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Term 1: What is marketing?
Definition 1: The process of creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, partners, and society.
Term 2: What are the 4 Ps of marketing?
Definition 2: Product, Price, Place, and Promotion.
Term 3: Which 4 P creates value?
Definition 3: Product.
Term 4: Which 4 P captures value?
Definition 4: Price.
Term 5: Which 4 P delivers value?
Definition 5: Place.
Term 6: Which 4 P communicates value?
Definition 6: Promotion.
Term 7: What are the 5 eras of marketing in order?
Definition 7: Production Era -> Sales Era -> Market-Oriented Era -> Value-Based Era -> Technology-Augmented Era.
Term 8: What three components make up a marketing strategy?
Definition 8: Target market, marketing mix (4 Ps), and sustainable competitive advantage.
Term 9: What are the 4 macro strategies for competitive advantage?
Definition 9: Customer Excellence, Operational Excellence, Product Excellence, and Locational Excellence.
Term 10: What are the 5 steps of the marketing plan in order?
Definition 10: 1. Business Mission, 2. Situation Analysis (SWOT), 3. STP, 4. Implement 4 Ps, 5. Evaluate Metrics.
Term 11: In the BCG Matrix, what is a Star?
Definition 11: High market share in a high-growth market.
Term 12: In the BCG Matrix, what is a Cash Cow?
Definition 12: High market share in a low-growth market.
Term 13: In the BCG Matrix, what is a Question Mark?
Definition 13: Low market share in a high-growth market.
Term 14: In the BCG Matrix, what is a Dog?
Definition 14: Low market share in a low-growth market.
Term 15: What are the 4 strategies in Ansoff’s Growth Matrix?
Definition 15: Market Penetration, Market Development, Product Development, and Diversification.
Term 16: What components make up the Immediate (Micro) Environment?
Definition 16: Customer (center), Company Capabilities, Competitors, Corporate Partners, and Physical Environment.
Term 17: What does CDSTEP stand for?
Definition 17: Culture, Demographics, Social Trends, Technology, Economic, Political/Legal.
Term 18: What is the exact definition of Culture in marketing?
Definition 18: Shared meanings, beliefs, morals, values, and customs of a group of people.
Term 19: What do major antitrust laws (Sherman, Clayton, Robinson-Patman) regulate?
Definition 19: Monopolies, unfair competition, and price discrimination.
Term 20: Scenario: A company creates ads highlighting the benefits of its new drink line. Which 4 P is this?
Definition 20: Promotion (communicating value).
Term 21: Scenario: A retailer decides to sell products online and through physical Target stores. Which 4 P is this?
Definition 21: Place (delivering value).
Term 22: Scenario: An airline offers low base airfare but charges extra fees for baggage and seat choice. Which 4 P is this?
Definition 22: Price (capturing value).
Term 23: Scenario: A firm develops a new helmet containing built-in turn signals and smart lights. Which 4 P is this?
Definition 23: Product (creating value).
Term 24: Scenario: A brand beats competitors by maintaining an ultra-efficient supply chain and low overhead costs. Which macro strategy is this?
Definition 24: Operational Excellence.
Term 25: Scenario: A coffee chain builds locations on every major corner in a city to block out competitors. Which macro strategy is this?
Definition 25: Locational Excellence.
Term 26: Scenario: A company has a market-leading product in a mature, non-growing industry that funds new projects. Which BCG quadrant is this?
Definition 26: Cash Cow.
Term 27: Scenario: A startup launches a popular app in a rapidly booming industry and holds the top market share. Which BCG quadrant is this?
Definition 27: Star.
Term 28: Scenario: A company offers coupons to get existing customers to buy more of its current product line. Which Ansoff strategy is this?
Definition 28: Market Penetration.
Term 29: Scenario: A manufacturer takes its existing footwear line and starts selling it in a new international country. Which Ansoff strategy is this?
Definition 29: Market Development.
Term 30: Scenario: A company builds a completely new product line to sell to an entirely new demographic it has never targeted. Which Ansoff strategy is this?
Definition 30: Diversification.
Term 31: Scenario: A ride-share service runs ads directly targeting keyword searches for a rival brand's name. Which immediate environment component is this?
Definition 31: Competitors.
Term 32: Scenario: A fast-food chain alters its menu ingredients in India to respect local religious beliefs and customs. Which CDSTEP force is this?
Definition 32: Culture.
Term 33: Scenario: A business monitors interest rates, inflation, and consumer spending power before updating prices. Which CDSTEP force is this?
Definition 33: Economic.