Chapter 1

Question 1

Experimental Marketing

Answer 1

Creates opportunities for consumers to directly interact with brands

Ie. pop ups, like NIKES snkrs express bus that drive around for consumers to try on and buy shoes off of

Question 2

Partnership Marketing (also known as affinity marketing)

Answer 2

The idea that brands with similar customers but different channels combine efforts to make both more successful and not be achiever separately

Also known as affinity marketing

Question 3

Metrics

Answer 3

Numeric data collected and grouped to track performance

Often presented of spreadsheets and dashboards making it easy to understand and interpret.

Question 4

What can be marketed?

Answer 4

Goods, Services, and Ideas

Question 5

The term _____ is used to describe potential customers who have both the willingness and ability to purchase a product

Answer 5

market

Question 6

Influencer Marketing

Answer 6

Using celebrities or social media users with large numbers of followers to help brands connect with their audience members

Question 7

What trend is most important trend for impacting how marketers do their business in Canada currently?

Answer 7

The widespread use of digital technology

Question 8

Antispam Legislation

Answer 8

Canadian legislation to regulate email marketing practices

Question 9

What is the Relationship between marketing and promotion?

Answer 9

Promotion is only one aspect of marketing

Question 10

Marketing mix

Answer 10

Product
Process
Place
Promotion

Controllable factors that are carefully managed to ensure they are well coordinated and appeal to the target market

Question 11

What are the 4 P’s of the Marketing Mix?

Answer 11

Product
Price
Place
Promotion

Question 12

What is a Product?

Answer 12

A good, service, or Idea

Question 13

Market Offering

Answer 13

A product that is some combination of goods, services, and experiences that can be offered to a market to satisfy needs or wants

(Services&experiences, ideas, places, information, organization)

Question 14

Promotion

Answer 14

Communication tools needed to inform consumer about a product

Examples: public relations, advertising (paid), sales promotion, direct responses, event marketing, sponsorships, online approaches, personal selling, social media promotion (free)

Question 15

3 steps of the Marketing Process

Answer 15

1) indentifying customers needs
2) managing the marketing mix (4 Ps) to meet these needs
3) reaching potential consumers or the market

Question 16

Marketing Process

Answer 16

Process which goods and services move from the concept to the customer, coordinated through the 4 P’s that include -

1) Identify, select, and develop a product
2) Determing the Price
3) Select a distribution channel to reach customers place
4) develop and implement promotional strategy

Question 17

What is a Market?

Answer 17

Used to describe groups of consumers who have both a willingness and ability to buy a product

Market = Actual Buyers + Potential Buyers

Question 18

Target Market

Answer 18

A specific group (or segment) of potential or existing buyers where marketer direct their marketing efforts

Question 19

Three elements of Relationship Marketing

Answer 19

1) Social Media
2) Customer Relationship Management (CRM)
3) Corporate Social Relationship (CSR)

Question 20

Customer Relationship Management (CRM)

Answer 20

-Overall process of building and maintaining profitable customer relationships.
-Delivering superior customer value and satisfaction.
-wanting Customer Lifetime value

Examples:
this is good for non profit organizations with monthly donors.
Companies can also do special events for their loyal customers

Question 21

Corporate Social Responsibility (CSR)

Answer 21

When an organization voluntarily considers the wellbeing of society by taking responsibility for how their business impacts consumers, customers, suppliers, employees, shareholders, communities, and society in general.

Example:
Time hormone kid sports teams
McDonalds Ronald McDonald House
Tom’s shoes - buy a pair they give a pair
Ben and Jerry’s ice cream using ingredients from well sources cows and chickens (happy cows)

Question 22

Digital Marketing

Answer 22

Using technology to reach consumers

Content marketing mobile marketing
Social media marketing
Arguments reality
Experimental reality
Influencer Marketing

Question 23

What are some new and evolving marketing practices?

Answer 23

Digital content, mobile, and social media marketing
Almost all technological - numbers increase everyday

Question 24

Partnership Marketing

Answer 24

Create formal associations between brands that will result in incremental business for both brands that could not have been achieved separately

Emailed: Scotia bank and cineplex with scene points

Question 25

Metrics

Answer 25

Numberical data collected and grouped to track performance
Dashboards used to visualize the data

Question 26

Analytics

Answer 26

The process of utilizing metrics and data towards business insights

Question 27

Metrics and Analytics

Answer 27

Improve programs and deliver better results with numerical data and performance tracking

Question 28

Customer Value Proposition

Answer 28

Unique combination of benefits received by targeting customers that will satisfy their needs

Includes quality, price, convenience, delivery, and both before sale and after sale service

Question 29

Augmented Reality

Answer 29

New technology combining things in the real world with computer generated information.

Examples: Ford worked with Snapchat to put users inside a true to life 3D model of the vehicle to target young adults and promote their new SUV

Question 30

Greenwashing

Answer 30

Companies making false or misleading statements about the environmental benefits of a product or practice

Question 31

Experimental Marketing

Answer 31

Create Opportunities for consumers to directly interact with brands

Examples : Nike had a bus drive around cities for people to try on and purchase their new sneakers