Lecture 1&2 - The Marketing Process Flashcards
What is value?
1. The benefits consumer receive from a product MINUS the monetary and non-monetary costs
2. The benefits consumer receive from a product PLUS the monetary and non-monetary costs?
- The benefits consumer receive from a product MINUS the monetary and non-monetary costs
Select all of the following which count as “marketing”.
- St-Viateur decides to sell a new bagel flavor
- A politician campaigns for a person’s vote
- A company decides which stores should sell its product
- A company posts a give-away to users who tag their friends in the comments
- All of the above.
All of the above.
Which of the following are measures of customer loyalty? (more than one answer is possible)
1. Customer retention: How long has that customer been buying from your brand?
2. Word-of-mouth: How many people consumers tell about your brand
3. Customer share: The proportion of a customer’s relevant purchases that come from your brand
4. Customer basket: How much (in dollars) consumers spend at your store in a single trip
- Customer retention: How long has that customer been buying from your brand?
- Customer share: The proportion of a customer’s relevant purchases that come from your brand.
Which of the following statements about demand is incorrect?
1.Demand is the quantity of a product that economic agents buy in a given market
2. Demand is always measured in dollars
3. Market share is a what percentage of demand is captured by a business
4. company’s demand projection forecasts the demand they could realistically have in the future
1.Demand is the quantity of a product that economic agents buy in a given market.
When a brand sells their product directly to consumers with no ”middle-man”, this is called the…
1.Distribution Intermediaries Market
2.B2B Market
3.Consumer Goods Market
4.Individual Market
3.Consumer Goods Market
Which of the following is not a component of the “4P’s” marketing mix?
1.Product
2.Price
3.Prevention
4.Promotion
5.Place
6.Distribution
3.Prevention
Which of the following questions would not be part of an analysis of “The Company” in a Situation Analysis?
1. Noting that we already have a strong customer service team in place
2. Noting that our current product line may meet the needs of a new consumer segment
3. Noting that we currently capture 43% market share
4. Noting that the packaging used to ship our products is not in-line with the company’s devotion to environmental causes
- Noting that our current product line may meet the needs of a new consumer segment.
Imagine Coca-cola was launching a new product to compete with La Criox seltzers, which is not something they should consider in their situation analysis?
1. Deciding how much money they can realistically devote to marketing the new product
2. Examining how upcoming government regulations on artificial flavoring may disrupt their recipe (ext. environment)
3. Examining how Coke’s strong distribution may allow them to get into grocery stores quickly (strength)
4. Compiling a report on all competitors in the seltzer market (challenges/competitors)
- Deciding how much money they can realistically devote to marketing the new product. It should be in the allocation of ressources step and not the situation analysis.
Which of the following is the best marketing objective?
1. Reach 100% market share by summer 2025
2. Improve customer service
3. Grow profits by 15% by January 2026
4. Make more sales
- Grow profits by 15% by January 2026.
True or false? Objectives and strategies should be drafted at the same time as resources.
True.
True or false? Marketing strategy is all about choosing how to market a product.
False. Marketing strategy is all about choosing who to market to.
Which one of these elements is NOT part of primary data collection?
1. Exploratory Research
2. Descriptive Research
3. Market Research
4. Causal Research
- Market Research
True or False? Exploratory Research is better suite for more structured forms of data collection (i.e. pre-planned surveys or interviews).
False. Exploratory research is suited to flexible, unstructured research methods (like interviews and focus groups where questions are exploratory and changeable).
Match the research project to what type of research it is (either descriptive. causal or exploratoire research).
1) Shopify tests if more people click the click the “check-out” button if the button has rounded vs. square edges.
2) A grocery store wants to reorganize the products within the store and conducts interviews with customers to determine the optimal layout.
3) A tattoo parlor interviews customers on their motivations for getting a tattoo to try to get a better understanding of their customers.
Shopify tests if more people click the click the “check-out” button if the button has rounded vs. square edges: causal research.
A grocery store wants to reorganize the products within the store and conducts interviews with customers to determine the optimal layout: descriptive research.
A tattoo parlor interviews customers on their motivations for getting a tattoo to try to get a better understanding of their customers: exploratory research.
What makes data useful?
- Relevance.
- Reliability.
- Validity.
- All of the above.
- All of the above.
What is secondary data collection?
1. Collection of data by the firm or a third party without a specific research question in mind.
2. Collection of data by the firm or a third party with a specific question in mind.
- Collection of data by the firm or a third party without a specific research question in mind.
Which of the following is not a type of secondary data collection?
1. External Data collection.
2. Internal Data Collection.
3. Marketing Intelligence.
- External Data Collection
True or false? In Control & Contingence Planning, contingency is how we measure progress towards achieving the marketing objectives.
False. Control is how we measure progress towards achieving the marketing objectives. Contingency is all the possible solutions to deal with unforeseen circumstances.
True or false? Marketing audits are a form of control & contingency planning.
True. Because the company comprehensively, systematically and critically examines their entire marketing plan.
True or false. Marketing audits ends with suggestions on the marketing plan.
True.
How to assess if secondary data is good?
1. Who collected the data?
2. Why did they collect data?
3. How was the data generated?
4. When was the data generated?
5. Are the data consistent with other independant sources?
6. All of the above.
7. Only 1, 2 and 4.
- All of the above.
Which of the following best describes a marketing plan?
1. A specific plan for how to launch a product (e.g. price, promotion)
2. An analysis of competitors in the marketplace
3. An analytical framework that features a situation analysis, objectives, strategies and tactics
4. A plan for what to do when things go wrong in your marketing campaign
- An analytical framework that features a situation analysis, objectives, strategies and tactics .
The situation analysis is a key component of the marketing plan. Which of the following would not be part of a situation analysis?
1. Examining the markets (e.g., market segments, demand forecast)
2. Examining possible future promotion and pricing strategies (e.g., sales promotions, discounts, luxury pricing)
3. Examining the external environment (e.g., government, competitors)
4. Examining the company (e.g., mission, key metrics, strengths and challenges)
- Examining possible future promotion and pricing strategies (e.g., sales promotions, discounts, luxury pricing)
Which of the following is true about marketing objectives?
1. They should be difficult to achieve (i.e., setting a high goal)
2. It’s better for them to be abstract (i.e., “big” goals that may be hard to measure)
3. They should be quantifiable (i.e., be associated a number)
4. They should always be related to market share.
- They should be quantifiable (i.e., be associated a number)
