question

Where individuals commit more and more resources to a project even when they receive evidence that it is failing

answer

Escalating commitment (pitfalls of analysis)

question

When a group of decision makers embarks on a poorly determined course of action without thoroughly questioning the underlying assumptions of the decision

answer

Groupthink (pitfalls of analysis)

question

A person's tendency to overestimate his/her ability to control events

answer

Illusion of Control (pitfalls of analysis)

question

People who have strong beliefs about the relationships between variables tend to make decisions on the basis of these beliefs even when presented with analytical evidence that contradicts them

answer

Prior Hypotheses Bias (pitfalls of analysis)

question

When individuals use simple analogies to make sense out of complex problems

answer

Reasoning by analogy (pitfalls of analysis)

question

A bias that violates the statistical law of large numbers in that individuals often display a tendency to generalize from small samples

answer

Representativeness (pitfalls of analysis)

question

A position that carries respect with friends, family and the community

answer

Status (needs)

question

Being assured of keeping your job and a steady source of income

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Security (needs)

question

Being involved with helping other people in direct ways and contributing to the betterment of an individual/group

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Helping Others (needs)

question

Being recognizes as a member of a particular organization

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Affiliation (needs)

question

Controlling work activities of others

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Power and Authority (needs)

question

Ambitious, broad-minded, capable, cheerful, clean, courageous, forgiving, helpful, honest, imaginative, independent, intellectual, logical, loving, obedient, polite, responsible, self-controlled

answer

Instrumental Values

question

A comfortable life, an exciting life, a sense of accomplishment, a world of peace, equality, freedom, happiness, pleasure, salvation, wisdom, self-respect, family security

answer

Terminal Values

question

Brands/product categories that you are involved with over extensive periods of time throughout your life Ex.: as a child you collected cars, now you are still a car enthusiast and are subscribed to automotive magazines

answer

Enduring (Types of involvement)

question

Momentary involvement with brands/products that is triggered by a specific situation Ex.: you are out of gas

answer

Situational

question

Occurs when someone chooses between 2 alternatives

answer

Approach-Approach (motivational conflicts)

question

Exists when we desire a goal but wish to avoid it at the same time Ex.: I love Haagen Dazs but its so fattening

answer

Approach-Avoidance (motivational conflicts)

question

Exists when the consumer is faced with 2 undesirable choice

answer

Avoidance-Avoidance (motivational conflicts)

question

1. Specific, time-defined and measurable

answer

Characteristics of Objectives

question

2. Realistic but challenging

answer

Characteristics of Objectives

question

3. Consistent with the mission and goals of the organizations

answer

Characteristics of Objectives

question

4. Consistent with internal resources and core competencies

answer

Characteristics of Objectives

question

5. Appropriate in light of external environmental opportunities and threats

answer

Characteristics of Objectives

question

Analyze the current and future situations

answer

Steps in developing a marketing plan 1

question

Understand the market and its customers

answer

Steps in developing a marketing plan 2

question

Establish segmentation, targeting, and positioning

answer

Steps in developing a marketing plan 3

question

Determine objectives

answer

Steps in developing a marketing plan 4

question

Develop marketing strategies and programs

answer

Steps in developing a marketing plan 5

question

Track progress and activities

answer

Steps in developing a marketing plan 6

question

Evaluate results and correct the plan as needed

answer

Steps in developing a marketing plan 7

question

economic trends

answer

External Influences

question

social and demographic trends

answer

External Influences

question

technology trends

answer

External Influences

question

regional marketing importance

answer

External Influences

question

customer data

answer

External Influences

question

social and demographic customer behaviour

answer

External Influences

question

Need

answer

Motivational Pulls

question

Drive

answer

Motivational Pulls

question

Desire

answer

Motivational Pulls

question

Goal

answer

Motivational Pulls

question

Physiological (water, sleep, food)

answer

Levels of Needs in the Maslow Hierarchy (1)

question

Safety (security, shelter, protection)

answer

Levels of Needs in the Maslow Hierarchy (2)

question

Belongingness (love, friendship, acceptance by others)

answer

Levels of Needs in the Maslow Hierarchy (3)

question

Ego Needs (prestige, status, accomplishment)

answer

Levels of Needs in the Maslow Hierarchy (4)

question

Self-Actualization (self-fulfillment, enriching experiences)

answer

Levels of Needs in the Maslow Hierarchy (5)

question

Selecting and describing the target market(s)

answer

Marketing Strategy (1)

question

Identifying and owning a market position

answer

Marketing Strategy (2)

question

Defining the marketing mix (How will the 4 Ps be used?)

answer

Marketing Strategy (3)

question

A budget

answer

Marketing Strategy (4)

question

For specific geographical area Includes info such as sex, marital status, income, education, occupation

answer

Geo-Demographic (describing customers)

question

"Lifestyle" data Includes listing of consumers' activities, interests, opinions on various subjects

answer

Pyschographic (describing customers)

question

What are consumers' media habits? Where do they prefer to get news?

answer

Media Preferences (describing customers)

question

Usage rate, frequency of purchase, brand loyalty How long do customers go grocery, how much do they spend...

answer

Purchase Behaviour (describing customers)

question

What are the most important benefits sought by your target market? Ex.: toothpaste, some people buy certain brands because of the benefits sought

answer

Benefits (describing customers)

question

Attributes & benefits Price/quality Product class Product user Competitor Cultural symbols On the experience of the product

answer

Positioning by what

question

How can you differentiate from the competition? What benefits does your product offer to your target market?

answer

Product (Marketing Mix)

question

How much is your target market willing to pay for your product How do you set and negotiate pricing and terms of engagement?

answer

Price (Marketing Mix)

question

Where is the most appropriate place for your product? How can you maximize the likelihood of being at the right place at the right time?

answer

Place (Marketing Mix)

question

How to communicate your product and how will it benefit your target market?

answer

Promotion (Marketing Mix)

question

Customers cant see, touch, or smell services They look for reassuring signs before purchasing (company reputation, word of mouth, testimonials from previous clients)

answer

Intangibility (Service Characteristics)

question

Services cannot be stored for future use

answer

Perishability (Service Characteristics)

question

Differences in a service provider's performance from one day to another because it rests on human performance which cant be controlled

answer

Variability (Service Characteristics)

question

Service can take place only at the time the service provider performs an act

answer

Inseparability (Service Characteristics)

question

Agents present their client's qualifications to potential buyers Ex.: Executive Search Consultant

answer

Pure Selling Approach

question

Agent works with the client to modify certain characteristics what will increase market value Ex.: mentor, personal coach

answer

Product Improvement Approach

question

Agent scans the market to identify needs that haven't been met Ex.: impresario or personal agent

answer

Market Fulfillment Approach

question

Sales: non-existent, resources are invested to develop the product and elaborate strategies for the future

answer

1. Product Development (Product Life Cycle Stages)

question

Slow growth, many costs, profits negligible

answer

2. Introduction (Product Life Cycle Stages)

question

Sales rapidly increasing, bringing new concerns to manage the growth and ensure product quality and integrity Competition likely to increase

answer

3. Growth (Product Life Cycle Stages)

question

Slowdown in sales Product well known, profits may decrease due to higher marketing expenditures (competing with new products entering the market)

answer

4. Maturity (Product Life Cycle Stages)

question

Sales and profits fall Happens because managers didn't foresee changes in the marketplace

answer

5. Decline (Product Life Cycle Stages)

question

Routine improvement that doesn't disrupt/conflict with established knowledge and behaviours Ex.: low-fat dressings

answer

Continuous Improvement

question

More disruptive: requires slight updating of users' knowledge and minor changes in behaviours Ex.: CD players, disposable diapers

answer

Dynamically continuous improvement

question

Most disruptive and require considerable adaptation Ex.: introduction of airplanes, television, pregnancy self-test kits

answer

Discontinuous/dramatic innovations

question

Segment their customers based on what products they have purchased instead of their customers' characteristics

answer

Product-Centered organizations

question

Make plans and decisions based on the anticipated impact on customers Work to deliver positive experience and communicate consistent message Customer Relationship Management programs are designed

answer

Customer-centered organizations

question

pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, which is based on the belief that the brand makes products superior to its competition

answer

Brand Loyalty

question

Setting higher price to reap maximum revenues layer by layer from the segments willing to pay the high price

answer

Market skimming

question

Setting lower price to attract large number of buyers and large market share in order to move through introduction and into growth phase quickly Idea: penetrate market quickly and deeply

answer

Market Penetration

question

Price that a customer uses to compare and judge other prices Often average based on the customer's past experiences with similar products

answer

Reference Pricing

question

Maximum a customer is willing to pay

answer

Ceiling Pricing

question

Minimum price a customer is willing to pay

answer

Floor Pricing

question

Products that appeal to customers' needs for self-esteem (designer clothing) are higher priced to convey luxury and status Ex.: Water?

answer

Psychological Pricing

question

Risk that the product will not perform, that core product will not solve the problem at hand

answer

Functional (types of risk)

question

Risk of harm to customers

answer

Physical (types of risk)

question

Risk that the product is not worth the cost or finding a better/cheaper alternative around the corner

answer

Financial (types of risk)

question

Risk that a poor choice will embarrass the customer

answer

Psycho-social (types of risk)

question

Risk of investing time in searching for the product

answer

Time (types of risk)

question

Non-personal, paid communication from an identified sponsor, primarily using mass media Designed to stimulate a positive response from a defined target market

answer

Advertising (Promotional Tools)

question

Building good relations with the company's public by obtaining favorable publicity, building up a good corporate image and handling unfavorable rumors, stories and events

answer

Public Relations (Promotional Tools)

question

Activity that provides incentives to bring about immediate response from customers, distributors, and an organization's sales force

answer

Sales Promotions (Promotional Tools)

question

Face-to-face communication involving the presentation of features and benefits of a product/service to a buyer Objective: make sale and build customer relationships

answer

Personal Selling (Promotional Tools)

question

Direct communication with carefully targeted individuals to obtain an immediate response (via email, internet, telephone, fax, mail)

answer

Direct Response (Promotional Tools)

question

Process of integrating a variety of communication elements within a single event theme

answer

Event Marketing (Promotional Tools)

question

- Inform customers about new goods and services, as well as where they may be obtained - Remind customers to continue to use your product - Persuade customers to choose your product over competing ones - Build and strengthen relationships with customers.

answer

Marketing Communications

question

Alert customers that your product is ready

answer

Create Awareness (Setting Promotional Objectives)

question

Provide customers with product knowledge, emphase unique features (personal selling)

answer

Increase Knowledge (Setting Promotional Objectives)

question

Make potential customers like your product and convince them that your product is more desirable than others (using status or sex appeal in ads)

answer

Create Desire/Preference (Setting Promotional Objectives)

question

Offer samples, coupons

answer

Encourage Trial/Purchase (Setting Promotional Objectives)

question

Implement customer relationship management program

answer

Build Customer Loyalty (Setting Promotional Objectives)

question

- Move products through channel by convincing channel members to offer them - Provide incentives (rebates)

answer

Push Strategy

question

Moving products through the channel by building desire for the products among consumers

answer

Pull Strategy

question

- Using logic is convincing, focus on hard facts (evidence or appeals from some authority figure in the field) - Use 2-sided messages to recognize opposite point of view

answer

Rational (Message Appeal)

question

Ads: appeal to more basic emotions (fear, desire, respect, love)

answer

Emotional (Message Appeal)

question

historical summary of education and work experience

answer

Chronological Format (Writing Resume and Cover Letter)

question

focuses attention on areas of competence

answer

Functional Format (Writing Resume and Cover Letter)

question

Combination: chronological+functional

answer

Combination Format (Writing Resume and Cover Letter)

question

skills required for specific job

answer

Job-related Skills(Writing Resume and Cover Letter)

question

personal characteristics (honestly, flexibility, self-motivation)

answer

Adaptive Skills (Writing Resume and Cover Letter)

question

can be transferred from one job to another (communication, research and planning, human relations...)

answer

Transferable Skills (Writing Resume and Cover Letter)

question

- Academic credentials - Employment history - Extra-curricular activities

answer

Major Sections (Writing Resume and Cover Letter)

question

Gauge the progress towards achieving the marketing, financial, and program objectives as outlined in the marketing plan

answer

Annual Plan Control (types of control used by organizations)

question

Gauge performance in achieving profit-related objectives (Ex.: return on investment)

answer

Profitability Control (types of control used by organizations)

question

Gauge efficiency in managing the sales force, channels, marketing communications and products

answer

Productivity Control (types of control used by organizations)

question

Gauge effectiveness in managing marketing, customer relationships, social responsibility and ethics

answer

Strategic Control (types of control used by organizations)

question

Perform marketing audit

answer

Perform Marketing Audit (types of control used by organizations)

question

Perform customer relationship assessment

answer

Perform customer relationship assessment (types of control used by organizations)

question

Perform social responsibility and ethics assessment

answer

Perform social responsibility and ethics assessment (types of control used by organizations)

question

Collect Background Information

answer

1. (Presentation Strategies)

question

Develop an effective message

answer

2. (Presentation Strategies)

question

Practice and improve your delivery

answer

3. (Presentation Strategies)

question

Prepare for handling questions

answer

4. (Presentation Strategies)

question

Evaluate your performance

answer

5. (Presentation Strategies)

question

Seduce Entertain Educate

answer

SEE Principle

question

-Memorizing -Manuscript Reading -Extemporaneous Speaking

answer

Practice Speeches

question

speaking from a written or memorized outline without having memorized the exact wording of the presentation

answer

Extemporaneous Speaking

question

May be done in person or on the phone, will be conducted by HR rep

answer

Screening (types of interviews)

question

Interviewer is trying to determine whether you will match the organizational culture (done in first 20 seconds of interview)

answer

Selection (types of interviews)

question

Many candidates interviewed at the same time (interviewer is looking for a particular personality trait and group setting enables him/her to identify the one who most likely possesses the desired traits)

answer

Group (types of interviews)

question

Single candidate interviewed by many interviewers at once

answer

Panel (types of interviews)

question

Asked to describe in detail what you did in past situations

answer

Behavioural (types of interviews)

question

1969: Kotler and Levy

answer

Broadening the concept of Marketing

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