Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
42 Cards in this Set
- Front
- Back
The process of establishing and maintaining mutually beneficial exchange relationships with customers and other stakeholders.
|
Marketing
|
|
Marketing performs three business functions. What are they?
|
1. Product Development Management
2.Customer Relationship Management 3. Supply Chain Management |
|
What are the six types of value created by marketing?
|
1. Form
2. Time 3. Place 4. Possession 5. Information 6. Service |
|
What are the 4P's?
|
Product, Price, Promotion, and Place
|
|
True or False:
Break-Even Analysis includes unit Cost to Attract and Cost to Serve. |
True
|
|
What are the four levels of a product?
|
1. Core Product
2. Actual Product 3. Augmented Product 4. Desired Product |
|
The quality level, features, design, packaging, and brand name of a product
|
The Actual Product
|
|
Actual Benefits received by a consumer for a product
|
The Core Product
|
|
Delivery and credit, warranty, and after-sale service associated with the product
|
The Augmented Product
|
|
The product consumers really want
|
The Desired Product
|
|
Products sold by one business to another to serve organizational needs
|
Industrial Products
|
|
Product designed to satisfy non-organizational, individual needs
|
Consumer Products
|
|
Products that are purchased frequently, immediately, and with minimum effort
|
Convenience Products
|
|
Products purchased only after comparisons with other products have been made
|
Shopping Products
|
|
Unique products that cause a buyer to prize them and make special efforts to obtain them
|
Specialty Products
|
|
If the product is existing and you are targeting existing customers, then the strategy you are using is a....
|
Penetration Strategy
|
|
If the product is new and you are targeting existing customers, then the strategy you are using is a ...
|
Product Development Strategy
|
|
If the product is existing and the customers you are targeting are new then the strategy you are using is a...
|
Market Development Strategy
|
|
If the product is new and the customers you are targeting are new then the strategy you are using is a...
|
Diversification Strategy
|
|
The six steps for the new product development process are:
|
1. Idea Generation
2. Screening 3. Concept Development and Testing 4. Rough Marketing Strategy Development 5. Development 6. Test Marketing |
|
True or False:
Low r-squared means good data. |
False, a high r-squared means good data
|
|
True or False:
An r-squared of 1 is the best and 0 is the worst. |
True
|
|
True or False:
A t-score of >=2 means it isn't significant. |
False: It means it is significant
|
|
Name, symbol, or design used to identify the products and differentiate them from competitive offerings
|
Brand
|
|
The words or letters of the brands
|
Brand Name
|
|
Pictorial part of the brand
|
Brand Mark
|
|
A brand that has been given legally protected status exclusive to the owner
|
Trademark
|
|
A type of brand that a name becomes a generally descriptive term for a product
|
Generic Brand
|
|
Brand loyalty consists of three things. What are they?
|
1. Brand recognition
2. Brand preference 3. Brand insistence |
|
The added value to the firm, the channel, or the consumer with which a brand endows a product
|
Brand Equity
|
|
New products in unrelated product categories that often carry the same brand name
|
Brand Extensions
|
|
A product that has high market growth and high market share is a...
|
Star
|
|
A product that has low market growth but high market share is a...
|
Cash Cow
|
|
A product that has low market growth and low market share is a...
|
Dog
|
|
A product that has high market growth but low market share is a...
|
Question Mark
|
|
The strategy that involves improving market position (stars and question marks), Increasing promotion and adjusting price and distribution to improve performance.
|
Build Strategy
|
|
The strategy that involves remaining with current position (cash cows), and maintaining marketing effort.
|
Hold Strategy
|
|
The strategy that involves selling SBUs to gain a short-term increase in cash flow (cows and stars).
|
Harvest Strategy
|
|
The strategy that utilizes resources better (sell dogs). Withdraw marketing support.
|
Disinvest Strategy
|
|
Fill in this matrix:
Exisiting products New Existing Market ___1___ ___2__ New Market ___3___ __4__ |
1. Market Penetration
2.Product Development 3. Market Development 4. Diversification |
|
To be effective, a segment must meet these criteria:
|
1. The segment must be measurable
2. The segment must be reachable. 3. The segment must be profitable. 4. The segment must be relevant |
|
What are the 5 bases for segmentation?
|
1. Geography
2. Demographics 3. Pyschographics/Lifestyles 4. Usage 5. Benefit |