MGT 103 - [Eberhard]
Questions And Answers
Target Marketing one or more specific groups of potential consumers toward which an
organization directs its marketing program
Visionary organizations: foundation + direction = strategy
5 things visionary organizations do anticipate future events + respond quickly
specify its foundation
set direction
formulate strategies
execute on these strategies
, MGT 103 - [Eberhard]
Questions And Answers
Organizational foundations are... core values, mission or vision, organizational culture
Company culture: the fabric or essence of the company
Organizational directions are... goals or objectives (think smart)
What does SMART stand for specific, measurable, attainable, relevant, time-based
The planning phase of the strategic marketing process is... swot analysis
SWOT analysis focuses on a company's? strengths, weaknesses, opportunities, and threats
A marketing department relates to many ____________, ____________, and __________
people, organizations, and environmental forces
, MGT 103 - [Eberhard]
Questions And Answers
Environmental forces affect what? List the 5 environmental forces they affect the
organization, its suppliers, and its customers. They are social, economic, technological,
competitive, and regulatory
Social forces = demographic shifts, cultural changes
Economic forces = gross income, disposable income, discretionary income, savings
technological forces = changing technology, technology's impact on customer value,
technology enabled data analytics
competitive forces = alternative forms of competition, small businesses, barriers to entry
regulatory forces = laws protecting competition, laws affecting marketing mix actions,
self-regulation
, MGT 103 - [Eberhard]
Questions And Answers
barriers to entry are business practices or conditions that make it difficult for new firms to
enter the market
the competitive forces of barriers to entry are capital requirements, advertising
expenditures, product identity, distribution access, cost to switch
regulation consists of the restrictions that state and federal laws place on a business with
regard to the conduct of its activities
Customer buying factors features and capabilities, visceral/emotional connection, quality,
company image, price, recommendation, product warranty
Market research is the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and recommending actions
Market analysis secondary market research; a high level fact based historical on the
market you are entering; lay of the land
