Marketing Final

The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.

A firm's mission statement should answer the question, "what products do we produce best?".

Strategic plans require: long-term resource commitments

A popular technique for managing a large organization with different technologies and markets is to divide it into strategic business units.

DAGMAR is an acronym for: Defining Advertising Goals for Measured Advertising Results

A unique selling proposition is desirable, exclusive, and believable advertising appeal selected as the theme for a campaign.

Planning is the process of anticipating events and determining strategies to achieve organizational objectives.

A written document that acts as a guidebook of marketing activities for the marketing manager is known as the: Marketing Plan.

Advertising is impersonal, one-way mass communication about a product or organization that is paid for by a marketer.

AIDA is an acronym for attention, interest, desire, and action.

The goal of competitive advertising is to influence demand for a specific brand.

Advertising is any form of impersonal, sponsor-paid, one-way communication.

Product Development is a marketing strategy that creates new products for present markets.

All of the following are categories used in the Boston Consulting Group's portfolio matrix: a. Cash Cows b. Stars c. Problem Children d. Dogs

A series of related advertisements focusing on a common theme, slogan, and set of advertising appeals is referred to as an Advertising Campaign.

An Advertising Objective is a specific communication task that a campaign should accomplish for a specified target audience during a specified period.

For communication to be effective, marketing managers must ensure a proper match between the message to be conveyed and te target market's attitudes and ideas.

Because marketers do not control consumers' comments on social media sites such a Twitter and Facebook there is a chance that comments and postings will be negative.

A series of stages determined by a combination of age, marital status, and the presence or absence of children is known as the Family Life Cycle.

Benefit Segmentation is the process of grouping customers into a market segments per the benefits sought from the product.

A competitive advantage is defined as a unique aspect of an organization that causes target consumers to patronize that firm rather than competitors.

Communication is the process by which we exchange or share meanings through a common set of symbols. People also assign meanings to feelings, ideas, facts, and attitudes.

The two major categories of communications are Mass and Interpersonal.

Communication to large audiences, usually through a medium such as television or a newspaper, is called MASS communication.

Consumers in Louisiana love hot sauce, and Tabasco, and Crystal brands are particularly popular there. Consumers in Michigan do not like hot food, so they purchase very little hot sauce. A national chain of grocery stores would likely use Geographic segmentation when stocking condiment merchandise.

Marketers use Demographics to segment markets because this information is widely available, and factors such as age or gender are often related to consumer purchasing and consumption behavior.

Before any creative work can begin on an advertising campaign, it is important to determine what goals or objective the advertising should achieve.

One method used for setting advertising objectives is the DAGMAR approach.

Integrated Marketing Communications is the careful coordination of all promotional activities to produce a consistent, unified message that is customer focused.

Procter & Gamble uses cents-off campaigns, couponing, and free samples to increase sales of Tide detergent. In other words, it uses a Pull Promotional Strategy.

Customer Relationship Management (CRM) is a marketing method that tracks interaction with customers to optimize customer satisfaction and long-term company profit.

Product positioning is the process of creating the desired image of the firm's product.

Television is an example of an advertising medium.

Reach measures the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks.

When selecting a test market city, a researcher should look for a city where the demographics and purchasing habits mirror the overall market for the product.

The MOST important factor in successful new-product introduction is a good match between the product and the market needs.

Marketing Objective is defined as a statement of what is to be accomplished through marketing activities.

The Marketing Mix is the unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a Competitive Advantage.

A Market Opportunity Analysis describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments.

A market is people or organizations that have needs and wants and an ability and willingness to buy.

A Market Segment is a subgroup of individuals or organizations sharing one or more characteristics that cause them to have similar product needs.

Pricing is the most flexible element of the marketing mix.

A Market is a group of people or organizations that has wants and needs that can be satisfied by product categories, can purchase these products, and is willing to exchange resources for the products.

Repositioning occurs when an existing product is targeted toward new market segments. It is another type of new-product development because the product is new to that segment.

A New Product Strategy links the new-product development process with the objectives of the marketing department, the business unit, and the corporation.

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as the Mission Statement.

A Situation Analysis is a study conducted by an organization to identify its internal strengths and weaknesses and examine external opportunities and threats.

Select a market or product category for study is the first step in segmenting a market.

A Target Market is a group of people or organizations for which an organizations designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.

Market Penetration is a strategy of increasing market share for present products in existing markets.

Market Development is a strategy that attempts to attract new customers to existing products.

The marketing function that evaluates public attitudes, identifies areas within the organization that the public may be interested in, and executes a program of action to gain public understanding is called Public Relations.

Sales Promotion consists of all marketing activities that stimulate consumer purchasing such as coupons, contests, free samples, and trade shows.

A competitive advantage is some unique aspect of a firm's offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition.

Strategic Planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Concept Tests evaluate new-product ideas usually before any prototype has been created.

Test Marketing is a limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.

Promotion is communication by marketers that informs, persuades, and reminds potential buyers of a product to influence an opinion or elicit a response.

The main function of a promotional strategy is to convince the target customers that a firm's products offer competitive advantages over those of competition

Market Research is the process of planning, collecting, and analyzing data relevant to a marketing decision. The results of this analysis are then communicated to management.

The product life cycle is a biological metaphor that traces the stages of a product's acceptance, from its introduction (birth) to its decline (death).

Informing, persuading, reminding and connecting are the four basic tasks of promotion.

The promotional mix consists of advertising, public relations, sales promotion, personal selling, and social media.

Promotion is communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence their opinion or elicit a response.

The promotional mix is the combination of promotional tools used to reach the target market and fulfill the organizations overall goals.

Market Segmentation is the process of dividing a market into meaningful groups that are relatively similar and identifiable.

The purpose of market segmentation is to: enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups.

The stages of the product life cycle, in order, are introduction, growth, maturity, and decline.

The rate of sales decline during the decline stage of the product life cycle is largely governed by how rapidly consumer tastes change or substitute products are being adopted.

RATIONALE: The purpose of segmentation is to group similar consumers and to serve their needs with a specialized marketing mix.

The requirement for a market segment to be responsive means: the segment identified by a marketer should differ in how it responds to the marketing mix when compared to another segment confront with the same mix.

Why do companies with new brands that have a small market share tend to spend proportionately more for advertising and sales promotions compared to those with a large market share for existing products to achieve a certain minimum level of exposure to measurable affect purchase habits.

Unlike advertising that establishes or maintains a company's identify, Product Advertising touts the benefits of a specific good or service.