Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MGKT 2150 - Midterm > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Product encompasses?

A

Goods, services, and ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Marketing process (3 steps)

A
  1. Identify consumer needs
  2. Manage the marketing mix to meet consumer needs
  3. Realize revenue or profits
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the marketing mix? (4 P’s)

A
  1. Product
  2. Price
  3. Promotion
  4. Place (Distribution)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does product entail in the marketing mix?

A

The benefits the product provides, what it looks like, the packaging, any warranties, etc..

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does price stand for ?

A

What buyers must give up in exchange for the product. Often this is a specified $ amount.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what does promotion stand for?

A

How we communicate with buyers to make them aware of our product and the benefits it provides to meet their needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What does place stand for ?

A

Where/how consumers can get our product. We often think of retail outlets. but many consumers now look to purchase online.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What do you do when theirs limited funds?

A

It’s best to channel resources to a specific group of consumers who are most interested in purchasing a product, rather than target everyone and squander funds.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Target Market?

A

A specific group (or segment) of existing and potential consumers to which marketers direct their marketing efforts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The “4 Ps” of the marketing mix include

product, price, place, and ____

A

Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the 6 environmental forces in the marketing environment?

A
  1. Demographic
  2. Socio-cultural
  3. Economic
  4. Technological
  5. Competitive
  6. Regulatory
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Environmental Scan?

A

Is the process of continually acquiring information on events occurring outside an organization to identify external trends, that are opportunities or threats to a business

usually the first step

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Steps in an environmental scan (3)?

A
  1. Collect the facts and identify trends
  2. Determine the impact that this fact/trends will have on the business
  3. Brainstorm evaluate, and implement ideas to meet business objectives
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

SWOT

A

Internal Strength and Weakness

External Opportunities and Threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

CRESTD

A 
Competitive
Regulatory
Economic
Socio-Cultural
Technological
Demographic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Competitive

A

Companies can purchase data on their competitors (Nielsen or comScore)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Direct Competitors

A

Coke vs. pepsi

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Indirect Competitors

A

Coke vs. gatorade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Monopoly

A

Only one company carries this product or service and have no competition (controlling the market).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Oligopoly

A

When a few companies control the market (cell phone companies).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Monopolistic Competition

A

Large number of sellers compete with each other (running shoe companies).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Perfect Competition

A

Multiple companies with identical products and little differentiation (Fruits and vegetables).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Regulatory

A

Refers to restrictions placed on marketing practices by the government - these are put in place to protect consumers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Economic

A

Refers to the economic environment of the customer - this includes the world market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Socio-cultural

A

Cultural values, ideas and attitudes, as well as societies morals and beliefs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Technological

A

Refers to inventions or innovations that stem from science or engineering research.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Demographic

A

The statistical study of populations is referred to as demographics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Situational Analysis?

A

Situational analysis is taking stock of where the firm or product has been recently, and where it is headed towards in terms of the organization’s marketing plans and the external forces and trends affecting it.
(SWOT)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Showrooming?

A

I as a consumer go to a brick and mortar store, then go buy it online for cheaper.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

ROI

A

Return on investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Evolution of business philosophy - 1930’s?

A

Product orientation: Focuses on manufacturing

32
Q

Evolution of business philosophy - 1930-60’s?

A

Sales orientation: selling as many products as possible

33
Q

Evolution of business philosophy - Current?

A

Marketing orientation: Strive to satisfy the needs of the customers while also typing to achieve an organization’s goal.

34
Q

Old view

A

short-term transactions

35
Q

New view

A

Long-term customer relations

36
Q

Metrics

A

Numeric data collected to track performance

37
Q

KPI

A

Key Performance Indicators

38
Q

Key Performance Indicators

A

Graphs, charts, and numerical information to tell a story

39
Q

Market Share

A

The percentage of sales volume for a product, including its competitors

40
Q

BDI

A

Brand Development Index

41
Q

Brand Development Index?

A

shows how well a brand’s sales are developed in a region relative to the region’s population size.

42
Q

Intelligent enterprise

A

An organization that uses a combination of data, technology, and analytics successfully.

43
Q

IoT

A

Internet of Things

44
Q

Data mining

A

Examining large databases to find statistical relationships between consumer purchasing patterns.

45
Q

Predictive Modelling

A

Statistical models that use data mining and probability analysis foretell outcomes.

46
Q

Analytics

A

Process of taking metrics data and applying smart thinking and technology to gain actionable insights that can help business decisions.

47
Q

Descriptive Analytics

A

Focuses on what happened. Ie. web, social, and RFM

48
Q

RFM

A

Recency
Frequency
Monetary

49
Q

Web Analytics

A

Measurement and analysis of website data. Ie. visits, unique visitors, page views, time on site, traffic source, referrals, and bounce rate. (google analytics).

50
Q

Social Analytics

A

Insight from social media interactions and social listening. Ie. followers, views, comments, like/unlikes, reach, shares, engagement, sentiment, conversion rates, and churn rate.

51
Q

Social listening

A

Real-time public conversations on social networks to discover trends and common themes, attitudes, topics, and areas of interest.

52
Q

CRM

A

Customer
Relationship
Management
(eg. loyalty programs)

53
Q

Predictive Analytics

A

Combines data from multiple sources to reveal patterns to predict what might happen in the future. Ie. CRM, social media analytics, marketing program metrics, customer service databases, and purchased data.

54
Q

5 step marketing research approach?

A
  1. Define the problem
  2. Develop the research plan
  3. Collect relevant information
  4. Develop findings
  5. Take marketing actions
55
Q

Measure of success

A

Evaluation proposed solutions to the problem.

eg. If the objective is too broad, the problem may not be researchable. If too narrow, the value of the research may be diminished.

56
Q

Collecting data

A 
Pre-existing data
Personal interviews
Focus groups
Telephone surveys
Personal questionnaires
Mail surveys
Online
57
Q

Secondary data?

A

External and internal

58
Q

2 basic sampling techniques

A

Probability and non-probability sampling

59
Q

Marketing segmenting? (5)

A
  1. Mass marketing
  2. Segment marketing
  3. Niche marketing
  4. Individual marketing
  5. Target marketing
60
Q

CDP?

A

Customer Decision Process

61
Q

Customer Decision Process?

A
  1. Problem recognition: perceiving a need
  2. Information search: seeking value
  3. Evaluation of alternatives: assessing value
  4. Purchasing decision: buying value
  5. Post-purchase behaviour: value in consumption or use.
62
Q

Problem Recognition?

A

initial step in the purchase decision - person realizes what they have but realize what they want is greater.

63
Q

Information search?

A

after recognizing a problem, customers begin to search for information about what product or service might satisfy the newly discovered need.

64
Q

Evaluation of Alternatives

A

meaning an information search stage.

65
Q

Purchase Decision

A

having examined the alternatives - customer ready to make a purchase - three choices remain - brand, who to buy from, and when to buy.

66
Q

Post-purchase behaviour

A

companies are hiring people to respond to their unsatisfied customers

67
Q

Evoked

A

Group of brands the customer would consider.

68
Q

Involvement?

A

Depends on the customers personal, social, and economic consequences from said purchase.

69
Q

Problem solving variations?

A

Extended, limited, and routine

70
Q

Core product

A

The fundamental benefits that a consumer derives from having the product (eg. i have a bike, the core benefit is transportation).

71
Q

Actual Product

A

The physical good or service that a customer purchases when buying a product. This includes the branding, design, and features.

72
Q

4 Uniqueness of services?

A

intangibility, inconsistency, inseparability, and inventory.

73
Q

Intangibility

A

basically, services that are intangible cannot be touched, held, or seen before purchase (eg. spa).

74
Q

Inconsistency

A

delivering services can be a challenge because the quality of services depends on the people who provide it, and it can therefore differ in consistency. Online products don’t usually have this issue due to standardized software, consistent website interfaces, and reliable internet services that limit service disruptions.

75
Q

Inseparability

A

Related to consistency, inseparability is when the consumer cannot (and does not) separate the deliverer of the service from the service itself.

76
Q

Inventory

A

in many instances, the inventory of a service is more complex than that of goods due to the nature of services. (eg. unsold tickets to an event would be considered lost revenue).

MGKT 2150 - Midterm (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions