UAH Marketing test 1 – Dr.Hsu – Flashcards
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Marketing is 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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American Marketing Association's definition
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Marketing offerings
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Products
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activity or benefit offered for sale that is essentially intangible and does not result in ownership
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Services
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"..dazzles their senses, touch their hearts, and stimulate their minds."
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Brand experiences
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Production concept
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Consumers will favor products that are available and affordable
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Product concept
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Consumers will favor products that offer the most in quality, performance, and innovative features
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Selling concept
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Consumers will not buy enough without a large scale selling and promotion effor
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Marketing concept
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Focus on satisfying the needs and wants of target markets
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Societal marketing concept
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Considering consumers' wants, the company's requirements, consumers' long-term interests, and society's long-run interests
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Market segmentation
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refers to dividing the markets into segments of customers
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Target Market
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refers to which segment to go after
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Strategic planning
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the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
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product or technology terms
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Product-oriented mission statement defines the business in terms of ----------
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Customer needs
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Market-oriented mission statement defines the business in terms of satisfying basic -----------
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Portfolio
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The ________________ is the collection of businesses and products that make up the company
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Portfolio analysis
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________________ is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company
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BCG Matric: Star
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High growth rate High relative market share
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BCG Matrix: Cash cow
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Low growth rate Low relative market share
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BCG Matrix: Question mark
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High growth rate Low market share
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BCG Matrix: Dog
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Low market growth rate Low market share
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Problems with BCG matrix Approaches
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Focus on classifying current businesses but provide little advice for future planning Place too much emphasis on market share or growth rate
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selective distortion
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People tend to interpret new information in a way that will support what they already believe. This is called ________.
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societal
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Of the following, the best starting point for understanding how consumers respond to various marketing efforts is the ________ model of a buyer's behavior.
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Culture
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________ is the most basic cause of a person's wants and behavior.
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Opinion leaders
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________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others.
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Lifestyle
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________ is a person's pattern of living as expressed in her psychographics, including her activities, interests, and opinions.
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A) physiological needs B) safety needs C) stimulus needs D) self-actualization needs E) social needs*
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Which of the following is NOT part of Maslow's Hierarchy of Needs?
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A) technological stimuli B) buyer's decision process* C) buyer's spending habits D) social stimuli E) promotion stimuli
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According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"?
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social role
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A ________ consists of the activities an individual is expected to perform according to the people around him/her.
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Social classes
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________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
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Motive
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A ________ is a need that is sufficiently pressing to direct a person to seek satisfaction.
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Strategic planning
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When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________.
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Customers' need
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Mission statements should be market oriented and defined in terms of ________.
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market growth rate
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According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness.
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supporting objectives
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Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that guide each level of the company.
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business portfolio
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The collection of businesses and products that make up a company is called its ________.
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Cash cows
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________ are low-growth, high-share businesses/products that need less investment to hold their market share.
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market penetration
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Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.
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Strengths
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In a basic SWOT analysis, the "S" stands for ________.
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focuses solely on current businesses and provides little scope for future planning
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The BCG matrix approach is problematic in that it ________.
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microenvironment
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Dan has been directed to study the actors close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.
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A) creating offerings that have value B) communicating about those offerings C) delivering those offerings D) exchanging those offerings E) all of the above*
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AMA's Definition of Marketing includes:
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Understand the marketplace and customer needs and want
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According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.
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A) focusing on making continuous product improvements B) undertaking a large-scale selling and promotion effort C) emphasizing an inside-out perspective D) considering customer focus and value as the paths to sales and profits* E) focusing on a product-centered make-and-sell philosophy
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Which of the following statements reflects the marketing concept?
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Market offering
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A(n) ________ is some combination of products, services, or brand experiences offered to consumers to satisfy a need or want
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Marketing management
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The art and science of choosing target markets and building profitable relationships with them is called ________.
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Share of customer
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The portion of the customer's purchasing that a company gets in its product categories is known as ________.
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Production concept (Quiz question)
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Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
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Product
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Which of the following marketing management concepts is most likely to lead to marketing myopia?
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Place
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Which of the following is an element of the marketing mix?
