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MKTG > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Marketing

A

Organizational function/processes for creating, communicating, delivering value to customers and managing customer relationships.

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2
Q

Marketing Concept

A

The entire company orients itself towards long term success.

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3
Q

Corporate Social Responsibility

A

Company’s voluntary responsibility (social, environmental, ethical) inside and outside of company.

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4
Q

Value

A

belief that a mode of conduct is personally and socially preferable to another.

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5
Q

Product

A

Bundle of physical, service or symbol to meet customer’s needs.

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6
Q

Need

A

Imbalance between consumer’s actual and desired states.

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7
Q

Customer Value

A

Relationship between sacrifice and benefits necessary to obtain benefits.

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8
Q

Markets

A

Group of people with sufficient purchasing power, authority and willingness to buy

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9
Q

What are the two criteria for value?

A
  1. Benefits (quality)

2. Sacrifice (price)

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10
Q

Customer Relationship Marketing

A

Creating database and establishing a trusted, up to date means of keeping track of a company’s customer base.

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11
Q

Customer Relationship Management

A

Using the information from customer database to build customer loyalty. Takes data to drive future marketing efforts.

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12
Q

What is the difference between customer relationship marketing and customer relationship management?

A

The first is the establishment of a database. The second is using the database to build customer loyalty.

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13
Q

Value Proposition

A

Organization’s statement on why a customer should buy a product.

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14
Q

What are the three marketing orientations?

A

Product orientation, sales orientation and marketing orientation.

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15
Q

Product Orientation

A

Produce a product efficiently and a good product will sell itself.

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16
Q

Sales Orientation

A

Products can only be sold through persuasive advertising and personal selling (sales pitches).

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17
Q

Marketing Orientation

A

Identify and satisfy customers’ needs.

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18
Q

Ethical Behaviour

A

Moral standards of behaviour expected by a society.

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19
Q

Triple Bottom Line

A

Financial, social and environmental effects of a firm’s policies.

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20
Q

Strategy

A

Plan guided by questions about future achievement.

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21
Q

Competitive Advantage

A

Strong point an organization can use in the business environment to stand out and be successful.

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22
Q

SWOT

A

Strength Weakness Opportunity Threat

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23
Q

Product-Market Growth Matrix (Ansoff’s strategy opportunity matrix)

A

Template to determine ways to grow business through new and existing customers and products.

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24
Q

Mission Statement

A

Statement of firm’s business after analyzing benefits that customers are looking for and analyzing environmental conditions.

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25
Q

Vision Statement

A

Statement outlining what the firm would like to accomplish in the short and long term.

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26
Q

What are Porter’s three competitive strategies?

A

Cost leadership, differentiation and focus.

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27
Q

What are the four strategies of marketing in terms of SWOT?

A

Aggressive, diversification, turnaround, defensive.

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28
Q

What position is aggressive and what should the company do?

A

The company has many strengths and opportunities. They should grow and expand.

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29
Q

What position is diversification and what should the company do?

A

The company has many strengths and threats. They should acquire more offerings.

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30
Q

What position is turnaround and what should the company do?

A

The company has many weaknesses and opportunities. They should fix internal problems to appeal to the market.

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31
Q

What position is defensive and what should the company do?

A

The company has many weaknesses and threats. They should fix everything.

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32
Q

What are the four parts of the Product-Market Growth Matrix?

A

Market penetration, product development, market development and diversification.

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33
Q

Market penetration

A

Selling more of the same product to the same market.

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34
Q

Product development

A

Selling new products to the same market.

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35
Q

Market development

A

Selling products to new markets.

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36
Q

Diversification

A

Making new products for new markets.

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37
Q

Marketing Plan

A

Detailed description of resources and actions needed to achieve stated marketing objectives.

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38
Q

Marketing Strategy

A

Company-wide program for selecting a particular target market then satisfying consumers in that market through the marketing mix.

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39
Q

Situation Analysis

A

SWOT analysis

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40
Q

Marketing Mix

A

Product, distribution, promotion, pricing.

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41
Q

Marketing Plan Loop

A

Collect data, analyze data, develop strategy, determine target market, establish tactics, insert controls and implementation.

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42
Q

5 Steps of consumer decision making process

A

Identify needs, search for information, evaluate alternatives, make a purchase, consider/review that purchase.

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43
Q

What influences the decision-making process?

A

Previous experience making a particular purchase, brand loyalty and demographic factors.

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44
Q

External influences on decision making

A

Impact of others, economic conditions.

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45
Q

Internal influences on decision making

A

Personality, self-concept and psychological factors.

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46
Q

Business to Business, B2B

A

Business buying products from other businesses. Less buyers, more volume. Decisions made as a team.

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47
Q

Buying Center

A

Participants in organizational buying decision.

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48
Q

Network perspective

A

Perspective of organization’s network (ie suppliers, government, customers).

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49
Q

Weak Ties

A

Connections once removed from organization’s connections (ie suppliers suppliers).

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50
Q

Market Segmentation

A

Organization consumers into groups based on what those in each group have in common.

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51
Q

Positioning

A

Market strategy concerned with going for a particular place in the market.

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52
Q

What are the categories of characteristics used to segment the market?

A

Geographics, demographics, psychographics and behavioral.

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53
Q

Target Market

A

Specific group the firm focuses on, as to use resources more efficiently.

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54
Q

Marketing Environment

A

Factors and forces that influence an organization’s ability to build and maintain relationships with their customers.

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55
Q

Differentiation

A

Process of distinguishing a product or service from others.

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56
Q

Attributes

A

Characteristics given to the product or service.

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57
Q

Perceptual positioning map

A

Display of location of products, brands or groups of different products in customers’ minds using dimensions (ie price, quality).

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58
Q

Positioning statement

A

Summarizes position, market segment, competitive advantage of the firm.

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59
Q

Brand

A

Name, term, symbol, design that identify seller’s products and differentiates from competitors’ products.

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60
Q

Brand name

A

Any part of a brand that can be spoken.

61
Q

Brand mark

A

Any part of brand related to brand name but doesn’t involve numbers/letters.

62
Q

Brand Statement

A

Clear spells out brand benefits to a target audience.

63
Q

Brand Equity

A

Added value that a respected, well-known brand name gives to a product in the marketplace.

64
Q

Product Life Cycle

A

Progression of a product through introduction, growth, maturity and decline stages.

65
Q

What are three ways to measure brand equity?

A

Brand awareness, brand image and brand performance.

66
Q

Brand Vision

A

Ideas of what the brand represents for its most important partners - its customers and employees.

67
Q

Brand Identity

A

Visible elements of a brand that together identify and distinguish the brand in the consumers’ mind.

68
Q

Core vision elements

A

2-5 most important, compelling and differentiating elements of the vision statement.

69
Q

Brand Personality

A

Human characteristics associated with a brand.

70
Q

Rebrand

A

Adopting new logo, symbol design to change image in consumers mind.

71
Q

Brand Management

A

Process of maintaining, improving, upholding a brand so the name is associated with positive results.

72
Q

Logo

A

Recognizable/distinctive design, symbol or stylized name for identifying an organization.

73
Q

Personal Brand

A

How someone appears to the world.

74
Q

Common features of successful brands (3Cs)

A

Competitive advantage, contribution, communication.

75
Q

Offering

A

Describes solution to customer problem.

76
Q

Product Offering

A

Combination of tangible goods, services, ideas and people.

77
Q

Tangible Good

A

Good that can be touched and seen.

78
Q

Services

A

Activities provided by other people.

79
Q

Product Development Process

A

System of defined tasks and strategies required to develop a new product.

80
Q

What are the four types of consumer products?

A

Convenience, shopping, specialty and unsought.

81
Q

Convenience Products

A

Frequent and immediate use, minimal decision making. Ex: soft drink

82
Q

Shopping Products

A

A product purchased after comparing other competing offers. Ex: furniture

83
Q

Specialty Products

A

Prized brands. Ex: antiques

84
Q

Unsought Products

A

Products for which consumers may not yet recognize the need. Ex: pet insurance.

85
Q

Business Products

A

Purchased for use directly or indirectly in production of other goods/services for resale.

86
Q

Product Mix

A

Assortment of product lines and individual product offerings that a company sells.

87
Q

Product Depth

A

Different versions of a product item in a product line. Ex: Different flavours of toothpaste.

88
Q

Product Width

A

Number of product lines a particular firm offers to the market.

89
Q

What are the three characteristics of intangible services?

A

Inconsistent, inseparable (requires contact) and inventory (unstorable).

90
Q

Non-Durable Goods

A

Last only 1-2 uses.

91
Q

Price Elasticity

A

Customer’s responsiveness or sensitivity to change.

92
Q

Price Objective

A

Provides direction to the whole pricing process; reflects a company’s marketing, strategic, financial, product goals and what the customer might expect to pay.

93
Q

What are the four approaches to selling in marketing?

A

Profit-oriented, market share-oriented, market demand-oriented and volume-oriented.

94
Q

Profit-Oriented approach

A

Maximize price based on competition and perceived value.

95
Q

Market Share-Oriented approach

A

Try to increase share of the market no matter what happens to the industry sales.

96
Q

Market Demand-Oriented approach

A

Considering the customer and what the market will bear.

97
Q

Volume-Oriented approach

A

Looking to get a product turned over in the market rather than being too concerned about maximizing value or return.

98
Q

When is price elasticity higher?

A

When there are substitute products, price differences are heavily promoted and prices are easy to compare.

99
Q

When is price elasticity lower?

A

When there are a lack of substitutes, products are necessities and complementary products exist.

100
Q

What are three factors influencing pricing?

A

What competitors are doing, economic forces and internal controls/costs.

101
Q

What are the five pricing strategies?

A

Skimming, price penetration, matching competitor pricing, value oriented, prestige.

102
Q

Skimming price strategy

A

When a firm believes it has some advantage and prices higher than competition and leverages based on strong brand, patent protection and overall image of quality.

103
Q

Price penetration strategy

A

Prices lower than competitors, hoping for higher volume.

104
Q

Matching competitors pricing

A

Exactly what the name states.

105
Q

Value Oriented/Everyday Low pricing strategy

A

Emphasizes benefits of product in comparison to price/quality of competitors - used by high volume retailers who can afford to set lower prices and use economies of scale.

106
Q

Prestige Pricing strategy

A

Extreme version of skimming strategy, setting high price to match high quality and exclusivity.

107
Q

What are three pricing tactics?

A

Odd pricing, price lining, price bundling.

108
Q

Odd pricing tactic

A

Based on psychology - price the number lower. Ex: 3.99 instead of 4.

109
Q

Price Lining tactic

A

One firm charges a series of prices. Good for companies that have multiple products in one product line. Some consumers will go for the high prices, some will go for lower prices. Ex: Honda civic coupe, sport, regular,etc.

110
Q

Price bundling tactic

A

Complementary products and services bought together for one bundled price. Ex: Vacation packages.

111
Q

Distribution

A

Movement of goods and services from producers to consumers.

112
Q

Marketing Channels

A

System of marketing institutions that enhances the physical flow of goods and services, along with ownership title, from producer to consumer.

113
Q

Direct marketing channel

A

Company sells directly to customers, no intermediaries.

114
Q

Indirect marketing channel

A

Includes intermediaries. More expensive but product gets distributed more widely.

115
Q

Supply Chain Management

A

Control of purchasing, processing, deliver through which raw materials are transformed into products and made available to final customers.

116
Q

Integrated Channel System

A

Combined/coordinated system of the separate elements to provide a harmonious system that works smoothly

117
Q

eBusiness

A

Conducting online transactions with customers by collecting and analyzing business information, carrying out exchanges and maintaining online relationships.

118
Q

What are two ways that a supply chain can gain an advantage?

A

Source raw materials from a supplier that has higher ethical standards and transport goods across international borders with the assistance of a global logistic agency.

119
Q

Global Logistic Agency

A

Coordinates logistics of supply and distribution in a global scope.

120
Q

External forces to be considered in global trade

A

International trade regulations, micro/macro economics, socio-demographic patterns, technological innovations.

121
Q

What are three types of channel structures?

A

Exclusive, selective, intensive.

122
Q

Exclusive channel structure

A

Giving one company the right to sell product in an area.

123
Q

Selective channel structure

A

Only a few companies have the right to sell a product in a given area.

124
Q

Intensive channel structure

A

Many firms are allowed to sell a company’s products in an area.

125
Q

Outsourcing

A

Using outside vendors to produce goods and services formerly products in house.

126
Q

Promotion

A

Communication link between buyer and seller - informing, persuading, influencing customer’s purchase decision.

127
Q

Integrated Marketing Communications

A

Coordination of all promotional activities in order to produce a unified, customer-focused promotional message.

128
Q

What does IMC require and involve?

A

Require: consistency in logo, tagline, color scheme, use of spokesperson.
Involve: advertising, sales promotion, personal selling, direct response, public relation, social media.

129
Q

What are the elements in the AIDA model?

A

Attention, Interest, Desire, Action.

130
Q

Creative Processes

A

Advertiser’s desired message is crafted into words, sounds, symbols, jingles, imagery.

131
Q

Media Planning

A

Determining the best combination of media to achieve marketing campaign objectives.

132
Q

What are the four steps in media planning?

A

Examine media options available.
Determine cost in relation to message’s reach.
Match cost against advertising budget.
Schedule time/space based on availability.

133
Q

What are the 3 parts of creative advertising?

A

Creative brief, big idea, creative appeal.

134
Q

What are the 3 parts of media planning?

A

Reach, frequency and media schedule.

135
Q

Public Relations

A

How the organization relates to its external environment.

136
Q

Publicity

A

Public info about company, product or service appearing in mass media as news item.

137
Q

3 types of publicity

A

News release, press conference, sponsorship

138
Q

Crisis Management

A

effort to handle all effects of unfavorable publicity/event, get rid of negative publicity.

139
Q

What are 3 essential steps in crisis management?

A

Respond quickly, disclose as much as possible.
Communicate all action.
Make noticeable changes that will prevent future occurrences.

140
Q

Sales Promotion

A

What pushes the buyer to make a purchase decision

141
Q

Profit Margins

A

Amount that revenue exceeds cost

142
Q

What are some sales promotion strategies?

A

Contest, coupons, discounts, premium, rebate, sampling, loyalty program.

143
Q

Push strategies

A

Take product straight to customer and engage them - personal selling.

144
Q

Pull strategies

A

Get customers to be attracted to company through sales promotion and advertising. Ex: customer pulled to the store or website.

145
Q

Direct Reponse

A

Telemarketing, direct mail, broadcast, print - used when company has some contact info for target of message, seeks to drive desire and action.

146
Q

Outside sales

A

Sales people going outside office to meet potential customers.

147
Q

What qualities do sales professionals require?

A

Patience, perseverance, confidence, organizational skills, social skills, persuasiveness, empathy.

148
Q

Seven steps of sales cycle

A

Generate leads, qualify leads, approach and probe, develop/propose solutions, handle objections, close the sale, follow up.

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