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Entrepreneurship > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

The foundation of marketing is …

A

Exchange

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2
Q

Marketing consists of all activities

A

designed to generate or facilitate an exchange intended to satisfy need.

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3
Q

Market definition

A

Aggregate demand of potential buyers for a product/service

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4
Q

The essence of marketing is…

A

transaction/exchange

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5
Q

Philip Kotler definition of marketing

A

a social and managerial process by which an individual or group obtain what they need and want through creating, offering and exchanging of product

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6
Q

Core concepts of marketing

A
  • Needs, Wants and Demands
  • Products, Value, Cost and Satisfaction
  • Exchange and Transaction
  • R/ships and Networks
  • Market, Marketers and Prospects
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7
Q

is a state of deprivation of some basic satisfaction

A

Need

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8
Q

are desires for specific satisfiers of needs

A

Wants

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9
Q

are wants for specific products that are backed by ability and willingness to buy them

A

Demands

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10
Q

anything that can be offered to satisfy a need or want

A

Product

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11
Q

is the consumer’s estimate of product to satisfy their need

A

Value

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12
Q

DeRose definition of Value

A

the satisfaction of customer requirement at the lowest cost of acquisition, ownership and use.

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13
Q

amount of money that are going to be expended or already incurred to acquire a product

A

cost

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14
Q

trade of values between parties

A

transaction

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15
Q

something that makes a product capable of satisfying a want

A

utility

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16
Q

Kinds of utility that marketing provides

A
  1. Form utility
  2. Place Utility
  3. Time Utility
  4. Information Utility
  5. Possession Utility
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17
Q

Form utility

A

associated primarily with production- the physical or chemical changes that make a product more valuable.
Marketing research aides in making the product more appealing

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18
Q

Place utility

A

exists when a product is readily accessible to potential customers

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19
Q

Time utility

A

having a product available when you want it

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20
Q

Information utility

A

is created by informing prospective buyers that a product exists

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21
Q

special type of information utility that describes the emotional/physical values a person attaches to a product based on its reputation

A

Image utility

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22
Q

Possession utility

A

created when a customer buys the product-that is, ownership is transferred to the buyer.

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23
Q

Marketing activities should be carried out under a well-thought out philosophy of

A
  • Efficient
  • Effective
  • Socially Responsible
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24
Q

5 main competing concepts of marketing activities

A
  • Production
  • Product
  • Selling/Sales
  • Marketing
  • Societal/Relationship Marketing
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25
Q

Production concept

A

holds that consumers will favor products that are widely available and low in cost

26
Q

Two places where the assumption that consumers are primarily interested in product availability and low price holds

A
  1. Demand > Supply (developing countries for example
  2. Product cost is high and has to decrease to expand the market
27
Q

Product concept

A

holds that consumers will favor those products that offer the most quality, performance or innovative features.

28
Q

Selling/Sales concept

A

holds that consumers, if left alone, will ordinarily not buy enough of the organization product. products must be promoted.

29
Q

Marketing concept

A
  • challenges the above three concepts
  • holds that the key to achieving organizational goals consists of being more effective than competitors in integrating marketing activities toward determining and satisfying the needs and wants of target markets
30
Q

Difference of Selling and Marketing concepts

A

Selling starts at factory, marketing at market place.
Selling focuses on exisiting product, marketing on the customers need.
Selling uses selling and promotion, marketing uses integrated marketing
Selling targets profit through volume, marketing targets profit through satisfaction

31
Q

Societal Marketing concept

A

holds that the organization should determine the needs, wants and interests of target markets. should deliver the satisfaction effectively and efficiently that competitors in a way that improves consumer’s well being

32
Q

Relationship Marketing

A

practice of building long term satisfying relations with key parties-customers, suppliers, distributors- in order to retain their long term preferences and business.

33
Q

Marketing information system consists of…

A

People
Equipment and Procedure to gather, sort, analyze, evaluate and distribute information to decision makers

34
Q

Marketing Research

A

systematic and objective identification, collection, analysis and dissemination of information for assisting in decision making

35
Q

Marketing research is subjective

A

False

36
Q

Three functional roles of marketing research

A

Descriptive function - presentation of facts
Analytical function - explanation of data
Predictive function - predict the result

37
Q

Marketing research components

A

Market size
Market share
Market penetration
Brand equity research
Buyer decision processes research

38
Q

Part of marketing research that is used to determine that motivates people to buy

A

Buyer decision processes research

39
Q

Marketing Research Process

A

Define the research purpose or objectives
Research Design Formulation
Gather Secondary Data
Gather Primary Data
Data processing and analysis
Report preparation/presentation

40
Q

Marketing Intelligence

A

is the systematic process of gathering, analyzing, supplying and applying information (both qualitative and quantitative) about the external market environment

41
Q

Evaluated information is called…

A

Intelligence

42
Q

Importance of marketing intelligence

A
  • Identification of new opportunities
  • Smart segmentation
  • Minimize investment risks…
43
Q

Ways to undertake marketing intelligence

A
  1. Unfocused scanning - any info gathered with no purpose
  2. Semi-focused scanning - no purposed but range is narrowed
  3. Informal search - limited and unstructured attempt to obtain information for a specific purpose.
  4. Formal search - this is a purposeful search for information in some systematic way.
44
Q

Refers to determining strength / weakness of competitors

A

Competitive analysis

45
Q

Defined as any business that provides similar service in the same market

A

Competition

46
Q

Steps in competitive analysis

A
  1. Identify competitors
  2. Gather info about competitors
  3. Analyze competition
  4. Develop pricing
47
Q

The 4P’s of Marketing

A

Product - goods/service for sale
Pricing - process of setting price
Place - distribution
Promotion - informing customers

48
Q

Marketing strategy

A

process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve competitive advantation

49
Q

Pricing strategies

A
  • Price skimming - charge a lot for premium users
  • Penetration pricing - similar products have their price reduced inorder to penetrate the market
  • Cost-plus pricing - any amount above unit cost
  • Mark-up pricing - % of selling price added to unit cost
  • Competition Oriented Pricing - consider competitors price
  • Odd-even pricing(49.99 instead of 50)
50
Q

Communication of the company and products to customerrs

A

Promotion

51
Q

Promotional Strategy

A

choosing a target market and formulating the most appropriate promotion mix to influence

52
Q

Promotional strategy may consist of

A
  1. Advertising
  2. Personal selling
  3. Public relations
  4. Sales promotion
53
Q

Form of comms that seeks to change perception

A

Public relations

54
Q

Promotion type that involves short-term incentives to arouse interest

A

Sales promotion

55
Q

Most important actors for effective and efficient distribution of products

A

Marketing channels

56
Q

Two types of marketing channels

A

Direct - produces and consumers directly interact
Indirect - intermediaries exist between seller and buyer

57
Q

Factors to consider to select the best marketing channel

A

Company factors - capability of the company
Market chx - market geography, size, density
Product attirbutes - perishability, value
Env’t forces - competition, tech, culture

58
Q

Any activity undertaken to fulfill customers need

A

Service

59
Q

Distinctive features of servicce

A

Intangibility
Inseparability
Variability
Perishability
- Situational
- Difficulty to measure
- Subjective
- Influenced by service provider

60
Q

Activities need for quality customer service

A
  • Establishing a clear customer service strategy.
  • Ensuring that correct people are in place, with the correct skills to deliver outstanding personal service.
  • Establishing clear material service delivery processes.
  • Improving in terms of process improvement, quality monitoring and recovery continuously.
  • Participatory Management.

Entrepreneurship (3 decks)

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