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Introduction to Business (BUS 100) > Chapter 13 > Flashcards

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
Q

A word, letter, group of words or letters that differentiates one seller’s goods and services from those of competitors is?

A

Brand Name

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26
Q

In general, setting an appropriate price can be based on who?

A

competitors

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27
Q

Pricing has 4 factors. What are they?

A

Competitor’s prices
Production costs
Distribution
Promotion

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28
Q

What plays a huge factor in pricing?

A

distribution

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29
Q

——- are important because getting a product to consumers when and where they want it is critical.

A

intermediaries

30
Q

All the techniques sellers use to inform people about and motivate them to buy their products or services is?

A

Promotion

31
Q

What does promotion include?

A 
Advertising
Personal Selling
Publicity
Word of Mouth
Sales Promotion
32
Q

What is marketing research?

A

analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions.

33
Q

Describe the marketing research process.

A

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
Q

Which type of data do you NEED to engage in?

A

primary data

35
Q

What is secondary data?

A

Information that is available and compiled

36
Q

Which type of data incurs no expense?

A

secondary data

37
Q

What do you call the data that you gathered yourself?

A

primary data

38
Q

What are some ways to collect primary data?

A 
telephone
mail surveys
online
personal interviews
focus groups
39
Q

What is a focus group?

A

small group of people (4 to 7 members) who meet under the direction of a discussion leader to communicate opinions.

40
Q

What do you do your analysis based on ? and relying on what methods?

A

scientific method

relying on quantitative and qualitative methods

41
Q

What do we call the process of identifying factors that can affect marketing success?

A

environmental scanning

42
Q

What are the influences involved in environmental scanning?

A 
global factors
technological factors
sociocultural factors
competitive factors
economic factors
43
Q

What are the TWO different markets?

A

B2B market

consumer market

44
Q

Which market has all the individuals or households that want goods and services for personal consumption or use?

A

Consumer market

45
Q

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?

A

B2B market

46
Q

Buying cement to be incorporated in your production process is an example of what market?

A

B2B market

47
Q

Which market involves buying final product for consumption?

A

Consumer market

48
Q

A market is huge. Theoretically speaking, you can sell to everyone but do you want to do that?

A

NO , you select and target

49
Q

Which type of marketing is directed towards those groups an organization decides it can serve profitably?

A

Target Marketing

50
Q

What is market segmentation?

A

dividing the total market into groups whose members have similar characteristics.

51
Q

How many branches does segmenting the consumer market have and what are they?

A

5

  • geographic segmentation
  • demographic segmentation
  • psychographic segmentation
  • benefit segmentation
  • volume or usage segmentation
52
Q

Which type of segmentation divides the market by age, income, gender, and education level?

A

Demographic segmentation

53
Q

Psychographic segmentation divides the market using what?

A
  • group’s values
  • attitudes
  • interests
54
Q

Which type of segmentation divides the market usage and is basically the amount that is consumed by each segment?

A

Volume or usage segmentation

55
Q

Geographic segmentation divides the market by?

A

cities
states
counties
regions

56
Q

Which type of segmentation divides the market by determining which benefits of the product to talk about?

A

Benefit segmentation

57
Q

Example of niche marketing?

A

companies who sell yachts

virtue (very expensive and made for specific people)

58
Q

What is niche marketing?

A

finding small but profitable market segments and designing or finding products for them.

59
Q

What is the complete opposite of niche marketing?

A

Mass marketing

60
Q

Which type of marketing develops a unique mix of goods and services for each individual customer?

A

One-to-one marketing

61
Q

What is mass marketing?

A

developing products and promotions to please large groups of people.

62
Q

Example of mass marketing?

A

coca cola

pepsi

63
Q

Which type of marketing is for keeping individual customers over time by offering them products that exactly meet their requirements?

A

Relationship marketing

64
Q

What are the 5 steps of the consumer decision making process?

A 
1- Problem Recognition
2- Information Search
3- Evaluate Alternatives
4- Purchase decision
5- Post purchase evaluation
65
Q

You serve you ——— evaluation into other people’s ——– search.

A

post purchase

information

66
Q

B2B marketers include?

A

manufacturers
retailers
hospitals, schools, and non profits
government

67
Q

When are products often sold and resold several times before reaching final consumers?

A

B2B market

68
Q

What is the biggest area in marketing?

A

social media marketing

69
Q

Which prospect in marketing includes quantitative and qualitative analysis and data crunching?

A

marketing research

70
Q

Which prospect in marketing includes bundles of products and discounts?

A

Sales promotion

71
Q

Which prospect in marketing includes trying to influence the public opinion?

A

Public relations

72
Q

What are the prospects in marketing?

A 
Retail manager
marketing research
product management 
selling
advertising
sales promotion
public relations
web design 
social media marketing

Introduction to Business (BUS 100) (1 decks)

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