MKG 300 Test 1 Ch. 2 – Flashcards
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_____ Manager sees everyone as basically similar and practices "mass marketing"
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Mass-marketing
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_____ Manager sees everyone as different and practices "target marketing"
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target marketing
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What are the 4 P's?
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Product, place, price, promotion
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The __________ refers to the planning, implementation and control of marketing activities. These activities are continuous and decisions made in the past in one area can have implications on the other areas as well.
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Marketing management process
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Specifies a target market and a related marketing mix; provides a picture of what the firm will do.
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Marketing strategy
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a fairly homogenous (similar) group of customers to whom a company wishes to appeal
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Target market
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the controllable variables the company put together to satisfy the target market
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Marketing mix
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concerned with developing the correct product for the target market
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Product
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concerned with all the decisions involved in getting the right product to the target market's place
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place
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concerned with telling the target market or others in the channel of distribution about the right product
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promotion
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concerned with the kind of competition in the target market and the cost of the whole marketing mix
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price
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The customer is not part of the marketing mix...why?
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The 4 P's are all things that the marketer can control, but the market cannot directly control the customer's behavior.
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any series of firms or persons used to move goods from producers to final users; channels can be: short, complex.
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Channel of distribution
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The distribution element of the marketing mix; what is a typical patter not distribution?
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Manufacturer/producer --> Wholesaler --> retailer
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4 main types of promotion
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Personal selling, mass selling (advertising and publicity), and sales promotions
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direct spoken communication between sellers and potential customers; sometimes involves customer service
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Personal selling
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any paid form of non personal presentation of ideas, goods, and services by an identified sponsor
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Advertising
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unpaid, nonpersonal presentation of ideas, goods, or services
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Publicity
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promotional activities, other than advertising, publicity, and personal selling that stimulate interest, trial, or purchase.
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sales promotions
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Elements of price setting
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price flexibility, price changes over the life cycle, discounts and allowances, geographic pricing terms, competition, pricing objectives.
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All 4 P's contribute to the whole: _____, ______, ______, ______. Understanding the ______ leads to good strategies!
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product, place, promotion, price. target market
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Elements of a firm's marketing program
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Target market + marketing mix = marketing strategy. Marketing strategy + Time-related details = marketing plan Marketing plan + other marketing plans = a firm's marketing program
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Marketing strategy vs. Marketing plan
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Marketing strategy-> Target market and marketing mix. Marketing plan-> time related details are added to the marketing strategy.
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The expected earnings stream or the profitability of a firm's current and prospective customers over time. Marketing strategy planning should guide the firm to increasing customer equity.
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Customer equity
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The difference between revenues and total costs
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Profit
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Helps innovators develop hard-to-copy marketing strategies that will be profitable for a long time.
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Breakthrough opportunity
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A firm has a marketing mix that the target market sees as being better than the competitor's mix. This is viewed from the customer's perspective, not the firm's.
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Competitive advantage
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What are some international opportunities that should be considered?
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Smaller world, competitive advantage, risks involved, better trends?, early start.
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What are 2 reasons for global marketing?
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Growth & survival
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Marketing strategy consists of two interrelated parts. These are: A. selection of a target market and implementing the plan. B. selection of a target market and development of a marketing mix. C. selection and development of a marketing mix. D. finding attractive opportunities and developing a marketing mix. E. finding attractive opportunities and selecting a target market.
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B. selection of a target market and development of a marketing mix.
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Target marketing, in contrast to mass marketing: A. Assumes all customers have the same needs. B. Assumes everyone is a potential customer. C. Focuses only on small market segments. D. Tailors a marketing mix to fit some specific group customers. E. Makes it more likely that a firm will face direct competition.
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D. Tailors a marketing mix to fit some specific group customers.
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The "four Ps" of a marketing mix are: A. Production, Personnel, Price, and Physical Distribution B. Promotion, Production, Price, and People C. Potential customers, Product, Price, and Personal Selling D. Product, Price, Promotion, and Profit E. Product, Place, Promotion, and Price
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E. Product, Place, Promotion, and Price
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Which of the following is true? A. The product "P" in the marketing mix stands for only physical goods. B. The product "P" in the marketing mix stands for both physical goods and services. C. The product "P" in the marketing mix stands for only tangible merchandise. D. The product "P" in the marketing mix stands for both physical goods and tangible merchandise.
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B. The product "P" in the marketing mix stands for both physical goods and services.
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A firm's decisions regarding channel type, market exposure and kinds of intermediaries would fall under the marketing mix variable of A. Product. B. Place. C. Promotion. D. Price. E. People.
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B. Place
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"Promotion" is NOT concerned with: A. creating billboard ads. B. designing new products. C. publicity. D. television commercials. E. personal selling.
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B. Designing new products
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The _____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the "right" product. A. product B. place C. promotion D. price E. communication
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C. Promotion
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The main difference between a "marketing strategy" and a "marketing plan" is that: A. time-related details are included in a marketing plan. B. a marketing plan includes several marketing strategies. C. a marketing strategy provides more detail. D. a marketing strategy omits pricing plans. E. a marketing plan does not include a target market.
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A. time-related details are included in a marketing plan.
