IVY SOFTWARE MARKETING SERIES FOR THE MBA Program
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| show | Organizational function and set of processes for creating, communicating and delivering value to a customer while managing customer relationships to benefit the organization and its stakeholders. (AMA definition)
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| show | 1.Product
2. Place
3. Promotion
4. Price
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| show | Things managers can control
In a SITUATIONAL ANALYSIS: SWOT objectives:
Strengths and Weaknesses are internal environments
Opportunities and Threats are External environments (less/NO control )
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| show | Things that a manager can not control
Using the SWOT objectives: Strengths and Weaknesses are internal, while Opportunites and Threats are external environmental issues
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| show | S-Specific
M-Measurable
A-Actionable
R-Realistic
T- Time oriented
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| What's the purpose of developing marketing strategies? | show 🗑
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| show | If you implement a marketing strategy, you are EXECUTING the strategy.
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| Evaluate and measure -- If the objectives have been met what do you do? | show 🗑
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| show | All organizations are affected by the growing influence of International Marketing Strategies for many companies.
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| show | Moral codes, values and standards to determine whether marketing actions are good or evil and if they are right or wrong.
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| Social Marketing or Socially Responsible Marketing | show 🗑
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| show | It's the obligation for marketing organizations to do NO HARM to the social environment and to use skills and resources to enhance environments (AMA definition)
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| True or False Only marketing organizations in business to make a profit engage in marketing activities. | show 🗑
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| True or False The best definition of marketing is SALES or ADVERTISING | show 🗑
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| True or False Most contemporary marketing organizations practice Market Orientation Philosophy? | show 🗑
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| show | Requires that an organization understands the needs and wants of customers, puts them first throughout all the organizations functional areas, and aligns customers satisfaction w organizational objectives. (I think)
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| True or False Remembering SWOT..... A marketers INTERNAL ENVIRONMENT includes opportunities and threats such as changes in Economy | show 🗑
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| show | TRUE this is the definition of Marketing plan if you look it up
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| A SWOT analysis which examines a company's strength and weaknesses its opportunities and threats happen at implementation of marketing strategies stage of the Markeitng process? | show 🗑
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| T or F Are increase sales of goods an example of SMART objectives | show 🗑
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| True or False Critical to target market selection for a marketing organization is the organization is the recognition that not everyone can be considered a potential customer | show 🗑
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| True or False Only organizations that actively produce and sell product in international markets needs to be concerned with global economy. | show 🗑
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| show | Whats the best example of a key PRODUCT BENEFIT whch appeals to Paul? Name a product feature---- ITS THE GREAT TASTE OF THE COFFEE AT DUNKIN DONUTS THAT IS THE PRODUCT FEATURE.
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| show | The promotional activity would be Dunkin Donut giving the customer a frequent user card ( It's a promotional because it gives the customer a slight discount)
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| show | The distribution decision that helps Paul purchase his coffee is B. DRIVE UP WINDOW.
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| show | The pricing strategy that is used to get Paul to buy the coffee is the thought that its less expensive that Starbucks.
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| show | STRENGTHS (SWOT/situational analysis)
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| show | THREAT (SWOT/situational analysis) also Threats are considered external environments because you can not contol them.
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| Growing consumer desire for quality products delivered quickly represents either Strength Weakness Opportunity or Threats. Which? | show 🗑
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| show | STRENGTH (SWOT)
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| Your company name implies UNHEALTHY FAST FOOD PRODUCTS which represents a ______ | show 🗑
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| show | Weakness (SWOT) its an internal environment because you have control over it and can make changes.
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| If research indicates your consumer group spends a lot of time commuting, this represents an _______. | show 🗑
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| If Dunkin Donuts opened a store in Canada (can you match up the Growth Strategy with a marketing activity) is that Market penetration, Market development, product development or Diversification? | show 🗑
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| If Dunkin adds lunch items to its menu that would be________ | show 🗑
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| show | Seeling it in grocery stores makes it 4: diversification
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| show | Product penetration --its really another way to introduce the same product to people.
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| What are smart marketing analysis objectives? | show 🗑
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| True or FALSE Would an increase in sales represent SMART marketing? | show 🗑
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| T or F Would an increase in the number of supermarkets carrying Dunkin Donut bagged coffee by 10% be a SMART marketing objective? | show 🗑
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| show | False Improving customer service is NOT MEASURABLE nor TIME SPECIFIC and not all the SMART objectives are clearly stated.
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| IF YOU GENERATE MORE SALES VOLUME WITH EXISTING CUSTOMERS BY 20 % by THE END OF A FISCAL YEAR is this a SMART objective | show 🗑
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| Name the 4 growth strategies: | show 🗑
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| If the number of production errors for the DD cups drops by 20% over the next fiscal year? Does this use SMART marketing objective? | show 🗑
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| Final exam question 1 Proctor and Gamble introduces New Products after extensive Marketing Research for customers wants and needs. Is this A Product orientation B Market Orientation C Sales orientation D Distribution orientation | show 🗑
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| Verizon Fios entered the makret place to compete w existing cable companies, Verizon went Door to Door to offer Customers Deep Discounts to switch. Their efforts are described as 1.Product orientation 2 Market orient.3 Sales orient. 4 customer orientation | show 🗑
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| show | pick one
Its MARKET ORIENTATION. fully understanding customers wants needs and desires.
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| Final exam question 4 Societal Marketing Orientation is: | show 🗑
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| show | pick one This is like the dunkin donut option to buy one cup or a 1 lb bag of ground. Same product sold to the same group of customers.
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| When Ikea announced it would build 10 new stores per year for the next 5 years to increase sales, Ikea was: a. Developing makret strategies B implementing market strategies C. evaluating whether objectives were met or D. setting market objectives | show 🗑
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| Exam question 7: When APPLE relased the iphone what was Apple pursuing? A. Market penetration B Market Development C Product development d. Diversification | show 🗑
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| show | Market penetration occurs when a company penetrates a market in which current or similar products already exist.
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| Define Product development: | show 🗑
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| show | (new markets, existing products): Lucozade (sports energy drinks) was first marketed for sick children and then rebranded to target athletes.
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| Define diviersification: | show 🗑
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| What's Sales Orientation | show 🗑
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| show | The needs and wants of customers comes first, aligns with customer satisfaction, organizational objectives, marketing ethincs like morals, values, standards used to determin good vs evil
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| show | its a philosophy that many compaines claim but few practice ( thats the answer for all the test questions that mention societal marketing)
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| show | increase sales in existing markets w existing products. an example would be introducing a new smartphone into a market saturated in smartphones but yours has one cool feature the others dont.
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| Whats setting marketing objectives? | show 🗑
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| Development in market strategy is: | show 🗑
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| Implement and evaluation in marketing is: | show 🗑
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| show | includes Political, legal, regulatory, natural, technological, socio-cultural, competitive things you have little or no control over
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| What is SMART marketing objectives | show 🗑
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| INTERNAL = | show 🗑
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| EXTERNAL= | show 🗑
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| If Dunkin Donut opened stores in Canada what would that be an example of: | show 🗑
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| If Dunkin Donut added lunch items to their menu, what would that be? | show 🗑
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| If DD makes ice cream and sells it through local grocery stores what is that? | show 🗑
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| Would increasing sales volume be a SMART marketing objective? | show 🗑
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| Would increasing the number of supermarkets carrying 1 lb dunkin donuts coffee by 10% be SMART marketing objectives? | show 🗑
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| What if you say you plan to generate more sales value (how much?)w existing customers(how many) by the end of fiscal year 2013---is this SMART marketing? | show 🗑
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| show | Customers are either CONSUMERS or they are BUSINESS BUYERS
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| show | 1. Recognize the problem, I need____.
2. do Information Research
3. Evaluate alternatives (a consideration set is made anything not in this set is not considered)
4. Make a purchase decision (to buy or not to buy-)
5. Make a Post purchase evaluation
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| show | 1. impulse buying 2. Brand loyalty 3. Routine Response buying
4.Limited Problem Solving purchases. Things like family life cycle, personality, demographics, motivation, beliefs, altitudes, social and cultural factors, the value, subculture, and family
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| B2B business to business buying depends on a committee process: | show 🗑
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| show | 1. PRODUCERS- like proctor and Gamble manufacture goods and services 2. RESELLERS wholesalers dist. and retailers 3. GOVT. federal state and city-- biggest B2B purchasers 4. INSTITUTIONS hospitals schools, jails, food, cleaning, office supplies and etc.,
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| B2B buyers have 4 decision processes: | show 🗑
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| show | New Task buying is more complex and its the first time purchasing of a product and is considered MOST RISKY.
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| What is MODIFIED RE-BUYING? (B2B) | show 🗑
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| What is a STRAIGHT RE-BUY: (B2B) | show 🗑
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| What is the HEART of a business purchase? | show 🗑
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| show | TRUE -need to figure out who the influencer, purchaser, users and gatekeepers of the Buying center are. This informal group of people all have roles in the decision making.
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| show | 1. Producer
2. Reseller
3.Government
4. institutions
I'm going to make a few cards with this question so memorize it.
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| Business Markets need to know: | show 🗑
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| show | The Target Market is who is going to buy our product at what cost and how do we promote and advertise it? Its the consumer or B2B buyer that they decide is gong to be a potential customer.
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| show | It's when you establish a unique place in the minds of a Target Market, relative to the competitors. VOLVO=SAFETY like upscale stores make you feel better about yourself so you want products from there.
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| What about LIFESTYLES? What should you know about Lifestyles? | show 🗑
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| show | ONE specific company's product is marketed to an age appropriate or specific group of people to meet their needs . a fake example: ME jeans in a cool store geared to attract teens into their store to wear their product.
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| What are CONSUMER PRODUCTS? | show 🗑
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| show | 1. installation
2. Accessory Equipment
3. RAW materials /component parts
4. process materials/ MRO supplies
5.Business service categories
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| show | when a company introduces a new product hopefully it will not cannibalize the other products that they have on the market. Sometimes new products are introduced to discontinue older products for something new, wit more options, fancier, more expensive.
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| BRANDING is | show 🗑
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| show | Its the value of your brand, the consumers attitude toward your product, the financial value. TRADEMARK/TRADE NAMES 1. Private Brand 2. No specific Brand 3.Generic Family Brands/individual brands Packaging also is a way to advertise
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| There are special considerations in Managing services for your business and one of the most important things is: | show 🗑
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| What are the 4 steps in the PRODUCT LIFE CYCLE? | show 🗑
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| What is PRODUCT ADOPTION? | show 🗑
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| With Product adoption comes DIFFUSION. what's that? | show 🗑
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| show | You are informing, persuading, and reminding your target audience/customers about the product, your company, and making sure they remember your BRAND, company name, logo... so they remember you and you end up in their consideration set.
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| show | TRUE More money is spent on promoting than on advertising. (informing, persuading and reminding your customers about your company and product and why you need it)
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| show | companies that advertise to nationally branded products DIRECTLY to consumers use PULL promotion while. PUSH--- aims promotional activities to wholesale/retailers who move it to customers.
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| In Promotional planning what do you want customers to know? | show 🗑
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| show | Publicity is free advertising but it is "controlled by the media and PR professionals."
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| show | 1. Convenience-- rotine sales like Toilet paper, heating oil, gum
2. Shopping-- some effort is made at selecting like jeans, jewelry, tires and who cuts your hair.
3. Specialty purchases-more expensive, shoppers compare prices. CARS/suits/big items
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| Distribution and pricing is a concert with products and promotions Distribution includes the movement of products to get them on the shelves to buyers and the transfer of ownership. who is involved? | show 🗑
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| show | Its to transfer products to producer to the end user. Do you buy milk at a dairy or meat at slaughter house? No you go to a grocery store where all items are readily available for you to purchase. Retailers and wholesalers get items into the store.
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| show | WHOLESALERS SELL TO BUSINESSES
Retailers sell to end users/consumers 1. general mechandise 2. specialty and 3. non store retailers
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| show | DIRECT-- is B2B markets with fewer intermediaries acting.
INDIRECT- has large number of intermediaries seen in consumer markets. they pass the product from person to person until it is sold. producer to wholesaler to retailer to consumer is an example.
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| show | TRUE The supply chain is the smae as logistics or logistic management.
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| show | Intensive distribution --for lower priced convenience products and routine purchases. It is the #1 most common
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| show | selective distribution include highly shopped for brands. Customers have brands in mind before taking time going shopping for them. shopper must feel good for shopping and pruchasing item.
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| show | exclusive distribution --specialty products like fancy cars, fancy jewelry and these tend to be expensive purchases that make people feel especially good about the purchase.
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| What are the 3 pricing objectives? | show 🗑
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| show | 1. COST-cost to produce product affects price of product
2. DEMAND- what people are willing to pay for a product
3. Competition-whats already on the market? at what prices?
4. Market-product lifecycle stage- it gets cheaper the longer its avail.
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| show | 1New product pricing- new products are slightly higher priced
2. Penetration pricing-enter at a lower price so you sell more immediately 3. Product line pricing-item at a set price 4 promotional pricing-introductory price for set time
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| show | Yes everyone likes a deal. discounts, deals, allowances, coupons, rebates, bonus pack deal all might get people to try a product. Its good because some will like it and continue buying it once they try a product.
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| show | Price fixing
Price discrimination
Predatory pricing-
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| true or false The final selling price of a product determines the level of profit a company earns period. | show 🗑
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| All products can be placed on a continuum from pure goods at one end to pure service at the other end. Most products fall somewhere along that continuum. Name 3 things that fall on the service side of the continuum? | show 🗑
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| Intangible means: | show 🗑
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| Inseperability means: (Think how an employee represents the company that they work for...) | show 🗑
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| show | perishability is the fleeting nature of a service. An empty hotel room on friday can not be saved and used on a saturday. Once Friday is gone that opportunity is gone to sell it.
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| what's Heterogenity or variability? | show 🗑
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| show | 1. Introductory
2. Growth Stage
3. Maturity Stage
4. Decline Stage
The profit earned follows the same pattern on a graph. up with a peak then down usually.
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| show | Businesses usually DO NOT make a profit in the introductory stage of a product because they have to pay for development costs, promotion, distribution, packaging, advertising etc.,
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| Marketing channel is interchangable with distribution channel or channels of distribution T or F? | show 🗑
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| fact 1 and 2: The distribution process involves not only the physical movement of products from one point to another but the transfer of ownership of that product. | show 🗑
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| show | NO. The functions that the middle man provides are worth the cost of using the middle man. An effective distribution channel reduces the overall cost of the product, not the product cost at a single point in the channel.
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| show | Fact4:Intermediaries include WHOLESALE. usually see them in food service, grocery store and the electronics industries. BTX/Bi-tronics is an example.
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| show | fact 5: Agents and brokers provide a variety of services but DO NOT take title or acquire ownership of products. AGENTS AND BROKERS NEVER TAKE TITLE OR ACQUIRE OWNERSHIP of the product.
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| show | Fact 7: Best Buy and Radio shack are examples of home electronics retailers because they sell a wide variety of electornic products to consumers. There are GENERAL, SPECIALTY & NON-STORE RETAILERS.
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| show | 1. department stores are general merchandise retailers like Macys
2. Discount stores like Wal Mart and Target
3. Supermarkets like WHOLE FOODS or Krogers or Hannafords
They all carry many product lines and provide customer service.
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| Name examples of specialty Retailers: | show 🗑
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| show | Non-store retailers include
1. AVON
2Mary Kay
3.Vending Machines
4. Online selling is considered non store selling
Brick and Mortar are traditional selling while Click and Mortar is a term for online selling
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| If a person buys the right to sell a product using a name of a company then what have they done? | show 🗑
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| Fact8: Direct Channels use B2B markets and fewer intermediaries. an example would be producer to industrial user or maybe producer to agent to industrial distributor to industrial buyer. (the word INDUSTRIAL signals direct channel) | show 🗑
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| Fact 9: INTENSE DISTRIBUTION is commonly used for low priced convenience products and routine purchases. Products are made readily available because people are not going to exert effort to buy these items. think coke or pepsi | show 🗑
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| Fact 11; EXCLUSIVE DISTRIBUTION is for specialty merchandise. it heightens its appeal and contributes to its worth. Tiffany's Diamonds, Rolex, Coach, and high end automobiles. | show 🗑
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| show | Fact 14:How a product is marketed can dramatically increase its desirability. Calvin Klein ads are sexy. If you wear perfume you will be sexy & attract sexy people. Cost to make perfume is same as cost to make old spice. How its promoted sets the price.
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| fact 15: Marketing organizations use Product, Promotion & Distribution strategies to signal customers about the value of its product(s). The more desirable the product the more money they can sell it for usually. | show 🗑
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| If Arm and Hammer tells you to start leaving an open box of baking soda in your refridgerator to absorb odors it is pursuing a. Market Penetration True or False | show 🗑
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| look at www.pg.com Does Proctor and Gamble use undifferentiated, multi-segment or concentrated targeting strategy? | show 🗑
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| show | True They should be created based on attributes that are important to customers in the target market.
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| show | True Identifying differences in the market and creting a unique marketing mix to appeal to each segment in an example of differentiated or multi-segment targeting.
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| companies use product positioning to find the most desirable spot in a supermarket to display their products. True or false | show 🗑
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| show | yes. Comanies have greater success if they use concentrated or multi-segment targeting strategy
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| show | yes. In addition to profiling the characteristics of the typical buyer in a market segment the organization must also determine if it is economically feasible to target a particular segment.
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| The first step in the segmentation process is to profile and analyze the market segment. | show 🗑
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| show | yes, after selecting the target market, a unique marketing mix must be developed for each target market identified.
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| Not all customers are equal | show 🗑
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| There are 9 steps in marketing research. Name as many as you can: | show 🗑
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| What is the most over looked step in the 9 steps of Marketing Research? | show 🗑
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| Fact: The center of every model is always the CUSTOMER and that person is either a consumer or business to business purchaser. This person is also within your target market. Thats the goal after all. to attract buyers. | show 🗑
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| show | Facts: Customers must have 1. The ability to buy it 2. A willingness to buy it 3. The authority to buy it if a person doesnt have these 3 things then they are not considered good for your target market.
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| show | Fact: brand equity is the value of your brand, the consumers attitude about your brand, the financial value of your brand.
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| PULL --> companies that advertise to nationally branded products DIRECTLY TO CONSUMERS is pull promotion strategy. | show 🗑
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