Chapter 13 Flashcards

1
Q

What is marketing?

A

the activity, set of instituitions, and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.

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2
Q

Marketers today involves helping the buyer buy through:

A

websites
blogs
social networking sites

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3
Q

How do websites help buyers? Give an example.

A

help in finding the best price, identifying product features, and question servers
example: booking.com , zomato

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4
Q

How do blogs and social networking sites help buyers? Give an example.

A

help cultivate customer relationships

example: amazon

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5
Q

How many era are there in the evolution of marketing including the one we are in right now?

A
Production era
Selling Era
Marketing concept Era
Customer relationship Era
Mobile Marketing
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6
Q

The main focus in the production ear is?

A

Producing

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7
Q

Previously, we used to produce on a —- scale, but because of the ——– revolution, we have huge factories enabling us to produce large quantities.

A

small

industrial

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8
Q

TV advertisements and print ads are under which era?

A

Selling era

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9
Q

The general philosophy of “ Produce as much as you can because there is a limitless market for it” is under which era?

A

Production Era

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10
Q

Which era is when we needed to convince and advertise customers to buy our existing products?

A

Selling era

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11
Q

Which era involves knowing everything about the customer?

A

Customer Relationship Era

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12
Q

Most companies emphasized selling and advertising in an effort to persuade consumers to buy existing products in which era?

A

Selling Era

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13
Q

In the customer relationship era, what are some things to help know the customer?

A

shopping habits
what you like
what you don’t like
when you celebrate your occasions

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14
Q

Which era has more competitors because it came out of World War 2?

A

Marketing concept era

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15
Q

Because of high competition in marketing concept era, businesses needed to be ——- if they wanted to their businesses to thrive.

A

responsive

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16
Q

In which ear does technology play a huge role?

A

Emerging mobile/ On-Demand Marketing Era

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17
Q

What is customer relationship management?

A

learning as much as possible about customers and doing everything you can to satisfy or exceed their expectations

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18
Q

What do organizations seek to stimulate?

A

long-term customer loyalty

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19
Q

Where do a customer go when you lose them?

A

to your competitor

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20
Q

What is the 3-part business philosophy of the golden triangle of the marketing concept?

A

Customer Orientation
Service Orientation
Profit Orientation

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21
Q

Ensuring and Understanding that each single customer contributes to our company’s profit is under which type of orientation?

A

Profit orientation

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22
Q

What is the marketing mix? What is it also known as?

A

ingredients that go into a marketing program

it is known as the 4 P’s

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23
Q

What are the 4 P’s?

A

Product
Price
Place
Promotion

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24
Q

What is test marketing?

A

Testing products among potential users.

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25
A word, letter, group of words or letters that differentiates one seller's goods and services from those of competitors is?
Brand Name
26
In general, setting an appropriate price can be based on who?
competitors
27
Pricing has 4 factors. What are they?
Competitor's prices Production costs Distribution Promotion
28
What plays a huge factor in pricing?
distribution
29
------- are important because getting a product to consumers when and where they want it is critical.
intermediaries
30
All the techniques sellers use to inform people about and motivate them to buy their products or services is?
Promotion
31
What does promotion include?
``` Advertising Personal Selling Publicity Word of Mouth Sales Promotion ```
32
What is marketing research?
analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions.
33
Describe the marketing research process.
1) Define the problem or opportunity and determine the present situation. 2) Collecting research data by primary or secondary research. 3) analyze the data 4) choose the best solution and implement it
34
Which type of data do you NEED to engage in?
primary data
35
What is secondary data?
Information that is available and compiled
36
Which type of data incurs no expense?
secondary data
37
What do you call the data that you gathered yourself?
primary data
38
What are some ways to collect primary data?
``` telephone mail surveys online personal interviews focus groups ```
39
What is a focus group?
small group of people (4 to 7 members) who meet under the direction of a discussion leader to communicate opinions.
40
What do you do your analysis based on ? and relying on what methods?
scientific method | relying on quantitative and qualitative methods
41
What do we call the process of identifying factors that can affect marketing success?
environmental scanning
42
What are the influences involved in environmental scanning?
``` global factors technological factors sociocultural factors competitive factors economic factors ```
43
What are the TWO different markets?
B2B market | consumer market
44
Which market has all the individuals or households that want goods and services for personal consumption or use?
Consumer market
45
Which market has all the individuals or households. that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others?
B2B market
46
Buying cement to be incorporated in your production process is an example of what market?
B2B market
47
Which market involves buying final product for consumption?
Consumer market
48
A market is huge. Theoretically speaking, you can sell to everyone but do you want to do that?
NO , you select and target
49
Which type of marketing is directed towards those groups an organization decides it can serve profitably?
Target Marketing
50
What is market segmentation?
dividing the total market into groups whose members have similar characteristics.
51
How many branches does segmenting the consumer market have and what are they?
5 - geographic segmentation - demographic segmentation - psychographic segmentation - benefit segmentation - volume or usage segmentation
52
Which type of segmentation divides the market by age, income, gender, and education level?
Demographic segmentation
53
Psychographic segmentation divides the market using what?
- group's values - attitudes - interests
54
Which type of segmentation divides the market usage and is basically the amount that is consumed by each segment?
Volume or usage segmentation
55
Geographic segmentation divides the market by?
cities states counties regions
56
Which type of segmentation divides the market by determining which benefits of the product to talk about?
Benefit segmentation
57
Example of niche marketing?
companies who sell yachts | virtue (very expensive and made for specific people)
58
What is niche marketing?
finding small but profitable market segments and designing or finding products for them.
59
What is the complete opposite of niche marketing?
Mass marketing
60
Which type of marketing develops a unique mix of goods and services for each individual customer?
One-to-one marketing
61
What is mass marketing?
developing products and promotions to please large groups of people.
62
Example of mass marketing?
coca cola | pepsi
63
Which type of marketing is for keeping individual customers over time by offering them products that exactly meet their requirements?
Relationship marketing
64
What are the 5 steps of the consumer decision making process?
``` 1- Problem Recognition 2- Information Search 3- Evaluate Alternatives 4- Purchase decision 5- Post purchase evaluation ```
65
You serve you --------- evaluation into other people's -------- search.
post purchase | information
66
B2B marketers include?
manufacturers retailers hospitals, schools, and non profits government
67
When are products often sold and resold several times before reaching final consumers?
B2B market
68
What is the biggest area in marketing?
social media marketing
69
Which prospect in marketing includes quantitative and qualitative analysis and data crunching?
marketing research
70
Which prospect in marketing includes bundles of products and discounts?
Sales promotion
71
Which prospect in marketing includes trying to influence the public opinion?
Public relations
72
What are the prospects in marketing?
``` Retail manager marketing research product management selling advertising sales promotion public relations web design social media marketing ```