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