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MKT Quiz One

QuestionAnswer
Customer Relationship Management (CRM) a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
Big Data the discovery, interpretation, and communication of meaningful patterns in data - digital footprints done by people
Production Orientation focuses on what company sells and what the company does -inward facing; aggressive sales marketing; view marketing as an expense
Market Orientation what does the consumer want and how can the company build on what you want; view marketing as an investment
Societal Marketing Orientation focuses on what you want and need, the company won't sell it because it's bad for you; view marketing as an investment
Boston Consulting Group (BCG) One of the most widely used models
Strategic Business Units Is an organizational structure that consists of different divisions, each focusing on a different target market
Marketing plans strategy Plan 5 years out
Marketing Mix (plan) 1. Product - where it is manufactured 2. Place - where you sell (online only, US only) 3. Promotion - advertising: gift with purchase, PR, personal selling Price - influenced by the marketing plan - what does it cost
Launch and sales results will appear within 6 weeks
After a week you'll see Performance results
Star Fast growing market leader; lots of growth and not as much competition (invest money)
"?" or Problem Child shows rapid growth but poor profit margins (figure out how to make a star or get rid of)
Cash Cow a business unit that generates more cash than it needs to maintain its market share ( no investing because it already makes more than it needs)
Dog low growth potential and a small market share - lots of competition (unless its important on a portfolio we don’t need it)
Social control any means used to maintain behavioral norms and regulate conflict
Code of conduct/ethics a guideline to help marketing managers and other employees make better decisions
Foreign Corrupt Practices Act established when bribery occurred overseas
Corporate Social Responsibility (CSR) Philanthropic, Ethical, Legal and Economic Pyramid
Laws and ethics differences laws is baseline; enacted by the government
Target market the people you want to go after
8 American Values: One Self-sufficiency - Everyone should have the opportunity to stand on their feet
8 American Values: Two Upward mobility - If you get a degree and you obey the laws, you will be successful
American Values: Three Strong work ethic
8 American Values: Four Equality - Everyone should be treated equally
8 American Values: Five Individualism - Everyone has right to creative expression
8 American Values: Six Achievement-oriented
8 American Values: Seven Helping others and the environment
8 American Values: Eight Environment
Component lifestyle We base our lifestyle off of characteristics we like/enjoy doing; ability to define your lifestyle with multiple characteristics instead of just your career
Demographics Age, Gender, Religion, Location, Ethic Background
20% of clients that tend to be our target tend to bring in 80% of revenue and profitability
Legislation within marketing Used to create bureaus and others and they all are designed to protect consumers from unfair marketing etc.
Teens ages 10 -13 Have the most influential buying in households today
What makes global marketing different Languages, cultures and customs, tariffs and taxes, laws, and it is complicated and lucrative.
Created by: zoeyvanolinda
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