Lecture 5: Intro to Mkt and the Mkt Enviro (p.175-230) Flashcards
marketing
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
production orientation
occurs when an organization pays little attention to what customers need, concentrating instead on what the organization is capable of producing
selling orientation
occurs when companies believe that the more they sell, they more profit they will make
marketing concept
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
socially responsible marketing
the notion that business should conduct itself in the best interests of consumers and society
cause marketing
an organization’s support of causes that benefit society
social network
a website that connects people with different kinds of interests for the purpose of socializing
brand democratization
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)
consumer-generated content
online content created by consumers for consumers (often the content is related to a branded good)
content marketing
a marketing format that involves the creation and sharing of relevant brand-oriented content in order to acquire customers
market
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
needs assessment
the initial stage of marketing planning in which a company collects appropriate information to determine if a market is worth pursuing
market analysis
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)
consumer analysis
the monitoring of consumer behaviour changes (tastes, preferences, lifestyles) so that marketing strategies can be adjusted accordingly
target market
a group of customers who have certain characteristics in common
marketing mix
the four strategic elements of product, price, distribution, and marketing comms
distribution strategy
the selection and mgmt of marketing channels and the physical distribution of products
marketing channel
a series of firms or individuals that participate in the flow of goods and services from producer to final users or customers
marketing comms strategy
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
integrated marketing communications (IMC)
the coordination of various forms of marketing comms into a unified program that maximizes impact on consumers and other types of customers
sales promotion
activity that provides special incentives to bring about immediate action from consumers, distributors, and an organization’s sales force
public relations
a variety of activities and comms that organizations undertake to monitor, evaluate, influence, and adapt to the attitudes, opinions, and behaviours of their publics
experiential marketing
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)
event marketing
the process, planned by a sponsoring organization, of integrating a variety of comms ellements behind an event theme
customer relationship mgmt (CRM)
strategies designed to optimize profitability, revenue, customer retention, and customer satisfaction
loyalty (frequent buyer) programs
offer the consumer a small bonus, such as points or “play money” when they make a purchase; the bonus accumulates with each new purchase
crm program
analyzes data about customers’ buying behavior, their prefs when buying, and their likes/dislikes to create tailored marketing programs to meet unique customer needs
monopoly
a market in which there is a single seller of a particular good or service for which there are no close subtitutes
oligopoly
a market situation in which a few large firms control the market
monopolistic competition
a market in which there are many competitors, each offering a unique marketing mix based on price and other variables
pure competition
a market in which many small firms market similar products
direct competition
competition from alternative products and services
indirect competition
competition from substitute products that offer customers the same benefits (i.e. starbucks and virtuous pie next to each other)`
market share
the sales volume of one competing product or company expressed as a percentage of total market sales volume
market leader
the largest firm in the industry and the leader in strategic action
market challenger
firm or firms attempting to gain market leadership through aggressive marketing efforts i.e. pepsi to cola
market follower
a company that is generally satisfied with its market-share position
market nicher
a firm that concentrates resources on one or more distinguishable market segments
niche marketing
targeting a product line to one particular segment and committing all marketing resources to the satisfaction of that segment
Innovation, Science, and Economic Development Canada
Regulates the legal environment for marketing and other business practices in Canada
Competition Act
brings together a number of related laws to help consumers and businesses function in Canada
self-regulation
a form of regulation in whereby an industry sets standards and guidelines for its members to follow
gross domestic product (GDP)
the total value of goods and services produced in a country on an annual basis
inflation
the rising price level for goods and services that results in reduced purchasing power
census metropolitan area (cma)
an area that encompasses all rural and urban areas that are linked to a city’s urban core, either socially or economically
blended family
a family structure created by separation or divorce; two separate families merge into a single household as spouses remarry
sandwich generation
a generation of parents who are simultaneously caring for children and aging relatives
disposable income
actual income after taxes and other expenses; it is income available for basic necessities and optional purchases
subculture
a subgroup of a culture that has a distinctive mode of behaviour
