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MMS
Exam 1
41
Marketing
Undergraduate 4
10/02/2012

Additional Marketing Flashcards

 


 

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Term
Marketing
Definition
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Term
Strategy
Definition
a set of related actions that managers take to increase their company’s performance.
Term
Strategic Marketing Management
Definition
A system designed to help management create, change, or retain a business strategy using available marketing tools.
Term
Strengths (SWOT)
Definition
Something that an organization is good at doing or some characteristics that gives the organization and important capability.
Something that an organization is good at doing or some characteristics that gives the organization and important capability.
Term
Weaknesses (SWOT)
Definition
Something an organization lacks or does poorly relative to another organizations.
Term
Opportunities (SWOT)
Definition
Something that represents external developments or conditions in the environment that have favorable implications for the organization.
Term
Threats (SWOT)
Definition
Something that poses dangers to the welfare of the organization.
Term
The three M's
-Managing
-Marketing
-Manufacturing

R.O.F:
R&D (Innovative?)
Offerings (unique products?)
Finance
Definition
Name some examples of strengths/weaknesses
Term
T.I.C.C.E.L:
Technology
Industry
Competition
Consumer Trends
Economic
Legal
Definition
Name some examples of Opportunities/Threats
Term
Distinctive Core Competencies
Definition
Core competencies refer to skills within the firm that competitors cannot easily match or imitate
Term
Market Penetration
Market Development
New Offering Development
Diversification
Definition
Name the 4 product-market strategies
Term
Existing offerings in existing markets

-Lower prices
-expand distribution in existing market
-heavier promotion.
Definition
What is market penetration in regards to product-market strategies?
Term
Existing Offerings in New Markets

-different distribution outlets (new geographical locations)
-change in sales effort/advertising (marketing to women vs. men.)
Definition
What is Market Development in regards to product-market strategies?
Term
New Offerings in Existing Markets

-totally new offerings
-enhanced value of existing offerings
-broaden existing line (colors, sizes, forms)
Definition
What is New Offering Development in regards to product-market strategies?
Term
New Offerings in New Markets

-
Definition
What is Diversification in regards to product-market strategies?
Term
Cannibalism
Definition
Occurs when sales of a new product or service come at the expense of sales of existing products or services already marketed by the firm.
Term
Customer Value Proposition
Definition
A cluster of benefits that an organization promises customers to satisfy their needs.
Term
Budget
Definition
a formal, quantitative expression of an organization’s planning and strategy initiatives expressed in financial terms.
Term
Consumer Value-Market Price
Definition
What is the formula for Consumer Surplus?
Term
Market Price-Cost of Production
Definition
What is the formula for Profit Margin?
Term
COGS, Materials, Sales Commissions, Labor, Discounts, Overhead, Delivery
Definition
What are some examples of Variable Costs?
Term
Programmed costs, committed costs, Advertising, Rent, Sales Promotion, Admin/Clerical, Sales Salaries
Definition
What are some examples of Fixed Costs?
Term
Relevant Costs
Definition
Expenditures that are expected to occur in the future as a result of some marketing action
Term
Sunk Costs
Definition
Expenditures that are typically irrelevant in whole or in part to future decisions
Term
Total sales revenue- total VC

or

unit selling price-unit VC
Definition
What is the formula for Contribution?
Term
Total FC/
Unit Selling- Unit VC
Definition
What is the unit Break-Even Formula?
Term
Liquidity
Definition
A firm’s ability to meet short-term financial obligations within a budget year
Term
Operating Leverage
Definition
refers to the extent to which fixed costs and variable costs are used in the production and marketing of products and services
Term
Discounted Cash Flows
Definition
are future cash flows expressed in terms of their present value
Term
D.E.C.I.D.E:
Define the problem
Enumerate the decision
Consider relevant information
Identify the best alternative
Develop a plan for implementing the chosen alternative
Evaluate the decision and the decision process
Definition
What are the six steps in the decision making process?
Term
A well defined problem should include:
-Objectives
-constraint recognition
-Success Measure/goal
Definition
Explain what "Defining the Problem" entails, in the decision making process.
Term
Establishing what your factors are.

Alternative courses of action:Controllable by the decision maker such as the marketing mix

Uncertainties:Uncontrollable factors that the manager cannot influence
Definition
Explain what "Enumerating the decision factors" entails, in the decision making process.
Term
Relevant information consists of information that relates to the alternatives identified by the manager as being likely to affect future events.

Characteristics of the industry, consumers, competitive environment, the organization, and alternatives.
Definition
Explain what "Consider Relevant Information" entails, in the decision making process.
Term
Decision Analysis:
Matches each alternative with the uncertainties in the environment

Assigns a quantitative value to the outcome associated with each match
Definition
Explain what "Identify the Best Alternative" entails, in the decision making process.
Term
You cannot just decide you have to implement. This involves
-Allocating marketing, financial, and manufacturing resources
-Considering the time needed to develop a marketing plan
Definition
Explain what "Developing a plan for implementing the chosen alternative" entails, in the decision making process.
Term
Two questions you must ask yourself:
1. Was a decision made?
2. Was the decision appropriate, given the situation identified in the case setting?

Critically examine your performance by asking:
Was the problem defined adequately?
Were all the alternatives/uncertainties identified?
Was all the relevant information considered?
Was an appropriate course of action recommend?
How can the recommendation be implemented?
Definition
Explain what "Evaluating the decision and the decision process" entails, in the decision making process.
Term
Opportunity Identification---> Opportunity-Organization matching---> Opportunity evaluation
Definition
What are the three interrelated activities that an opportunity analysis consists of?
Term
A market
Definition
consists of the prospective buyers (individuals or organizations) willing and able to purchase the existing or potential offering (product or service) of an organization.
Term
market segmentation
Definition
A technique that involves breaking down or building up of potential buyers into groups
Term
Mass Customization
Definition
Tailors products and services to the tastes and preferences of individual buyers in high volumes and at a relatively low cost.
Term
1. Socioeconomic (Gender, age, job, income, education, location)
2. Behavioral (benefits sought, usage)
3. Psychographic (Lifestyle, attitudes)
Definition
Describe the three bases for consumer market segmentation
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