Term
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Definition
| Managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities |
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Term
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Definition
| The process of anticipating future events and determining strategies to achieve organizational objectives in the future |
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Term
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Definition
| Involves designing activities relating to marketing objectives and the chnaging marketing environment. This planning is the basis for all marketing strategies and decisions. Issues such as product lines, distribution channels, marketing communications, and pricing are all delineated. |
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Term
| Why write a marketing plan? |
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Definition
1. Allows you to examine the marketing environment in conjunction with the inner workings of the business.
2. Serves as a reference point for the success of future activities.
3. Allows the marketing manager to enter the market place with an awareness of possibilities and problems. |
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Term
| Elements of a Marketing Plan |
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Definition
Mission Statement
SWOT analysis
Strategy
Implementation |
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Term
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Definition
Foundation of any marketing plan
Focus on the market rather than the good or service |
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Term
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Definition
defining a business in terms of goods and services rather than in terms of the benefits customers seek.
Narrow short term thinking |
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Term
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Definition
Strengths
Weakness
Opportunities
Threats |
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Term
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Definition
Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of marketing plan.
identify market opportunities
threats
Provide guidelines for the design of marketing strategy |
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Term
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Definition
Social
demographic
economic
technological
political
legal
Competitive |
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Term
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Definition
| Set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition. |
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Term
| Types of Competitive Advantage |
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Definition
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Term
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Definition
Production Costs
Marketing Skills
Financial Resources
Company Brand
Capabilities
Technologies |
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Term
| Cost Competitive Advantage |
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Definition
| being the low cost competitor in an industry while maintaining satisfactory profit margins |
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Term
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Definition
| Curves that show costs declining at a predictable rate as experience with a product increases. |
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Term
| Product/service Differentiation Competitive Advantage |
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Definition
| provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition. |
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Term
| Niche Competitive Advantage |
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Definition
| Seeks to target and effectively serve a single segment of the market. |
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Term
| Sustainable Competitive Advantage |
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Definition
Cannot be copied by the competition
Function of the speed with which competitors can imitate a leading company strategy and plans |
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Term
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Definition
| What is to be accomplished through marketing activities |
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Term
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Definition
Realistic
measurable
Time Specific
Benchmark |
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Term
| Marketing Objective Functions |
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Definition
Must be consistent with and indicate the priorities of the organization
Objectives flow from the business mission statement to the rest of the marketing plan
Communicate marketing management philosophies and provide direction for lower level marketing managers so that marketing efforts are integrated and pointed in a consistent direction.
Serve as motivators by creating something for employees to strive for.
Forces to executives to clarify their thinking
Form a basis for control, the effectiveness of a plan can be gauged in light of the stated objectives |
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Term
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Definition
| The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets |
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Term
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Definition
Group of individuals or organizations who share one or more characteristics.
Similar product needs |
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Term
MOA
Market Opportunity Analysis |
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Definition
| The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these markets segments |
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Term
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Definition
Appealing to the entire market with one marketing mix
concentrating on one segment
Appealing to multiple market segments using marketing mixes |
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Term
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Definition
| Refers to a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. |
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Term
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Definition
Product
Place
Promotion
Pricing |
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Term
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Definition
| Physical unit but also its package, warranty, after sale service, brand name, company image, value, and many other factors |
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Term
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Definition
| Making products available when and where customers want them. |
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Term
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Definition
Advertising, public relations, sales, promotion, and personal selling.
Informing, educating, persuading, and reminding them of the benefits of an organization or a product. |
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Term
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Definition
| What a buyer must give up in order to obtain a product. Most flexible and quickest to change. |
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Term
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Definition
| Process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives. |
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Term
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Definition
| Entails gauging the extent to which marketing objectives have been achieved during the specified time period |
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Term
| 4 Common Reasons failing to achieve a marketing objective |
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Definition
unrealistic marketing objectives
inappropriate marketing strategies in the plan
poor implementation
changes in the environment |
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Term
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Definition
| Provides the mechanisms for evaluating marketing results in light of the plans objectives and for corrective actions that do not help the organization reach those objectives within budget guidelines |
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Term
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Definition
Thorough systematic periodic evaluation of the objectives, strategies structure and performance of the marketing organization
Also helps management allocate marketing resources efficiently |
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Term
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Definition
Profile existing weakness
Role clearly communicated
Make someone accountable for implementing recommendations |
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Term
| Effective Strategic Planning |
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Definition
requires continual attention, creativity and management commitment
Based on creativity
Most critical element is top management support and participation |
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Term
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Definition
| ____ is an example of a primary data source. |
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Term
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Definition
| _____ is a person's point of view towards a product, an advertisement, a salesperson, a firm, or an idea. |
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Term
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Definition
| _____ means giving employees the authority to correct a problem without first checking with management |
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Term
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Definition
| ______ needs are concerned with things that involve a person's interaction with others. |
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Term
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Definition
______ refers to processes that screen out or modify ideas, messages, and information that conflict with
previously learned attitudes and beliefs. |
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Term
| marketing information system |
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Definition
A ______________ is an organized way of continually gathering and analyzing data to get information
to help marketing managers make ongoing decisions. |
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Term
A. a brand name, a package, and a warranty.
B. instructions.
C. a service which does not include a physical good at all.
D. some physical item and its related features.
E. All of the above. |
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Definition
| A "product" might include: |
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Term
|
Definition
A college student on her way to take an exam remembers that she doesn't have a pencil with an eraser--
which the instructor asked everyone to bring. The store where she stops doesn't have regular pencils--but
it does sell Scripto mechanical pencils priced at $2.95. That is what she buys. This case illustrates the
effect of: |
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|
Term
provide a good overall view on many types of problems.
B. allows marketing managers to get needed information while they are actually making decisions.
C. provide answers to specific questions.
D. continually gather data from internal and external sources, and from market research studies. |
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Definition
| A complete marketing information system should: |
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Term
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Definition
| According to the text, product life cycles are: |
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Term
An existing product that has been modified in some way.
B. An existing product for which new uses have been found in other product-markets.
C. An existing product being offered to new markets. |
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Definition
| According to your text, which of the following is an example of a "new product"? |
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Term
|
Definition
Ads for Haynes Jeep-Chrysler feature the slogan,
"Come to Haynes, where the fun begins." This is
an appeal to the consumer's: |
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Term
|
Definition
Ahmed Jamison is a purchasing specialist for a large company. He has the authority to execute
purchase orders or amounts up to $100,000. On a purchase order for a higher amount, Ahmed
arranges the terms of sale, but the transaction has to be approved by the company president. In
the buying center for a purchase in excess of 100,000,
Ahmed is a _________ and the president is a _________: |
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Term
|
Definition
Alice was a bit unsure about her decision after buying a new car. Her uneasiness was diminished
after receiving a congratulatory note from the owner of the dealership. The note contained a
coupon stating that her first scheduled maintenance on the vehicle would be free. These tactics are
part of the dealer's strategy to reduce: |
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Term
reference group
influences. |
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Definition
Anime, the cartoon-like Japanese art form, has generated significant interest among Generation Y
consumers in the U.S. Anime conventions occur frequently and the largest ones draw more than
20,000 attendees. Anime fans, many in costume, come to these conventions to shop, participate
in anime workshops, and to simply hang out with people with similar interests. Promotion of these
conventions capitalizes mainly on: |
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Term
expect the market
to move toward pure
competition. |
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Definition
| As a product moves into the market maturity stage of its life cycle, the marketing manager should: |
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Term
|
Definition
| Bank of Omaha is an example of what type of organizational customer? |
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Term
how consumers
shop for the
product, how the
product is to be used |
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Definition
Consumer product classes are based on ______________, while business product classes are
based on ______________. |
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Term
homogeneous
shopping products |
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Definition
Consumer products which customers see as basically the same and want to buy at the lowest price
are called |
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Term
exposure to the attitudes of others.
B. promotion which is directed toward them.
C. previous experiences. |
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Definition
| Consumers' attitudes can be learned from: |
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Term
a consumer
needs but is not
willing to spend
much time or effort
shopping for. |
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Definition
| Convenience products are products |
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Term
|
Definition
is less likely to
occur when a
consumer has
repeatedly
purchased the same
product. |
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Term
funds are being
invested in
marketing with the
expectation of future
profits. |
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Definition
| During the market introduction stage of the product life cycle: |
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Term
|
Definition
Edna Bates, a marketing researcher who is an expert in customer satisfaction research, is
asked by a client to conduct a study dealing with a completely uNfamiliar research topic. Edna
consults secondary data to gain more insight about this unfamiliar area. Edna is engaged in the
_________ stage of the marketing research process. |
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Term
does a good job
satisfying a customer's
requirements or needs. |
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Definition
| From a marketing perspective, a high quality copy machine is one that: |
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Term
|
Definition
Gotcha! is a chain of trendy stores catering to the urban contemporary market. As part of its
close relationship with suppliers, Gotcha! has an Internet site that is accessible only by
suppliers, and it provides up-to-the minute point-of-sale information from all of the Gotcha!
stores. Suppliers can see how their products are doing at retail during any
time of the day or night. In the relationship between
Gotcha! and its suppliers, the Gotcha! supplier site is an example of: |
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Term
|
Definition
Health Care Products Company has noticed that in one of its product-markets industry sales
have leveled off and competition has been getting tougher. This product-market appears to be in
the ____ stage of the product life cycle. |
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Term
|
Definition
Heinz has a new ketchup bottle that has the cap on the bottom, instead of the top. The bottle uses
gravity to help the consumer get every last drop of ketchup out of the bottle. The cap is also designed to
pour cleanly, so that dried ketchup does not accumulate around the opening. This new bottle
demonstrates how packaging can: |
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Term
|
Definition
| Often the most difficult step in the marketing research process is: |
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Term
|
Definition
can serve as a useful enhancement tool.
B. can increase costs to the consumer.
C. can serve as a useful promotional tool.
D. is concerned with protecting the product in shipping and on the shelf. |
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Term
|
Definition
Pat purchased a Ford Taurus, but traded it for
another brand before it was out of warranty
because it constantly needed repairs. Now, every
time Pat sees an ad that mentions the quality of
Ford's new vehicles all she can think about is the
problems she had with her Taurus. This an
example of: |
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Term
| activities, interests, and opinions. |
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Definition
Psychographics is the analysis of a person's day-to-day pattern of living as
expressed in that person's |
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Term
a particular good or service might satisfy
different levels of needs at the same time. |
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Definition
| Psychological theories of motivation and needs suggest that: |
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Term
|
Definition
members may not even know the people
who influence their values and attitudes. |
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Term
product life cycles can be
extended through product
modifications. |
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Definition
| Regarding product life cycles, good marketing managers know that: |
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Term
| Regarding product life cycles, which is TRUE? |
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Definition
Product life cycles describe
industry sales and profits within
some product-market. |
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Term
Which of the following is not a selective process used in gathering and interpreting
information from the world around us?
A. Selective exposure
B. Selective perception
C. Selective retention
D. Selective attention |
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Definition
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|
Term
Which of the following is NOT a separate stage of the new-product development process?
A. Idea generation.
B. Screening.
C. Idea evaluation.
D. Marketing Research.
E. Commercialization |
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Definition
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Term
Which of the following is LESS LIKELY to happen as a product moves through the later
stages of the product life cycle?
A. Place - move toward selective distribution.
B. Promotion - build selective demand.
C. Price - meet competition.
D. Competitive situation - Heading toward pure competition.
E. Product - Some drop out. |
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Definition
Place - move toward selective
distribution. |
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Term
Which of the following could be an example of a firm's product line?
A. Coffees.
B. Disposable diapers.
C. Snow skis.
D. Ski boots.
E. All of the above. |
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Definition
|
|
Term
|
Definition
When a marketing manager scans a firm's MIS to try to obtain information about why the
firm's product sales are down, this is an example of a(n): |
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Term
Which of the following is NOT a social influence in consumer buying?
A. Social class
B. Beliefs
C. Family
D. Reference groups
E. Culture |
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Definition
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|
Term
Which of the following is NOT one of the levels of consumer problem
solving discussed in the text?
A. Dissonance problem solving
B. Routinized response behavior
C. Extensive problem solving
D. Limited problem solving
E. None of the above, i.e. all four are discussed |
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Definition
| Dissonance problem solving |
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|
Term
Which of the following statements about new-product
development are true?
A. The process should be informal to encourage innovation.
B. The greatest number of product ideas is in the idea evaluation
stage.
C. The best criteria for evaluating new product ideas in the early
stages is return on investment (ROI).
D. The process should have top management support. |
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Definition
| The process should have top management support |
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