Brainscape's Knowledge GenomeTM

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


See full index

intro to business test 2 > chapter 14 > Flashcards

chapter 14 Flashcards

1
Q

what is marketing?

A

Providing a good or service to satisfy consumer needs & wants

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

find a need and what?

A

fill it

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

in the past what did marketing focus on?

A

helping the seller sell, in advertising & distribution from seller to buyer.

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

what marketing focus on today?

A

helping the buyer buy.

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

when was the production era?

A

up to early 1900s

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

when was the selling era?

A

1920s–1950s

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

when was the marketing era?

A

1950s+

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

what does market research want to find out?

A

if a need exists

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

what is distribution?

A

getting product to the customer

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

what are some things in the marketing process?

A
  • Market research to find out if a need exists
  • Design a product to meet need
  • Distribution
  • Establishing a relationship with the customer
  • Promoting product, & dealing with complaints & establishing customer relationships
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

in the marketing concept, what is the 3 part philosophy?

A

(1) a customer orientation (2) a service orientation

(3) a profit orientation

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

organizations with a market orientation engage in what?

A

customer relationship management (CRM) –

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

what is CRM? (market orientation era)

A

process of building LT customer relationships by delivering customer value & satisfaction.

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

what is a cost effective way for firms to grow in competitive markets?

A

Retaining customers or managing entire customer life cycle

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

what does market orientation focus on?

A
  • collecting info about competitors and customers
  • sharing info through organization
  • using info to create value, ensure customer satisfaction and develop customer relationships
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what does the social media marketing era involve?

A

building communities or networks, encouraging participation & engagement.

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

what are social networking sites?

A

Common tools (platforms) used by both consumers & companies

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

what do charities use marketing for?

A

raise funds for combating world hunger

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

what do environmental groups use marketing for?

A

to try to cut carbon emissions

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

why do churches use marketing?

A

to attract new members & raise funds

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

what are the elements in marketing mix?

A

product, price, place, promotion

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

what is product in the marketing mix?

A

any physical good, service, or idea that satisfies a want(need) & enhances the product in consumers’ eyes, i.e. brand, quality

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

what is a brand name?

A

a word, device (design, shape, sound, or colour), or combination of these used to distinguish a g &s from competitors.

24
Q

what is price in marketing mix?

A

money or other consideration exchanged for ownership or use of a g & s

25
Q

what is place in marketing mix?

A

location, product availability

26
Q

what is promotion in marketing mix?

A

communication methods to motivate customer purchase: advertising, personal selling, public relations & sales promotions (coupons & samples).

27
Q

what is the MR process?

A

1) Define issue
2) Collect data
3) Analyze information
4) Choose what to do with info

28
Q

what are primary sources of MR info?

A

• Survey
• Personal interview
Focus Group
• Observation

29
Q

what are secondary sources of MR info?

A
  • Newspapers
  • Internal Sources
  • Company Directories • Trade Sources
  • Periodicals
30
Q

what are the uses of MR?

A

To Analyze:

Customer Needs/Satisfaction Markets & Opportunities Effectiveness of Strategy/Tactics Goal Achievement

31
Q

what are the guidelines for MR?

A

Clarify research objectives/stay on target.
• Decide whether you will do the research or use a
professional researcher.
• Make certain questions are directed to objectives.
• Ask fo rrelevant information

32
Q

what does crest stand for?

A
  • Competitive Environment
  • Regulatory (Legal)
  • EconomicEnvironment
  • Social Environment
  • Technological Environment
  • Global Environment (international trade)
33
Q

what is B2C?

A

consumer market consists of all individuals or households that want goods and services for personal consumption or use & have resources to buy them.

34
Q

what is B2B?

A

consists of all individuals & organizations that want goods & services to use in producing other goods and services or to sell, rent, or supply goods to others. (MANIFACTURERSM, RETAILERS)

35
Q

why must companies first decide which groups to serve?

A

B/c consumers differ greatly (age, education, income, tastes & preferences)

36
Q

what is market segmentation?

A

Dividing total market into several groups whose members have similar characteristics

37
Q

what is target marketing?

A

selecting which groups (market segments) an organization can serve profitably

38
Q

in the business to business market, what are the customers and size of business like?

A

customers is relatively few & size of business customers is relatively large.

39
Q

what buying process do B2B markets use?

A

rational buying process, geographically concentrated

40
Q

what are B2B sales like?

A

sales tend to be direct, with more emphasis on personal selling.

41
Q

what is geographic segmentation?

A

Dividing the market by geographic area

42
Q

what is demographic segmentation?

A

Dividing the market by age, income & education level

43
Q

what is psychographic segmentation?

A

Dividing the market according to personality or lifestyle (activities, interests, and opinions).

44
Q

what is behavioural segmentation?

A

Dividing the market based on behaviour with or toward a product.

45
Q

what is mass marketing?

A

developing products & promotions to please large groups of people resulting in little market segmentation

46
Q

what is niche marketing?

A

process of finding small but profitable market segments & designing or finding products for them.

47
Q

what is one to one (individual) marketing?

A

developing a unique mix of goods & services for each individual customer.

48
Q

what is product positioning?

A

place an offering occupies in customers’ minds on important attributes relative to competitive products.

49
Q

what is a positioning statement?

A

expresses how a company wants to be perceived by customers, useful in establishing a product’s position relative to that of its competitors.

50
Q

what does building marketing relationships do?

A

leads away from mass production & toward custom-made goods & services.

51
Q

what is the goal of building market relationships?

A

to keep individual customers over time by offering new products that meet their exact requirements.

52
Q

what is ethnic marketing?

A

Combinations of mktg mix that reflect unique attitudes, race or ancestry, communication preferences & lifestyles of ethnic Canadians.

53
Q

what is green marketing?

A

Green marketing refers to the process of selling products and/or services based on their environmental benefits.

54
Q

what are psychological influences?

A

perception, attitudes, learning, motivation

55
Q

what are situational influences?

A

type of purchase, social surroundings, physical surroundings, previous experience

56
Q

what are sociocultural influences?

A

reference groups, family, social class, culture, subculture

intro to business test 2 (4 decks)

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