MKT Ch.2

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Dbadams94
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MKT Ch.2
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2015-09-06 18:48:01
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MKT
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  1. 5 characteristics of strategic business units. (DCIAP)
    • 1. Distinct mission and specific target market
    • 2. Control over its resources
    • 3. Its own competitors
    • 4. Single business or a collection of related businesses
    • 5. Plans independent of other SBUs
  2. 4 parts of Ansoff's opportunity matrix. (MMPD)
    • 1. Market penetration
    • 2. Market development
    • 3. Product development
    • 4. Diversification
  3. Section of Ansoff's matrix that involves increasing market share among existing customers.
    Market penetration
  4. Section of Ansoff's matrix that involves attracting new customers to existing products.
    Market development
  5. Section of Ansoff's matrix that involves creating new products forpresent markets.
    Product development
  6. Section of Ansoff's matrix that involves introducing new products into new markets.
    Diversification
  7. The process of anticipating future events and determining strategies to achieve organizational objectives in the future.
    Planning
  8. Designing activities relating to marketing objectives and the changing marketing environment.
    Marketing planning
  9. A written document that acts as a guidebook of marketing activities for the marketing.
    Marketing plan
  10. 4 parts of the marketing mix. (PDPP)
    • 1. Product
    • 2. Distribution
    • 3. Promotion
    • 4. Price
  11. 5 parts of a marketing plan. (BSOMI)
    • 1. Business mission statement
    • 2. Situation/SWOT analysis
    • 3. Objectives 
    • 4. Market strategy
    • 5. Implementation evaluation
  12. The creation and implementation of a complete marketing plan will allow the organization to...
    achieve marketing objectives and succeed.
  13. The marketing plan is only as good as the... it contains and the..., ..., and... that went into its creation.
    information, effort, creativity, thought
  14. The business mission profoundly affects the..., ..., and...
    firm’s long-run resource allocation, profitability, survival.
  15. Business mission statements that are stated too narrowly suffer from...
    marketing myopia.
  16. Business mission statements that are stated too... suffer from marketing myopia.
    narrowly
  17. What parts of SWOT analysis are internal?
    • 1. Strengths (S)
    • 2. Weaknesses (W)
  18. What parts of SWOT analysis are external?
    • 1. Opportunities
    • 2. Threats
  19. What is SWOT an acronym for?
    • 1. Strengths 
    • 2. Weaknesses
    • 3. Opportunities
    • 4. Threats
  20. "Strengths" in SWOT, are...
    the things a company does well.
  21. "Weaknesses" in SWOT, are...
    the things a company doesn't do well.
  22. "Opportunities" in SWOT, are...
    conditions in the external environment that favor strengths.
  23. "Threats" in SWOT, are...
    conditions in the external environment that do not relate to existing strengths or favor areas of current weakness.
  24. When using SWOT analysis, what 6 organization resources are being looked at? (PMFCET)
    • 1. Production costs
    • 2. Marketing skills
    • 3. Financial resources
    • 4. Company or brand image
    • 5. Employee capabilities
    • 6. Technology
  25. Designing a marketing strategy is based on what six major environmental forces? (SDETPC)
    • 1. Social
    • 2. Demographic
    • 3. Economic
    • 4. Technological
    • 5. Political/Legal
    • 6. Competitive
  26. 3 types of competitive advantage. (CPN)
    • 1. Cost
    • 2. Product differentiation
    • 3. Niche
  27. A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.
    Competitive advantage
  28. Having a cost competitive advantage means being the... in an industry while maintaining...
    low-cost competitor, satisfactory profit margins
  29. Which is the most conservative quadrant in Ansoff's matrix.
    Market penetration
  30. Which is the most risky quadrant in Ansoff's matrix.
    Diversification
  31. 8 sources of cost reduction. (EENGPRPN)
    • 1. Experience curves
    • 2. Efficient labor
    • 3. No-frills products
    • 4. Government subsidies
    • 5. Product design
    • 6. Re-engineering
    • 7. Product innovation
    • 8. New service delivery methods
  32. Type of competitive advantage that exists when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition.
    Product differentiation
  33. 5 examples of product differentiation. (BSPIS)
    • 1. Brand names
    • 2. Strong dealer network
    • 3. Product reliability
    • 4. Image
    • 5. Service
  34. Type of competitive advantage that seeks to target and effectively serve a single segment of the market.
    Niche
  35. A niche competitive advantage is used by... with...
    small companies,  limited resources.
  36. A niche competitive advantage may be used in a... market.
    limited geographic
  37. The "Goal" is to build a... competitive advantage.
    sustainable
  38. An advantage that cannot be copied by the competition.
    Sustainable competitive advantage
  39. A firm that has successfully achieved a competitive advantage will... from its rivals.
    stake out a unique position
  40. 7 sources of sustainable competitive advantage. (PCLETC)
    • 1. Patents
    • 2. Copyrights
    • 3. Locations
    • 4. Equipment
    • 5. Technology
    • 6. Customer service
    • 7. Promotion
  41. A statement of what is to be accomplished through marketing activities.
    Marketing objective
  42. 4 characteristics of a good marketing objective. (RMTC)
    • 1. Realistic
    • 2. Measurable
    • 3. Time specific
    • 4. Compared to a benchmark
  43. 5 functions of a good marketing objective. (CPMFF)
    • 1. Communicates MM philosophy
    • 2. Provides management direction
    • 3. Motivates employees
    • 4. Forces executives to clarify their thinking
    • 5. Forms a basis for control
  44. The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
    Target market strategy
  45. The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.
    Marketing Opportunity Analysis
  46. 3 steps in completing a target market strategy. (SAS)
    • 1. Segment the market
    • 2. Analyze the market
    • 3. Select one or more target markets
  47. A unique blend of product, place (distribution),promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
    Marketing mix
  48. What are the 4 P's that are found in the marketing mix?
    • 1. Product
    • 2. Place
    • 3. Promotion
    • 4. Pricing
  49. 3 examples of "Product." (TIS)
    • 1. Tangible goods
    • 2. Ideas
    • 3. Services
  50. "Place" includes all activities from... to...
    raw materials, finished products
  51. "Place" deals with..., where and when customers want them.
    product availability
  52. "Place" involves ensuring products arrive in... at designated places when...
    usable condition, needed.

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