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Marketing Quiz 1 (Ch1-3, 18)
Terms in this set (44)
What are you trying to sell tangible benefits or intangible benefits?
You're trying to sell intangible benefits and then the tangible goods will follow.
What are the 4 P's?
Price, Product, Place, Promotion
What are the 5 Marketing Orientations?
4) Value Based / societal
What is CDSTEP
Cultural, demographic, social, technology, economic, and political.
What does STP mean?
Segmentation Targeting and Positioning
What are SBU's?
Strategic business unit
What are the three steps of making a marketing strategy?
1) Finding a target market
2) Using the 4 P's
3) Holding your competitive advantage
What 4 strategies are used to try to create and deliver value?
1) Product excellence
2) Operational Excellene
4) Customer Excellence
5) Location excellence
What are the 5 steps that are used when creating a marketing plan?
1) Business overview and summary
2) Situational analysis (SWOT)
4) 4 P's
5) Using marketing metrics
What is a SWOT analysis?
It shows the Strengths, Weaknesses, Opportunities, and the Threats.
What does segmentation mean?
Dividing into different social or cultural groups
How do you calculate market share?
You take your sales and divide it by the company with the most sales in the industry
What are the 4 components of the BCG product portfolio and what do they do?
1) Stars: Preform great
2) Cash cows (slow growth but lots of money)
3) Question Marks: May be stars or dogs
4) Dogs: Shit
Give an example of each of these:
1) 7/11 buying donuts from a privately owned bakery
2) 7/11 selling donuts to you
3) You selling a collectable donut on craigslist
4) 7/11 wants bloggers to write about their donuts on their website
What 4 areas do firms want to be value driven?
1) Being open internally and externally
2) Balance consumer benefits and costs
3) Build customer relationships
4) Take advantage of social media
What is CRM? What is the point of it?
It is Consumer Relationship Management and it is used to build loyalty with the customers
What are the 4 steps in a supply chain?
1) Raw materials
What does RFID stand for and what is it used for?
It stands for Radio Frequency Identification and it is used to monitor steps in the Supply chain.
What are the 6 Core aspects of marketing
1) Creating Value
2) Satisfying customer needs and wants
3) An exchange
4) 4 P's
5) Preformed by individuals and businesses
6) Can occur in many settings
Whats the difference between needs and wants?
Needs: Basic necessities
Wants: A persons choice
What are the 3 aspects of value based marketing?
1) Planet and environmental factors
2) People and customer needs
3) Ethical practice
What orientations are internal and what are external?
- Value based
What do managers do?
They PLOC (Plan, Lead, organize, and control) and they work efficiently and effectively
What are the three types of planning?
1) Strategic planning
2) Marketing planning
3) Tactical planning
What are SMART goals?
Specific: They have to be precise and clear
Acceptable: Fair for seller and buyer
Realistic: Attainable but stretched
Timely: Having a deadline
What is inside customer value? (4)
- Consumer excellence
- Product excellence
- Location excellence
- Operational excellent
What are the 5 steps in making a business plan?
1) Business mission
2) Situational analysis
4) 4 P's
5) Marketing Metrics
What does being myopic mean?
When a company doesn't have a plan or know what they're going to do and they think that just because they have a good product people will come to buy it.
What is a USP?
A unique selling proposition
What are Porters 5 forces?
1) Threat of new people
2) Bargaining power of buyers
3) Bargaining power of suppliers
4) Threat of substitute products
5) Rivalry among competitors
What is the difference between the first mover strategy and the second mover strategy?
The first mover is the first one to the market and the second mover is the people that come second and try to make a better product
What are strategic windows?
The time and place that would be perfect to implement your product.
What is the Growth Strategies graph look like?
What are Micro-Envirornmental factors of a company?
1) Company capabilities
2) Company's competition
3) Corporate Partners
What are the 3 types of competition?
1) Direct - Pepsi Coke
2) Indirect - Water Pepsi
3) Share of wallet - Tradeoffs
What does CI mean?
It means competitive advantage and it is trying to study and predict the movements of your greatest competitors
What are the Macro-Envirornmental factors of a company?
Who are these people and when were they born?
a) Generation X
b) Generation Y
c) Baby Boomers
a) People born after the war also called latch key kids and they were born during the mix sixties to the early 70s
b) Also called millennials and they were born from the early 70s to early 90s
c) People born during the war
What are some common concerns of marketing, especially green marketing? (4)
1) Selling to kids
3) Time Poor
4) Health and wellness
What is consumerism?
A social movement to protect the rights of the consumers
What are the 4 concerns and steps that the CRM takes
1) Take care of employees
2) Take care of customers
3) Take care of environment
4) Take care of society
What are the 4 steps when making a ethical decision?
1) The safety needs
2) Gather information
3) Brainstorm alternatives
4) Choose course of action
What are the 3 steps when placing a ethical plan into a marketing plan?
What is an ethical climate?
A set of values within a marketing firm or in the marketing division of any firm that guides decision making and behaviour.
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