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Marketing Test One
| Question | Answer |
|---|---|
| Asbestus. (used in flooring w/ latex) | sometimes it is an advantage for buyers/sellers not to tell certain information |
| how to forecast sells | What people say- survey of BUYER INTENTIONS- but INTENTIONS does not EQUAL behavior. |
| Forecasting Sales | important because many decisions are made based on the forecast. |
| survey sources of error | 1. Sampling-must be Representative 2. Nonresponse-ignored 3. Response- people lie |
| ways to generate primary data | 1.observation-watching 2.experiments-hard to control 3. Focus Groups 4. Surveys |
| primary data | produced specifically for your current project |
| place | getting product into customers hand (distribution) |
| promotion | communication between buyer/seller |
| price | what is exchanged |
| product | a service, good, or idea that satisfies a customer's needs |
| marketing concept | *The way a company behaves or views itself *ALL ELEMENTS *satisfy customer *achieve long term profit |
| number one question | "Will you buy it?" |
| Animal Trap Company | if you produce a better product, people will buy it (production orientation) |
| Marketing | organizational set of processes for CREATING, CoMMUNICaTING, & DELIVERING value to customers- managing customer relationships to benefit organization and stakeholders- DOES NOT = SELLING |
| Social Forces | Demographics-culture-role of women changing-changing values *As people age, desires change" |
| economic forces | if the economy is good/bad, income - gross/discretionary/disposable |
| exchange in business | the most important function in business, makes the economic world go round |
| exchange | trade of things of value between buyer/seller so that each party is better off after trade |
| technological forces | inventions, internet, recycling products (finding a different way to make products) |
| Benny Labar | had an interview with conoco, wanted manzer to talk him up to gain COMPETiTIvE ADVANTAGE, manzer agreed to taut him b/c he was persistant and kept at it. |
| Latex | Dow- produced in early 1930s and used in paint, stopped production for WWII efforts, after war many competitors for DOw, Dow found different ways to use latex in order to survive in latex industry |
| style | the way someone does something- people need a compelling reason to change their style |
| utility | the benefits or customer value received by user of product |
| primary function of MKTing | integrating-interact between buyer/seller |
| 3 trends that are taking place | 1. long term customer focus 2. interdependabiliy/teamwork 3. entitlement/employee accountability |
| plans on how to grow | 1. business portfolio analysis 2. market/product analysis |
| sources of secondary data | 1.internal - customer sales and data, inventory 2. external - US census, trade asso. |
| reasons to study marketing | 1. it permiates society 2. 25 - 30% of jobs involve marketing 3. it costs YOU alot of money |
| Goals | individual and organizaitonal - convert mission into TARGETED LEVELS of performance to achieve (Alice in Wonderland) |
| biggest problems of management | dont reward A if you expect B - reward activities you want to occur |
| interdependability/teamwork | Cross functional Teams - utilize different abilities by working together |
| regulatory forces | law and restrictions (drinking age to 21) |
| competitive forces | most dangerous to individual firms |
| Why growth as a goal? | 1. "owner's mandate" - increase personal cash flow 2. remain in competition 3. keep reputation |
| secondary data | already exist before you begin a project |
| complex environment | means more information is needed - national to global, needs to wants, price to non price |
| what goals can do | 1. reference points- so you know where you stand 2. motivate 3. sense of purpose 4. help decision making |
| marketing concept | the way an organization behaves or views itself, in a way that all elements must satisfy the customer and achieve long term profitability |
| 4 types of utility | 1. form -production or alteration 2. place - where needed 3. time- when needed 4. informational- when customer learns more about product and it increases in value |
| critical evaluation of secondary data | 1. validity 2. reliability 3. homogeneous 4. IMPARTIALITY |
| MIS | marketing information system- a way to tap the flow of information that influences marketing management - 1. databases 2. marketing intelligence system 3. marketing research |
| 4 things that help exchange take place | 1. product 2. price 3. promotion 4. place |
| 4 ways to satisfy each party during exchange | 1. production orientation - d > s, products sell themselves 2. seller orientation - s>d, advertise, comp. 3. marketing orientation - find what consumer wants, sell that. hardest, most effective 4. social responsibility |
| marketing research | define mkting problem & opportunity, systematically collect data, analyze and make marketing recommendations |
| 5 steps of marketing research | 1. define problem 2.determine research plan 3. collect relevant info. through secondary and primary data 4. develop finding 5. take marketing actions |
| environmental factors | "uncontrollable factors" 1. economical 2. social 3. technological 4. competitive 5. regulatory |
| longterm customer focus | "customer loyalty" 1.financial/economic ties 2. physical/structural ties 3. social ties |
| marketing mix | made up for 4 p's, decisions involving 4 ps to solve problem |
| marketing management strategy | 1. plan 2. execute 3. control |
| marketing intelligence system | intelligence agents "sales people" go out into environment, gather info. about economy and report to managers, bad at this bc they recieve no benefits for it |
| bill bradley/pad of butter | bball recruiter- just bc someone is of a higher social status, doesnt make them better "remember the little people on the way, b/c you'll see them on the way down" |
| market product analysis functions | 1. market penetration (C/C) 2. product development (C/N) 3. market development (N/C) 4. diversification (N/N) |
| databases | internal vs. external |
| data mining | extraction of hidden predictive information from large databases |
| employee accountability/entitlement | rewards based on WHO you are not what you do. -need to replace entitlement with accountable |
| 3 things to determine advantages | 1. success requirements 2. competencies 3. choose the one where they match <where you have the competitive advantage> |
| marketing strategy | 1. find target market 2. develop marketing mix for target market <choose market where you have competitive advantage> |
Created by:
meganmcgee
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