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Principle of marketing > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

environmental scanning involves (2)_____

A
  1. acquiring information on events occurring outside t

2. identifying potential trends that may affect the company

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2
Q

what are the 4 key connections company should maintain

A
  • the alliance with society
  • the partnership with suppliers
  • the ownership with the shareholders
  • the relationship with the customers
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3
Q

the five environmental forces

A
  • social
  • economic
  • technological
  • competitive
  • regulatory
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4
Q

the six elements an organizational leadership requires

A
  • research and development
  • HR
  • information systems
  • marketing
  • finance
  • manufacturing
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5
Q

the 2 factors should stress in terms of social environmental forces

A

demographic shift

culture change

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6
Q

the 2 factors should stress in terms of technological environmental forces

A

impact on marketers

impact on consumers

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7
Q

the 2 factors should stress in terms of competitive environmental forces

A

alternative forms of competition

components of competition

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8
Q

the 2 factors should stress in terms of regulatory environmental forces

A

low protection competition

self-regulation consumerism

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9
Q

the 2 factors should stress in terms of economic environmental forces

A

macroeconomic conditions

consumer income

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10
Q

def. social force

A

the demographic characteristics of the population, and their values. These social forces include demographic changes and cultural changes

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11
Q

Describe three generational cohorts.

A

Baby boomers (1946-1964)

Generation X (1965-1976)

Generation Y (1977-1994)

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12
Q

characteristics of baby boomers consumer

A

Getting older and use more skin-care products – e.g., Olay’s Products

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13
Q

characteristics of Gener. X consumer

A

Hilfiger and DKNY extending to the children of generation Xers

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14
Q

characteristics of Gener. Y consumer

A

Toyota’s Scion for generation Yers and Millennial

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15
Q

what is the demographic trend of Canadians

A

increased population, older age and more culturally diverse

  • more blended family, single parents
  • since the mid 70s has shifted from rural to urban population, with people moving into central metropolitan areas.
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16
Q

CMAs

A

Census Metropolitan Areas

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17
Q

def, CMAs

A

geographic labour market areas having a population of 100,000 persons or more)

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18
Q

what is the unique Ethnic diversity in Canada and its social force to the marketing strategy

A

multicultural marketing which are combinations of the marketing mix that reflect unique attitudes, ancestry, communication preferences, and lifestyles of ethnic Canadians.

Most immigrants in Canada (70%) are visible minorities and three out of 10 Canadians are neither French nor British descent, but are other immigrant groups. Most immigrant groups and minorities live in the large cities of Canada .Marketers use specific marketing efforts to read distinct ethnic groups.

19
Q

the obvious trend of changing attitudes and values in CA

A

One major trend is the changing roles of women and men. 65 percent of Canadian women now work outside the home. Women are increasingly holding management positions. Time poverty among workers with expanding duties.

20
Q

what are the general cultural change in CA

A

ethnic diversity

culture

value and consciousness

21
Q

Why are many companies developing multicultural marketing programs?

A

They recognize the growing ethnic diversity within Canada.

22
Q

def. Gross income

A

the total amount of money made in one year by a person, household or family unit

23
Q

def. Disposable income

A

the money a consumer has left after paying taxes to use for such necessities as food, shelter, clothing and transportation

24
Q

def. Discretionary income

A

the money that remains after paying for taxes and necessities.

25
Q

4 Macroeconomic Conditions

A

Inflation, Recession, Growth, Instability

26
Q

def. Technology

A

Inventions for innovation from applied science and engineering.

27
Q

the biggest impact that technology brings to the market?

A

Technology enables data analytics about Market

28
Q

example of data analytics about Market

A

IOT
electronic commerce, makreting, business
more marketspace
Extranet

29
Q

IOT

A

Internet of Things

30
Q

def. Marketspace

A

it is a communication & information exchange environment

31
Q

def. Extranet

A

Internet-based communication between the company and its suppliers

32
Q

four basic forms of competition

A

pure competition
monopolistic competition
Oligopoly
Monopoly

33
Q

pure competition

A

there are a very large number of sellers. Every company has a similar product

34
Q

monopolistic competition

A

Many sellers compete with their products on a substitutable basis, but seller assume they are perceived differently. Many producers sell products that are differentiated from one another.

35
Q

Oligopoly

A

A few companies control the majority of industry sales.

36
Q

Monopoly

A

only one firm sells the product.

37
Q

FIVE FORCES DRIVE INDUSTRY COMPETITION

A

New Entry, Power of Buyers, Power of Suppliers, Rivalry among Existing Competitors and Substitutes

38
Q

What is the difference between a consumer’s disposable and discretionary income?

A

While the disposable income is what is for such necessities as food, shelter, clothing and transportation after paying the tax; discretionary income is what remains after all taxes and necessities have been covered.

39
Q

How does technology impact customer value?

A

Technology impacts customer value partly by reducing costs associated with its use. It also provides value by the development of new and better products.

40
Q

def. Regulations for business

A

Restrictions that the federal and provincial law place on business regarding the conduct of its activities

41
Q

what is consumerism

A

a movement to increase the influence, power, and rights of consumers in dealing with institutions

42
Q

function of Competition Bureau

A

the institute studies markets for different industries

43
Q

the most important legislation designed to protect competition and consumers in Canada

A

Competition act

44
Q

An alternative to legislation protecting competition and consumers

A

self-regulation

Principle of marketing (14 decks)

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