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49 True/False questions

  1. ways of cost competition(advertising, public relations, sales promotion, and personal selling)

          

  2. Serviceintangible product (that are almost instantly consumed when they are produce)

          

  3. three step testcan't be too narrow (marketing myopia), not too broad, must be balanced

          

  4. Portfolio Matrix areasstars, cash cows, problem children, dogs

          

  5. Market Penetrationa plan developed by an organization that describes how a company's products and or services will be offered to customers

          

  6. promotion strategiesinform/educate consumers about products (advertising, public relations, sales promotion, and personal selling)

          

  7. types of competitive advantagecreate maximum value through efficiently costing products to consumers

          

  8. Market Developmenta strategic alternative to create new products for current markets (xbox)

          

  9. marketing myopiaA unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. (aka 4 Ps)

          

  10. Cash cowmethod of evaluating if a plan was successful

          

  11. marketing mixDefining a business in terms of goods and services rather than in terms of the benefits customers seek

          

  12. dogsvery low growth & very small market share (cd & vcr)

          

  13. harvest(dogs) uninvest in SBU

          

  14. controlmethod of evaluating if a plan was successful

          

  15. Place(physical distribution) location where product is available for purchase (online or brick & mortar)

          

  16. niche competitive advantagecreate maximum value through efficiently costing products to consumers

          

  17. problem childallows marketers communication of product (through media: television, radio, ads, etc)

          

  18. Build allocationcash cows will receive this type of treatment

          

  19. Portfolio Matrixclassifies SBUs by present/forecast market share

          

  20. productoverall sacrifice consumer is willing to make to acquire a specific product (financial amount of product and time and effort of consumer)

          

  21. target market strategyentire market with one marketing mix (milk)
    concentrating on one segment (lady foot locker)
    multiple market segments w/ multiple mixes (disney)
    (this is done through promote, communicate, reach)

          

  22. divest(dogs) uninvest in SBU

          

  23. SBUsvery low growth & very small market share (cd & vcr)

          

  24. 4 ways to allocate resources in matrixBuild, hold, harvest or divest

          

  25. strategic alternativegame plan that a company chooses in order to get the largest growth and profits with the lowest risk

          

  26. Hold allocationcash cows will receive this type of treatment

          

  27. 4 types of strategic alternativesgame plan that a company chooses in order to get the largest growth and profits with the lowest risk

          

  28. implementationallows marketers communication of product (through media: television, radio, ads, etc)

          

  29. starStrategic Business Unit: divisions that help manage business growth by providing flexibilty and control in marketplace

          

  30. Cost Competitive Advantagecreate maximum value through efficiently costing products to consumers

          

  31. Unique Selling Proposition(advertising, public relations, sales promotion, and personal selling)

          

  32. price strategiescost consumers must pay for a product (the most flexible of the strategy)

          

  33. business mission statementcommunicates reason company exists & purpose of a product. based on an analysis of benefits sought by customers and a summary of the business environmental conditions

          

  34. SWOT Analysis(SWOT Analysis) understand current/potential environments

          

  35. environmental scanningCollection and interpretation of environmental conditions

          

  36. 4 reasons marketing plan failsunrealistic marketing,
    inappropriate marketing strategies,
    poor implementation,
    major environmental changes

          

  37. Diversificationa strategic alternative to develop new products and markets. the most risky (disney: films to theme parks; Facebook)

          

  38. Situational Analysis(Strengths Weakness, Opportunities and Threats) helps companies decide on the competitive advantage they'll use in the marketplace

          

  39. types of promotionallows marketers communication of product (through media: television, radio, ads, etc)

          

  40. Market Opportunity Analysisallows companies to investigate potential size of the market, profitability & amount of competition

          

  41. priceintangible product (that are almost instantly consumed when they are produce)

          

  42. Product Developmenta strategic alternative to get new customers by finding new ways to use existing products (arm & hammer)

          

  43. Product Differentationa strategic alternative to create new products for current markets (xbox)

          

  44. product strategiescost consumers must pay for a product (the most flexible of the strategy)

          

  45. place strategiescost consumers must pay for a product (the most flexible of the strategy)

          

  46. competitive advantagecreate maximum value through efficiently costing products to consumers

          

  47. target marketentire market with one marketing mix (milk)
    concentrating on one segment (lady foot locker)
    multiple market segments w/ multiple mixes (disney)
    (this is done through promote, communicate, reach)

          

  48. marketing strategya strategic alternative to increase profits by increasing market share among existing customers . lowest of risk(coca cola)

          

  49. promotionoverall sacrifice consumer is willing to make to acquire a specific product (financial amount of product and time and effort of consumer)