Karteikarten
MKT Midterm
Karten in diesem Stapel (77)
- 1What is Marketing Exchange?The seller provide the g&s, while the buyer completes this exchange by providing money or information to the seller
- 2What are the 4 P's?product, price, place, promotion
- 3what is product?creating value by developing a variety of offerings, including goods, services and ideas, to satisfy customer needs
- 4what is price?everything that the buyer gives up, money, time, energy, in exchange for the product or service.
- 5what is place?All activities necessary to get the product to the right customer when that customer wants it.
- 6what is promotion?It is used to inform, persuade and remind potential buyers. Also to influence their opinions or elicit a response.
- 7what are the 4 orientations of marketing?value-based orientation, market orientation, product orientation, sales orientation.
- 8what is value-based orientation?share information, balance benefits and costs, and build customer relationships
- 9what is the order of supply chain?raw materials supplier -> manufacturer -> distributor -> customer
- 10what is sustainable competitive advantage?Something the firm can consistently do better than its competitors
- 11what are the 4 developing customer values?customer excellence, operational excellence, product excellence, locational excellence
- 12what is customer excellence?Loyal customers enable a firm to introduce new products and change price points without the risk of losing them
- 13what is operational excellence?Is achieved through efficient operations, excellent supply chain management and strong relationships with suppliers.
- 14what is product excellence?Building a strong brand and unique positioning in the marketplace can be a strong deterrent to other competitors that look to enter the market.
- 15what is locational excellence?A competitive advantage based on location is sustainable because it is not easily duplicated.
- 16what is the 5 steps to a marketing plan?define the business objective, conduct a SWOT analysis, identify opportunities using STP, implement marketing mix and allocate resources, evaluate performance using metrics
- 17in a SWOT analysis which are internal and which are external?internal - strengths and weaknesses
external - opportunities and threats - 18what does STP stand for?segmentation, targeting, positioning
- 19what is marketing metrics?a measuring system that quantifies a trend, dynamic, or characteristic.
- 20what is market segment?a group of consumers who respond similarly to a firm’s marketing efforts.
- 21what does PEST analysis stand for?political, economic, social, technological
- 22in a PEST analysis what is political?employment policies, tax laws, trade restrictions can impact your business directly and indirectly.
- 23in a PEST analysis what is economic?interest rates, exchanges rates, inflation, and disposable incomes influence how you will manage your business.
- 24in a PEST analysis what is social?Population trends, dietary considerations, ethics and media, and spend habits that you need to observe in your business activity.
- 25in a PEST analysis what is technological?production, distribution, and communication changes imposed by new technology in order to stay afloat in a competitive economic landscape.
- 26what are the growth strategies (Ansoff's Matrix)?market penetration, market development strategy, product development, diversification
- 27what is market penetration?employs the existing marketing mix and focuses the firm’s efforts on existing customers, who then bring new customers to the business.
- 28what is market development strategy?uses the existing marketing offering to reach new market segments (domestic or international) not currently being served by the firms .
- 29what is product development?requires that the firm understands its current consumers’ needs/wants well enough to identify other products/services that would be attractive to them.
- 30what is diversification?introduces a new product or service to a market segment that currently is not served.
- 31what are the microenvironmental factors?company capabilities, competition, corporate sponsors
- 32what is company capabilities?Successful marketing firms focus their efforts on satisfying customer needs that match their core competencies.
- 33what is competition?critical that marketers understand their firm’s direct and indirect competitors, including their strengths, weaknesses, and likely reactions to the marketing activities.
- 34what is corporate sponsors?Firms must work together with many different partners to create a seamless system that delivers goods and services to customers when and where they want them.
- 35what are the macroenvironmental factors?culture, demographics, generational cohorts, income, education, gender, ethnicity, technological advances, economic situation, political environment
- 36how much do minorities make up of the population?one-quarter
- 37what is a BCG portfolio?helps corporations analyze their product lines.
- 38what is the consumer decision process?Need Recognition -> Information Search -> Alternative Evaluation -> Purchase Decision -> Postpurchase.
- 39what is the need recognition process?Consumer needs can be functional, which pertains to the performance of a product or service or consumer needs can be psychological, which pertains to the personal gratification consumers associate with a product or service.
- 40what is the information process?The length & intensity of the search are based on several factors, including the degree of perceived risk associated with purchasing the product or service & the importance of the product to the consumer.
- 41what is the alternative evaluation process?When consumers begin to evaluate different alternatives, they often base their evaluations on a set of important attributes or evaluative criteria.
- 42what is the purchase decision process?Customers don’t always patronize the store or purchase the brand or item on which they had originally decided.
- 43what is the postpurchase process?Marketers are particularly interested in postpurchase behaviour because it entails actual, rather than potential customers.
- 44Consumers can spend considerable time searching for both specialty and shopping goods or services; the difference lies in __________________the kind of search
- 45what is decision heuristics?mental shortcuts that help a consumer narrow down his or her choices.
- 46what are the 3 factors influencing consumer buying decisions?psychological, social, situational
- 47what are the psychological factors?motives, attitude, perception, learning
- 48what are the social factors?family, reference groups, culture
- 49what are the situational factors?involvement & consumer buying decsions and types of buying
- 50what is habitual decisions?making requires the least amount of time and effort.
- 51what is B2B?business to business is when a computer was purchased by Best Buy from a manufacturer.
- 52what is B2C?business to consumer is a computer you recently purchased from Best Buy.
- 53what is C2C?consumer to consumer is selling your computer to your roommate.
- 54what is the B2B buying process?need recognition -> product specification -> request for proposal (RIF) process -> proposal analysis & supplier selection -> order specification -> vendor performance assessment
- 55in most organizations, who is most responsible for buying decisions?several people
- 56what are the 3 types of buying situations?new buys, modified buys, straight buys
- 57which buying decision is likely to be most involved?new buy
- 58what is marketing research?firms collect data from its customers, so they can better deliver their g&s designed to meet their needs.
- 59When conducting research, why must researchers assure respondents that the information they provide will be treated as confidential?customer will be more likely to provide honest responses
- 60what is the marketing research process?define the research problem & objective, design the research plan, collect data, analyze data, present action plan
- 61what is external secondary data?can be purchased from specialized research firms.
- 62what is internal secondary data?Firms use data mining techniques to decipher large amounts of data.
- 63what are the 3 types of secondary data?syndicated data, scanner data, panel over time data
- 64what is syndicated data?is data that is available for a fee from commercial research firms such as Nielsen & Leger.
- 65what is scanner data?A type of quantitative research that uses data obtained from scanner readings of UPC codes at checkout counters.
- 66what is panel over time data?information collected from a group of consumers (the panel) over time.
- 67what are the 2 researches for primary data?qualitative and quantitative
- 68what is qualitative research?is exploratory in nature & provides initial information that helps the researcher more clearly formulate the research problem or objectives.
- 69what is quantitative research?Information confirms early insights. Uses surveys, formal studies, scanner, and panel data.
- 70what are the qualitative research methods?observations, social media, in depth interviews, focus groups
- 71what are the quantitative research methods?web surveys and experimental reserch
- 72what are the 3 CMA guidelines for conducting market research?1 - prohibits selling or fundraising under the guise of conducting research
2 - encourages the fair treatment of clients/suppliers
3 - supports maintaining research integrity by avoiding misrepresentation of the omission of pertinent research data - 73what is business ethics?examines ethical rules/principles within a commercial context, the ethical problems that might arise in a business setting & any special duties or obligations that apply to persons engaged in commerce
- 74what is marketing ethics?ethical problems that are specific to the domain of marketing.
- 75To align personal and corporate goals, firms need to have a strong ethical climate, explicit rules for governing a firm’s transactions including a code of ethics, and a system for________________.rewarding and punishing behaviour
- 76what is ethical decision making?identify the issue, gather info & identify stakeholders, brainstorm & evaluate alternatives, choose a course of action
- 77how do you integrate ethics into market strategy?planning phase, implementation phase, control phase
Informationen
- Beschreibung
- 100 Marketing Karteikarten am MKT Midterm, erstellt von samuel.maione am 21/02/2016.
- Erstellt von
- samuel.maione
- Aufrufe
- 2
- Bewertung