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Marketing Strategy
Midterm Exam Study Session
27
Marketing
Graduate
07/13/2008

Additional Marketing Flashcards

 


 

Cards

Term
What are the key characterists of a good SIS?
Definition
Flexibility
Retrievability
Recency
Regenerativeness
- to be able to regenerate new info based on new data.
Generality and specificity
Term
What are the three types of marketing inputs?
Definition
Facts - i.e., How often to you grocery shop?
 
Attitudes - intensity of acivity (like or dislike). How do you like something?
 
Motives  - subconscience response. examples are sentence completion, word association, cartoon list, and story telling.
Term
What is the structure of a Strategic Information System (SIS)?
Definition

Direct --> Collect --> Process --> Generate --> Disseminiate --> Use

 

This cycles operates in a constant loop due to feedback and redirection.

Term
Explain Product-Market Growth Directions
Definition
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Term
What are the 11 counterchaos marketing strategies as described in Samli's book?
Definition
  • Manage the transition
  • Build resilience
  • Destabilize the system
  • Manage order and disorder
  • Create and maintain a learning organization
  • Utilize bifurcation as a tool
  • Find the ways to promote renewal
  • Manage transformation carefully
  • Pay special attention to disruptive technologies
  • Explore latent demands of consumers carefully
  • Be ready for sudden and unexpected economic recession
Term
What are 11 chaos-causing forces and their impact?
Definition
  • Globalization - the internet
  • Technology - the cell phone
  • Competition - auto industry in domestic and international markets
  • Speed - Fax or Internet
  • Complexity - Computer software
  • Power Structures - Results of merger mania
  • Lifestyles - Low fat diet
  • Downsizing - Flattening organizations
  • Managerial Inflection Points - the change from mainframe to PCs.
  • Disruptive Technologies - Microminiaturized production process.
  • Unexpected Economic Downturns- Plant closings.
Term
What is organizational learning?
Definition
Learning as a function of time
Term
What is a learning organization?
Definition
an organization that takes learning as a strategy by gathering information quickly and effectively.
Term
What are the 4 P's of Marketing?
Definition

Promotion

Place

Price

Product

Term
What are two types of forecasting?
Definition

SFI - Single Factor Index

MFI - Multiple Factor Index

Term
Name and explain six market research techniques.
Definition
Surveys - telephone, mail, internet, personal interviews (expensive)
Observations - very practical. how much traffic?
also very subjective observations like observing a sales person.
Experimentation - experimental area a.k.a test area
Simulation - computer generated data; less costly; possibly more accurate; didn't catch on as much
Historical Analysis - a.k.a. trend analysis; good to find out how we got here, BUT future is not a continuation of present.
Inferential - Extrapolating from the known into the unknown; asking the right questios like how often do you go to the movies? information based on experiences.
Term
What are the characterisics of an experimental area or test area?
Definition
  1. Reflects national market
  2. Economically independent
  3. Economically diversified
  4. Good feel for product users
  5. User should be progressive
NOTE: pretesting an advertising campaign in a test market is very economical.
Term
What are the definitions for secondary, primary, and syndicated data?
Definition

Secondary data is free and exists at libraries and internet.

 

Primary data is costly  and consists of questionaires and interviews.

 

Syndicated data are available are available for purchase.

Term
Is the market heterogenious or homogenious?
Definition
The market is heterogenous.
Term
What is an oligopoly?
Definition
It's where a few companies control 50 - 60% of a market. i.e, oil companies.
Term
what does Monopolistic Competition mean?
Definition
It means each firm is almost like a monopoly on its own. The retail industry fits this. It depends on how well the company differentiates itself.
Term
What marketing strategy should you take if your firm is in an oligopolistic situation?
Definition
It should look at competitors first and the market second.
Term
What marketing strategy should you take if your firm is in an monopolistic situation?
Definition
It shold look at the market first and the competition second.
Term
What is market forecasting?
Definition
Market forecasting means determining market potential some time in the future.
Term
What are 3 major forecasting orientations?
Definition
Systematic - GNP
Symptomatic - "according to leading indicators" - Samli preferred technique.
Deterministic - econometrics forecasting; expensive
Term
What are 3 type of symptomatic orientation indicators?
Definition
Leading - what is likely to happen in 6 months?
Lagging - what has happened in 6 months?
Coinciding - ongoing activity.
[image]
Term
What does market skimming mean?
Definition
Targeting the "cream of the crop" customers. Customers that will pay top dollar to be the first to own your product.
Term
What is market penetration?
Definition
Depth of sales of a particular product in a given market. The deeper the penetration, the higher the volume of product sales. In order to expand the sales of current products in markets where their products are already being sold, marketers utilize market penetration strategies such as cutting prices, increasing advertising, obtaining better store or shelf positions for their products, or innovative distribution tactics.
Term
How does marketing relate to QOL (Quality of Life)?
Definition
The goal of marketing is to add value to the product product we are selling with the intent of enhancing our lives for the better.
Term
What's an example of substitability?
Definition
Substituting Black and White TV with Color TV.
Term
What's an example of complimentary product?
Definition
A car battery.
Term
What does Diffused Preference mean?
Definition
Within a given market segment preferences are the same; Outside the market segment they are different.
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