Please enter something

Marketing Strategy sixth edition Ferrell

question

Value
answer

Driven by individual, subjective
question

Subjected Value
answer

Value is not determined by object itself
question

Market
answer

A collection of buyers and sellers
question

Marketplace
answer

electronic marketplace unbound by time and space
question

Meta-market
answer

cluster of closely related goods and services that center around a specific consumption activity (access point)
question

Meta-mediary
answer

provides a single access point where buyers can locate and contact many different sellers in metamarket (portal)
question

Exchange
answer

process of obtaining something of value from someone by offering something in return
question

Product
answer

something that can be acquired via exchange to satisfy a need or want
question

Goods
answer

tangible item
question

Service
answer

intangible products consisting of acts/deeds directed towards people or possessions
question

Ideas
answer

issues aimed at promoting a benefit for customer (redcross)
question

Information
answer

websites, magazines, books, churches, charity
question

Digital products
answer

software, music, movies, license to use rather own
question

People
answer

promotion of people, actors, speakers, news reporters
question

Places
answer

cities, states, nations market to tourists
question

Experiences and Events
answer

Disney world or theme parks
question

Real or financial property
answer

stocks, bonds, real estate
question

Organizations
answer

favorable images with public to increase sales/brand and goodwill
question

Utility
answer

ability of a product to satisfy a customer’s desires
question

Form Utility
answer

Attributes or features that set them apart from competition
question

Time Utility
answer

available when customers want them
question

Place Utility
answer

products are available where customers want them at that moment
question

Possession Utility
answer

Transfer of ownership or title from marketer to customer
question

Psychological Utility
answer

deliver positive experiential or psychological attributes that customers find satisfying
question

Strategy
answer

Outlines organization’s game plan for success
question

Tactical Planning
answer

addresses specific markets or market segments and development of marketing programs that will fulfill needs of customers
question

Marketing Plan
answer

provides outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive
question

Internal Analysis
answer

Involves the objective review of internal information pertaining to the firm’s current strategy and performance, as well as the current and future availability of resources
question

Competitive Intelligence
answer

Involves analyzing the capabilities, vulnerabilities, and intentions of competing business
question

Environmental Scanning
answer

Analysis of economic, political, legal, technological, and culture events and trends that may affect the future of the organization and its marketing efforts
question

Situation Analysis
answer

Overall process of collecting and interpreting internal, competitive, and environmental information
question

Competitive Advantage
answer

something that the firm does better than its competitors that gives it an edge in serving customer’s needs and wants or maintaining relationship with stakeholders
question

Market Segmentation
answer

Divide total market into homogeneous groups or segments that share similar needs, wants, or characteristics
question

Product Positioning
answer

establishing a mental image, position, of the product offering relative to competing offerings in the minds of target buyers
question

Marketing Ethics
answer

principals and standards that define acceptable conduct in marketing activities
question

Marketing Implementation
answer

process of executing the marketing strategy, the ‘how’ of marketing planning
question

Transactional Marketing
answer

complete a large number of discrete exchanges with individual customers
question

Relationship Marketing
answer

goal to develop and maintain long-term, mutually satisfying arrangements where both buyer and seller focus on the value obtained from the relationship
question

Universal Rule
answer

People love new products
question

Mission Statement
answer

“what business are we in?” – Company’s reason for existence
question

Vision Statement
answer

“What do we want to become” – where the organization is headed
question

Social mission
answer

too operate the company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally, and internationally
question

Product Mission
answer

To make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the earth and environment
question

Economic Mission
answer

To operate the company on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees
question

Customer Focused Mission
answer

The mission of ___ is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit
question

Corporate Strategy
answer

Central scheme or means for utilizing and integrating resources in the areas of production, finance, research and development, HR, and marketing to carry out the organization’s mission and achieve the desired goals and objectives
question

Commoditization
answer

Using price to differentiate
question

Customer-focused Strategic Planning
answer

Focuses on long-term, value-added relationships
question

Data
answer

collection of numbers or facts to provide information
question

Information
answer

data that’s transformed or combined that makes useful to users
question

Brand Competitors
answer

Market products with similar features/benefits to customers at similar prices (apple, samsung, windows)
question

Product Competitors
answer

Compete in same product class, but with different features, benefits, price (smartphones vs. dumbphones)
question

Generic Competitors (substitutes)
answer

Market with different products but solve same needs (home phone, vonage, comcast)
question

Total Budget Comppetitors
answer

Compete for the limited financial resources of the same customers
question

Technology
answer

the application of scientific knowledge for practical purposes, especially in the industry
question

Front stage technology
answer

things that affect lives daily (freezer, fridge, etc.)
question

Back stage technology
answer

things not seen by the public eye (3-D printers, military technology, microchips)
question

Lifestyle Trends
answer

Amercians postponing retirement, clothing more casual, media at hand instead of newspaper
question

Value Trends
answer

shorter attention span, less tolerance of waiting, growing skepticism of government
question

Convert weakness to
answer

Strength
question

Convert threats to
answer

Opportunities
question

Match strengths with
answer

opportunities
question

Operational Excellence
answer

focus on efficiency of operations and processes (southwest airlines)
question

Product Leadership
answer

excellence in technology and product development (apple, intel)
question

Customer Intimacy
answer

understand customers better than competition, develop LTR so they come back (find pain points, Zappos)
question

Strategic Efforts 1) Aggressive
answer

lots of strengths/weaknesses and leverage all advantages to match with opportunities
question

Strategic Efforts 2) Diversification
answer

focus on multiple markets and industries – lots of internal strengths and many external threats
question

Strategic Efforts 3) Turnaround
answer

know when to back out – lots of internal weaknesses but lots of opportunities. Turn weaknesses into strengths
question

Strategic Efforts 4) Defensive Stance
answer

lots of internal weaknesses and many external threats
question

Red ocean strategy
answer

competing in existing market place
question

Blue ocean strategy
answer

create own market space (niche)
question

Strategy Canvas
answer

Blue ocean – identifies factors that industry competes on and what customers receive from product offerings and offering level by buyers for each factor
question

1st tier of non-consumers
answer

positively inclined to circus, but may not have been to one
question

2nd tier of non-consumers
answer

have preference – only big circus’ or only Wringling Brothers
question

3rd tier of non-consumers
answer

don’t go to circus would rather go to any other form of live entertainment
question

Value innovation
answer

core of blue ocean strategy – reduce cost, buy utility (value) and have a cost advantage
question

Why segment?
answer

identify unique customer needs, expand revenue, grow business
question

Strong brand loyalty
answer

shortcut for decision making process
question

Maven
answer

someone of expert in a field
question

Bundle of attributes
answer

brand attributes, product features, aesthetic attributes, prices