MKC1 Objective Assessment Prep – Flashcards
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What are the two stages to developing first-mover advantages?
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1. Have the opportunity to be first at something. 2. The firm must be able to capture the benefits of being first.
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What are benefits of the first-mover strategy?
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1. Technology Leadership 2. Control of Resources 3. Buyer-switching costs
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What are benefits of the second-mover strategy?
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Informed Buyers,avoiding costly mistakes, and If first movers become complacent, later entrants may take advantage of changing customer needs.
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What is a Target market?
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A group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards.
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What is the first element to a marketing strategy?
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A well-defined target market.
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What are the four elements of a marketing mix strategy?
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Product, place (distribution), promotion and price.
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Target markets can be separated by the following aspects:
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Geographic segmentations, demographic/socioeconomic, psychographic segmentation, behavioral segmentation, and product-related segmentation.
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What is Geographic segmentations?
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location, climate, and region.
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What is demographic/socioeconomic segmentation?
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Gender, age, income, occupation, education, household size, and stage in the family life cycle.
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What is psychographic segmentation?
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Similar attitudes, values, and lifestyles.
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What is behavioral segmentation?
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Occasions, degree of loyalty.
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What is product-related segmentation?
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Relationship to a product.
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Marketers have outlined four basic strategies to satisfy target markets, what are they?
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Undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing/ nichemarketing.
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What is mass marketing?
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A market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. It is the type of marketing (or attempting to sell through persuasion) of a product to a wide audience.
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What is a differentiated marketing strategy?
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A differentiated marketing strategy is one where the company decides to provide separate offerings to each different market segment that it targets. It is also called multisegment marketing and as is clearly seen that it tries to appeal to multiple segments in the market. Each segment is targeted uniquely as the company provides unique benefits to different segments. It increases the total sales but at the expense of increase in the cost of investing in the business.
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What is concentrated marketing?
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Concentrated marketing is a strategy which targets very defined and specific segments of the consumer population. It is particularly effective for small companies with limited resources as it does not believe in the use of mass production, mass distribution and mass advertising. There is no increase in the total Profits of the sales as it targets just one segment of the market.
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What is the Sherman Antitrust Act?
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The Sherman Antitrust Act was the first statute passed into United States federal law to address the issue of businesses improperly acting in concert with each other to gain unfair advantages over competitors and in regard to consumers.
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What event prompted the Sherman Antitrust Act?
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The commercial practices undertaken by the Standard Oil Company, which was a conglomerate commercial operation owned and operated by John D. Rockefeller.
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What is environmental scanning?
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The process of collecting information about the external marketing environment to identify and interpret potential trends.
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Who's your daddy?
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I am!
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What is the goal of environmental scanning?
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To analyze the information and decide whether these trends represent opportunities or pose major threats.
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Environmental scanning is a vital component of effective_____________?
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Environmental management.
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What is environmental management?
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Achieve organizational objectives by predicting and influencing the: COMPETITIVE, POLITICAL-LEGAL, ECONOMIC, TECHNOLOGICAL, AND SOCIAL-CULTURAL ENVIRONMENTS.
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What are components of the communication model?
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Sender generates an idea, encodes a message, produces a message, and transmits a message. Audiences receives the message, decodes the message, responds the message, and provides feedback.
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What are External Barriers to communication?
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Noise and distractions, Competing messages, Filters(Email spam detectors), Channel breakdowns(Lost texts),
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Mark is a pharmaceutical rep for Merck. He attends a medical conference and meets with a number of doctors to discuss a new drug approved by the FDA. Mark's presentation is part of the IMC effort and can be considered ------- of the product message
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Encoding
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What is the process of putting ideas into a message that a receiver will understand?
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Encoding
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A manager needs to inform employees about pending layoffs. Which communication method is appropriate?
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Indirect Approach
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What is the technological environment?
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Marketing based on the discoveries of science, inventions, and innovations.
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What is Marketing?
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the activity, 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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Name four activities, or components, of marketing.
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Creating, communicating, delivering, and exchanging.
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What is the traditional way of viewing the components of marketing via the four Ps?
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Product, promotion, place, and price.
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What is another name for the four P's?
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A marketing mix.
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What is a the goal of a marketer?
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To create a profitable exchange for consumers.
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What is the six stages of marketing evolution?
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The Simple Trade Era, Prior to the Industrial Revolution, people made most of what they consumed. The Production Era, many companies' main priority was the reduction of the cost of production. The Sales Era, many companies' main priority was to move their products out of the factory using a variety of selling techniques. The Marketing Department Era, followed a customer orientation to having the marketing department guide the company's direction are called marketing companies. The Relationship Marketing Era, the process whereby a firm builds long-term satisfying relations with its customers in order to retain the customers' loyalty in buying the firm's products.
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What does the strategic planning process include?
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Conducting a situation analysis and developing the organization's mission statement, objectives, value proposition, and strategies.
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A_________________ must be conducted before a company can decide on specific actions.
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Situation analysis.
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A situation analysis involves analyzing both the __________ and the___________ environments.
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External and Internal
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The differentiated approach to choosing a target market is used in what types of situations?
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There is one product for the entire market. Most customers have the same need. Customers do not favor any individual brand.
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Assuming that your customers have different wants and needs what type of marking approach would you use?
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Market segmentation approach.
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The three most common ways of gathering information and defining common characteristics of groups of customers is to determine the target market is?
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Geographic, demographics, and psychographics.
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What is the three stop process?
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Planning, Writing, Completing.
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When would you use the direct approach?
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When the recipient is neutral or pleased.
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When would you use the indirect approach?
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When your delivering bad news, the audience is resistant, or when you need to be persuasive.
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What is knowledge management?
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A set of technology and protocols that gather and store information that others can share with each other. Or, according to the course mentor "Managements ability to uncover hidden knowledge."
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The market section of a business case is very important. It includes an analysis of the target market. What are the customer descriptions that should be in the marketing section?
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Buying sensitivities description and purchasing pattern descriptions.
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Four essential elements that must be included in defining the market plan are?
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Establishing a company message, selecting methods to convey the message, reaching your customers, and securing sales.
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What are two common approaches to selecting the target market?
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Undifferentiated approach and market segmentation approach.
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What type of data does qualitative forecasting provide?
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Supplying subjective, judgmental data.
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What type of data does quantitative forecasting provide?
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Historical data (from scientific methods).
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What type of data does top-down forecasting provide?
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Environment, industry, and organizational projections.
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What is bottom-up forecasting?
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Combines individual, regional, and national sales estimates.
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Name three true statements regarding Psychographic segmentation.
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1. Personality indicators include such things such has a person being a leader or follower. 2. Divides populations according to personality traits, lifestyle, and buyer motives. 3. Includes personality descriptors.
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Although it can be difficult to predict ____________ is probably the single most significant external environmental factor.
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Demand
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What do you get when you cross a parrot and a lion?
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I don't know, but when it talks you'd better listen.
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Name any two economic external factors.
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Consumers behavior problems and seasonal verses year round needs.
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Demand and economic climate are?
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External environmental influences that are important when evaluating your competitive environment.
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What are three types of competition you face in the market place?
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1. Direct 2. Indirect 3. Substitutes
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What is relationship marketing?
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Developing, nurturing, and maintaining long term, cost effective partnerships with individual customers, suppliers, employees, and other individuals for mutual benefit.
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True or False. Transaction based interactions have limited communication between the buyer and seller.
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True
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What is environmental scanning?
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Process of collecting information about the external marketing environment to identify and interpret potential trends.
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Why would a firm create strategic alliances?
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To compete more effectively.
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How many marketers does it take to screw in a light bulb?
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None -- they've automated it
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Your product is brand new and incredibly different, do you have competition?
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You always have competition.
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What are consumer products?
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Products bought by consumers for personal use.
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What is business products?
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Goods and services purchased for use either directly or indirectly in production of other goods or services for resale.
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What is the most important criteria for segmenting a market?
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Segment must have a measurable size and purchasing power.
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An elderly couple sat in a church service, the wife turns round to her husband and says '' i have just done a silent fart, i hope no-one smells it''
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her husband replies '' turn your hearing aid on".
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The most important criteria for segmenting a a market is the market must have a measurable size. What are three other important features of a well segmented market.
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1. The market must have a way to be effectively promoted. 2. The market must have a good profit potential. 3. You must aim for a market that match your marketing capabilities.
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What are three disadvantages of oral media?
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1. Restricts participation. 2. Lack of permanent record. 3. Lack of control.
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What are four advantages to team work?
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1. Information and knowledge. 2. Diversity of view points. 3. Acceptance of solutions. 4. Levels of performance.
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What are three disadvantages of teams?
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1. Group think. 2. Cost disadvantages. 3. Hidden Agendas.
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What is one way to resolve conflict within a group.
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Unite people together against a outside force.
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Information flows in what three directions?
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1. Downward - Executives to employees. 2. Upward - Employee's to executives. 3. Horizontal - Between departments.
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What is informal communication?
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Grapevine or rumor mill information. Lunch room talk, talk that occurs naturally.
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What are 8 steps of the communication model?
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1. Sender generates an idea. 2. Sender encodes a message. 3. Sender produces a message. 4. Sender transmits the message. 5. Audience receives the message. 6. Audience decodes the message. 7. Audience responds to the message. 8. Audience provides feedback.
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What are four external barriers to communication?
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1. Noise and distraction. 2. Competing messages. 3. Filters (Messages that are blocked or distorted). 4. Channel breakdowns. (Delayed, lost, and misrouted).
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A firm has designed a plan that will affect the company for five or more years and provided long-term direction for its decision makers. Which type of planning has the firm developed
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Strategic Planning
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Why would a company choose a second-mover strategy over a first-mover strategy?
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To avoid costly mistakes.
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What is active listening?
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Re-stating or paraphrasing what you have heard in your own words, to confirm understanding to both parties.
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What are five steps to effective communication?
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Practical, factual, clear, concise, and persuasive.
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How can visual aids enhance oral presentation?
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Gives emphasis, reinforce messages, keep audience attention, better retention of information, appeals to more than one sense.
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With a small group of people in front of you, how would you change the way you speak?
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Casual style, Elicit participation, and simple visuals.
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With a Large group of people in front of you, how would you change the way you speak?
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Formal style, control participation, use multimedia.
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What are four factors to consider when organizing a presentation?
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Main idea, scope, approach, and content.
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What is Trade Promotion?
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Offering free merchandise and other incentives to encourage marketing intermediaries to see more of certain items for product lines.
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The Optimist says, "The glass is half full." The Pessimist says, "The glass is half empty." The Marketing Consultant says,
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"Your glass needs re-sizing."
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What is a Sales Promotion?
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Marketing activities other than personal selling, advertising, guerrilla marketing, and public relations that stimulate consumers purchasing and dealer effectiveness. Includes displays, samples, product demonstration, and other non-reoccurring actions.
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What is Guerrilla Marketing?
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Unconventional, innovative, and low cost marketing techniques designed to get consumers attention in unusual ways.
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What are the six promotional mix elements?
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Personal selling, sales promotion, advertising, direct marketing, public relations, Guerrilla marketing.
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What is a pulling strategy?
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Promotional effort by the seller to stimulate final user demand which then exerts pressure o the distribution channel.
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What is a pushing strategy?
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Promotional effort by the seller directed to the members of the marketing channel rather than the final users.
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What is distribution?
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Movement of goods and services from producers to customers.
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What is the marketing (distribution) channel?
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System of marketing institutions that enhances the physical flow of goods and services along with ownership title, from producer, to consumer, to business user.
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What is logistics?
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The process of coordination the flow of information, goods, and services among members of the distribution channel.
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What is supply chain management?
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Control of the activities of purchasing, processing, and delivery, through which raw materials are transformed into products and made available to final customers.
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Recycling is what type of channel?
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Reverse channel.
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Do non-perishable goods usually have a long or short marketing channel?
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Long marketing channel.
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You might be a marketer if...
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..you refer to dating as test marketing.
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Businesses often prefer to buy from manufacturers, consumers buy from_____________?
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Retailers.
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Do perishable and seasonal goods usually have a long or short marketing channel?
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Short marketing channel.
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What is intensive distribution?
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Distribution of a product through all available channels.
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What type of items use intensive distribution?
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Convenience items.
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What is selective distribution?
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Distribution of a product through limited channels.
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What type of items use selective distribution?
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Shopping products.
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What is exclusive distribution?
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Distribution of a product through one channels.
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I have 3 heads, 5 legs, 7 arms and 444 fingers. What am I?
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A liar.
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What type of items use exclusive distribution?
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Specialty products.
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What is a channel captain?
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Dominant and controlling member of a marketing channel.
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What is physical distribution?
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The movement of the finished product to the consumer.
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What are six components of the physical distribution?
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1. Customer Service 2. Transportation 3. Inventory control 4. Protective packaging and material handling 5. Ordering process 6. Warehousing
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What is a Marketing Mix?
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Blending of the four strategy elements product, distribution, promotion, and price to fit the needs of a specific market.
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What are goods verses services?
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Services are intangible task and goods are tangible products.
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How many Stages are in the product life cycle?
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Four
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What is a pirate's favorite piece of marketing content?
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A webinAAAAR!
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What is the stages of the product life cycle?
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1. Introduction 2. Growth 3. Maturity 4. Decline
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What is the purpose of the ISO system?
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To ensure consistent quality among products manufactured and sold.
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What is the difference between direct selling, channels using intermediaries, dual distribution, and reverse channels?
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Direct selling is where there is direct sales contact with the final user. Channels using Marketing Intermediaries is when several different channels are used to deliver the product. Many times they are more efficient, less expensive, and less time-consuming than direct channels. Dual Distribution is the movement of products through more than one channel to deliver the product. Reverse Channels are designed to provide a way to return the product to the producer.
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What is the difference in the 3 levels of distribution intensity?
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Intensive Distribution distributes the product through all available channels. Selective Distribution is where a company chooses a limited number of retailers in a market to handle the sales of its product. Exclusive Distribution is when a company gives exclusive rights to a wholesaler or retailer to sell its products.
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What is the difference between horizontal and vertical channel conflict?
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Horizontal channel conflict is between channel members at the same level. Vertical channel conflict is between channel members at different levels.
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What type of segmentation is job growth classified under?
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Geographic Segmentation
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What is a difference between quantitative data and qualitative data?
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Quantitative data deals with information in numerical form and qualitative data does not.
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What identifies marketing philosophies, goals, procedures, and policies?
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A marketing Audit
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What identifies units that merit organizational attention?
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Market attractiveness matrix.
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True or False, regional preferences are part of the basis of geographic segmentation?
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True
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What are the most common methods used for selecting a target market?
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Market segmentation approach and undifferentiated approach.
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What do consumers have a right to expect from companies from whom they buy goods and services?
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1. The right to choose freely. 2. The right to be informed. 3. The right to be heard. 4. The right to be safe.
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What is the loyalty ladder?
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• New customer • Regular purchaser • Loyal supporter • Advocate
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What is Strategic Planning?
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Process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives. Usually for executives and is long term.
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What is Tactical Planning?
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Planning that guides the implementation of activities specified in the strategic plan. Generally short term.
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Which type of planning Typically addresses shorter-term actions that focus on current or near- term activities?
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Tactical Planning.
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What is the difference between strategic, tactical, and operational planning?
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Strategic Planning is for top management. Tactical Planning is for middle management. Operation planning is for supervisory management.
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How does the Internet effect potential new entrants?
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Reduces Barriers to Entry.
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How does the internet change rivalry between competitors?
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Blurs the differences among competitors.
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How does the internet effect the bargaining power of buyers?
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The internet shifts greater power to end consumers.
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What is a SWOT analysis?
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Analysis that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
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Ensuring that consumers find their products in the proper quantities at the right times and places is a a example of ___________ Strategy.
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Distribution.
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What strategy Involves modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels.
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Distribution.
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What is Opinion leaders?
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Trendsetters who purchase new products before others in a group and then influence others in their group to purchase the same product.
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Gender Differences: True or False. Men tend to emphasize content in their communication efforts.
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True
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Gender Differences: True or False. Women tend to emphasize relationship maintenance in their communication efforts.
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True
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What is a Pulling strategy?
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Promotional effort by the seller to stimulate final-user demand, which then exerts pressure on the distribution channel.
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What is a Pushing strategy?
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Promotional effort by the seller directed to members of the marketing channel rather than final users.
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Pushing strategy versers Pulling strategy, which one Relies more heavily on personal selling.
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Pushing Strategy
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What did the ocean say to the beach?
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Nothing, it just waved.
