UPenn Marketing 101 Quiz 1 – Flashcards
37 test answers
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Profit Formula
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(Unit Contribution*Units Sold) - Fixed Costs
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Customer Lifetime Value Formula
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Annual Contribution per Customer*Years as Customer
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Annual Contribution Formula
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Unit Contribution*Units per Customer per Year
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Five Cs of Marketing (Strategic)
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Company, Customers, Collaborators, Competitors, Context
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SWOT
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Strengths, Weaknesses, Opportunities, Threats
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Four Ps of Marketing Mix (Tactical)
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Product, Promotion, Price, Place
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Need
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A discrepancy between actual and ideal state
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Four Basic Needs
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Esteem, Control, Belonging, Meaningfulness
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Multi-Attribute Model
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Attitude Towards Brand = Sum(Belief Strength*Importance of Attributes)
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Scale: Belief Strength
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-3 to 3
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Scale: Importance of Attributes
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1 to 7
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Heuristics
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Rules of thumb; Price, habit, normative, more is better
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Satisfaction Formula
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f(Perceived Performance - Expectation)
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Disconfirmation
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A +/- discrepancy between expectations and a product's performance
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Cost per Mille (CPM)
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(Cost/No. of Viewers)*1000
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Segmentation
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Breaking down an audience into various groups to better target each, improve satisfaction, etc.
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Types of Segmentation
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Geographic, Demographic, Psychological, Psychographic (Lifestyle), Sociocultural, Behavioral, Hybrid
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Criteria for Good Segments
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Homogeneous within, heterogeneous between, substantial, operational
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Targeting
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Directing a marketing campaign at a specific segment(s)
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Positioning
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To (target segment and need), our (brand) is the (concept) that (point to difference)
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Goal of STP
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Target a group, extract max value from customers, retain customers, improve CLV
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Variable Costs
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Change with volume of production (e.g. - manufacturing, shipping, sales commissions)
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Fixed Costs
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Stay the same regardless of level of production (e.g. - executive salaries, rent, insurance, overhead)
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Contribution Margin
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Relative measure of assessing unit contribution compared to selling price (expressed as a percentage)
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Break Even Volume
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The number of units you need to sell to cover total fixed costs
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Sales/Revenue/Volume Market Share
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The percentage of (sales or units) accounted for by that firm within the product category
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Customer Market Share
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The percentage of customers the firm has relative to the total customers
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Profit Impact
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Impact of a product on company profits
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Customer Lifetime Value
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The value of the entire stream of purchases that the customer would make over a lifetime of patronage
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Annual Contribution
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Average amount that a typical customer would spend with the business, with expenses subtracted
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Sunk Costs
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Money spent on items that is considered unrecoverable (e.g. - market research, R&D, past expenses)
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Return on Investment
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Measures the profits generated by investments in marketing activities
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Return on Investment Formula
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Net return from an investment/Costs of investment
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