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WGU MKT1
Marketing Test MKC!/MKT!
| Question | Answer |
|---|---|
| Joint Venture | A company that recommends the products of another company. |
| Exporting | Taking advantage of opportunities outside a firms home market, but also continues production in the home country. |
| Social Marketing | Social, Company, and Customer Wants |
| Social Marketing | To bring all wants together |
| What are the four marketing Services? | Intangibility, Heterogeneity, Inseparability, Perishability |
| Intangibility | This can not be detected by the five senses. |
| Intangibility | Has no physical substance, but is an act nonetheless |
| Heterogeneity | A service provided by people |
| Heterogeneity | The quality can differ because the service is in the hands of people |
| Inseparability | Something that is provided at the same time it is consumed |
| Perishability | Can no be bought in bulk or inventories |
| Perishability | Has a shelf Life |
| Market penetration | reducing price to increase sales |
| Market Development | a strategy of increasing sales of current products in new markets |
| Tying Contracts | When a supplier offers a product to a buy with stipulations that they have to buy and carry more of their products |
| Deceptive Advertising | False or misleading claims |
| Trade Promotion | An intensive offer at a super low price to get customers into the store and then try to get them to buy a higher priced item |
| Penetration pricing | Attempts to reach those willing to buy at a higher price before marketing to more price sensitive customer |
| Status quo | to avoid confrontation with competitors. |
| Status Quo | The company tries to keep the market they way it was |
| sales orientation | To sell goods regardless of how good they are or if they are needed at all by the consumer. |
| marketing orientation | Managers are tasked to give consumers what they need and not what we wish to sell them. |
| Consumer orientation | Determining unmet consumer needs and then providing a system that met those needs |
| Production Orientation | Seeks profit without spending a great deal of money on overhead. |
| Product Orientation | Also known as marketing budget limitations |
| What is marketing myopia? | When a manager fails to recognize the scope of it business |
| marketing myopia | where managers are more product orientated instead of consumer orientated. |
| Why does Marketing Myopia Occur | Occurs when Marketers focus on the short term goals and not the long term approach. |
| Targeting | Determines which consumers in the group to serve |
| how is Segmentation used in developing a marketing strategy | to identify the factors that affect purchase decisions and then group consumers according to the presence or absence of these factors |
| When are Positioning strategies used | They are used when marketers are trying to distinguish their product from their competitors and to create promotions that communicate the desired position |
| When should Primary Research be used | When research needs to be new and fresh and so that it is focused on the research subject |
| Interviews Mystery shopping Focus groups Projective techniques Product tests Diaries Omnibus Studies | Are examples of primary research |
| Library Previously compiled data | These are examples of Secondary research |
| When should secondary research be used | To save time and money |
| Why do we use marketing research | The determining factors are Cost, applicability and effectiveness |
| What are the basic elements that comprise all marketing strategies | Target Market Product Strategy Distribution Strategy Promotion Strategy Pricing Strategy |
| What are product development strategies? | Market penetration, Product Positioning, Market Development, Product development, product diversification, Cannibalization |
| Market penetration strategy | Increase sales of existing products. Firms can attempt to extend their penetration of markets in several ways such as modify products, improve product quality, or promote new and different ways to use the product. |
| Product Positioning | Refers to consumers perceptions of a products attributes, uses, quality, and advantages and disadvantages compared to competing brands. |
| Market Development Strategy | Finding new markets for existing products. Re segmentation is sometimes used in this strategy |
| Product development | Introduction to new products. |
| Product diversification strategy | Entirely new products for new markets. Some Look for new target markets that compliment their existing markets. Others look for new markets. |
| Cannibalization | To stay away from introducing new products that will take sales away from existing product lines within the same company |
| product life cycle | Introduction, Growth, Maturity, Decline |
| Introduction | generate demand for product, such as stressing benefits and quality |
| What are the functions of the distribution channel | Reduce the number of marketing contacts to make a sale.Sorting Channeling products so they meet buyers and sellers needs Standardizing exchange transactions by regulating or standardizing payment terms, Shipping, prices and purchase lots. It keeps transa |
| Marketing Channels | Direct Marketing, Direct Selling, Duel Distribution, Reverse Channels |
| Direct Selling point | A direct point from producer to final user |
| Why does Marketing Myopia occur | when companies fail to impart how the product is going to improve their lifestyle |
| Segmentation | Groups customers based on similar needs and wants |
| Positioning | How the product will compete with others in its market |
| What are positioning strategies | placing a product in a certain position in the minds of prospective buyers so that marketers can create messages that distinguish their offerings from those of competitors. |
| Direct Channel | Carries goods directly from the producer to the business purchaser or ultimate user. |
| Duel Distribution | Movement of products through more than one channel to reach the firms target market. |
| Reverse Channels | designed to return goods to their producers, such as recycling tires. |
| Growth | Where sales rise quickly |
| Maturity | sales continue to grow at early stages of maturity but will level |
| Decline | Less sales as technology advances and customer base decreases |
| Porters Five | potential New Entrants, Bargaining Power of buyers, Bargain Power of suppliers, Threats of Substitute products, Rivalry among Competitors |
| How is Porter’s Five Forces model used as a marketing planning tool and technique? | It determines where power lies within the business situation and helps you understand the competition and potential competition. |
Created by:
Ahodapp
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