Lecture 5: Intro to Mkt and the Mkt Enviro (p.175-230)

Question 1

marketing

Answer 1

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

production orientation

Answer 2

occurs when an organization pays little attention to what customers need, concentrating instead on what the organization is capable of producing

Question 3

selling orientation

Answer 3

occurs when companies believe that the more they sell, they more profit they will make

Question 4

marketing concept

Answer 4

the process of determining the needs and wants of a target market and delivering a set of desired satisfactions to that target market more effectively than the competition

Question 5

socially responsible marketing

Answer 5

the notion that business should conduct itself in the best interests of consumers and society

Question 6

cause marketing

Answer 6

an organization’s support of causes that benefit society

Question 7

social network

Answer 7

a website that connects people with different kinds of interests for the purpose of socializing

Question 8

brand democratization

Answer 8

a situation in which the customer can interact with a brand, giving the customer some control over the marketing of a brand (as in online, user-generated content)

Question 9

consumer-generated content

Answer 9

online content created by consumers for consumers (often the content is related to a branded good)

Question 10

content marketing

Answer 10

a marketing format that involves the creation and sharing of relevant brand-oriented content in order to acquire customers

Question 11

market

Answer 11

a group of people who have a similar need for a product or service, the resources to purchase it, and the willingness and ability to buy it

Question 12

needs assessment

Answer 12

the initial stage of marketing planning in which a company collects appropriate information to determine if a market is worth pursuing

Question 13

market analysis

Answer 13

the collection of appropriate info to determine if a market is worth pursuing (ex. demand, sales, volume potential, production capabilities, resources necessary to produce and market a given product)

Question 14

consumer analysis

Answer 14

the monitoring of consumer behaviour changes (tastes, preferences, lifestyles) so that marketing strategies can be adjusted accordingly

Question 15

target market

Answer 15

a group of customers who have certain characteristics in common

Question 16

marketing mix

Answer 16

the four strategic elements of product, price, distribution, and marketing comms

Question 17

distribution strategy

Answer 17

the selection and mgmt of marketing channels and the physical distribution of products

Question 18

marketing channel

Answer 18

a series of firms or individuals that participate in the flow of goods and services from producer to final users or customers

Question 19

marketing comms strategy

Answer 19

the blending of advertising, sales promotion, experiential marketing, personal selling, and public relations to present a consistent and persuasive message about a product or service

Question 20

integrated marketing communications (IMC)

Answer 20

the coordination of various forms of marketing comms into a unified program that maximizes impact on consumers and other types of customers

Question 21

sales promotion

Answer 21

activity that provides special incentives to bring about immediate action from consumers, distributors, and an organization’s sales force

Question 22

public relations

Answer 22

a variety of activities and comms that organizations undertake to monitor, evaluate, influence, and adapt to the attitudes, opinions, and behaviours of their publics

Question 23

experiential marketing

Answer 23

a type of marketing that creates awareness for a product by having the customer directly interact w the product (ex. distributing free samples of a product at street level)

Question 24

event marketing

Answer 24

the process, planned by a sponsoring organization, of integrating a variety of comms ellements behind an event theme

Question 25

customer relationship mgmt (CRM)

Answer 25

strategies designed to optimize profitability, revenue, customer retention, and customer satisfaction

Question 26

loyalty (frequent buyer) programs

Answer 26

offer the consumer a small bonus, such as points or “play money” when they make a purchase; the bonus accumulates with each new purchase

Question 27

crm program

Answer 27

analyzes data about customers’ buying behavior, their prefs when buying, and their likes/dislikes to create tailored marketing programs to meet unique customer needs

Question 28

monopoly

Answer 28

a market in which there is a single seller of a particular good or service for which there are no close subtitutes

Question 29

oligopoly

Answer 29

a market situation in which a few large firms control the market

Question 30

monopolistic competition

Answer 30

a market in which there are many competitors, each offering a unique marketing mix based on price and other variables

Question 31

pure competition

Answer 31

a market in which many small firms market similar products

Question 32

direct competition

Answer 32

competition from alternative products and services

Question 33

indirect competition

Answer 33

competition from substitute products that offer customers the same benefits (i.e. starbucks and virtuous pie next to each other)`

Question 34

market share

Answer 34

the sales volume of one competing product or company expressed as a percentage of total market sales volume

Question 35

market leader

Answer 35

the largest firm in the industry and the leader in strategic action

Question 36

market challenger

Answer 36

firm or firms attempting to gain market leadership through aggressive marketing efforts i.e. pepsi to cola

Question 37

market follower

Answer 37

a company that is generally satisfied with its market-share position

Question 38

market nicher

Answer 38

a firm that concentrates resources on one or more distinguishable market segments

Question 39

niche marketing

Answer 39

targeting a product line to one particular segment and committing all marketing resources to the satisfaction of that segment

Question 40

Innovation, Science, and Economic Development Canada

Answer 40

Regulates the legal environment for marketing and other business practices in Canada

Question 41

Competition Act

Answer 41

brings together a number of related laws to help consumers and businesses function in Canada

Question 42

self-regulation

Answer 42

a form of regulation in whereby an industry sets standards and guidelines for its members to follow

Question 43

gross domestic product (GDP)

Answer 43

the total value of goods and services produced in a country on an annual basis

Question 44

inflation

Answer 44

the rising price level for goods and services that results in reduced purchasing power

Question 45

census metropolitan area (cma)

Answer 45

an area that encompasses all rural and urban areas that are linked to a city’s urban core, either socially or economically

Question 46

blended family

Answer 46

a family structure created by separation or divorce; two separate families merge into a single household as spouses remarry

Question 47

sandwich generation

Answer 47

a generation of parents who are simultaneously caring for children and aging relatives

Question 48

disposable income

Answer 48

actual income after taxes and other expenses; it is income available for basic necessities and optional purchases

Question 49

subculture

Answer 49

a subgroup of a culture that has a distinctive mode of behaviour