Chapter 14: Marketing: Helping Buyers Buy

Question 1

Marketing

Answer 1

A set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships

MEETING NEEDS PROFITABLY

Question 2

Evolution of marketing

Answer 2

Production 
Sales
Marketing concept 
Market orientation 
Social media marketing

Question 3

Marketing concept

Answer 3

Three part business philosophy

Question 4

3 parts of marketing concept

Answer 4

Customer orientation
Service orientation
Profit orientation

Question 5

Market orientation (oh boy)

Answer 5

Focussing efforts on:

1) continuously collecting information about customers needs and competitors capabilities
2) sharing this information throughout the organization
3) using the information to create value, ensure customer satisfaction, and develop customer relationships

Question 6

Customer relationship management

Answer 6

The process of building long term relationships with customers by delivering customer value and satisfaction

Question 7

Social media marketing

Answer 7

Customer generated online marketing efforts to promote brands and companies for which they are fans, and the use by marketers of online tools and platforms to promote their brands and organizations

Question 8

4 P’s of marketing

Answer 8

Product
Price
Place
Promotion

Question 9

Marketing mix

Answer 9

Ingredients that do into a marketing program

Product, price, place, promotion

Question 10

Product

Answer 10

Physical good, service, or idea that satisfies wants and needs

Question 11

Testing market

Answer 11

The process of testing products among potential users

Question 12

Brand name

Answer 12

Word, letter, or group of words or letters that differentiates one sellers goods and services from those of competitors

Question 13

Promotion

Answer 13

All of the techniques sellers use to motivate customers to buy their products

Question 14

Marketing research

Answer 14

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

Question 15

Marketing research process

Answer 15

1) defining the question and determining the present situation
2) collecting research data
3) analyzing the research data
4) choosing the best solution and implementing it

Question 16

Secondary data

Answer 16

Information that has already been complied by others and published in journals and books or made available online

Question 17

Primary data

Answer 17

Data you gather yourself

Question 18

Focus group

Answer 18

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, issue, or product

Question 19

Observation

Answer 19

Involves watching how people behave

Question 20

Big data

Answer 20

Large amounts of data collected from a variety of sources and analyzed with sophisticated technology

Question 21

Environmental scanning

Answer 21

The process of identifying the factors that can affect marketing success

Question 22

Consumer market

Answer 22

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

Question 23

Business to business market (B2B)

Answer 23

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

Question 24

Market segmentation

Answer 24

The process of dividing the total market into groups with similar characteristics

Question 25

Geographic segmentation

Answer 25

Dividing the market by geographic area

Question 26

Demographic segmentation

Answer 26

Dividing the market by age, income, and education level

Question 27

Psychographic segmentation

Answer 27

Dividing the market using the groups values, attitudes, and interests

Question 28

80/20 rule

Answer 28

80 percent of your business is likely to come from 20 percent of your customers

Question 29

Target marketing

Answer 29

Marketing directed towards those markets an organization decides it can serve profitability

Shoe store only sells women shoes

Question 30

Mass marketing

Answer 30

Developing products and promotions to please large groups of people

Question 31

Niche marketing

Answer 31

The process of finding small but profitable market segments and designing or finding products for them

Canadian tire focussing on 30-49 year olds and young famalies

Question 32

One to one marketing (micro marketing)

Answer 32

Developing a unique mix of goods and services for each individual customer

Question 33

Product positioning

Answer 33

The place an offering occupies on customers minds on important attributes relative to competitive products

Question 34

Positioning statement

Answer 34

Expresses how a company wants to be perceived by customers

Question 35

Consumer behaviour

Answer 35

When marketing research investigate consumer thought processes and behavior at each stage on a purchase to determine the best way to help the buyer buy

Question 36

Another way to look at marketing:

Answer 36

Meeting needs profitably

Question 37

Four P’s of marketing mix

Answer 37

Product
Price
Place
Promotion

Question 38

Primary data

Answer 38

Freshly collected data

Question 39

Secondary data

Answer 39

Pre-existing data from elsewhere, not conducted by you

Question 40

Qualitative data

Answer 40

Words! Observed not measured

Question 41

quantitative Data

Answer 41

Number! Can be measured

Question 42

Types of Research methods (FIOSE)

Answer 42

Focus group, interviews, observations, surveys, experiments

Question 43

Which research methods are quantitative and which are qualitative

Answer 43

Focus Group: Qualitative 
Interview: Qualitative 
Observation: Both
Survey: Quantitative 
Experiment: Quantitative

Question 44

four steps to marketing research

Answer 44

1) Defining the question and determining the present solution
2) collecting research data
3) Analyzing the research data
4) choosing best solution and implementing it

Question 45

STP startegies

Answer 45

segmentation: dividing the market into segments targeting: serve the most profitable groups
positioning: mental image of the product