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Fundamentals of Marketing - Chapters 1-7 > Chapters 1 to 7 > Flashcards

Chapters 1 to 7 Flashcards

Study Guide for Exam. Material covered: Learning Objectives

1
Q

What is marketing?

A

Marketing is the activity set of instructions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and Society at Large

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2
Q

Marketing focuses on ______ and ______ prospective customers Needs and Wants

A

Discovering, satisfying

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3
Q

What four factors are needed for marketing to occur?

A

1) two or more parties with unsatisfied needs
2) a desire on their part to be satisfied
3) away for the parties to communicate
4) something to exchange

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4
Q

An organization cannot satisfy the needs of all customers, and so it must focus on one or more subgroups, which are its ________________

A

Target markets

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5
Q

What are the four marketing mix elements that make up an organization’s marketing program?

A

Product
Price
Promotion
Place

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6
Q

What are uncontrollable variables?

A

There are risk factors that a company has no control of changing, such as social, economic, technological, competitive and Regulatory forces.

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7
Q

The match between customer expectations of the product and the products actual performance is called __________________

A

Customer satisfaction

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8
Q

Process of building and developing long-term relationships with customers by delivering customer value and satisfaction is called ___________

A

Customer relationship Management [CRM]

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9
Q

Some Canadian companies are transitioning from the market orientation era to the ________ era

A

Customer experience management [CEM]

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10
Q

What is strategy?

A

An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals

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11
Q

What is marketing accountability?

A

Responsibilities for a systematic management of marketing resources and processes to achieve a measurable gains and return of marketing investment and increased marketing efficiency, while maintaining quality and increasing value of the corporation

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12
Q

What are examples of a functional level in an organization?

A

Groups of specialists actually create value for the organization

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13
Q

What is the meaning of an organization’s mission?

A

Statement of the organization’s function in society, often identifying its customers, markets, products and Technology

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14
Q

What is the difference between an organizations business and its goals?

A

A business = describes the clear, underlined industry or Market sector of an organization’s offering.
A goal= statement of an accomplishment of a task to be achieved, Often by a specific time

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15
Q

What is a business portfolio analysis?

A

Technique that managers use to quantify performance measures and growth targets to analyze their firms

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16
Q

What are the four marketing product strategies?

A

Market penetration - selling products in existing markets
Market development - existing products in new markets [Geographic or segments]
Product development - sewing new products in existing markets
Diversification - selling new products in New Markets

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17
Q

What is marketing dashboard?

A

Visual computer display of the essential information related to achieving a marketing objective

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18
Q

What is the difference between a strength and an opportunity in a SWOT analysis?

A

Strength - resource or capacity that organizations can use effectively to achieve its objectives
Opportunity - any favorable situation in the organization’s environment. Friend or change of some kind or overlooked need that increased demand, permitting The Firm to enhance its position by supplying it.

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19
Q

What is a market segmentation

A

Involves aggregating prospective buyers into groups, or segments that; have common needs and will respond similarly to a marketing action

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20
Q

What are points of difference, and why are they important?

A

Characteristics of a product that make it Superior to competitive substitutes, they are important since they help organizations to focus on specific marketing programs

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21
Q

What is the implementation phase of the Strategic marketing process?

A

Implementation phase involves carrying out the marketing plan that emerges from the planning phase

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22
Q

How do the goals set for a marketing program in the planning phase relate to the evaluation phase of the Strategic marketing process?

A

Planning phase involves developing programs marketing mix and its budget, as the evaluation phase seeks to help the marketing program moving in the direction set for it. Comparing the results identifying and acting on its deviations

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23
Q

Describe the three generational cohorts

A 
Baby Boomers (1946 - 1964 )
Generation X (1965- 1976 )
Generation Y ( 1977 - 1994 )
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24
Q

Why are many companies developing Multicultural marketing programs?

A

Multicultural marketing programs consist of combinations of the marketing mix that reflects the unique attributes, ancestry, communication preferences and lifestyles of different races.

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25
Q

What is a consensus metropolitan area?

A

Formed by one or more adjacent municipalities centered on a population Center (known as the core)

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26
Q

What is the difference between a consumers disposable income and discretionary income?

A

Disposable - the money a consumer has left after paying taxes news for Necessities such as food, housing, clothing and transportation
Discretionary - money that remains after taxes and necessities

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27
Q

How does technology impact customer value?

A

Consumers can now access value on the basis of other dimensions, such as quality, service and relationships, due to the decline in the cost of technology. Technology provides value through the development of products

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28
Q

In pure competition, there are _____ number of sellers

A

Very large

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29
Q

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

A

Competition

30
Q

An alternative legislation protecting competition and consumers is self-______________

A

Regulation

31
Q

What is consumerism?

A

The protection or promotion of the interests of consumers

32
Q

What is ethics ?

A

Moral principles that govern a person’s behaviour or the conducting of an activity

33
Q

What are laws?

A

Rules in a particular country regulating the actions of its members which it may and force by the imposition of penalty

34
Q

What is caveat emptor?

A

Principle that the buyer alone is responsible for checking the quality and suitability of goods before the purchase is made

35
Q

What is code of ethics?

A

Adopted by organizations to assist members in understanding right from wrong and applying that to their decisions

36
Q

What are laws?

A

Rules in a particular country regulating the actions of its members which may enforce by the imposition of penalties

37
Q

What is caveat emptor?

A

Principle that the buyer loan is responsible for checking the quality and suitability of goods before the purchase is made

38
Q

What is the code of ethics?

A

Adopted by organizations to assist members and understanding right from wrong and applying that to their decisions

39
Q

What is meant by moral idealism?

A

Personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

40
Q

What is meant by social responsibility?

A

Ethical framework and suggest that an entity, be it and organization or individual, hasn’t learn to act for the benefit of society at large

41
Q

Marketing efforts to produce, promote, and reclaim environmentally sensitive products are called ______________

A

Green marketing

42
Q

What is a social audit?

A

A way of measuring, understanding, reporting and ultimately improving an organization social and ethical performance

43
Q

What is the first stage in the consumer purchase process?

A

Problem recognition

44
Q

The brands that are consumer considers buying out of the set of brands in a product class of which the consumer is aware is called the ___________________

A

Consideration set

45
Q

What is the term for post-purchase anxiety?

A

Cognitive dissonance

46
Q

The problem with the Toro snow pup was an example of selective________________

A

Comprehension

47
Q

What three attitude-change approaches are the most common?

A

1 ) change beliefs about the extent to which brand has certain attributes
2 ) change the perceived importance of the attributes
3 ) add new attributes to the product

48
Q

What does lifestyle mean ?

A

Mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them

49
Q

What are two primary forms of personal influence?

A

Opinion leadership

Word-of-mouth activity

50
Q

Which type of reference groups are marketers concerned with?

A

Membership groups
Operation groups
Dissociative groups

51
Q

What is an ethnic subculture?

A

Members unique shared behaviors based on common racial, language or national background

52
Q

What are the three main types of organizational buyers?

A

1 ) industrial firms
2 ) resellers
3 ) government units ) industrial firms inline

53
Q

What is the North American industry classification system ( NAICS)?

A

Classification of business establishments by type of economic activity. Governments in Canada, Mexico and the United States of America 3 member countries of NAFTA

54
Q

One department is almost always represented by a person in the buying Center?

A

Purchasing department

55
Q

What are three types of buying situations or buy classes?

A

1 ) new buy
2) straight buy
3 ) modified buy

56
Q

What is a make-buy decision?

A

It’s an evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself

57
Q

What is a bidders list?

A

List of firms believed to be qualified to supply a given item

58
Q

What are e-marketplaces?

A

Online trading communities that bring together buyers and supplier organizations to make possible real-time exchange of information, money, products, and services

59
Q

In general which type of online auction creates upward pressure on bid prices, and which type creates downwards pressure on bid prices

A

Traditional auction - upwards pressure

Reverse auction - downwards pressure

60
Q

What is the trade feedback effect?

A

Free trade Nations believe that increased Imports stimulate exports of other countries, increased demand for exports energizes the economy stimulating their demand for imports. Imports affects exports

61
Q

What variables influence why some companies and industries in a country succeed globally, While others loose ground or fail?

A

Factor conditions demand conditions, related and support Industries, company strategy, structure and rivalry

62
Q

What is protectionism?

A

Practice of shielding one or more sector of a country’s economy from foreign competition through the use of tariffs or quotas

63
Q

Amongst which countries was the North American free trade designed to promote free trade?

A

Canada, United States of America, Mexico

64
Q

What is the difference between a multidomestic marketing strategy and a global marketing strategy?

A

Multidomestic marketing strategy - firms have as many different product variations, brand names, an advertising programs as countries in which they do business
Global marketing strategy - standardizes market activities when there are cultural similarities and adapting them when cultures differ

65
Q

Semiotics involves the study of

____________________

A

Cultural symbols and their role in the assignment of meaning of people

66
Q

When foreign currency can buy more US dollars are American Products more or less expensive for a foreign consumer?

A

Less expensive

67
Q

What mode of Entry could a company follow if it has no previous experience in Global Marketing?

A

Indirect exporting is ideal for the company that has no overseas contacts but wants to Market abroad

68
Q

How does licensing differ from a joint venture?

A

Licensing is a contractual agreement where a company allows another firm to use its brand name, patent, a secret or other property for a royalty fee. Joint venture is an agreement in which a foreign company and a local firm invest together to create a local business, sharing ownership control and profits of the new company

69
Q

Products may be sold globally in three ways, what are they?

A

1) product extension
2) product adaptation
3) product invention

70
Q

What is dumping?

A

When a firm sells a product in a foreign country below its domestic price or below its actual cost

71
Q

Micheal Porter Diamond

A

Factor Conditions - Nations ability to turn its natural resources, education competitive advantage
Demand Conditions - Size of market, sophistication of consumers
Related and Supporting Industries - Existence of supplier clusters
Company Strategy, structure and rivalry - # of companies, intensity of competition, public/private ownership

72
Q

Evolution of business

A

Production Era - Goods scarce, buyers will accept anything
Marketing Concept Era - Organizations are thinking about what the customers want and tailor that
Marketing Orientation Era
Customer Experience Era
Social Media Era

Fundamentals of Marketing - Chapters 1-7 (1 decks)

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