credit for a firm seeking to expand through new construction of real estate is
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Internal opportunities
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The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is in
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Internal opportunities
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The best place in a SWOT analysis to identify an increased marketing budget is
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Internal strengths
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The process of measuring marketing results and adjusting the marketing plane as needed is called
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Marketing Control
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Every marketing plan includes an implementation element called
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Action Plans
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Implementation elements, or action plans, should include
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- Timing - A way to measure results - The identify of the responsible person - The identification of resources needed
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One part of a marketing plan should identify what to do if things go wrong. This sections is called
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Contingency Planning
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Contingency Plans should include
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Best case scenarios, worst case, and expected case
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Marketing plans are
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- A means of gathering input from stakeholders throughout the firm - Essential for the firms success - a rallying point for creativity - well articulated
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Tips for producing a successful marketing plan include which concepts
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- Stay flexible - utilize input, but don't become paralyzed - don't underestimate the implementation part of the plan - stay strategic, but also stay on top of the tactical
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fMRI machine while consumers view a series of advertisements so that they can monitor the blood flow. they used this to collect data
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Mechanical observation
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Circle answer 1-7
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Close ended question
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Purchasing data from another company about a similar problem
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Secondary data
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When you buy the secondary data and its not all about your company
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Accuracy disadvantage
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Government in several countries do not have a department that collects these data and no independent research firm has measured any of these areas.
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Accessibility
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company was concerned about whom these companies were surveying and if they actually fit the demographic and lifestyle profile of the brand
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Unreliable sampling procedures
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Purpose marketing or pro-social marketing, as practiced by Panera
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in an insignificant part of its image
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Form Utility is
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Productions task in creating an offering that has value
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the word "Snow" meaning different things in different languages in a survey
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Inaccurate language translation
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The coca- cola gives its bottles the same distinctive shape all over the world because it believes that ___ sensations translate well across global markets
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Visual
