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Mark 201 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is marketers ultimate objective

A

to drive profits for a company, or if working in the non profit sector to generate revenue and support to fund programs and run operations

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2
Q

Does the marketing department work isolated

A

No, marketing is intertwined with both internal and external stakeholders, and relates to many people, organizations, and forces.
- The marketing department both shapes and is shaped by its relation with these internal and external groups

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3
Q

What are the 5 environmental forces that can affect marketing

A
  1. social
  2. economic
  3. technological
  4. competitive
  5. regulatory
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4
Q

Marketing planning starts with what step

A

With a scan of the environment and the factors: external demographic, socio-cultural, economic, technological, competitive, and regulatory forces create opportunities that a company can maximize and threats that a company should minimize

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5
Q

Are advertising and marketing the same

A

No

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6
Q

Successful marketing is focused on

A

On consumer needs and wants, and on developing programs that engage consumers and inspire customer loyalty

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7
Q

Define a want

A

A want is a need that is shaped by a person’s knowledge, culture, and personality

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8
Q

Define a need

A

A need occurs when a person feels deprived of basic necessities such as food, shelter, and clothing

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9
Q

effective marketing shapes a persons (need or want)

A

effective marketing in the form of creating an awareness of good products at convenient locations, can shape a persons wants

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10
Q

A principal activity of an organizations marketing department is to research

A

its consumers to understand what they need and want, and the forces that shape those needs and wants

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11
Q

What are some complexities to market research

A
  1. Consumers do not always know what they want and may not want or be able to describe what they need or want
  2. The digital world on one hand facilitates the online gathering of information but on the other hand it introduces new communication platforms that challenge marketers to understand the biases that may exist in this new environment
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12
Q

What are the general insights about how customers navigate the online environment that marketers need to consider when developing marketing programs

A
  1. The initial point of contact with a brand is often online - marketers must therefore understand the role of the online environment in the customer path to purchase and need to have a solid presence on all these online destinations with information
  2. customers have unlimited opportunities to become informed or distracted - effective digital marketing isn’t solely about being there, everyone is competing for visibility and as the competitive landscape gets more digitally sophisticated, being there becomes less of a competitive advantage. Instead compelling and unique messaging and creative may be more effective in the long run
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13
Q

providing _______ _______ can ensure that customers remain loyal over time

A

customer value

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14
Q

Define customer value proposition

A

The unique combination of benefits received by targeted buyers that will satisfy their needs; this includes quality, price, convenience, delivery, and both before-sale and after-sale service

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15
Q

Walmart - “everyday low prices for a broad range of products that are always in stock in convenient locations”

  • this is an example of a _______ _______ _______
A
  • customer value proposition
  • relays the benefit received by targeted consumers that will satisfy their needs
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16
Q

How do marketers communicate their customer value proposition

A

by carefully managing each element of the marketing mix (products, price, place, and promotion) so that its value is evident to consumers who in turn purchase or use the products

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17
Q

Creating products with added value is achieved through a combination of what three things

A
  1. product design
  2. pricing strategies
  3. service elements
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18
Q

What principle does marketing follow when it comes to target markets

A

With limited funds, it is better to channel resources toward consumers who are most interested in purchasing a product, rather than target everyone and squander funds on those who may have little interest –> ie. going for a target market

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19
Q

Define a target market

A

The specific group or segment(s) of existing and potential consumers to which marketers direct their marketing efforts –> marketers ensure that each element of the marketing mix appeals to the characteristics of the target market

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20
Q

What are the specific elements of the marketing mix

A
  1. product
  2. price
  3. place
  4. promotion

(known as the 4 p’s)

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21
Q

Are the marketing mix controllable factors

A

yes, they are all controllable factors that need to be carefully managed by marketers to ensure that they are well coordinated and that each appeals to the distinct characteristics of the target market

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22
Q

Define Product (marketing mix)

A

All the attributes that make up a good, service, or an idea to satisfy the customer need, including product design, features, color, packaging, warranty, and service levels

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23
Q

Define Price (marketing mix)

A

What is exchanged for a product, including the expected regular retail or sale price

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24
Q

Define place (marketing mix)

A

The way in which your product gets to the customer, including the distribution channels, retail formats, and merchandising used to sell a product

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25
Q

Define promotion (marketing mix)

A

The tools needed to communicate with customers about a product, including advertising, public relations, sales promotion, direct response, event marketing, sponsorships, online approaches, and personal selling

26
Q

Define the marketing process

A

The process of
1. Identifying consumer needs
2. managing the marketing mix to meet these needs
3. reaching potential customers or the market/realizing revenues or profits

27
Q

Describe the flow of the marketing process

A
  • Potential consumers represent the market
    –> get information about their needs
    –> discover consumer needs by researching what consumers’ needs are
    –> create concepts for products
    –> satisfy consumer needs by designing a marketing program having the right combination of the marketing mix
    –> output products services and ideas
    –> which go to the potential consumers (the market)
28
Q

Define marketing

A

the process through which goods and services move from concept to the customer - it includes the coordination of the marketing mix to identify, select, and develop a product; determine its price; select a distribution channel; and develop and implement a promotional strategy

(The process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. It includes the conception of these products and the pricing, promotion, and distribution programs designed to make a profit and generate revenue or support for an organization.
)

29
Q

Define Exchange

A

The trade of things of value between buyers and sellers so that each benefits. (Trade is money for a product or service but it can be other things too like providing referrals etc.)

30
Q

In marketing the term product encompasses what 3 things

A

Goods, services, and ideas

31
Q

Define a good

A

A product you can touch and own - something that is tangible

32
Q

Define a service

A

A product that is intangible; an activity, benefit, or satisfaction that you cannot touch.

33
Q

Define an idea

A

A concept that typically looks for support. Ex. Organizations like the Movember foundation

34
Q

Define an idea

A

A concept that typically looks for support. Ex. Organizations like the Movember foundation

35
Q

Define a market

A

Potential consumers with both the willingness and the ability to buy.

—> just being willing to buy the product is not enough, for example Nintendo, kids will be willing to buy but they are not able to - the target market here is parents with children and older children who can purchase the product

36
Q

Until the 1930 business’s were in what stage

A

The production orientation stage which focused on the manufacturing of goods (so marketing was not always the driving force in business philosophy) - until the industrial revolution there wasn’t a lot of manufactured goods so they always sold, consumers weren’t a priority.

37
Q

What was the second stage that business’s were in from 1930 - 1960

A

The sales orientation stage - this stage focused on selling as many products as possible - the market had become more competitive, production had become more efficient and products were in abundance. Companies started to hard sell to make profits and consumer needs were still not in consideration

(This was when Ford introduced assembly lines)

38
Q

What stage are businesses in from 1960-1990

A

The marketing orientation stage - Focusing organizational efforts to collect and use information about consumers’ needs in order to create customer value. —> the organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals. An organization with a marketing orientation focuses its efforts on continuously collecting information about consumer needs, sharing this information across departments and using it to create customer value

39
Q

Describe the relationship marketing stage

A

1990s onwards - When organizations create long-term links with customers, employees, suppliers, and other partners to increase loyalty and customer retention. (Encouraging long term relationships with customers)

40
Q

What is the overall evolution of business philosophies

A

Until 1930 - Production orientation

1930-1960 - Sales orientation

1960-1990 - marketing orientation

1990s onward - relationship marketing orientation

41
Q

Define customer relationship management (CRM)

A

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. —> this approach is rooted in the knowledge that it is less expensive to service and maintain current customers than to constantly acquire new ones

ex. customer emails, loyalty programs

–> this is an area of relationship marketing stage

42
Q

Define share of wallet

A

This refers to the percentage of a customer’s purchases that a company has in a specific product category

43
Q

Advance CRM considers what aspect

A

Customer lifetime value (The potential sales that will be generated by a customer if that customer remains loyal to that company for a lifetime.) and what offers will keep customers loyal over their lifetime

44
Q

Define corporate social responsibility (CSR)

A

When organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and society in general.

–> this is an area of relationship marketing stage

45
Q

CSR (corporate social responsibility) initiatives include what 3 approaches

A
  1. sponsorship and/or spearheading of community programs
  2. sponsorship and/or involvement in fundraising initiatives for charitable donations
  3. as a business philosophy of an organization that implements socially responsible business practices to positively impact the community at large
46
Q

Describe greenwashing

A

the deceptive use of marketing practices to imply that a good, service, or organization is environmentally friendly

47
Q

describe societal marketing concept

A

Marketing programs that focus on the consumer and the well-being of society and the environment

48
Q

what is the most important trend impacting how marketers do business

A

The widespread use of digital technology

49
Q

Define digital marketing

A

This is an approach that uses electronic means to reach consumers

50
Q

Define content marketing

A

Creating and sharing expertise, information, or branded content that is designed to inform and engage with tools such as research papers, ebooks, infographics, how-to videos, blogs, webinars, enewsletters, case studies, and events that can readily be found with search engines

51
Q

Define mobile marketing

A

A set of practices that enables organizations to communicate and engage with their audiences in an interactive and relevant manner through any mobile device or network.

–> includes both smartphones and tablets

52
Q

Define social media marketing

A

Reaching out to consumers online through social media networks.

53
Q

Describe augmented reality use in marketing

A

Combines things in the real world with computer generated information

54
Q

Define experiential marketing

A

an approach where marketers create fun and memorable opportunities for consumers to directly interact with a brand - the consumers and the company will spread word about their experience through social media

ex. popups

55
Q

Define influencer marketing

A

using influencers - true influence is in engagement rates measured by clicks subscribes and ultimately purchases

56
Q

Describe partnership marketing

A

The creation of formal associations between brands that will result in incremental business for both brands that could not have been achieved separately. Also known as affinity marketing.

57
Q

Describe strategic alliance

A

This is another form of partnership marketing, with a longer term focus. This involves long term arrangements between companies with similar values and objectives that extend beyond short term promotional offers into long term business agreements

58
Q

Define metrics

A

refers to numeric data that are collected and grouped to track performance.

59
Q

Define dashboards

A

these visualize data using graphs, charts, and numbers so that the data is easy to understand

60
Q

Define analytics

A

Refers to the process of taking metrics data and applying smart thinking and technology to gain actionable insights that can help produce better business decisions

61
Q

Describe the Canadian Marketing association (CMA)

A

This is the professional body for the marketing industry, its guidelines, codes of ethics, and educational programs help shape marketing in Canada

Mark 201 (7 decks)

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