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Marketing > Cours 1 > Flashcards

Cours 1 Flashcards

1
Q

What is the definition of marketing?

A

It is the activity, set of institutions, and processes for creating communicating, delivering, and exchanging offerings that give value to customers, clients, partners, and society.

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2
Q

What are the main orientations that make up the milestones in the development of modern marketing?

A

Production orientation, product orientation, sale orientation, and marketing orientation.

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3
Q

What is the production orientation approach?

A

This orientation focuses on production efficiency that will lead to high quality. products. The user of this method promotes efficiency and efficacity.

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4
Q

What is product orientation?

A

It is the idea that consumers will always buy a good product at a reasonable price, so a business only has to make the best products to automatically reap financial success.

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5
Q

What is sales orientation?

A

It is the idea that all you need is a good sales and communication strategy to convince a consumer to buy a product.

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6
Q

What is marketing orientation?

A

It is the idea that we need to satisfy the consumer while keeping the company’s goals in mind. This orientation focuses mainly on the consumers rather than the businesses.

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7
Q

What are the 2 basic activities of a business?

A

Producing and selling.

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8
Q

What is a product?

A

It can be a manufactured product, a pure service, or a clever mix of both.

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9
Q

What is a need?

A

It is a state of lacking something (hungry, thirsty, lonely).

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10
Q

What is a want?

A

It is a way of meeting your need (going to Mcdo, drinking Smart-water, going to a board-game café).

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11
Q

What is demand?

A

It is the quantity of a good or service that economic agents (people, companies, governments) buy in a given market.

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12
Q

What do you need to do to compare the sales in dollars?

A

You need to take the amount without the inflation into account.

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13
Q

How do you evaluate demand?

A

The best way to evaluate demand is by using a volume that corresponds to the demand that we evaluate.

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14
Q

How do you find a market share?

A

By dividing the company demand by the market demand.

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15
Q

How can a company own more share of a market?

A

It can use a lot of different strategies, but one of them is to share a market with another company to increase the sales of both entities.

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16
Q

What are the 3 types of demand?

A
  • Actual demand
  • Potential demand
  • Demand projection
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17
Q

What is actual demand?

A

It is a company’s actual sales (or volume( at a specific point in time.

18
Q

What is potential demand?

A

It is the maximum demand that can be reached at any point in time if every single consumer is buying the product/service.

19
Q

What is demand projection?

A

It is based on consumers who might be receptive to the product (i.e., they can afford it, it meets their preferences, and they can be marketed to), what might demand be in the future?

20
Q

What is a market?

A

It is a set of consumers, individuals, or businesses that express wants and needs by buying products, services, or even ideas.

21
Q

What is the consumer goods market?

A

It is all the individuals who purchase products or services to meet their personal needs.

22
Q

What is a business market?

A

They are organizations that buy products and services in order to use them to make other goods or to meet their internal needs. They may be the industrial suppliers of a consumer goods manufacturer or any firm that sells to other businesses, municipalities, or public organizations.

23
Q

What is another name for the business market?

A

Business-to-Business (B2B)

24
Q

What is the distribution intermediaries market?

A

They are individuals and organizations situated between the producers and the customer.

25
Q

What is a government market?

A

It is a federal, provincial, or municipal government that makes up a considerable market, even though they represent a limited number of decision-makers.

26
Q

What is an international market?

A

It is when the products are exported or imported into other countries

27
Q

What are the four elements of the concept of exchange?

A
  • The customer’s need.
  • The satisfaction of this need.
  • A relationship between the business and the consumer.
  • The optimization of business profits.
28
Q

Is profit optimization the same as profit maximization?

A

No, the difference is the fact that profit optimization tries to generate the maximum profit regarding certain constraints put by the company.

29
Q

What is customer service?

A

It is everything that customers experience when doing business with a company.

30
Q

What is a customer’s lifetime value?

A

It is the sum of the present values of all the profits that can be made from a particular customer over that person’s lifetime.

31
Q

How can a company create value for its customers?

A
  • They analyze the wants, needs, and behaviors of target customers.
  • They create a product that cost-effectively meets customer needs.
  • They innovate beyond the needs and expectations explicitly formulated by customers.
32
Q

What is the notion of value?

A

They are the benefits received minus the monetary and non-monetary costs.

33
Q

What are the results of the exchange process?

A

Value, quality, satisfaction, and loyalty.

34
Q

What are the 2 aspects of customer loyalty?

A
  • Customer retention: how long has the customer been buying from your brand?
  • Customer share: the proportion of a customer’s relevant purchases that come from your brand.
35
Q

What are the 4 elements of the marketing mix (4P)?

A
  • Product
  • Price
  • Place
  • Promotion
36
Q

What is the product section of the marketing mix?

A

It is a tangible object, service, idea, or cause that consumers use to identify the firm.

37
Q

What is the price section of the marketing mix?

A

It is the monetary value attributed to the product. Not necessarily based on the cost to manufacture.

38
Q

What is the place section of the marketing mix?

A
  • It is the physical distribution of the product.
  • It is the distribution network.
  • It is where the product is sold.
39
Q

What is the promotion section of the marketing mix?

A

It is the process of promoting the product, given its price and place.

40
Q

What are the 4 elements of the American marketing association code of conduct?

A
  • A product must be safe.
  • The price must be fair.
  • Advertising may not use fraudulent or inaccurate arguments.
  • Customer service quality must be consistent, no matter who the customer is.
41
Q

What are the 4Rs of construction?

A
  • Reduce: Avoid using unnecessary materials.
  • Reuse: Integrate existing materials.
  • Recycle: Use existing materials in a different way.
  • Rethink: Find new, more eco-friendly building solutions.

Marketing (9 decks)

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