Marketing Quiz 1
What two specific activities are required to be accomplished when one engages in the management function of "planning"? (Setting goals/objectives and selecting a strategy; a plan of action by which to achieve goals/objectives).
-2 elements to planning- 1. setting goals and objectives 2. strategy- a way to obtain the goal
What are the elements that comprise the uncontrollable environment in which marketing decisions are made?
1. social/cultural environment (religion, language, cuisine, aesthetics) 2. political and legal environment 3. economic environment 4. competitive environment 5. resources and objectives of them firm (lad, labor, capital, technology)
What is meant by each of the types of products identified in the Boston Consulting Group's Portfolio Matrix (Cash Cows, Question Marks, Dogs, and Stars)?
Cash cows- low market rate and high relative market share question marks- high market growth rate and low relative market share stars- high market growth rate and high relative market share dogs- low market growth rate and low relative market share
What is the relationship between the costs (and resultant selling price) of an item that is sold closer to the point of its origin (manufacturer) as compared to that same item sold by a retailer (further away from the point of its origin in the item's channel of distribution)?
The products are not the same because it satisfies different needs
(true/false) Companies can directly control the market
True
What is the meaning of the term, "market share"?
a 12 1/2 equal share of market profit
What are the activities identified in the Universal Functions of Marketing?
buying selling risk bearing financing storage market info standardization and grading
What is the meaning and importance of competitive advantage and what is its relationship to strategic planning (i.e., the purpose of strategic planning)?
competitive advantage- identify, implement, and sustain it purpose of strategic planning- need of companies to uncover their competitive advantage
What are the definitions of the following terms: need, want, demands, product, service, Customer-perceived value, customer satisfaction, and demarketing?.
cusomer satisfaction- product precieved preforance matches buyers satisfation ---- customer perceived value- customers evaluation between the benefits and cost of a marketing offer relative to those of competitors ----
What is meant by the term, "demarketing" and under what conditions would a company pursue this strategy? Why
demarketing- slowing down the rate of market growth. why? When there is little supplies of that product, it keeps the customer waiting for a "promotion" keeping them at bay so it's disouraged.
What is meant by each of the growth strategies identified in the Product/Market Expansion Grid (Market Development, Market Penetration, Diversification, and Product Development)?
market penetration- strategy that grows by increasing sales of existing products to existing markets ----- market development- strategy that grows by identifying a developing new market segments ------ product development- strategy that grows by offering modified or new products the existing markets ------ diversification- company growth through starting up business outside the companies current products and markets
What is the meaning and importance of SBUs (Strategic Business Units) and a well-balanced portfolio to a business from a strategic planning perspective?
meaning of SBU= Individual business importance= Elements that makeup your portfolio, a balance
What is meant by, and what determines "market growth rate"?
meaning= The rate of demand for a product determination= companies can restrict the growth rate
What are the elements that comprise the microenvironment?
micro-marketing departments deals with day to day ( are controllable by business) macro-large elements in social economy (uncontrollable)
What are the meanings of the terms, "mission" and "vision" as they relate to strategic planning?
mission-goals and strategies current and short term (1 year or less) the vision is strategic planning- 5 yrs or more (long term)
What is meant by, and what is the importance of the "marketing concept philosophy"?
organization goals depend on knowing the needs and wants of target markets and delivering desired satisfaction better than competitors do.
In the course textbook, what is the definition of marketing and what are its key elements?
process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
What is the definition of the term "product" and how does that differ from the meaning of the term "item"
product- anything that can be offered to satisfy wants and needs (goods and services) item- things that are in stock
What are the elements of the 4Ps of marketing strategy (a.k.a. - the marketing mix or the controllable marketing decision-making environment)
product- branding, packaging, labeling placement- distribution pricing strategy promotional strategy
What are the elements that comprise the controllable environment in which marketing decisions are made?
product- branding, packaging, labeling placement- distribution pricing strategy promotional strategy
What has been the impact and significance of the Consumerism Movement?
put consideration of needs of consumers as #1 in all organizational decision making
From what environmental source (internal vs. external) does each of the elements which comprise SW/OT analysis arise?
strengths and weaknesses- generated internally opportunity and threats-generated externally (uncontrollable)
What is meant by the term, "value"? What are the economic underpinnings of value (i.e., the types of economic utility/usefulness - time, place, possession, and form)?
value- usefulness and dictates price and how much someone i willing to pay