Term
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Paul Gascoigne is a very creative manager on the marketing team at West Diamond Inc. He works out really interesting sales promotions, but whenever he is asked about the results, he cannot give any specific figures, instead he usually states that the distributors like his promotions and he is satisfied with this. Which of the marketing imperatives does he neglect to follow? |
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Definition
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Monitor and control execution and performance
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Term
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The firm's marketplace success depends on providing value to customers. Customer value should drive the product and investment decision--and its performance evaluations. This passage correctly describes the Principle of Customer Value |
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Definition
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Term
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Jenson Button is a recent business major graduate with concentration marketing. He is all enthusiastic about his new job. The company that has hired him is only two years old and sells its products to whomever calls or finds their products on the website in the Internet. Jenson`s main task will consist in understanding what types of customers bring the most of their revenue.
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Definition
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Identify and target market segments
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Term
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The marketing offer is the total benefit package the firm offers its customers. Tools to design the offer are the most well-known part of marketing, the 4Ps (i.e. the marketing mix).
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Definition
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Term
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If a firm is said to have a technology orientation, it may focus on research, development and engineering and pay little attention to customer value.
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Definition
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Term
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Castor Inc. is deciding to expand to international markets next year. Scott Speed, head of Castor Inc. marketing department and his team have spent the last month gathering information about potential oversees opportunities and decided that Brazil is the most promising market at this point. This illustrates which of the marketing imperatives?
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Definition
| Determine and Recommend Which Markets to Address |
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Term
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The Principle of Selectivity and Concentration focuses on key issues of realizing the danger of attempting too much, such as targeting too many market segments, and dissipating the impact of limited resources by spreading them over too many alternatives.
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Definition
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Term
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Frank Coperwood has been hired to analyze the post-promotion effects of the multiple promotions the company runs on a regular basis. His task will consists in giving suggestions after each promotion whether it has been successful in terms of incremental sales revenue, number of new customers, and ROI. Frank`s new employer carefully follows which of the marketing imperatives?
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Definition
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Monitor and control execution and performance
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Term
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Accounting profit is mentioned in the text as a new way of viewing the business environment.
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Definition
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Term
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A firm embracing marketing as a philosophy tends to have an external orientation
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Definition
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Term
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The firm with a finance orientation mortgages its future by indiscriminately cutting back on R&D, capital investment, marketing research, and/or advertising.
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Definition
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Term
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The firm should offer customers something they want that they cannot get or believe they cannot get somewhere else. In other words, the firm must offer customer value. Hence, this is similar to having a competitive advantage, unique selling proposition, or edge, and lies at the heart of every successful marketing strategy. This passage correctly describes the principle of Differential Advantage.
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Definition
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Term
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The first of the six marketing imperatives is to determine and recommend which markets to address.
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Definition
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Term
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3M is famous for its numerous successful inventions. But some of its products have been in the market for quite a time. Recently, one of the technical support staff found a new use for the product that 3M marketed 11 years ago and was about to discontinue. This new use makes it possible to target three new markets: railroad companies, car repair stations, and gas-turbine manufacturers. Each segment will require designated sales personnel, marketing support, and technical staff, but each of the markets will, at least, be break-even. Which of the marketing imperatives does this example illustrate?
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Definition
| Identify and Target Market Segments |
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Term
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The firm's marketplace success depends directly related to on the firm's ability to provide perceived value to customers. This passage correctly describes the principle of Customer Value.
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Definition
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Term
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The principle that states the firm must not only deliver value to customers, but must do so better than competitors is the Principle of Integration.
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Definition
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Term
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Promotion embraces the various ways the firm communicates with its customers informing and persuading customers to purchase its products. Promotions inclue impersonal communications like advertising and personal communications like the sales force.
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Definition
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Term
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Ross Braun is the Business Development Director for Best Medical Equipment, a company that sells used medical equipment in the US and Canada. Recently, the management has set a new target for Ross to start selling equipment overseas, particularly in Europe. Ross has done a good research job and will sell via five major distributors. To offset the customs duties and transportation costs, he will have additional discounts for overseas customers. His actions illustrate which of the marketing imperatives?
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Definition
| Design the Marketing Offer |
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Term
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Marketing must carefully choose targets for the firm's efforts and the firm should concentrate its resources against those targets. This passage correctly describes the principle of Selectivity and Concentration.
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Definition
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Term
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Nextime, a watch manufacturer, is not satisfied with its current state of business. The marketing team has found out the reasons and done the following: price is set 7.4% higher, new benefits of the products will be emphasized through TV advertising and sales promotions, and new retailers will start distributing the watches. This is an example of which of the marketing imperatives?
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Definition
| Design the Marketing Offer |
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Term
|
The firm's marketplace success depends on providing value to customers. Customer value should drive the product and investment decision--and its performance evaluations. This passage correctly describes the Principle of Customer Value
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Definition
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Term
|
If a firm is said to have a technology orientation, it may focus on research, development and engineering and pay little attention to customer value.
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Definition
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Term
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The principle that states the firm must not only deliver value to customers, but must do so better than competitors is the Principle of Integration.
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Definition
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Term
|
Castor Inc. is deciding to expand to international markets next year. Scott Speed, head of Castor Inc. marketing department and his team have spent the last month gathering information about potential oversees opportunities and decided that Brazil is the most promising market at this point. This illustrates which of the marketing imperatives?
|
|
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Definition
|
Determine and recommend which markets to address
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Term
|
The firm with a finance orientation mortgages its future by indiscriminately cutting back on R&D, capital investment, marketing research, and/or advertising.
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Definition
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Term
|
Paul Gascoigne is a very creative manager on the marketing team at West Diamond Inc. He works out really interesting sales promotions, but whenever he is asked about the results, he cannot give any specific figures, instead he usually states that the distributors like his promotions and he is satisfied with this. Which of the marketing imperatives does he neglect to follow?
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Definition
|
Monitor and control execution and performance
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Term
|
Ghost Spirits is the owner of the famous vodka brands: Trend, Superb, and Easy Morning. Trend is sold worldwide, but in Western Europe it is a premium product in a beautifully shaped bottle distributed only in special bars. In Eastern Europe, this same brand has an ordinary bottle shape, sells at an average price, and can be found in all stores that carry strong alcoholic beverages. Such difference can be explained by which of the marketing imperatives?
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Definition
| Design the Marketing Offer |
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Term
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Presto Ltd has identified two main customer segments for its new clothing lines and formulated the following objectives: generate $300,000 in the coming year, gain at least 25% market share, and reach 70% weighed distribution to launch TV advertising. This is an example of which of the marketing imperatives.
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Definition
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Set strategic direction and position
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Term
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The first of the six marketing imperatives is to determine and recommend which markets to address.
|
|
|
Definition
|
|
Term
|
Nextime, a watch manufacturer, is not satisfied with its current state of business. The marketing team has found out the reasons and done the following: price is set 7.4% higher, new benefits of the products will be emphasized through TV advertising and sales promotions, and new retailers will start distributing the watches. This is an example of which of the marketing imperatives?
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|
|
Definition
| Design the Marketing Offer |
|
|
Term
|
Accounting profit is mentioned in the text as a new way of viewing the business environment.
|
|
|
Definition
|
|
Term
|
The Principle of Selectivity and Concentration focuses on key issues of realizing the danger of attempting too much, such as targeting too many market segments, and dissipating the impact of limited resources by spreading them over too many alternatives.
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Definition
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Term
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Sigma Pty has a product with a substantial competitive advantage: it can work longer than any other competition`s product. Sigma`s marketing department worked out a good sales promotion and launched it with all the distribution channels. Two weeks into the promotion, Jesse, a trade marketing manager, is informed that the product is out of stock. It turns out that no one has told the product planner from the supply chain department that there will be a promotion on this product. This illustrates a failure of which of the marketing imperatives?
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Definition
| Secure Support from Other Functions |
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Term
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A firm with an operations orientation typically focuses upon reducing unit costs, a very internal orientation.
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Definition
|
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Term
|
A firm embracing marketing as a philosophy tends to have an external orientation
|
|
|
Definition
|
|
Term
|
The firm's marketplace success depends directly related to on the firm's ability to provide perceived value to customers. This passage correctly describes the principle of Customer Value.
|
|
|
Definition
|
|
Term
|
Promotion embraces the various ways the firm communicates with its customers informing and persuading customers to purchase its products. Promotions include impersonal communications like advertising and personal communications like the sales force.
|
|
|
Definition
|
|
Term
|
The marketing offer is the total benefit package the firm offers its customers. Tools to design the offer are the most well-known part of marketing, the 4Ps (i.e. the marketing mix).
|
|
|
Definition
|
|
Term
|
Jenson Button is a recent business major graduate with concentration marketing. He is all enthusiastic about his new job. The company that has hired him is only two years old and sells its products to whomever calls or finds their products on the website in the Internet. Jenson`s main task will consist in understanding what types of customers bring the most of their revenue.
|
|
|
Definition
|
Identify and target market segments
|
|
|
|
Term
|
3M is famous for its numerous successful inventions. But some of its products have been in the market for quite a time. Recently, one of the technical support staff found a new use for the product that 3M marketed 11 years ago and was about to discontinue. This new use makes it possible to target three new markets: railroad companies, car repair stations, and gas-turbine manufacturers. Each segment will require designated sales personnel, marketing support, and technical staff, but each of the markets will, at least, be break-even. Which of the marketing imperatives does this example illustrate?
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|
|
Definition
| Identify and Target Market Segments |
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|
Term
|
The following example best demonstrates what segmentation bases?
The product managers of Lean Cuisine Frozen Meals target women who are interested in four basic themes: good health, reaching personal goals, culturally aware and living simply. |
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Definition
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Term
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When examining market structure--a uniquely identified product offered by the firm. This is called a product ___________ (hint: one word) |
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Definition
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Term
|
The following example describes which of the following segmentation bases?
A segment of consumers eats over 20 lbs. of oranges per year, whereas another segment of consumers eats 5 lbs. of oranges per year. |
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Definition
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Term
|
The following example best demonstrates what segmentation bases?
The product managers of Gordman's department stores found that one key segment was young women who live fast-paced lifestyles who are self-reliant and tend to be very individualistic |
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Definition
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Term
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The growth path matrix uses two dimensions to analyze opportunities on the growth path. The four fundamental paths to growth are market penetration, product growth, market growth, and product and market diversification.
Doritos intorduces a brand new flavor of potato chips (i.e. Sweet and Spicy Chili) to its product portfolio. The goal is to target existing customers. |
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Definition
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product growth/development
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Term
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Which of the implementation alternatives does the following passage best describe?
When AOL purchased Time Warner in 2000, it became the largest media company in the world. This purchase gave Time Warner unprecedented power in the internet media market |
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Definition
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Term
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The growth path matrix uses two dimensions to analyze opportunities on the growth path. The four fundamental paths to growth are market penetration, product growth, market growth, and product and market diversification.
Assume that Lysol sanitizing spray has now introduced a new product, Lysol sanitizing cloths. The aim of the product is to generate additional sales from those households already purchasing Lysol products.
. |
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Definition
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Term
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The firm has many option for implementing growth stratgies--the alternative approaches for the firm to achieve its growth strategies include the following:
The firm secures other firms to undertake activities it previously conducted in-house so it can focus on higher return opportunities. (hint: one word) |
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Definition
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Term
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Marketer tend to use these to identify segments. Typically, they fall into one of four categories: geography, demography, behavioral, and socio-psychological. These are called ________ variables (hint: one word)
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Definition
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Term
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The implementation stage describes the specific actions that the firm takes to achieve its objectives. Which of the implementation alternatives does the following passage best describe?
In 2001, Procter and Gamble introduced Crest Whitestrips after months of developing the product within their headquarters. |
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Definition
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Term
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Related to segments-of-one. The firm customizes its products to individual requirements on a large scale. (hint: two words)
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Definition
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Term
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The following example best demonstrates what segmentation bases?
Mercedes, a car manufacturer, suggested that it had two primary segments. Segment one was consumers age 41-55, with an income exceeding $120,000 and visiting church 30 or more times per year. Segment two was consumers age 55 and above, with an income exceeding $200,000 and primarily retired. |
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Definition
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Term
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An acronym for identifying the environmental forces acting on an industry Political, Economic, Sociocultural, Technological, Legal, and Environmental (Physical). This is called the _________model |
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Definition
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Term
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The implementation stage describes the specific actions that the firm takes to achieve its objectives. Which of the implementation alternatives does the following passage best describe?
In order to expand its seed business, Pioneer Seed bought a new seed hybrid patent from a local university. |
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Definition
| Licensing and Technology Purchase |
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Term
|
The following example best demonstrates what segmentation bases?
The product managers of Ford trucks found that their target market was primarily composed of middle-aged men, generally higher income who tend to make less than $40,000 per year |
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Definition
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Term
|
The following example describes which of the following segmentation bases?
A segment of consumers may be bargain hunters, always seeking a deal, or a great value, so that they feel as though they are smart, informed consumers. |
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Definition
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Term
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When examining environmental forces--A new technology offering new and very different value propositions, initially for new applications and a limited number of new-to-the-market customers. These type of technologies spawn products that threaten and change entire industries. This is called _________ technology (hint: one word) |
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Definition
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Term
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For some firms and the industries in which they compete, they use a segmentation scheme that is much more fine-grained, targeting several fine grained segments with a ___________ approach. This approach describes produt design, using individual components in multiple products to serve multiple segments. |
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Definition
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Term
|
The following example describes which of the following segmentation bases?
A segment of consumers may purchase premium-priced cars due to the image they seek to obtain from it (i.e. an identity that shows they are wealthy) |
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Definition
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Term
|
What is the term that describes:
In the product lifecycle, the period from product launch until sales take off and grow at an accelerating rate. Total sales during this stage are generally low. This is called the ____ stage. (hint: one word) |
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Definition
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Term
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The firm can approach the market segmentation process from two different directions: _______ __________ first or candidate descriptor variables first. It can also use qualitative or quantitative approaches. (Hint: two words) |
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Definition
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Term
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When examining industry forces, in the five forces model, this group offers similar products with similar technology and business models. These competitors can be created through acquisition, diversification, mergers, or leveraged buyouts.
?
When assessing the five forces (i.e. industry forces), managers typically know these rivals quite well, as this form of rival firms firms have similar benefits and similar products (i.e. Barnes and Noble vs. Amazon).
?
These are called __________ __________ entrants. (hint: three words) |
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Definition
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Current Direct Competitors
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Term
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Related to segments-of-one. The firm customizes its products to individual requirements on a large scale. (hint: two words) |
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Definition
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Term
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______________: A conceptual and analytic process for grouping actual and potential customers into groups with similar needs or wants. (hint: 2 words) |
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Definition
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Term
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The implementation stage describes the specific actions that the firm takes to achieve its objectives. Which of the implementation alternatives does the following passage best describe?
United Airlines and British Airways began a working relationship dedicated to thepurpose of marketing their North American and European routes. Later, this relationship was terminated due to market turbulence.
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Definition
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Term
|
The following example best demonstrates what segmentation bases?
REI, a retailer of outdoor-activity clothes and gear, found two segments in their market. Segment one was composed of those individuals interested in maintaining a relationship with nature, and who possess a belief in nature conservation Segment two was composed of individuals who were highly driven to reach their extreme sports goals (such as climbing mountains), and often sought other life goals that were very individualistic, (rather than team or group based) |
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Definition
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Term
|
The following example best demonstrates what segmentation bases?
Mercedes, a car manufacturer, suggested that it had two primary segments. Segment one was consumers age 41-55, with an income exceeding $120,000 and visiting church 30 or more times per year. Segment two was consumers age 55 and above, with an income exceeding $200,000 and primarily retired |
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Definition
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Term
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In the market-product matrix, the __________ ____________ quadrant describes a focus of existing products in existing markets. (hint: two words) |
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Definition
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Term
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When examining industry forces--In the five forces model, this group satisfies similar customer needs by offering alternative products, technologies, or business models. These are called _________ competitors. (hint: one word) |
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Definition
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Term
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This statement guides the firm's search for opportunity so it can focus on a limited number of areas where it is likely to be successful. It is a ______ statement. (hint: one word |
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Definition
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Term
|
Which of the implementation alternatives does the following passage best describe?
In 2001, IBM purchased the Informix database company which brought them a great set of customers in a very efficient manner |
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Definition
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Term
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The growth strategy identifies various types of growth opportunities and helps the firm construct a venture portfolio. Now the firm needs to evaluate the opportunities and decide where to invest. This is the value of screening criterial. What screening criteria is described by the following?
"Can the firm use existing resources and earn greater returns than a standalone entry?" This question describes the notion of ________ (hint: one word) |
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Definition
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Term
|
When conducting industry analysis, in the five forces model, this group provides the firm's inputs. For instance, Conagra provides the corn sugar used for General Mills Cereal. When the ____ firms provide a critical product or service to another firm, they can impact the other firm's prices, service and product availability. This group is called ___________ (hint: one word) |
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Definition
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Term
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Along with identifying the right growth path, when to seize an opportunity--the timing of entry--is also crucial. The following example best describes what timing of entry stage.
The timing of entry notes alternative entry stages in the product form life cycle. In this entry stage, the firm creates new markets. (hint: one word) |
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Definition
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Term
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The growth strategy identifies various types of growth opportunities and helps the firm construct a venture portfolio. Now the firm needs to evaluate the opportunities and decide where to invest. This is the value of screening criterial.
What screening criteria (category) is described by the following??
_______ describes what the firm seeks to achieve by investing in the opportunity?? For instance, the firm must be able to balance it's trade-offs, such as goal to increase sales and profits, alon with the risk to do so, as well as the flexibilty to handle with changing situations.? |
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Definition
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Term
|
The growth path matrix uses two dimensions to analyze opportunities on the growth path. The four fundamental paths to growth are market penetration, product growth, market growth, and product and market diversification.
Beginning as a record store in 1970, Virgin Group Limited has expanded into over 100 companies and markets ranging from space travel to bridal shops |
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Definition
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diversification/conglomeration
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