Preparation for final exam on Burch university, subject Production Management
Amer Zavlan
Flashcards by Amer Zavlan, updated more than 1 year ago
Amer Zavlan
Created by Amer Zavlan over 7 years ago

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Question Answer
What are levels of business ? Marketing as business philosophy - the way of doing business. Marketing as strategy - company decides what it will sell, to whom, etc. Marketing mix - day to day running operational marketing.
What is simplest definition of marketing ? The right product, in the right place, at the right time, at the right price.
What are values of marketing ? Needs Offerings Values Exchanges Markets
How do needs and wants affect the marketing ? Wants become demands. If product will give them satisfaction and satisfy their needs, they will chose that one.
What are market offerings ? Those include Products, Services and Experiences. Basically offerings are not limited to physical product.
What is a service ? Service is an activity or benefit offered for sale. They are intangible and do not result in ownership of anything.
How does customer value and satisfaction affect marketing decisions ? We must make customer expectations right. If we set them too low, we will fail to attract more customers, and if they are high, buyers will be disappointed.
What are marketing relationships and exchanges ? Relationships are marketing medium. Exchange is an act of obtaining something, while offering something in return.
What is market ? A market is the set of actual and potential buyers of a product or service.
What is a business plan ? A business plan should precisely define a company’s business; identify the goals and serves as a summary.
What are components of a business plan ? The basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis.
What is marketing plan ? A marketing plan is made in addition to a business plan and helps the management set realistic short, medium and long-term objectives for the marketing.
What are environments that affect market analysis ? Microenvironment Macroenvironment
Who are actors of microenvironment of market environment analysis ? The company (other departments of company) Suppliers Marketing intermediaries (relationships with other companies) Competitors Publics Customers (most valuable)
What types of publics are there? Financial publics Media publics Government publics Citizen-action publics Local publics General publics Internal publics
Who are actors of macroenvironment of market environment analysis ? Demographics (changing usually requires change in marketing strategy) Economics Natural (make our planet nicer and stuff) Technological Political Cultural (being socially responsible)
What is PEST analysis ? A PEST-analysis is the identification of the political, economic, social and technological influences on an organization.
What is SWOT analysis ? SWOT stands for strengths, weaknesses, opportunities and threats and summarises the key issues from an analysis of the business environment and the strategic capability of an organisation.
What does S stands for in SWOT and what does it deal with ? S - Strengths Strengths are competitive advantages or core competencies that give the organization an advantage in meeting the needs of its customers.
What does W stands for in SWOT and what does it deal with ? W - Weaknesses Weaknesses are limitations a firm has in developing or implementing a marketing strategy.
What does O stands for in SWOT and what does it deal with ? O - Opportunities Opportunities are favorable conditions in the environment that could yield rewards for an organization if acted on properly.
What does T stands for in SWOT and what does it deal with ? T - Threats Threats are conditions or barriers that may prevent the organization from reaching its objectives.
What are levels of products and services ? Core customer value Actual product Augmnted product
What is brand ? Brands are denoted by their unique names, logos, packaging and associated images. This makes up their brand identity.
What are advantages of a brand? High brand equity Increased product awareness levels The ability to charge a pemium price Reduced susceptibility to price wars Competitive edge A sound basis for building strong customer relationships Higher likelihood of repeat purchases Retail leverage New products have a better chance of success thanks to the brand name
What are characteristics of market targeting ? Occupants Objects Occasions Objectives Outlets Organisation Operations Opposition
What is mission ? A mission is a general expression of the overall purpose of the organisation, which is in line with the values and expectations of major stakeholders and concerned with the scope and boundaries of the organisation.
What is vision ? The vision is the desired future state of the organisation. It is the aspiration of the company.
What is goal ? The goal is a general aim in line with the mission.
Whato is objective ? An objective is a quantification and more precise statement of the goal Objectives must be clear and define results in measurable terms. They should have a stated time frame for achievement. It must be easy to control them and see if the objectives are fulfilled.
How to make sure our product is hard to copy ? By making diversities (things that differ from others). Two strategic choices to be made in order to achieve diversities: Choose an activity (product, service etc.) Choose how to perform the activity 
What are marketing variables ? Product Price Place Promotion
What is control used for ? Control is used to assess effectiveness of strategies and actions and to modify strategies and actions if necessary.
What does control involve ? Control involves measurement, evaluation, and monitoring.
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