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Marketing Grade 11 > exam review > Flashcards

exam review Flashcards

1
Q

What is the marketing mix

A
  • divided into 4 categories (product, palce, price, promotion)
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2
Q

what is demographics

A
  • used by businesses to help them understand the characteristics of the people who buy their products and services
  • include age, gender, family life cycle, income level, and ethnicity/culture
  • Each category can be then subdivided into variables/ranges
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3
Q

what is geographics

A

used to determine a consumer’s wants and needs based on their geographical location. The 3 main categories are urban, suburban, and rural

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4
Q

what is free market societies

A

An economic system that permits profit, competition, and private property

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5
Q

what is AAU

A
  • stands for awareness, attitude and usage studies
  • conducted to measure how aware consumers are of a product or service and what they think of it and if they use it
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6
Q

Unaided awareness/Top of the mind awareness

A
  • also called top-of-the-mind awareness
  • when researchers ask respondents to list within a certain period of time all the brands, companies or product names they can think of
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7
Q

Aided awareness

A

when researchers give respondents a complete list of product names, companies, or brands and ask them to identify which names they have heard of but forgot to list.

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8
Q

Attitude awareness

A
  • consumer’s attitude towards the brand being tested
  • can help determine consumers’ opinion regarding the brand’s strengths and the brand’s perceived weaknesses
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9
Q

Usage awareness

A
  • how much a consumer uses the brand/product
  • can help in the consumer profiles and can be categorized by heavy, medium, light, or non user
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10
Q

Product positioning

A
  • creating an image of the product in the consumer’s mind
  • 5 different types of positioning → benefit, target, price, distribution, or service
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11
Q

Co-Branding

A

when 2 or more brands combine and cooperate for their mutual benefit

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12
Q

Competitive advantage

A
  • advantages that competitors have over another company
  • can be sustainable which means the business has a hold over customers in spite of their competitors
  • based on USPs, lower production costs, serving niches, customer loyalty, etc
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13
Q

Pricing strategies

A

plans made by a company that established the initial price and any changes to pricing after that ot help meet the marketing goals of a product

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14
Q

Pricing theories

A

microeconomic principle that says the market force of supply and demand will determine the logical price point for a particular good or service at any given time

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15
Q

Transportation methods

A
  • 5 main transportation methods
  • trucks, trains, planes, ships and pipelines
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16
Q

Inventory turnover

A

number of times a company sells its inventory in one year

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17
Q

Advertising

A
  • promoting a product or service using factors that are appealing to the target market and consumers
  • research to determine how to effectively convey s product message to potential customers
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18
Q

Copywriters

A
  • people responsible for the wording of the message to promote a product or service
  • responsible for creating effective email campaigns, articles, and other data to reel in consumers
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19
Q

Questions asked by marketing/product department when developing new product

A
  • can we produce it
  • can we sell it
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20
Q

Value added service

A

activities that are performed to support the sale of a product

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21
Q

purpose of marketing research

A
  • the systematic collection, analysis, and interpretation of information used to develop a marketing strategy or solve a marketing problem
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22
Q

Types of primary research

A
  • done by a researcher using primary data
  • 2 general types (qualitative and quantitative)
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23
Q

qualitative research

A
  • used to measure people’s reactions, responses, or feelings towards a given subject or problem
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24
Q

Quantitative research

A

primarily focuses on collecting data by surveying a representative sample of a target-market population.

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25
Q

Types of survey questions

A
  • closed-ended questions
  • open ended questions
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26
Q

closed-ended questions

A
  • select one answer from two or more options
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27
Q

open ended questions

A
  • short answers
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28
Q

Cohorts

A
  • groups of people with like interest or buying habits
  • Companies can separate these people based on their characteristics, which allows them to target their advertising better, and create more sales.
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29
Q

Commodities

A

products that are not branded; usually a raw product that can be made into something else

30
Q

Conjoint analysis

A

an analysis of the specific feature of a product that contribute to its perceived worth

31
Q

Economies of scale

A

the more products a company makes, the lower the production costs for each individual product

32
Q

Market segmentation

A

categorizing parts of the market defined by specific characteristics

33
Q

Types/forms of businesses

A
  • Sole Proprietorships
  • partnerships
  • corporations
  • limited lability company (LLC)
34
Q

Push strategy

A
  • used to get stores to sell products
  • using discounts to the retailers, provident displays, etc
35
Q

pull strategy

A
  • used to get people to buy the product by convincing them that they need the product and nothing else will do.
36
Q

slogans

A

phrases used to market a product

37
Q

Product utilities

A
  • what is added to a product to make it valuable on the market
  • 5 main types of utilities (information utility, place utility, time utility, possession utility, form utility)
38
Q

Information Utility

A

provides consumers with instructions, directions, and user manuals

39
Q

Place Utility

A

the easier the product is to find, the more place utility it has

40
Q

time utility

A

when that product or service is available when the consumer wants it

41
Q

Possession Utility

A

when the goods and products are easy to purchase

42
Q

Form Utility

A

expands into material, scent, flavour, colour, design, and packaging

43
Q

Product processing

A
  • changing the raw materials in some way
  • ex. adding sugar or preservations to food
44
Q

Aggregate campaign

A

an advertising campaign that is aimed at everybody

45
Q

Benchmark

A

analyzing competitor’s data and market position to find your place in the market, along with any strengths or weaknesses of either company

46
Q

Brand awareness

A

potential consumer’s realization that a specific brand in on the market

47
Q

break even point

A
  • the number of a product that a company must sell to cover the costs of making and marketing that product
  • break even point → Fixed Costs ÷ (Price - Variable Costs)
48
Q

Cartels

A

are groups that control the supply and therefore the price of a product or service

49
Q

Category killer

A
  • large retail store that have an extensive variety of one specific type of merchandise
  • ex. walmart in retail business
50
Q

Consumer

A

someone that used a product or service

51
Q

customer

A
  • someone who hasn’t used the product or service
52
Q

Cost benefit analysis

A

a comparison of estimated costs and benefits an action is likely or intended to produce

53
Q

Data mining

A

looking for unknown connections between behavior and purchasing habits of specific consumers

54
Q

Ergonomics

A
  • something that has been designed to be more comfortable and encourage productivity from its user
  • ex. office chair, keyboards
55
Q

FAD

A
  • short lived movements towards a style or idea
  • are a product or service or idea that is extremely popular for a very brief period of time
56
Q

Focus groups

A

are a group of people who are brought together to discuss a product or problem

57
Q

Hard data

A

information that is supported by facts

58
Q

Listserv

A

an email list that distributes queries and information to all the people who belong or subscribe to it

59
Q

Market skimming

A

setting an initially high price for a product or service before competitors enter the market

60
Q

Monopoly

A

a business that is the only supplier of a good or service; a situation in which a single company controls the entire market

61
Q

Oligopoly

A

when there are a small number of large companies, each with a bit of market control

62
Q

niche

A
  • small section of the market where there are only a few competitors
63
Q

product life cycle (PLC)

A
  • the changes in consumer demand over time
  • 4 types (traditional, fad, seasonal, niche)
64
Q

traditional PLC

A
  • goes from introduction, growth, maturity, decline, decision point, onto obsolete
65
Q

Seasonal PLC

A

goes from unpopular to popular to unpopular because of the changes in the seasons

66
Q

Return on investment

A

the percentage of profit a store owner realizes each year on the capital invested in the business

67
Q

Inventory shrinkage

A

the lost of inventory due to breakage, damage, or theft

68
Q

Trends

A

mass movements towards a style or idea

69
Q

USP - Unique selling proposition

A

features or benefits of a product or service that cannot be duplicated by any other product or service

70
Q

Volume discount

A

offering a lower price on a product is the customer buys more

71
Q

value equation

A

total value = value created - cost

Marketing Grade 11 (1 decks)

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