GoConqr has a new look! Let us know what you think.

Sign up free

Flashcards

MKTG 706 MID TERM

Tyler Imhoff English 49 cards

Cards in this deck (49)

  1. 1As rivalry among existing competitors increasesProfitability decreases
  2. 2Rivalry is greater when?There is high investment intensity
    There are many small firms in an industry
    There is little product differentiation
    Low switching costs
  3. 3The greater the threat of new entrants...the less will be an industry's attractiveness.
  4. 4When strong economies of scale and learning effects are present...Industrial entry is more difficult.
  5. 5True or False If existing firms are vertically integrated, entry becomes less expensive.False
    Its more expensive.
  6. 6Entry is more or less difficult when the industry has strong capital requirements?More difficult.
  7. 7Industry entry is more or less difficult if gaining distribution is particularly difficult.More difficult.
  8. 8The greater the buying power of the key suppliers to an industry...the less will be the industry's attractiveness.
  9. 9If the cost of switching suppliers is low...the lower the power of the suppliers. Thus the industry is more attractive.
  10. 10If prices of substitutes are high...the higher the power of the suppliers. Thus the less attractive the industry.
  11. 11If suppliers are realistically threaten forward integration...the higher the power of the suppliers. Thus the less attractive the industry.
  12. 12The less the power of the high-volume customers served by an industry...the more attractive that industry will be.
  13. 13An example of greater buyer power and high volume customers?Automakers' power over the supply of tires.
  14. 14Switching costs increase or decrease buyer's bargaining power?Decrease, Thus the more attractive the industry.
  15. 15Backward integration increases or decreases buyer's bargaining power?Increases, Thus the less attractive the industry.
  16. 16The greater the importance of a product to the performance of the buyer's product...the lower the bargaining power. Thus the more attractive the industry.
  17. 17The greater the buyer's profitability...the greater their power, thus the less attractive the industry.
  18. 18An industry will be more or less attractive the more substitute products that exist.Less attractive.
  19. 19Industries are more attractive at the micro level if...- The product possesses something proprietary not easily imitated.
    - The business has superior organizational processes, capabilities, or resources
    - The company's business model is economically viable.
  20. 20Markets are more attractive at the micro level if...- There's a clearly identified source of customer pain (customer need)
    - The offering provides customer benefits that others do not.
    - The target segment is likely to grow
    - The current segment provides springboard to other segments.
  21. 21Top-down Forecasting StructureA central person takes the responsibility for forecasting and preparing an overall forecast
  22. 22Bottom-up Forecasting StructureCommon in decentralized firms, each part of the firm prepares its own sales forecast, and the parts are aggregated to create the forecast for the firm as a whole
  23. 23Statistical methodsUse past history and various statistical techniques to forecast the future based on an extrapolation of the past.
  24. 24What are some limitations of statistical methods of forecasting?Makes the assumption that the future will look similar to the past.
    Does not account for rapid market changes
    Does not account for changes in market product characteristics.
  25. 25Observation based forecastingFound from existing secondary sources, which makes data collection faster and cheaper
    Is based on what people actually do
  26. 26What is the big limitation of Observation Based Forecasting?It's not possible for new-to-the-world products.
  27. 27What are the limitations of Surveys and focus groups?What people say and do are two different things.
    People are not always knowledgeable.
    Less reliable that observational data.
  28. 28AnalogyUseful for new products when other methods are not possible.
    Comparable product offerings
  29. 29Diffusion of innovation theorySeeks to explain the adoption of an innovation product or service over time among a group of buyers.
  30. 30Adoption processthe attitudinal changes experienced by individuals from the time they first hear about a new product, service, or idea until they adopt it.
  31. 31Speed of adoption depends on- The risk
    - Relative advantage over other products
    - Relative simplicity of the new product
    - Compatibility with other ideas
    - The extent trial can be accomplished
    - Ease a products idea can be communicated
  32. 32Marketing Expansion Strategyseeks to gain new customers by targeting new or underdeveloped geographic markets new customer segments
  33. 33Market-oriented firmscoordinate their activities around the primary goal of satisfying unmet customer needs
  34. 34The __________ holds that planning and coordination of the company's activities should revolve around the primary goal of satisfying customer needs in order to attain and sustain a competitive advantage and to achieve company objectives over timeMarketing concept
  35. 35Increased penetration growth extension strategyA strategy designed to increase the proportion of users by converting current nonusers in one or more major market segments where the market is relatively homogeneous with only a few large segments
  36. 36Repositioningsrefer to existing products that are targeted at new applications and new market segments.
  37. 37A pioneer's actions set standards for quality, price, and post-sale service which subsequent entrants must either meet or beat is called?Defining the rules of the game
  38. 38What is the Marketing research task?To design, collect, analyze, and report of research intended to gather data pertinent to a particular marketing challenge or situation.
  39. 39What is the key goal of forecasting?To identify the full range of possibilities about the future, not some illusionary set of certainties that are not certain at all.
  40. 40Anchoring BiasWhere forecasts are based on historical data despite changes in the market environment.
  41. 41What is the purpose of internal records systems?To track what is selling, how fast, where its selling, to which customers, etc.
  42. 42customer relationship management (CRM) has been found to...Result in happier, higher-volume, more loyal customers.
  43. 43What does customer lifetime value (CLV) refer to?The margins that a customer generates over a lifetime less the cost of serving the customer.
  44. 44Segmenting GeographicallyDifferent locations vary by sales potential, growth rates, customer needs, cultures, climates, service needs, and competitive structures
  45. 45Behavioral SegmentationBy customer need, choice criteria, Product Usage and purchase influence, Lifestyle, Organizational behavioral attributes, and buying situation.
  46. 46Niche-Market StrategyThis strategy involves serving one or more segments that consist of a sufficient number of customers seeking somewhat specialized benefits from a good or service.
  47. 47Mass-Market StrategyA business can pursue mass market strategy by ignoring any segment differences and design a single product-and-marketing program that will appeal to the most consumers, and by designing separate products and marketing programs for each segment.
  48. 48Growth-Market StrategyBusinesses pursuing a growth-market strategy often target one or more fast-growth segments, even though these segments may not currently be very large.
  49. 49—

Information

Description
Flashcards on MKTG 706 MID TERM, created by Tyler Imhoff on 24/07/2018.
Created by
Tyler Imhoff
Views
1
Rating

More on Porter's Five Forces

Feedback

What is it about?

What do you think of the new look?

How do you like it?