Chapter 14 - Marketing

Question 1

Marketing

Answer 1

a set of business practices designed to plan for and present an organization’s products and services in ways that build effective consumer relationships

Question 2

Non-Profit Organizations (Examples)

Answer 2

Charities use marketing to raise funds.
Blood donors are recruited by using marketing.
Environmental groups use marketing to try to cut carbon emissions.
Churches use marketing to attract new members and raise funds.
Politicians use marketing to get votes.
Provinces use marketing to attract new businesses and tourists.
Schools use marketing to attract new students.

Question 3

The Marketing Mix

Answer 3

Product (satisfy a want)
Price (what customer pays for the product)
Place (where customers buy the product)
Promotion (communicate with the customer about the product)

Question 4

Applying the Marketing Process

Answer 4

Search for an opportunity or need
Conduct research
Identify a target market
Design a product to meet customer needs
Test market product
Select a brand name
Set an appropriate price
Get the product to the right place
Develop an effective promotional strategy
Build a relationship with customers

Question 5

Marketing research

Answer 5

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

Question 6

Secondary data

Answer 6

information that has already been compiled by others and published in journals and books or made available online

Question 7

Primary data

Answer 7

data that you gather yourself (not from secondary sources such as books and magazines

Question 8

Environmental scanning

Answer 8

the process of identifying the factors that can affect marketing success.

Question 9

Consumer market

Answer 9

all individuals or households that want goods and services for personal consumption or use.

Question 10

Business-to business

Answer 10

all individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.

Question 11

Market segmentation

Answer 11

the process of dividing the total market into several groups whose numbers have similar characteristics.

Question 12

Target marketing

Answer 12

marketing directed toward those groups (market segments) an organization decides it can serve profitably.

Question 13

Geographic

Answer 13

dividing the market by geographic area.

Question 14

Demographic

Answer 14

dividing the market by age, income, and education level.

Question 15

Psychographic

Answer 15

dividing the market using the group’s values, attitudes, and interests.

Question 16

Behavioural

Answer 16

dividing the market based on behaviour with or toward a product

Question 17

Mass marketing

Answer 17

developing products and promotions to please large groups of people.

Question 18

Relationship marketing

Answer 18

marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.