COB 300D Atav Final Exam |193 Complete Q’s and A’s
production, sales, market, value based - -what are the 4 eras of marketing?
-value - -marketing helps create...
-production-oriented era - -Firms believed a good product would sell itself
-sales-oriented era - -Between 1920-1950, With overproduction they depended on
heavy doses of personal selling and advertising
-market-oriented era - -products were plentiful, and consumers could choose
products based on quality, convenience, and price
-value-based marketing era - -marketing firms recognized they had to give their
customers greater value than their competitiors
-SWOT - -situation analysis is conducted using what?
-strengths, weaknesses, opportunities, threats - -what does SWOT stand for?
-strengths, weaknesses - -which components of SWOT are internal?
-opportunities, threats - -which components of SWOT are external?
-portfolio analysis - -management evaluates the firm's various products and
businesses and allocates resources according to which products are expected to be
the most profitable for the firm in the future
-strategic business unit - -what does SBU stand for?
-stars - -SBUs with high market shares in high-growth markets
-question marks - -SBUs with low market shares in high growth markets
-cash cows - -SBUs with high market shares in low growth markets
-dogs - -SBUs with low market shares in low growth markets
-Market penetration, market development, product development, diversification - -
What are the four growth strategies in marketing?
-market penetration - -employs the existing marketing mix and focuses the firm's
efforts on existing customers
-market development - -employs the existing marketing offering to reach new market
segments, whether domestic or international
-product development - -offers a new product or service to a firm's current target
market
, -diversification - -a strategy of increasing sales by introducing new products into new
markets
-geographic, demographic, psychographic, geodemographic, benefit, behavioral - -
what are the 6 segmentation methods?
-geographic segmentation - -organizes customers into groups on the basis of where
they live
-demographic segmentation - -groups consumers according to easily measured,
objective characteristics such as age, gender, and income
-psychographic segmentation - -dividing a market into different segments based on
social class, lifestyle, or personality characteristics
-geodemographic segmentation - -the grouping of consumers on the basis of a
combination of geographic, demographic, and lifestyle characteristics
-benefit segmentation - -groups consumers on the basis of the benefits they derive
from products or services
-behavioral segmentation - -divides consumers into groups on the basis of how they
use the product or service
-occasion segmentation - -based on when a product or service is purchased or
consumed
-loyalty segmentation - -investing in retention and loyalty initiatives to retain their
most profitable customers
-identifiable, substantial, reachable, responsive, profitable - -what are the 5 factors
of evaluating segment attractiveness?
-identifiable - -firms must be able to identify who is within their market to be able to
design products or services to meet their needs
-substaintial - -if market is too small, it won't generate sufficient profits or be able to
support marketing mix activities
-reachable - -know the product exists, understand what it can do, recognize how to
buy
-responsive - -the customers in the segment must react positively to the firms
offering
-profitable - -potential profitability of each segment, both current and future
-undifferentiated segmentation strategy (mass marketing) - -everyone is considered
a potential user of the firms product, focuses on similarities in needs of customers
production, sales, market, value based - -what are the 4 eras of marketing?
-value - -marketing helps create...
-production-oriented era - -Firms believed a good product would sell itself
-sales-oriented era - -Between 1920-1950, With overproduction they depended on
heavy doses of personal selling and advertising
-market-oriented era - -products were plentiful, and consumers could choose
products based on quality, convenience, and price
-value-based marketing era - -marketing firms recognized they had to give their
customers greater value than their competitiors
-SWOT - -situation analysis is conducted using what?
-strengths, weaknesses, opportunities, threats - -what does SWOT stand for?
-strengths, weaknesses - -which components of SWOT are internal?
-opportunities, threats - -which components of SWOT are external?
-portfolio analysis - -management evaluates the firm's various products and
businesses and allocates resources according to which products are expected to be
the most profitable for the firm in the future
-strategic business unit - -what does SBU stand for?
-stars - -SBUs with high market shares in high-growth markets
-question marks - -SBUs with low market shares in high growth markets
-cash cows - -SBUs with high market shares in low growth markets
-dogs - -SBUs with low market shares in low growth markets
-Market penetration, market development, product development, diversification - -
What are the four growth strategies in marketing?
-market penetration - -employs the existing marketing mix and focuses the firm's
efforts on existing customers
-market development - -employs the existing marketing offering to reach new market
segments, whether domestic or international
-product development - -offers a new product or service to a firm's current target
market
, -diversification - -a strategy of increasing sales by introducing new products into new
markets
-geographic, demographic, psychographic, geodemographic, benefit, behavioral - -
what are the 6 segmentation methods?
-geographic segmentation - -organizes customers into groups on the basis of where
they live
-demographic segmentation - -groups consumers according to easily measured,
objective characteristics such as age, gender, and income
-psychographic segmentation - -dividing a market into different segments based on
social class, lifestyle, or personality characteristics
-geodemographic segmentation - -the grouping of consumers on the basis of a
combination of geographic, demographic, and lifestyle characteristics
-benefit segmentation - -groups consumers on the basis of the benefits they derive
from products or services
-behavioral segmentation - -divides consumers into groups on the basis of how they
use the product or service
-occasion segmentation - -based on when a product or service is purchased or
consumed
-loyalty segmentation - -investing in retention and loyalty initiatives to retain their
most profitable customers
-identifiable, substantial, reachable, responsive, profitable - -what are the 5 factors
of evaluating segment attractiveness?
-identifiable - -firms must be able to identify who is within their market to be able to
design products or services to meet their needs
-substaintial - -if market is too small, it won't generate sufficient profits or be able to
support marketing mix activities
-reachable - -know the product exists, understand what it can do, recognize how to
buy
-responsive - -the customers in the segment must react positively to the firms
offering
-profitable - -potential profitability of each segment, both current and future
-undifferentiated segmentation strategy (mass marketing) - -everyone is considered
a potential user of the firms product, focuses on similarities in needs of customers
