CLEP PRINCIPLES OF MARKETING MAR2011
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CLEP PRINCIPLES OF MARKETING MAR2011 - Leaderboard
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| The process of planing and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals | What is Marketing? |
| A Market is made up of all the people or organizaitons who want or need a product and have the willingness and ability to buy. | Define Market. |
| Goods, Services, Ideas, Places, or Persons | What are Products? |
| A customer-oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals. | What is the Marketing Concept? |
| Environmental Analysis, Consumer Analysis, Product Planning, Price Planning, Promotion Planning, Physical Distribution (Place) Planning | What are the 6 Marketing Functions? |
| Provid the means to evaluate market potential and identify target markets. | What do Environmental & Consumer Analysis Market Research Functions do? |
| The Marketing Mix Variables | Product, Price, Promotion, and Physical Distribution Planning Are known as? |
| Four variables that comprise an organization's marketing program: Product, Price, Promotion, and Physical Distribution. | What is the Marketing Mix? |
| Product, Price, Promotion, Physical Distribution | What are the Four "P's"? |
| Process of dividing the total market into distinct submarkets based on similiarities in: wants, needs, behaviors, or other characteristics | What is Market Segmentation? |
| Groups of customers who are similar to each other in a meaningful way and who will respond to a firm's marketing mix similarily. | Define Market Segments |
| One particular Group of potential cusotmers that the organization seeks to satisfy with a product. | Define Target Market |
| Exists when a product or brand is perceived as different from its competitors on any tangible or intangible characteristic. | What is Product Differentiation? |
| An organization's state of marketing strategy and the specification of the actitives required to carry out the strategy. | What is a Marketing Plan? |
| Identify target markets, provide general guidelines for developing the marketing mix, environmental analysis, market rersearch plans, cost estimates, and sales forecasts. | What does a Marketing Plan Typically Cover? |
| The plan begins with an assessment of the situation confronting the firm. | What is the first step when developing a Marketing Plan? |
| Identifies the company's relative strengths and weaknesses, as well as opportunities and threats posed by it's marketing environment. | What is Situation Analysis? |
| Macroenvironmental Factors and Micoenvironmental Factors. | What are the two factors of the Marketing Environment? |
| Uncontrollable Forces: Demographics, Economic Conditions, Competition, Social and Cultural Factors, Political, Legal, Government, and Tech Factors. | What are Macroenvironment Factors? |
| Defines the way in which the marketin gmix is used to satisfy the needs of the target market & achieve organizational goals. | What is a Marketing Strategy? |
| SEE PHYSICAL FLASHCARD | Draw the Product/Market Opportunity Matrix |
| Attemps to increase sales of the firm's existing products to its current markets. | What is Market Penetration Strategy? |
| Attempts to increase sales by introducing existing products to new markets. | What is Market Development Strategy |
| Entails offering new products to the firm's current markets. | What is Product Development Strategy? |
| Aims new products at new markets. | What is Diversification Strategy? |
| SWOT Matrix | What tool is used to assess the potential value and fit of new opportunities? |
| SEE PHYSICAL FLASHCARD | Draw SWOT Grid. |
| Strengths, Weaknesses, Opportunities, Threats | Define the 4 areas of SWOT. |
| Strengths and Weaknesses of a Firm | Which two areas of SWOT are Internal? |
| Opportunities and Threats | Which two areas of SWOT are External? |
| Framework that classifies each product or product line within a firm's product portfolio. | Define Boston Consulting Group Matrix. |
| SEE PHYSICAL FLASHCARD | Draw Boston Consulting Group Matrix. |
| Generate large profits, consume substantial resources to finance continued growth. | Define "Stars" of BCGM |
| Not great profits, requires high levels of investment to keep or increase market share. AKA "question mark". | Define "Problem Child" of BCGM |
| Generate large profits and require little investment to maintain market share. | Define "Cash Cows" of BCGM |
| Low profitability and little opportunity for sales growth. | Define "Dogs" of BCGM |
| Made up of the unique qualities of a product that encourage customer purchase and loyalty. Gives a customer a reason to "prefer". | What is a Differential Advantage? |
| A consumers' ability to perceive differences among competing products. | What is Product Differentiation? |
| Used to characterize short-sighted marketing strategy. Refers to managers focusing narrowly on products they sell rather than customers they serve. | What is Marketing Myopia? |
| Differential advantage held over competitors by offering buyers superior value either through lower prices or other elements of hte marketing mix. | What is Sustainable Competitive Advantage? |
| The systematic process of planning, collecting, analyzing, and communicating information that is relevant to making better marketing decisions. | Define Marketing Research. |
| Situation analysis, strategy development, marketing plan development, monitoring the performance of plans following implementation. | Marketing Research is Important to What four activities? |
| Economic environment, tech developments, social/buying changes, legal/political, rate of market growth, buyer behavior, brand loyalty, competitive behavior, market share trends, size of market and potential market. | Give up to Ten Examples of Situation Analysis Examinations |
| What business should we be in, how will we compete, what are the goals for the business. | What Questions Should Strategy Development Answer? |
| Focuses on how the elements of the marketing mix can be most effectively used. | What Role Does Marketing Plan Development play in Market Research? |
| Monitoring performance of plans following implementation may require the collection of either qualitative or quantitative information. | Monitoring the Performance in Market Research Requires 2 types of Information? |
| Designed to yield reliable and objective answers to specific marketing questions. | What is the Primary Function of the Marketing Research Process? |
| 1. Define the research objective, 2. Determine Research Type, 3. Determine Research Approach, 4. Select Data Collection Method, 5. Analyze Results, 6. Report the Findings. | Name the Six Steps to the Marketing Research Process |
| Exploratory, Descriptive, Causal | What are the Three Research Types in the Marketing Research Process |
| Identify problems or hypotheses | What is Exploratory Research? |
| Information about existing market conditions | What is Descriptive Research? |
| Identify cause and effect relationships | What is Causal Research? |
| Qualitative and Quantitative. | What are the two research approaches used in the Marketing Research Process? |
| Observation, in-depth interviews, focus groups | What is Qualitative Research Approach? |
| Experiments, questionnaires | What is Quantitative Research Approach? |
| Mail, telephone, personal interviews. | What are the Data Collection Methods in Research Process? |
| Specifices the plan for collectin gand analyzing data. It identifies data to be collected, data-gathering method to be used, population to be studied. | What is the Research Design? |
| Process of gathering data from a selected subgroup chosen from the population of interest. | What is Sampling? |
| Probability select persons from population at random; non-probability are nonrandom samples. | What is Probability and Non-Probability Samples? |
| Larger sample sizes yield more reliable results but are also more expensive than smaller samples. | What are the characteristics of Sample Size? |
| Primary is collected specifically for current study. Secondary is old data collected for reasons not related to present study. | What is Primary V Secondary Data? |
| SEE PHYSICAL FLASHCARD. | Draw Characteristics of Primary V Secondary Data Graph |
| Means of systematically acquiring information from individuals by communicating directly with them. | What is Survey Research |
| In-Person data collection procedure in which the interviewer meets with 5-10 persons at the same time. | What is a Focus Group? |
| SEE PHYSICAL FLASHCARD. | Draw Characteristics of In-Person, Mail, and Phone Surveys Graph |
| Unobtrusive data collection procedure in which subjects' behavior is observed without their knowledge. Pro: Behavior not influenced. Con: Attitudes cannot be read. | What is Observation in Survey Research? Pros / Cons? |
| Compares the impact of marketing variables on individuals' responses in a controlled setting. Pro: Can identify cause-effect. Con: High costs/laboratory settings. | What is Experimental Research in Survey Research? Pros / Cons? |
| Is made up of the people, equiptment, and procedures to gather, sort, analyze, evaluate, and distribute accurate information to marketing decision markers. | What is a Marketing Information System (MIS)? |
| Forcasting- Estimating the demand for a brand or product or category. What will happen in the future by Qualitative or Quantitative techniques. | What is a highly specialized function of a MIS? |
| Internal Expert opinion - often internal sales person, Consulting panels of independent 3rd party experts, Decision Trees and Scenario Building (probability models based on opinion) | What are the Qualitative techniques used in forecasting? |
| Forcasts based on the analysis of historical sales trend data, math models incorporate multiple decision variables, multiple regression analysis, Econometic modeling. | What are the Quantitative Forecasting Methods? |
| Short: Month or Quarter, Medium: Annually, Long: Five year Period | How long is Short-Term / Medium-Term / Long-Term Forecasts? |
| Demographic or behavioral Dimensions | Target Markets can be Mesurable by? |
| The identifiable characteristics of individuals and groups of people. Including: Age, sex, family size, income, occupation, education. | What are Personal Demographics? |
| Identifiable characteristics of towns, cities, states, regions, and countires. Including: county size, city, or SMSA, population density, or climate. | What are Geographic Demographics? |
| Social factors, psychological variables, and purchase situations. Including: purchase occasion, user status, user rate, and brand loyalty. | What are Behavioral Dimensions? |
| When the total potential market for a product is too diverse to be treated as a single target market. | What does a Heterogeneous Market Mean? |
| The process by which the total potential market for a product is divided into smaller parts or segments. | What is Market Segmentation |
| Potential buyers within each segment are more similar to each other on key dimensions than to buyers assigned to other segments. | What is Homogeneous Segments? |
| It allows marketers to better match products to the needs of different customer types and allows the firm to create a marketing mix specificially for that segment creating larger success. | What are the two advantages to Segmenting Markets? |
| 1. Variables are chosen and market is divided. 2. Profiling the resulting segments. | What are the two steps to Segmenting? |
| Firm evaluates each segment. The firm's target market(s) are choen based on this evaluation. | Once the Segmenting Process is Complete what Happens Next? |
| 1. Dimensions must be measurable, market segment must be reachable through existing channels (advertising/media, etc), segment must be large enough to be profitable. | What three Conditions must be met in order to be chosen as Target Market? |
| Only one segmentation variable exists | What is Single-Variable Segmentation |
| Two or more variables or bases recognizes the importance of interrelationships between factors in defining market segments. | What is Multi-Variable Segmentation |
| SEE PHYSICAL FLASHCARD. | Draw Target Market Segmentation Chart |
| Focus on one segment as a target market. | What is Single-Segment or Concentration Strategy? |
| More than one target market with corresponding market mixes for each. Also known as differentiated marketing. | What is Multiple Segmentation Strategy? |
| Treating total potential market as a whole-one vast target market. | What is Undifferentiated or Mass Marketing Strategy? |
| Refers to the importance that consumers attach to the purchase of a particular item. | What is Consumer Involvement? |
| Need or problem recognized, search for relevant information, identification and evaluation of alternatives, purchase decision, post-purchase behavior. | High Involvment Decision-Making can be characterized by five stages. List. |
| The state of mental anxiety caused by a consumer's uncertainty about a purchase. Remains uncertain and less than fully satisfied with final selection. | What is Cognitive Dissonance? |
| Need or problem recognized, purchase decision, post-purchase behavior. | Low Involvement Decision Making can be characterized by three stages. List. |