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Strategic Marketing Midterm

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Marketing is the process of getting the right _______ at the right _______ at the right _______ in the right _______ with the right _______ to the right _______.
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product, price, time, place, message, consumer
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Definition: The process of getting the right product at the right price at the right time in the right place with the right message to the right consumer.
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marketing
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What are the four P’s of the marketing mix?
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product, place, promotion, price
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Definition: The marketing of goods and services to individuals and organizations for purposes other than personal consumption.
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business marketing
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The 4 potential uses of business products are: (1) to _________ other products, (2) to ________ part of another product, (3) to aid the ________ ________ of an organization, and (4) to _________ without change in form.
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manufacture, become, normal operations, resell
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Definition: Demand for business products resulting from demand for consumer products.
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derived demand
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Definition: Demand in which a change in price will not significantly affect the demand for the product.
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inelastic demand
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Definition: Demand in which the demand for one item affects demand for all related items because multiple items are used together in the final product.
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joint demand
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Definition: The phenomenon of demand for business products being more volatile than for consumer products.
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fluctuating demand
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In a _________ auction, a supplier submits lower bids in an attempt to secure the business of a client.
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reverse
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What are the four promotion tools of the promotion mix?
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advertising, public relations, sales promotion, personal selling
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What are the four steps of the AIDA concept of consumer purchasing behavior?
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Attention, Interest, Desire, Action
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The three main psychological stages of consumer purchasing behavior are __________, __________, and ___________.
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cognitive, affective, conative
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What are the six main steps of the communication process diagram?
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Sender, Encoding Message, Message Channel, Decoding Message, Receiver, Feedback
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In the communication process, _________ affects the Encoding Message, Message Channel, and Decoding Message steps.
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noise
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Definition: A process by which original material is translated into a second language, and subsequently translated back into the original language by a second translator.
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back translation
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Definition: A method of post-testing the effectiveness of an advertisement or advertising campaign; respondents are shown products, brand names, trademarks, etc. to assist their memories.
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aided recall test
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What are the four methods of market segmentation for consumer markets?
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demographic, psychographic, behavioristic, geographic
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What are the four characteristics of a service?
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inseparable, intangible, perishable, variable
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Definition: Everything, both favorable and unfavorable, that a person receives in an exchange.
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product
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What are the 5 steps of the decision making process?
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Problem Recognition, Information Search, Alternative Evaluation, Purchase, Post-Purchase Behavior
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Focus groups are an example of conducting __________ research.
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qualitative
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Surveys are an example of conducting _________ research.
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quantitative
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What are the five levels of global entry, in order from least to highest risk?
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Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment
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Definition: Limit on the amount of a product entering a country.
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quota
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Definition: Exclusion of products from a country.
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boycott
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When the same product is promoted with the same message globally, what kind of strategy is being used?
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one product, one message
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When the same product is promoted with a changed message globally, what kind of strategy is being used?
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message adaptation
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When a changed product is promoted with the same message globally, what kind of strategy is being used?
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product adaptation
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When a changed product is promoted with a changed message globally, what kind of strategy is being used?
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product invention
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Definition: The moral principles or values that generally govern the conduct of an individual or organization.
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ethics
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Definition: A theory that states that people should use their obligations and duties when analyzing an ethical dilemma.
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deontological ethical theory
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Definition: A theory that says that the choice that provides the greatest benefit to the majority of people should be the ethically correct choice.
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act utilitarianism
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Definition: A theory concerned with the greatest fairness and legality to the greatest number of people.
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rule utilitarianism
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Under the ________ ethical theory, one would look at current ethical dilemmas and compare them with other similar dilemmas.
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casuist
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_________ _________ believe that ethical truths depend on the individuals and groups holding them.
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moral relativists
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Criticisms of marketing include ______ prices, ______ practices, _______-_______ selling, ______ products, planned _______, and poor service to _______ consumers.
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high, deceptive, high-pressure, unsafe, obsolescence, disadvantaged
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Definition: Falsely advertising “factory” or “wholesale” prices or large reductions from phony high retail list prices.
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deceptive pricing
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Definition: Overstating a product’s features or performance, or running rigged contests.
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deceptive promotion
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Definition: Exaggerating package contents through subtle design, using misleading labeling, etc.
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deceptive packaging
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What are the four levels of the pyramid of corporate social responsibility, from the bottom to the top?
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economic, legal, ethical, philanthropic
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The internal environment of a firm includes a review of current _________, __________, and __________; availability of _________; and organizational _________ and _________.
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objectives, strategy, performance, resources, culture, structure
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The customer environment of a firm is concerned with ______ potential customers are, ______ they do with the product, _______ and ______ they purchase the product, and _______ they do or do not select the product.
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who, what, where, when, why
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What are the four types of competitors in the competitive environment of a firm?
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brand, product, generic, total budget
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_______ competitors market products with similar features and benefits to the same customers at similar prices.
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brand
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_______ competitors compete in the same product class, but with products that are different in features, benefits, and price.
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product
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________ competitors market very different products that solve the same problem or satisfy the same basic customer need.
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generic
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________ _________ competitors compete for the limited financial resources of the same customers.
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total budget
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When considering soft drinks, Coca Cola is an example of a ________ competitor.
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brand
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When considering soft drinks, tea and bottled water are examples of ________ competitors.
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product
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When considering soft drinks, tap water is an example of a _________ competitor.
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generic
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When considering soft drinks, candy and potato chips are examples of _________ _______ competitors.
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total budget
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Definition: A specific group of customers on whom an organization focuses its marketing efforts.
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target market
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The five steps of the target market selection process are: (1) _______ the appropriate targeting strategy, (2) ________ which segmentation variables to use, (3) develop market segment ________, (4) ________ relevant market segments, (5) ________ specific target markets
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identify, determine, profiles, evaluate, select
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In _________ __________, the same marketing mix is directed at all consumers. This type of marketing is also called the ________-_______ approach.
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mass marketing, shot-gun
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In ________ _________, a different marketing mix is used with one or more segments. This type of marketing is also called the _______ approach.
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segment marketing, target
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In ________ ________, one or more marketing mixes are used with one or more sub-segments.
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niche marketing
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In _______ ________, one or more marketing mixes are targeted to specific individuals or communities.
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micro marketing
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_________ segmentation is based on real or perceived benefits that a product or service offers a consumer.
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benefit
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________ segmentation clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information.
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geodemographic
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What are the three options of types of marketing mixes?
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undifferentiated, differentiated, concentrated
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In a ________ strategy, the firm targets several separate segments and designs separate marketing strategies and marketing mixes for each.
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differentiated
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In a _________ strategy, the firm targets a large share of a single (or very few) segments.
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concentrated
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Contemporary “mass” marketers typically use __________ marketing, and they typically do NOT change the _________ part of the marketing mix to appeal to different segments.
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differentiated, product
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A SWOT matrix should be based on _________ perceptions, not the perceptions of the manager or firm.
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customer
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What are 8 common sources of competitive advantage?
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relational, legal, organizational, product, pricing, promotion, distribution, human resource
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What are the four major directions for strategic efforts?
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aggressive, diversification, turnaround, defensive
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When there are many internal strengths and many opportunities, a firm should follow a(n) _______ strategy.
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aggressive
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When there are many internal strengths and many external threats, a firm should follow a(n) ________ strategy.
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diversification
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When there are many internal weaknesses and many external opportunities, a firm should follow a(n) ________ strategy.
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turnaround
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When there are many internal weaknesses and many external threats, a firm should follow a(n) __________ strategy.
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defensive
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The __________ Matrix shows a company’s major four choices for growth based on whether the company is entering a new or present market with a new or present product.
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Ansoff
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According to the Ansoff Matrix, a company entering a new market with a new product should use which type of growth strategy?
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diversification
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According to the Ansoff Matrix, a company entering a new market with a present product should use which type of growth strategy?
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market development
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According to the Ansoff Matrix, a company entering a present market with a new product should use which type of growth strategy?
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product development
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According to the Ansoff Matrix, a company entering a present market with a present product should use which type of growth strategy?
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market penetration
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According to _______ and ________, “positioning is not what you do to a product–it is what you do to the mind of the consumer.” That is, you “place” the product in the mind of the consumer.
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Trout, Reis
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When positioning a product, a company attempts to create a consumer perception of the product based on multiple _________ _________ _________. These create the axis labels of a perceptual map.
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relevant positioning dimensions
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The _______ _______ is a portfolio planning model based on the observation that a company’s business units can be classified into four categories based on combinations of market growth and market share.
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BCG matrix
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In the BCG Growth-Share Matrix, a ________ product has high market growth and high relative market share.
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star
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In the BCG Growth-Share Matrix, a ______ ______ product has low market growth and high relative market share.
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cash cow
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In the BCG Growth-Share Matrix, a _____ _____ product has high industry growth and low relative market share.
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question mark
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In the BCG Growth-Share Matrix, a ________ product has low market growth and low relative market share.
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dog
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Increased relative market share implies that a firm is moving forward on the ______ ______ relative to its competitors.
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experience curve
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Some limitations of the BCG Matrix are that: (1) _____ _____ ______ is only one factor in industry attractiveness and ______ ______ _____ is only one factor in competitive advantage; (2) the model assumes that each business unit is ______ of the others; and (3) the matrix depends on the _______ of the market.
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market growth rate, relative market share, independent, breadth
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What are the four stages of the product life cycle?
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introduction, growth, maturity, decline
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What are the consumer categories of the innovation adoptive curve, in order by time of product adoption?
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innovators, early adopters, early majority, late majority, laggards
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In the innovation adoptive curve, the ________ are the first brave people to adopt a new technology.
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innovators
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In the innovation adoptive curve, the ______ ______ are respected people and opinion leaders who try new ideas in a careful way.
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early adopters
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In the innovation adoptive curve, the ______ ______ are thoughtful people who are careful but accept change more quickly than the average person.
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early majority
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In the innovation adoptive curve, the ______ _____ are skeptics who will use new ideas only when the majority are using them.
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late majority
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In the innovation adoptive curve, the ________ are traditional people who are critical toward new ideas.
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laggards
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What are the four steps of the marketing process?
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situation analysis, marketing strategy, marketing mix decisions, implementation and control
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What factors are considered in the environmental marketing audit? (There are 6.)
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demographic, economic, ecological, technological, political, cultural
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What factors are considered in the task environment marketing audit? (There are 7.)
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markets, customers, competitors, distribution and dealers, suppliers, facilitator and marketing firms, publics
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What factors are considered in the strategy marketing audit? (There are 3.)
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business mission, marketing objectives and goals, strategy
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What factors are considered in the organization marketing audit? (There are 3.)
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formal structure, functional efficiency, interface efficiency
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What factors are considered in the systems marketing audit? (There are 4.)
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marketing information system, marketing planning system, marketing control system, new product development system
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What factors are considered in the productivity marketing audit? (There are 2.)
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profitability analysis, cost effectiveness analysis
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What factors are considered in the function marketing audit? (There are 5.)
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products; price; distribution; advertising, sales promotion, and publicity; sales force
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________ has the goal of reducing or eliminating a certain activity.
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demarketing
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The _______ Application of Marketing principle states that anything can be marketed, including people, products, services, sports, entertainment, ideas, etc.
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Universal
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What are the four steps of the marketing value chain?
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supplier, manufacturer, wholesaler, retailer
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One can move up the experience curve with ________ materials, fewer _______ parts, and better ________ methods.
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substitute, manufactured, work
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What are the three determinants of a relevant market segment?
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people, purchasing power, need
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Ries and Troutt encourage companies to view positioning in an individual’s mental makeup as a _______.
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ladder
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In the product life cycle, sales are maximized during the _______ stage.
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maturity
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In the product life cycle, profits are maximized during the _______ stage.
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growth
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During the ________ stage of the product life cycle, the product will be basic with a high skimming price, promotion will focus on awareness, and the company will only employ selective distribution.
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introduction
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During the _______ stage of the product life cycle, the product will have added features, maintain a high price, have a persuasive promotional strategy, and be sold in an extensive amount of locations.
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growth
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During the _______ stage of the product life cycle, the product will have added features, cut to a medium price, use a persuasive and reminding promotional strategy, and have only selective distribution.
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maturity
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During the ________ stage of the product life cycle, the product will begin to be phased out or reach a cash cow state. The price will decrease, promotional strategy will focus on reminders, and many distributors will be dropped.
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decline