Marketing Flashcards

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?

Durable goods. Signup and view all the answers

If Ben and Jerry's sold a line of new 'Get the Dough out of Politics' T-Shirts, it would be using a ______ strategy.

product development Signup and view all the answers

What are convenience products?

Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. Signup and view all the answers

What are shopping products?

Items for which the consumer compares several alternatives on criteria such as price, quality, or style. Signup and view all the answers

What is derived demand?

When a lot of new homes are being built, it increases jobs for construction labor. Signup and view all the answers

What are specialty products?

Items that a consumer makes a special effort to search out and buy. Signup and view all the answers

What are the four i's of services?

Intangibility, Inconsistency, Inseparability, Inventory. Signup and view all the answers

What are unsought products?

Items that the consumer either does not know about or knows about but does not initially want. Signup and view all the answers

What is a business portfolio analysis?

A technique that managers use to categorize strategic business units as question marks, stars, cash cows, or dogs. Signup and view all the answers

What is market segmentation?

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. Signup and view all the answers

Where do we find most opportunities and threats in the marketing model?

In the uncontrollables. Signup and view all the answers

What kind of market-product strategy is used when selling Hokie sweatshirts in Russia?

Market development. Signup and view all the answers

What are core values?

The fundamental, passionate, and enduring principles of an organization that guide its conduct over time. Signup and view all the answers

What is a mission statement?

A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Signup and view all the answers

Where do we find most strengths and weaknesses in the marketing model?

In the controllables. Signup and view all the answers

How should you describe a star on the Boston Consulting Group matrix?

High market share, high growth rate. Signup and view all the answers

What kind of market-product strategy is used when selling leftover sweatshirts to Tech students?

Market penetration. Signup and view all the answers

What is a cash cow?

A product that has a high market share, but in an industry which isn't growing. Signup and view all the answers

What are the two axes on the Boston Consulting Group matrix?

Market growth and relative market share. Signup and view all the answers

What is a question mark in terms of market position?

A product that is in a high market growth area, but has a low market share. Signup and view all the answers

What is a dashboard in marketing?

A visual representation of complex data which makes it easier for us to understand. Signup and view all the answers

Who determines an organization's culture?

The CEO. Signup and view all the answers

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.