LOMA 291 MODULE 3 STUDY GUIDE
Product mix - Answer -assortment of products a company offers, plays big role in
marketing profile and success
Marketing - Answer -activity, set of institutions, processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
society at large
Marketing plan - Answer -written doc states marketing goals for product or product line
Product - Answer -goods, services, ideas a seller offers to satisfy customer needs
Financial design - Answer -all financial features of a product
Promotion - Answer -collection of activities companies use to make customers aware of
their offerings, influence customers to purchase and distributors to sell a product
Personal selling - Answer -conversation between sales agent and 1+ prospective
customers - f2f or over phone
Advertising - Answer -any paid nonpersonal communication or promotion about a
company or its products/services
Institutional advertising (image advertising) - Answer -promotes general image of
company, doesn't try to explain a product
Product advertising - Answer -promotes specific product, aimed at financial
professional or end customers
Publicity - Answer -nonpaid communication about person, place, thing, or cause
Market segmentation - Answer -dividing market into segments based on more than 1
characteristic, clearer picture of customer's needs and preferences
Consumer market - Answer -individuals who buy products or services for personal or
family use
Organizational market (business market) - Answer -People, groups, formal
organizations that buy products and services for business purposes
Single-variable segmentation - Answer -using one characteristic for market
segmentation, produces fewer segments, more customers in each segment
, Multivariable segmentation - Answer -dividing market into segments based on more
than 1 characteristic, clearer picture of customer's needs and preferences
Target marketing - Answer -evaluating and selecting specific market segments to
determine which are most attractive
Undifferentiated marketing - Answer -single marketing approach is used for entire
possible market
Concentrated marketing - Answer -all resources are concentrated on one market
segment
Differentiated marketing - Answer -marketing mix is customized for different segments
Competitive intelligence - Answer -info about competitors, competitor's marketing
mixes, target markets, service quality, market shares, marketing strategies, product
mixes
Market intelligence - Answer -info about ongoing developments in marketing
environment, ID issues that might impact a market's potential, info from publicly
available sources (company websites, financial services publications)
Marketing environment - Answer -all elements of the company's internal and external
environments that affect company's ability to carry out its marketing activities
Internal environment - Answer -elements within the company's control, financial,
physical, technological, human resources, org. structure, marketing mix
External environment - Answer -elements outside of the company's control, economic,
competitive, regulatory, taxation, social factors
Sales analysis - Answer -company looks at sales #s to evaluate current performance,
current actual sales often compared to forecasted sales, sales in previous years,
competitors' sales, other performance standards
Expense analysis - Answer -ties marketing costs to particular marketing activities to
help marketing managers decide if a cost is worth value of the activity
Profitability analysis - Answer -evaluates profitability by comparing sales an activity
generates with expenses incurred to make those sales
Product development - Answer -a company's process for creating new products to sell
Product planning - Answer -product development team gathers ideas for product
concepts to fill a customer need, initial screening and testing
Product mix - Answer -assortment of products a company offers, plays big role in
marketing profile and success
Marketing - Answer -activity, set of institutions, processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
society at large
Marketing plan - Answer -written doc states marketing goals for product or product line
Product - Answer -goods, services, ideas a seller offers to satisfy customer needs
Financial design - Answer -all financial features of a product
Promotion - Answer -collection of activities companies use to make customers aware of
their offerings, influence customers to purchase and distributors to sell a product
Personal selling - Answer -conversation between sales agent and 1+ prospective
customers - f2f or over phone
Advertising - Answer -any paid nonpersonal communication or promotion about a
company or its products/services
Institutional advertising (image advertising) - Answer -promotes general image of
company, doesn't try to explain a product
Product advertising - Answer -promotes specific product, aimed at financial
professional or end customers
Publicity - Answer -nonpaid communication about person, place, thing, or cause
Market segmentation - Answer -dividing market into segments based on more than 1
characteristic, clearer picture of customer's needs and preferences
Consumer market - Answer -individuals who buy products or services for personal or
family use
Organizational market (business market) - Answer -People, groups, formal
organizations that buy products and services for business purposes
Single-variable segmentation - Answer -using one characteristic for market
segmentation, produces fewer segments, more customers in each segment
, Multivariable segmentation - Answer -dividing market into segments based on more
than 1 characteristic, clearer picture of customer's needs and preferences
Target marketing - Answer -evaluating and selecting specific market segments to
determine which are most attractive
Undifferentiated marketing - Answer -single marketing approach is used for entire
possible market
Concentrated marketing - Answer -all resources are concentrated on one market
segment
Differentiated marketing - Answer -marketing mix is customized for different segments
Competitive intelligence - Answer -info about competitors, competitor's marketing
mixes, target markets, service quality, market shares, marketing strategies, product
mixes
Market intelligence - Answer -info about ongoing developments in marketing
environment, ID issues that might impact a market's potential, info from publicly
available sources (company websites, financial services publications)
Marketing environment - Answer -all elements of the company's internal and external
environments that affect company's ability to carry out its marketing activities
Internal environment - Answer -elements within the company's control, financial,
physical, technological, human resources, org. structure, marketing mix
External environment - Answer -elements outside of the company's control, economic,
competitive, regulatory, taxation, social factors
Sales analysis - Answer -company looks at sales #s to evaluate current performance,
current actual sales often compared to forecasted sales, sales in previous years,
competitors' sales, other performance standards
Expense analysis - Answer -ties marketing costs to particular marketing activities to
help marketing managers decide if a cost is worth value of the activity
Profitability analysis - Answer -evaluates profitability by comparing sales an activity
generates with expenses incurred to make those sales
Product development - Answer -a company's process for creating new products to sell
Product planning - Answer -product development team gathers ideas for product
concepts to fill a customer need, initial screening and testing
