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Midterm
Marketing Management
| Question | Answer |
|---|---|
| What is a ratio of benefits to costs, as viewed from the eyes of the beholder (the customer)? | Value |
| What utility is created by changing the physical characteristics of a product? | Form Utility |
| What utility is created by making a product available when needed? | Time Utility |
| What utility is created by making a product available where needed? | Place Utility |
| What utility is created by transferring ownership of a product? | Ownership Utility |
| What is the firm's communication of the unique value of its products to its customers? | Value Proposition |
| What may include the whole bundle of benefits the company promises to deliver, not just the benefits of the product itself? | Value Message |
| What serves as a means for firms to identify ways to create, communicate, and deliver more customer value within a firm? | Value Chain |
| What business management tool developed by Michael Porter analyzes primary and support activities? | Porter's Value Chain |
| What are the primary activities in Porter's Value Chain? | Inbound Logistics, Operations, Outbound Logistics, Marketing and Sales, Service |
| What is the ongoing process of developing and implementing market-driven strategies for an organization? | Marketing Planning |
| What is the resulting document that records the marketing planning process? | Marketing Plan |
| What serves as a core driver of business strategy? | Marketing (Big M) |
| What represents specific programs and tactics aimed at customers and stakeholders? | Marketing (Little m) |
| What concept must everyone in an organization understand and support for effective marketing planning? | Customer Orientation |
| What sets the tone for marketing planning? | C-Suite |
| What is connected to the firm's business plan in the marketing planning framework? | Marketing Plan |
| What is often used to describe the process of marshaling resources toward a central purpose around the customer? | Market-Driven Strategic Planning |
| What views SBUs and product lines as investments from which returns are expected? | Portfolio Analysis |
| What portfolio analysis tool classifies businesses as Stars, Cash Cows, Problem Children, and Dogs? | BCG Growth-Share Matrix |
| What portfolio analysis tool evaluates market attractiveness and business position? | GE Business Screen |
| What articulates an organization's purpose or reason for existence? | Mission Statement |
| What is included in most mission statements as the company's desired future state? | Strategic Vision |
| What eventually become refined into specific measurable objectives? | Goals |
| What is a comprehensive plan stating how the organization will achieve its mission and objectives? | Strategy |
| What is the overall directional strategy at the business level? | Generic Strategy |
| What are the three primary categories of competitive strategy? | Cost Leadership, Differentiation, Focus |
| What are activities the firm does well? | Core Competencies |
| What are core competencies that are superior to competitors? | Distinctive Competencies |
| What cannot be easily duplicated by competitors? | Sustainable Competitive Advantage |
| What summarizes strengths, weaknesses, opportunities, and threats? | SWOT Analysis |
| What reveals strengths and weaknesses? | Internal Analysis |
| What points to opportunities and threats? | External Analysis |
| What type of goals are qualitative? | Goals |
| What type of goals are quantitative? | Objectives |
| What strategy seeks to increase sales of existing products in existing markets? | Market Penetration |
| What strategy creates growth by selling new products in existing markets? | Product Development |
| What strategy introduces existing products to new markets? | Market Development |
| What strategy emphasizes new products and new markets? | Diversification |
| What are the implementation elements of marketing planning? | Forecast, Budget, Marketing Metrics |
| What is the process of measuring marketing results and adjusting the marketing plan? | Marketing Control |
| What implementation strategy describes tasks, resources, responsibilities, and metrics? | Action Plans |
| What plans are implemented if the marketing plan becomes unviable? | Contingency Plans |
| What are Miles and Snow's strategy types? | Prospectors, Analyzers, Defenders, Reactors |
| What macro-level external environment factor involves government and regulations? | Political, Legal, and Ethical |
| What macro-level external environment factor involves society and population trends? | Socio-Cultural/Demographic |
| What macro-level external environment factor involves innovation and advancements? | Technological |
| What macro-level external environment factor involves financial conditions? | Economic |
| What macro-level external environment factor involves ecological conditions? | Natural |
| What model includes threats of entrants, rivalry, substitutes, buyer power, and supplier power? | Porter's Five Forces |
| What do marketing managers need to design and execute research that generates precise information? | Marketing Research |
| What are the two fundamental types of marketing information? | Broad Areas of Interest, Specific Questions |
| What is the continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical information? | Marketing Information System |
| What does MIS stand for? | Marketing Information System |
| What sources collect information inside the company? | Internal Sources |
| What formal system collects, interprets, and distributes sales data? | Sales Information System |
| What does SIS stand for? | Sales Information System |
| What sources collect information outside the company? | External Sources |
| What is the continuous process of collecting, analyzing, and storing data from the macro environment? | Marketing Intelligence |
| What are examples of external sources? | Demographics, Economic Conditions, Technology Transformations, Natural World, Political/Legal, Competition |
| What is the first step in the marketing research process? | Define the Research Problem |
| What is the second step in the marketing research process? | Establish the Research Design |
| What research type clarifies the research problem? | Exploratory Research |
| What research type identifies target market characteristics? | Descriptive Research |
| What research type determines cause-and-effect relationships? | Causal Research |
| What are considerations in research design? | Cost-Benefit Analysis, Time Until Decision, Nature of Decision, Availability of Data |
| What type of data is collected specifically for the study? | Primary Data |
| What type of data already exists? | Secondary Data |
| What are the types of primary data? | Qualitative, Quantitative |
| What exploratory research technique uses group discussion? | Focus Group |
| What exploratory research technique uses one-on-one questioning? | In-Depth Interview |
| What descriptive research technique gathers responses from respondents? | Survey |
| What descriptive research technique records actions and behaviors? | Behavioral Data |
| What descriptive research technique observes subjects directly? | Observational Data |
| What observational technique uses devices to record behavior? | Mechanical Observation |
| What sampling plan includes the entire population? | Census |
| What sampling plan uses a subset of the population? | Sample |
| What sampling plan gives known chances of selection? | Probability Sample |
| What sampling plan gives unknown chances of selection? | Nonprobability Sample |
| What are secondary source categories? | Government Sources, Market Research Organizations, Internet |
| What comprehensive business model increases revenues and profits by focusing on customers? | CRM |
| What does CRM stand for? | Customer Relationship Management |
| What objective of CRM acquires the right customers? | Customer Acquisition |
| What objective of CRM retains satisfied and loyal profitable customers? | Customer Retention |
| What objective of CRM increases customer margins? | Customer Profitability |
| What occurs when an offering meets or exceeds expectations? | Customer Satisfaction |
| What implies repeat purchases and strong brand relationships? | Customer Loyalty |
| What CRM metric measures long-term relationship value? | Customer Lifetime Value |
| What does CLV stand for? | Customer Lifetime Value |
| What are the four phases of CRM? | Knowledge Discovery, Marketing Planning, Customer Interaction, Analysis and Refinement |
| What contains all touchpoint information? | Data Warehouse |
| What develops customer segments and micro-segments? | Data Mining |
| What creates lists to reach customer segments? | Database Marketing |
| What is the increasing quantity and complexity of data from technological sources? | Big Data |
| What are the four Vs of Big Data? | Volume, Velocity, Variety, Veracity |
| What V of Big Data helps understand customer behavior? | Value |
| What category of Big Data has a logical organization? | Structured Data |
| What category of Big Data lacks a specific structure? | Unstructured Data |
| What category of Big Data contains some machine-readable elements? | Semi-Structured Data |
| What uses technology to analyze market-level and individual-level data? | Marketing Analytics |
| What analytics summarize data using charts and visualizations? | Descriptive Analytics |
| What analytics examine relationships using regression? | Diagnostic Analytics |
| What analytics predict future outcomes using historical data? | Predictive Analytics |
| What analytics determine optimal actions using what-if analysis? | Prescriptive Analytics |
| What recommendation system uses a customer's past preferences? | Content Filtering |
| What recommendation system uses similar customers' preferences? | Collaborative Filtering |
| What provides managers with up-to-date information? | Marketing Dashboard |
| What marketing performance metric evaluates marketing returns relative to investment? | ROMI |
| What does ROMI stand for? | Return on Marketing Investment |
Created by:
lykieee