Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ADM 1100 EXAM > Chapter 12 > Flashcards

Chapter 12 Flashcards

1
Q

Marketing

A

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The Marketing concept

A

The whole firm is directed toward serving
customers at a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Value and Benefits

A

Delivering value (Value = Benefits/Costs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Value and Utility

A

The ability of a product to satisfy a human want or need (of value)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Form utility

A

Marketing has a voice in designing products with features that customers want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Time utility

A

Marketing creates a time utility by providing products when customers will want them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Place utility

A

Marketing creates a place utility by providing products where customers will want them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Ownership/Possession utility

A

Marketing creates a possession utility by transferring product ownership to customers by setting selling prices, by setting terms for customer credit payments if needed, and by providing ownership documents.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Consumer goods

A

Tangible products purchased by individuals for their
use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Industrial goods

A

Products purchased by companies to use directly or
indirectly to produce other products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Services

A

Intangible products to serve users’ needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Ideas

A

Thoughts or philosophies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Relationship Marketing

A

Building lasting relationships with customers and
suppliers
Goal: Customer satisfaction and retention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Customer Relationship Marketing (CRM)

A

Organized methods used to build information
connections to improve company–client
relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Political and Legal Environment

A

Legislation and government programs can be
favourable or not. Marketing managers try to maintain favour by gaining public support for products, advertising for public awareness of important issues, lobbying and contributing to political parities (with restrictions)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Social and Cultural Environment

A

Reflects the values, beliefs, and ideas of a society
(ex. Growing popularity of organic food)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Economic Environment

A

Conditions affect spending patterns of businesses and individuals (Canadian dollar, interest rates, inflation/deflation, and the business cycle)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Technological Environment

A

Science and technology lead to new ways of doing everyday things (new goods continue to emerge and trends create new goods and cause others to become obsolete)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Competitive Environment

A

Brand competitions, Substitute products, and International competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Marketing Plan

A

A detailed, focused strategy for gearing the
marketing mix (product, price, place, and promotion) to meet consumer needs and wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Product Differentiation

A

Creating a product that has a different image than existing products to attract consumers and changing existing products in reponse to trends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Price

A

Choosing the right price to attract consumers & meet profit goals (May be a low-price strategy or high-price strategy and Price must consider all costs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Place (Distribution)

A

Getting the product from producer to buyer
(Physical transportation, warehousing, inventory, an Choice of sales outlets)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Promotion

A

Choosing the right method of communicating
information about the product (Advertising, personal selling, sales promotions, public relations, and direct or interactive marketing

25
Q

Target market

A

A group of potential customers who have similar wants and needs

26
Q

Segmentation

A

Dividing a consumer market into categories and selecting specific market segment(s) to pursue positioning

27
Q

Market Segmentation

A

Search for common traits between consumers and Focus on traits that affect product need or purchase behaviour (Geographics, Demographics, Psychographics, Behavioural Variables, and Geo-Demographic

28
Q

Geographic Variables

A

Area of residence affects product consumption

29
Q

Geo-Demographic Variables

A

A combination of geographic and demographic traits
(Age, income, family size, ethnicity, religion, education, marital status, Marital status, gender, occupation, and language

30
Q

Psychographic Variables

A

Consumer characteristics that may be considered in developing a segmentation strategy (lifestyles, opinions, interests, and attitudes)

31
Q

Behavioural segmentation

A

Dividing a market into groups based on consumer knowledge, use, or response to a product

32
Q

Behavioural Variables

A

Benefits sought, usage rate, occasion for use, loyalty status, and user status

33
Q

Positioning

A

The process of fixing, adapting, and communicating the nature of the product itself (The place a product occupies in a consumer’s mind)

34
Q

Market Research

A

Systematic study of consumer needs
* Focuses on the marketing-mix elements
* Leads to more effective marketing; increases the accuracy and effectiveness of segmentation

35
Q

The Marketing Research Process

A
  1. Study the Current Situation
  2. Select a Research Method
    * Focus group
    * Survey
    * Observation
    * Experimentation
  3. Collect Data
    * Use secondary data
    * Use primary data
  4. Analyze Data
  5. Prepare Report
    * Make recommendations
36
Q

What factors influence consumer behaviour?

A

Psychological factors, personal factors, social factors, and cultural factors

37
Q

The consumer buying process

A

Problem/need recognition, Information seeking, evaluation of alternatives, purchase decision, and post-purchase evaluation

38
Q

Organizational Markets + types of markets

A

Organizations purchase goods and services to be used in the production of other goods and services (Industrial market, reseller market, government and institutional market)

39
Q

Organizational Buying Behaviour

A

Differences in buyers (Professionals, Specialists, and experts)

40
Q

Differences in the buyer–seller relationship

A

Emphasize personal selling by trained representatives who understand the needs of each customer

41
Q

Product features and benefits

A

Consumers purchase a product for its function and benefit to them (benefits are results on the tangible and intangible features)

42
Q

Value package

A

A bundle of value-adding attributes, including reasonable cost

43
Q

Consumer products vs. Industrial products

A

Consumer: convenience goods and services, shopping goods and services, and specialty goods
Industrial products: Production items, expense items, and capital items

44
Q

Product mix

A

The group of products a company has for sale

45
Q

Product line

A

A group of similar products intended for a similar group of buyers

46
Q

What are factors of new product development

A

Needed to expand, and survive, it is expensive, risky, and long-time horizons, product mortality; only 1 in 50 new ideas reaches the market, speed to market, must introduce products quickly to respond to changes

47
Q

Steps for developing a new product

A

Step #1: Product ideas
Step #2: Screening
Step #3: Concept testing
Step #4: Business analysis
Step #5: Prototype development
Step #6: Product and market testing
Step #7: Commercialization

48
Q

Product Life Cycle

A

Products have a limited profit-producing life cycle - Introduction, growth, maturity, and decline
(May be months, years, or decades)

49
Q

Product Extension, Product Adaptation, and Reintroduction

A

Product marketed globally, Product modified to appeal to foreign markets, and Reviving old products for new markets

50
Q

Branding

A

Use of symbols to communicate the qualities of a
product made by a producer

51
Q

Brand Equity

A

Added value a brand provides to a product beyond its basic functional benefits

52
Q

How to Gain Brand Awareness

A

Product Placements, Buzz Marketing, and Viral Marketing & Social Networking

53
Q

National, private, generic, and licensed brand names

A

National: Distributed by, and carrying the name of
the manufacturer (e.g., Kellogg’s)
Private: Brands carrying the name of the retailer
or wholesaler (e.g., President’s Choice)
Generic: House-brand sold under the category name rather than a specific company name
Licensed: Selling the right to use the firm’s name on another company’s product (e.g., Harley-Davidson, Disney characters) + packaging & labelling

54
Q

Corporate Portfolio Analysis

A

How corporate strategies/brands are managed. Considers market share and industry growth rates

55
Q

Cash cows

A

low growth rate, high market share

56
Q

Stars

A

high growth rate, high market share

57
Q

Question marks

A

high growth rate, low market share

58
Q

Dogs

A

low growth rate, low market share

ADM 1100 EXAM (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions