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BUS 343 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is marketing and what are it’s goals

A

Marketing is…
…creating value for customers
…satisfying needs and wants
…building strong customer relationships
Goals:
Attract new customers
Keep and grow current customers

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2
Q

what are the 4 P’s of marketing

A

Understand 4 P’s of Marketing:

Product
Price
Place
Promotion

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3
Q

what is the 5 step marketing process

A

Research: Understand the marketplace and the consumer needs and wants

Design strategy: Design a customer driven marketing strategy

Implement: Construct an integrated marketing program that delivers superior value

Monitor/control: Build profitable relationships to deliver customer delight

Equity: Capture value from customers to create profits and customer equity

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4
Q

what are a customers basic needs

A

Physical: food, clothing, warmth, safety

Social: belonging, affiliation

Individual: self-esteem, self-expression, knowledge

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5
Q

what is the difference between a need want and demand

A

Need: shelter

want: a mansion

Demand Money

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6
Q

things to keep in mind when making a marketing strategy

A

2 questions: who? and how?

GOALS

STP

Segmentation
Target Market
Positioning

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7
Q

what is product orientation

A

You buy the product because its a better product, market the product

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8
Q

what is sales orientation

A

Price focus / cheaper/ more affordable

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9
Q

what is Market orientation

A

designed for the consumer/ built to their needs

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10
Q

how do you capture value from customers

A

Current and future sales, market share, and profit
Value  Loyalty

Customer value =
loyalty and retention
customer share
customer equity

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11
Q

what is strategic planning and what questions do we need to ask

A

Developing and maintaining a strategic fit between the company’s goals and capabilities and its changing marketing opportunities.

Questions to ask: Where do we want to be? Who we are? What do we have? How do we go after opportunities?

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11
Q

what are the types of customers

A

Stranger: Low potential profit, low loyalty

Butterfly: High potential profit, low loyalty

True friend: High potential profit, high loyalty

Barnacle: low potential profit, low loyalty

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12
Q

how do we set objectives and goals

A

we look at our mission and we base our objectives on that

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13
Q

what goes in the mission statement

A

Organization’s purpose

What is the business? Who is the customer? What do the customers value? What should our business be?

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14
Q

how do we identify consumer opportunities

A

Create value for customers and build profitable customer relationships

Marketing strategy decisions (STP):
Market Segmentation and Targeting
Differentiation and Positioning

STP guides Marketing Mix decisions

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15
Q

how do we implement our plans

A

Marketing plans - Marketing actions:

Implementation involves day-to-day, month-to-month activities that effectively put the marketing plan to work

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16
Q

what are the 4 steps of marketing control and what are the two types

A

Marketing control involves four steps:

Set specific marketing objectives and metrics

Measure performance in the marketplace

Evaluate performance

Take corrective action to ensure that objectives are attained

Operating vs. Strategic Control

17
Q

how do we measure ROI

A

Multiple methods to assessment:
Standard marketing performance measures:

Brand awareness, sales, market share

Customer-centered measures:

Customer acquisition, customer retention, customer lifetime value, customer equity

18
Q

how do we perform a portfolio analysis

A

Evaluation of products and businesses that make up the company

Strategic Business Units (SBUs) – 2 important dimensions:
Attractiveness
Strength of SBU’s position in market

19
Q

what are the strategies for growth and downsizing

A

Market penetration: current market, current product

Market development: new market, current product or service

Product development: current market, new product

Diversification:New market, new product

20
Q

explain the marketing environment

A

Forces outside marketing that affect the company’s ability to build and maintain successful relationships with consumers

2 different types of environments:
Micro- (or immediate) environment
Macroenvironment

21
Q

what is the micro environment

A

Microenvironment: direct influences on the consumer and the company

actors close the company that directly affect its ability to serve its customers

22
Q

what are the three parts of micro environment

A

Coorporate partners
company
competition

all around customers

23
Q

explain corporate partners: suppliers

A

Supply raw materials for the finished goods

Quality and reliability are key

24
Q

explain corporate partners : Intermediaries

A

Help promote, sell, and distribute goods to final buyers (value delivery system)
Resellers

Physical distribution firms

Marketing services agencies

Financial intermediaries

25
Q

what is the macro environment

A

Macroenvironment: larger societal forces that affect the microenvironment

culture
demographics
Social/Natural
Tech
Economic
Political/Legal

all around the micro environment

26
Q

what is culture

A

Shared meanings, beliefs, morals, values and customs
Core vs. secondary beliefs

27
Q

what is income and education

A

Shifts in income and education help marketers understand core values of these groups.

What is the current state of income and education in Canada?

How do marketers target different SES markets?

28
Q

what are the 2 ways to respond to marketing environment

A

Reactive

Proactive

29
Q

what is the role of market research

A

Aids decision
making

Research the past
and present to help
judgment about the
future

30
Q

what is the market research process

A

define research problems and objectives

Design research plan

Collect data

Anyalize data and develop insights

Determine action plan

31
Q

what can exploratory research do

A

Can help define the problem
create a hypothesis
shape research design

32
Q

what is research design

A

secondary data vs. primary data
qualitative vs. quantitative research
methods
sampling

33
Q

what is secondary data

A

Information that already exists in internal or external databases

Collected more quickly, less costly

Data mining

Big data

34
Q

what is primary data

A

Information collected for specific purpose

Takes more time to collect, more expensive

Important considerations: reliability, validity

35
Q

what are the research methods

A

Observation: Ethnography
Surveys and Interviews: Surveys, Focus Groups
Controlled Experiments: test market

36
Q

what is online market research

A

Online focus groups
Scanning customer reviews & comments

37
Q

what is a controlled experiment

A

Cause-effect relationship

Different groups presented with different stimuli

Measure differences between groups

38
Q

what is sampling

A

people who participate in study

39
Q

what are some other tools for conducting marketing research

A

Mechanical instruments
Meters
Checkout scanners
Eye-trackers
Neuroimaging

BUS 343 (2 decks)

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