Questions and Answers
What are reference groups?
People whom an individual looks as a basis for a self-appraisal or as a source of personal standards.
What does branding refer to?
An organization's use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors.
What is derived demand in relation to Spruceland Millworks?
Derived demand is the demand for Spruceland pallets tied to the sales of new appliances.
What type of good are appliances and smartphones classified as?
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If Ben and Jerry's sold a line of new 'Get the Dough out of Politics' T-Shirts, it would be using a ______ strategy.
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What are convenience products?
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What are shopping products?
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What is derived demand?
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What are specialty products?
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What are the four i's of services?
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What are unsought products?
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What is a business portfolio analysis?
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What is market segmentation?
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Where do we find most opportunities and threats in the marketing model?
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What kind of market-product strategy is used when selling Hokie sweatshirts in Russia?
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What are core values?
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What is a mission statement?
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Where do we find most strengths and weaknesses in the marketing model?
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How should you describe a star on the Boston Consulting Group matrix?
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What kind of market-product strategy is used when selling leftover sweatshirts to Tech students?
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What is a cash cow?
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What are the two axes on the Boston Consulting Group matrix?
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What is a question mark in terms of market position?
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What is a dashboard in marketing?
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Who determines an organization's culture?
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Study Notes
Marketing Concepts and Definitions
- Reference Groups: Individuals used by a person as benchmarks for self-evaluation and personal standards.
- Branding: The use of unique identifiers like names, phrases, designs, or symbols by organizations to distinguish their products from competitors.
- Derived Demand: Demand that originates from the sales of other products; for example, wood pallets produced by Spruceland Millworks are demanded due to the sale of new appliances.
- Durable Goods: Categories where products like appliances and smartphones fall, characterized by long-lasting use.
Product Strategy and Categories
- Product Development: A strategy used when creating new product lines, exemplified by Ben and Jerry's t-shirts aimed at college students.
- Convenience Products: Items that consumers purchase frequently and with minimal shopping effort.
- Shopping Products: Items compared by consumers based on price, quality, and style before purchase.
- Specialty Products: Items that require a special effort for consumers to seek out and purchase.
Market Dynamics
- Derived Demand (Context): Economic scenario where an uptick in home construction leads to more job opportunities in construction labor.
- Unsought Products: Items that consumers are unaware of or are aware of but do not initially desire.
- Market Segmentation: The process of grouping potential buyers with common needs who are likely to respond similarly to marketing actions.
Market Strategies
- Market Development: A strategy for introducing existing products to new markets, such as trying to sell Hokie sweatshirts to consumers in Russia.
- Market Penetration: Strategy to increase sales of existing products within the current market, illustrated by Tech bookstore selling leftover sweatshirts to current students.
Business Analysis Tools
- Business Portfolio Analysis: Management technique to categorize business units as question marks, stars, cash cows, or dogs based on performance.
- Boston Consulting Group Matrix: Utilizes market growth and relative market share as two axes for evaluating product positions: stars have high market share and high growth rate, while question marks are in high growth but low market share.
Organizational Foundations
- Core Values: Fundamental principles that guide an organization’s conduct over time.
- Mission Statement: Declaration of an organization’s role in society, detailing its customers, products, and technologies.
Marketing Models
- Controllables: Elements in the marketing model where most strengths and weaknesses are identified, aiding in strategy formulation.
- Uncontrollables: Factors present in the marketing model where opportunities and threats can be discovered.
Visualization and Leadership
- Dashboard: A visual tool for representing complex data, simplifying the understanding of various metrics.
- CEO's Role: The individual responsible for establishing and influencing an organization's culture.
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Description
Test your knowledge on key marketing concepts with these flashcards. Each card provides a term and its definition, covering essential topics like branding and reference groups. Perfect for students and professionals looking to reinforce their understanding of marketing terminology.