MKT Final Exam/EXAM 3 PDF
DOGS
low growth, low market share
CASH COWS
low-growth, high market share
Profitable
making money, Assess potential profitability of each segment, both current and future
Strategic efforts to supply consumers with environmentally friendly merchandise are called
Green Marketing
The term trade deficit refers to
Higher Levels of Imports than Exports
substantial
How large is the market segment in terms of size and buying power?
When a firm pools its resources with that of a local firm to enter a new market, they create a(n)
Joint venture
(Components of marketing environment): Competitors
Know their strengths, weaknesses, and likely reactions to marketing activities.
(Segmentation Methods): psychographic
Lifestyle, self-concept, self-values
(Components of marketing environment): Corporate Partners
Parties that work with the focal firm
A ________ is often used to illustrate the position of a firm's products or brands in consumers' minds.
Perceptual Map
Venicia is assessing market growth, market competitiveness, and market access for each segment she has identified. Venicia is assessing the ________ of each potential market segment.
Profitability
The center of all marketing efforts is Question 2 options:profits.the consumer.corporate social responsibility.top management.the firm.
consumer
(Segmentation Methods): benefits
convenience, economy, prestige
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
culture
A firm's macroenvironment includes
culture, demographics, economics, political/legal issues
Types of Excellence
customer, operational, product, locational
Best Life Vitamin Corporation targets consumers living in Florida who are over age 65. Golden Years is using ________ segmentation.
demographic
Adidas Group owns Reebok, Rockport, and TaylorMade brands. Adidas uses the different brands to pursue a(n) ________ strategy.
differentiated targeting
According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The triple bottom line includes ________ performance.
economic, social, and environmental
product excellence
entails having products with high perceived value and effective branding and positioning
locational excellence
excellence entails having a good physical location and Internet presence
Global Entry Strategies
exporting, franchising, strategic alliance, joint venture, direct investment
Which of the following are considered qualitative research?
focus groups
customer excellence
focuses on retaining loyal customers and excellent customer service
Segmentation Methods
geographic, demographic, psychographic, benefits, behavioral
STARS
high growth, high market share
QUESTION MARKS
high growth, low market share
operational excellence
is achievedthrough efficient operations, excellent supply chain, and human resourcemanagement.
joint venture
is formed when a firm entering a market pools its resources with those of a local firm
Toothpastes sold in supermarkets and pharmacies promise various results, such as whiter teeth, protection against gum disease, tartar control, or fresh breath. Toothpaste marketers are using ________ segmentation.
Benefit
Reachable
Can the market be reached through persuasive communication and product distribution
strategic alliance
Collaborative Relationships between independent firms, A long-term partnership between two or more companies established to help each company build competitive market advantages.
primary vs secondary
Compared with primary research, secondary research is quicker, easier, and generally less expensive.
Responsive
Customers must react similarly and positively to the firm's offering. If a firm cannot provide products and services to the segment, it shouldn't be targeted. If you are looking for a luxury sedan, General Motors hopes you will choose a Cadillac.Darren Brode/Shutterstock
Supermarkets collect information about individual customers through their use of loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of
Data Mining
When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using ________ to see if the media "fit" with their advertising agenda. Question 3 options:
Demographics
What type of interview contains a small group of participants and a trained moderator that guides the conversation?
Focus Group
________ entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services.
conscious marketing
conscious marketing
An approach to marketing that acknowledges four key principles: a higher purpose, stakeholders, conscious leadership, and a conscious culture
Ethical Decision-Making Framework
1. identify issues 2. gather information and identify stakeholders 3. brainstorm and evaluate alternatives 4. choose a course of action
CSR (Corporate Social Responsibility)
A business's concern for the welfare of society.
When Betty decided to open up a tea shop in the center of town, she chose a group of customers who represent her customers of interest. This group is called a
Sample
STP
Segmentation, Targeting, Positioning
BCG Matrix
Stars, Cash Cows, Questions Marks, Dogs
Steps in Segmentation
Substantial, Reachable, Responsive, Profitable, Identifiable
(Components of marketing environment):Company
Successful marketing firms focus on satisfying customer needs that match their core competencies
(Components of marketing environment): Physical Environment
Sustainable development:Includes land, water, air, and living organisms
Tariffs
Taxes on imported goods Tax on imported goods Artificially raises prices lowers demand
Globalization
The processes by which goods,services, capital,people, information,and ideas flow across national borders
indetifiable
Who is in their market?
(Segmentation Methods): Demographic
age, gender, income, education
(Segmentation Methods): Geographic
audience divided by geography, location
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, all parties relevant to the decision should
brainstorm for alternative
Components of marketing environment
company, Competitors, Consumers, Immediate Environment, Physical Environment, Corporate Partners
Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies.
concentrated
Fisher-Price wanted to determine if a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this?
observation
Qualatative approach
observation, social media, in-depth interviews, and focus groups
(Segmentation Methods): behavioral
occasion, loyalty
Which of the following is included in Hofstede's cultural dimensions?
power distance
Hofstede's Cultural Dimensions (these represent culture)
power distance, individualism, masculinity, uncertainty avoidance long-term orientation
The ethical decision-making framework includes
promote the firm's social responsibility efforts
The purpose of ________ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action.
quantitative research
Triple Bottom Line
recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
direct investment
requires a firm to maintain 100 percent ownership of its plants, operation facilities, foreign country, often through the formation of wholly owned subsidiaries/Entering a foreign market by developing foreign-based assembly or manufacturing facilities
Exporting
selling products to another country
Franchising
selling to a foreign organization the rights to use a brand name and operating know-how in return for a lump-sum payment and a share of the profits
SWOT analysis
strengths, weaknesses, opportunities, threats
Quantitative Approaches
surveys (both offline and online), scanner, panel, and experiments
When Walmart pressured its vendors to supply it with environmentally friendly merchandise with labels to prove it, this effort most relates to the concept of
sustainability
GDP id defined as
the market value of goods and services produced in a country in a year.
targeting strategies/ target markets
undifferentiated, differentiated, concentrated, micromarketing
Positioning Methods
value, salient attributes, symbol, competition