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MGT 103 Midterm 1 DeMill.
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MGT 103 Midterm 1 DeMill.
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MGT 103 Midterm 1 DeMill4 P's of Marketing - ANS-Product, Price, Place, Promotion
Question Marks - ANS-Low share of high-growth market
Stars - ANS-High share of high-growth market
Cash Cows - ANS-generates large amount of cash
Dogs - ANS-Low share of slow-growth markets
SWOT analysis - ANS-strengths, weaknesses, opportunities, threats
product - ANS-features, brand name, packaging, service, warranty
price - ANS-list price, discounts, allowances, credit terms, payment period
promotion - ANS-advertising, personal selling, public relations, sales promotion, direct
market
place - ANS-outlets, channels, coverage, transportation, stock level
Environmental forces affecting suppliers - ANS-Social- demographic shifts, cultural
changes
Economic- Macroeconomic conditions, consumer income
Environmental forces affecting organization - ANS-Technology- changing technology,
tech's impact on consumer value, tech enabled data analytics
Environmental forces affecting customers - ANS-laws protecting competition, laws
affecting marketing mix action, self-regulation
Social responsibility - ANS-public interest groups, ecological environment, general
public
Stakeholder Responsibility - ANS-suppliers/distribution, employees, consumer
, Profit Responsibility - ANS-owners/stockholders
purchase decision process - ANS-Problem recognition, information search, alternative
evaluation, purchase decisions, post-purchase behavior
Protectionism - ANS-tariffs, increase prices, quotas, limit supply. Leads to decrease
world trade.
International Firm - ANS-Extension of Home Marketing Strategy
markets its products and services in other countries the same way they do in their home
country.
Multinational Firm - ANS-multi domestic marketing strategy
Transnational Firm - ANS-Global Marketing Strategy: Global Brand
Five Step Marketing Research - ANS-1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
Define the problem - ANS-set research objectives, identify possible marketing actions
Develop the research plan - ANS-specify constraints, identify data needed for marketing
actions, determine how to collect data
Collect relevant information - ANS-obtain secondary data, obtain primary data
Develop finding - ANS-analyze the data, present the findings
Take marketing actions - ANS-make action recommendations, implement action
recommendations, evaluate results
Secondary Data - ANS-Internal data, external data
Primary Data - ANS-observational data, questionnaire data
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