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ADMIN-1001 Intro to Canadian Business > Chapter 10 > Flashcards

Chapter 10 Flashcards

Review of Chapter 10

1
Q

Marketing

A

Marketing – the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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2
Q

Utility

A
  • Form utility
  • Time utility
  • Place utility
  • Ownership utility
    The ability of goods and services to satisfy wants
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3
Q

Where is marketing?

A
  • People marketing
  • Place marketing
  • Event marketing
  • Idea marketing
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4
Q

Marketing concept

A

Marketing concept – a philosophy that makes customer satisfaction, now and in the future, the central focus of the entire organization

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5
Q

Unmatched value

A

Unmatched value – being able to provide this to customers is the only way to long-term profitability

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6
Q

Marketing Strategy

A

Exhibit 10.2 - Target Market

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7
Q

Target Market

A

A well-chosen target market considers:

  • Size
  • Profitability
  • Accessibility
  • Limited competition
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8
Q

Consumer markets (B2C)

A

Consumer markets (B2C) – products for personal consumption

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9
Q

Business markets (B2B)

A 
Business markets (B2B)
– products used directly or indirectly to produce other products
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10
Q

Consumer Market Segmentation

A

Demographic
Geographic
Psychographic
Behavioural

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11
Q

Business Market Segmentation

A

Geographic
Customer-based
Product use–based

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12
Q

The Marketing Mix

A
  • Product Strategy
  • Pricing Strategy
  • Promotion Strategy
  • Distribution Strategy
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13
Q

The Global Marketing Mix

A
  • Do you need to change your marketing mix for every country?
  • Most consumer products require a new marketing mix for each global market, while many business products do not.
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14
Q

Consumer behaviour

A

Consumer behaviour – how people act when they are buying products

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15
Q

Elements that Influence the Consumer Decision-Making Process

A

Cultural
Social
Personal
Psychological

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16
Q

Business Buyer Behaviour

A
  • Rationale criteria
  • Specific purchase criteria
  • Objective standards
  • Input from multiple internal sources
  • Formal process
  • Frequently seek customized goods
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17
Q

Marketing research

A

Marketing research – involves gathering, interpreting, and applying information to uncover opportunities and challenges

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18
Q

Marketing research

A
  • Monitor and predict customer behaviour
  • Evaluate and improve marketing mix
  • Better marketing decisions lead to more value for consumers and more profits for business
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19
Q

Advantages and Disadvantages of Secondary Data?

A
  • Lower cost
  • May not be specific
  • Frequently outdated
  • Available to competitors
20
Q

Advantages and Disadvantages of Primary Data?

A
  • More expensive
  • Customized
  • Fresh, new
  • Proprietary
21
Q

Primary Research Tools -

OBSERVATION RESEARCH

A

Observation research

  • the researcher does not directly interact with the research subject
  • Scanner data
  • Traffic counters
  • Garbage analysis
22
Q

Primary Research Tools - SURVEY RESEARCH

A

Survey research

  • the researcher does interact with the research subject
  • Questionnaires
  • Interviews
  • Focus groups
23
Q

SOCIAL AUDIT

A

A systematic evaluation of how well a firm is meeting its ethics and social responsibility goals

24
Q

GREEN MARKETING

A

Developing and promoting environmentally sound products and practices to gain a competitive edge.

25
Q

CARBON FOOTPRINT

A

The amount of greenhouse gases that a firm emits throughout its operations, both directly and indirectly.

26
Q

SUSTAINABLE DEVELOPMENT

A

Doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs.

27
Q

CORPORATE RESPONSIBILITY

A

Business contributions to the community through the actions of the business itself rather than donations of money and time.

28
Q

CAUSE-RELATED MARKETING

A

Marketing partnerships between businesses and not-for-profit organizations, designed to spike sales for the company and raise money for the not-for-profit organization.

29
Q

CORPORATE PHILANTHROPY

A

All business donations to not-for-profit groups, including money, products, and employee time.

30
Q

Sarbanes-Oxley Act

A

Sarbanes–Oxley Act US federal legislation that sets higher ethical standards for public corporations and accounting firms. Key provisions limit conflict-of-interest issues and require financial officers and CEO’s to certify the validity of their financial statements.

31
Q

WATCHDOG GROUPS

A 
Activist Customers
Investors 
Unions
Environmentalists
Community Groups
32
Q

ETHICS

A

A set of beliefs about right and wrong, good and bad.

33
Q

UNIVERSAL ETHICAL STANDARDS

A

Ethical norms that apply to all people across a broad spectrum of situations.

34
Q

BUSINESS ETHICS

A

The application of right and wrong, good and bad in a business setting.

35
Q

ETHICAL DILEMMA

A

A decision that involves a conflict of values; every potential course of action has some significant negative consequences.

36
Q

CODE OF ETHICS

A

A formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations.

37
Q

WHISTLEBLOWERS

A

Employees who report their employer’s illegal or unethical behaviour to either the authorities or the media.

38
Q

SOCIAL RESPONSIBILITY

A

The obligation of a business to contribute to society.

39
Q

STAKEHOLDERS

A

Any groups that have a stake—or a personal interest—in the performance and actions of an organization.

40
Q

CONSUMERISM

A

A social movement that focuses on four key consumer rights: (1) the right to be safe, (2) the right to be informed, (3) the right to choose, and (4) the right to be heard.

41
Q

PLANNED OBSOLESCENCE

A

The strategy of deliberately designing products to fail in order to shorten the time between purchases.

42
Q

2-1 (p. 16) Define ethics and explain the concept of universal ethical standards.

A

2-1 (p. 16) Define ethics and explain the concept of universal ethical standards.
Ethics is a set of beliefs about right and wrong, good and bad. Who you are as a human being, your family, and your culture all play a role in shaping your ethical standards. The laws of each country usually set minimum ethical standards, but truly ethical standards typically reach beyond minimum legal requirements. Despite some significant cultural and legal differences, people around the globe tend to agree on core values, which can serve as a starting point for universal ethical standards across a wide range of situations. Those values include trustworthiness, respect, responsibility, fairness, caring, and citizenship.

43
Q

2-2 (p. 18) Describe business ethics and ethical dilemmas.

A

2-2 (p. 18) Describe business ethics and ethical dilemmas.
Business ethics is the application of right and wrong, good and bad, in a business setting. Ethical dilemmas arise when you face business decisions that throw your values into conflict. These are decisions that force you to choose among less than ideal options because whatever choice you make will have some significant negative consequences.

44
Q

2-4 (p. 22) Define social responsibility and examine the impact on stakeholder groups.

A

2-4 (p. 22) Define social responsibility and examine the impact on stakeholder groups.
Social responsibility is the obligation of a business to contribute to society. Enlightened companies carefully consider the priorities of all stakeholders— groups that have an interest in their actions and performance—as they make key decisions. Core stakeholder groups for most businesses are listed below, along with key obligations.
● Employees: Treat employees with dignity, respect, and fairness. Ensure that hard work and talent pay off. Help workers balance emerging work-life priorities.
● Customers: Provide quality products at fair prices. Ensure that customers are safe and informed. Support consumer choice and consumer dialogue.
● Investors: Create an ongoing stream of profits. Manage investor dollars according to the highest legal and ethical standards. Support full disclosure.
● Community: Support not-for-profit groups that improve the community and fit with your company. Minimize the environmental impact of your business.

45
Q

2-5 (p. 31) Explain the role of social responsibility in the global arena.

A

2-5 (p. 31) Explain the role of social responsibility in the global arena.
Social responsibility becomes more complex in the global arena due largely to differences in the legal and cultural environments. Bribery and corruption are key issues, along with concern for human rights and environmental standards.

46
Q

2-6 (p. 32) Describe how companies evaluate their efforts to be socially responsible.

A

2-6 (p. 32) Describe how companies evaluate their efforts to be socially responsible.
Many companies—even some entire industries— monitor themselves. The process typically involves establishing objectives for ethics and social responsibility and then measuring achievement of those objectives on a systematic, periodic basis. Other groups play watchdog roles as well. Key players include activist customers, investors, unions, environmentalists, and community groups.

47
Q

2-3 (p. 20) Discuss how ethics relates to both the individual and the organization.

A

2-3 (p. 20) Discuss how ethics relates to both the individual and the organization.
Ethical choices begin with ethical individuals. To help people make good choices, experts have developed frameworks for reaching ethical decisions. While the specifics vary, the core principles of most decision guides are similar:
● Do you fully understand each dimension of the problem?
● Who would benefit? Who would suffer?
● Are the alternatives legal? Are they fair?
● Does your decision make you feel comfortable at a “gut feel” level?
● Could you defend your decision on the nightly TV news?
● Have you considered and reconsidered your responses to each question?

While each person is responsible for his or her own actions, the organization can also have a dramatic influence on the conduct of individual employees. An ethical culture—which includes ethical leadership from top executives and accountability at every level of the organization—has an outsized impact on individual conduct. But formal ethics programs also play a crucial role. A written code of ethics—a document that lays out the values and priorities of the organization—is the cornerstone of a formal ethics program. Other key elements include ethics training and a clear enforcement policy for ethical violations.

ADMIN-1001 Intro to Canadian Business (7 decks)

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