BYU MARKETING 201 EXAM 1

BCG Growth-Share Matrix - Answer-Cash Cow - High market share, low market Growth Stars - High market share, high market growth ?'s - High market growth, Low market share Dog - Low market growth, low market share Corporate Strategy - Answer-Asks the question - What businesses should we be in? Strategic Business Unit Strategy - Answer-Asks - How do we compete effectively against the competitors? Functional Strategy - Answer-strategy by which managers in specific areas decide how best to achieve corporate goals through productivity Path to Profitability - Answer-Marketing Environment-- Marketing Mix--Capture value--Profits The most powerful marketing strategies begin by seeing the product through the eyes of _________ - Answer-Brand Champions/Love Group Product Market Expansion Matrix - Answer-market penetration -Existing product entering an existing market product development - New product entering into an existing market market development - Existing product entering into a new market diversification - New product in a new market Customer Lifetime Value (CLV) - Answer-approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer How does marketing create value for the customer? - Answer-by meeting customers functional and emotional needs Target Market - Answer-a set of buyers sharing common needs or characteristics that the company decides to serve Marketing Mix - Answer-Product, Price, Place, Promotion What are the four profitability drivers? - Answer-Customer Acquisition, Customer Retention, Sales per Customer, margin What is Customer Acquisition - Answer-finding new, profitable ways to acquire customers that are higher-value What is Customer Retention? - Answer-To eliminate the root causes of customer d