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Mark 201 > Mark 1 midterm > Flashcards

Mark 1 midterm Flashcards

1
Q

Five core customer and marketplace concepts

A

Needs, wants, and demands
Market offerings
Customer Value and satisfaction
Exchanges and relationships
Markets

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2
Q

Second step in the marketing process

A

Design a customer value-driven marketing strategy

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3
Q

Fourth step of the marketing process

A

Engage customers, build profitable relationships and create customer delight

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4
Q

Ultimate marketing goal

A

Capture value from customers to create profits and customer equity

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5
Q

Definition of Marketing

A

the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return”

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6
Q

What is Marketing Offerings

A

Products, services, information, or experiences (Everything found in the market that is for sale)

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7
Q

Third step in the marketing process

A

Construct an integrated marketing program that delivers superior value (4p)

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8
Q

What is this describing; ‘ Marketing consists of actions to create, maintain, and grow desirable exchange relationships with target audiences.
Strong relationships are built by consistently delivering superior customer value.

A

Exchanges and Relationships

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9
Q

What are the 4p

A

Product
Price
Place: distribution
Promotion

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10
Q

What questions must the marketers ask themselves when designing a customer value-driven marketing strategy and plan

A

What is our target market? (what customers)
What is our value proposition? (how we can best serve them

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11
Q

what is a value proposition

A

how it will differentiate and position itself in the marketplace
set of benefits or values it promises to deliver to consumers to satisfy their needs in a superior way.

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12
Q

Name the 5 types Marketing Management Orientation

A

Production concept: affordability; production and distribution
Product concept: product quality; continuous product improvements
Selling concept: creating sales with selling and promotion effort
Marketing concept: customer-centered; customer value and relationship
Societal marketing concept

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13
Q

Customer Relationship Levels

A

Low-margin customers: build basic relationships
High-margin customers: create full partnerships

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14
Q

Customer Relationship Tools

A

Frequency marketing programs: e.g., Airlines, hotels
Loyalty rewards programs: e.g., SCENE with Scotiabank
Club marketing programs

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15
Q

what is customer engaging marketing

A

makes the brand a meaningful part of consumers’ conversations and lives.
making relevant and genuine contributions to targeted consumers’ lives and interactions.

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16
Q

what is Consumer-Generating Marketing and what are the types

A

Brand exchanges created by consumers (Uninvited)
Consumers invited by companies

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17
Q

What is Partner relationship Management

A

Working closely with others both inside and outside the company to jointly engage and bring more value to customers”
what are the two types.
Partners inside the firm—cross-functional teams

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18
Q

What is CLV and why is it important

A

Customer Lifetime Value. Keeping customers loyal makes good economic sense: 5 times cheaper to keep an old customer than acquire a new one

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19
Q

What is Growing Share of Customer

A

Portion of the customer’s purchasing that a company gets in its product categories

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20
Q

What does Building Customer Equity measure

A

Measures the future value of the company’s customer base (Current and future Customers) Total CLV

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21
Q

What are the 4 trends and forces that are changing the marketing landscape in this age of relationships

A

Digital Age
Growth of Not-for-Profit Marketing
Rapid Globalization
Sustainable Marketing

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22
Q

6 actors of Microenvironment

A

company, suppliers, marketing intermediates, competitors, public, customers

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23
Q

What is the marketing intermediate’s job

A

Sell, promote and distribute

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24
Q

What are the 5 types of customers

A

Consumer markets
Business markets
Reseller markets
Government markets
International markets

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25
Q

How do marketers gain strategic advantage on their competitors

A

positioning products strongly against competitors.

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26
Q

An example of “public”

A

Government, Media, local

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27
Q

What are the 6 forces in a company’s macroenvironment

A

Demographic, Economic, Natural, Technological, Political, cultural

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28
Q

What does demographic study

A

human populations in terms of size, density, location, age, gender, race, occupation,

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29
Q

What do marketers analyze in the demographic

A

Changing age and family structures
Geographic population shifts
Educational characteristics
Population diversity

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30
Q

What are the generational groups

A

Baby Boomers: 9.4 million, born between 1946-1965
Generation X: 7.2 million, born between 1966-1980
Millennials (or Generation Y): 8.6 million, between1981-1997
Generation Z: 8.6 million, between 1997-2016

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31
Q

What does the economic force study

A

Economic factors affect consumer purchasing power and spending
Changes in consumer spending - frugal- back to basics

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32
Q

What is are the trends in the Natural environment

A

Shortages of raw materials
Increased pollution
Increased government intervention
Environmental sustainability

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33
Q

What are (2) pros from the technological environment

A

New technologies create new markets and opportunities.
Government agencies investigate and ban potentially unsafe product (gouv regulations)

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34
Q

What does Political Environment do and why

A

Laws, government agencies, and pressure groups to
Protect companies from each other
Protect consumers from unfair business practices
Protect the interests of society against unrestrained business behaviors

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35
Q

In the Cultural Environment what are the persistence of values

A

Core beliefs and values (high degree of persistence)
Secondary beliefs and values (more open to change)

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36
Q

In the Cultural environment what are the possible shifts in secondary cultural values

A

Themselves, others, organizations, society, nature , universes

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37
Q

Why is marketing information important

A

Marketing information is required by companies to obtain customer and market insights

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38
Q

Why is overwhelmed and overload information not good

A

Because marketers do not need more information, but better information to make better use of it

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39
Q

Define Big Data

A

The huge and complex data sets generated by today’s sophisticated information generation, collection, storage and analysis technologies.

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40
Q

Define Customer Insight

A

Fresh marketing information-based understandings of customers and the marketplace ( creates customer value, engagement, and relationships)

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41
Q

What must producers no for Marketing Information Systems

A

Assess information needs
Develop the needed information
Help decision makers use the information to generate and validate actionable customer and market insights

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42
Q

What is the goal of marketing Information System

A

To give managers the right information, in the right form, at the right time and help them to use this information to create customer value, engagement and stronger customer relationships

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42
Q

What is the Marketing Information system (MIS)

A

Assessing information needs
Developing needed information
Analyzing and using information

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42
Q

What does assessing Marketing Information Needs include

A

-Information users (marketers, managers, external partners)
-A balance of the information the user would like
-Decide if the insight is worth the cost

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43
Q

What does Developing Needed Information consist of

A

Internal Databases
Marketing Intelligence
Marketing reserach

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44
Q

What are internal databases

A

Collections of consumer and market information obtained from data sources within the company network.

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45
Q

Which data source can be accessed quickly and cheaply

A

Internal Database

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46
Q

What is an issue with internal databases

A

They can be incomplete, wrong form, age quickly, require sophisticated equipment and techniques

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47
Q

What does competitive marketing intelligence consist of

A

Systematic monitoring, collection, analysis of publicly available information about consumers, competitors and developments in the marketing environment

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48
Q

What is the goal of Competitive marketing intelligence

A

to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats

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49
Q

What are the techniques used to collect competitive marketing intelligence

A

Observing consumers first-hand
Quizzing the company’s own employees
Benchmarking competitors’ products
Monitoring social media buzz

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50
Q

What is the marketing research process

A

-defining the problem and research objectives
-Developing the research plan-collecting and analyzing data
-Implementing the research plan-collecting and analyzing data
-Interpreting and reporting the findings

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51
Q

What types or research methods are used in step 1 of the marketing research process (Defining the problem and research objectives)

A

Exploratory research
Descriptive research
Casual research

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51
Q

What is exploratory research good for

A

To define the problem and suggest hypothesis

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52
Q

What is descriptive research used for

A

used to better describe the market potential for a product or the demographics and attitudes of consumers

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53
Q

What is casual research used for

A

text hypotheses about cause-effect reletionships

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54
Q

What topics are covered in the research plan (second step of the marketing process)

A

Problems and research objectives
Information to be obtained
How results will help decision making
type of data required

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55
Q

What is secondary data

A

It is information that already exists
Collected for another purpose

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56
Q

Where can secondary data be retrieved from

A

company’s internal database
purchased from outside suppliers
commercial online databases
internet engines

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57
Q

What are the advantages of secondary data

A

low cost
obtained quickly
cannot collect otherwise

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58
Q

What are the disadvantages of secondary data

A

potentially irrelevant
inaccurate
dated
biased

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59
Q

What are the steps that we must follow to plan primary data collection

A

Determine:
Research Approaches
Contact methods
Sampling plan
Research instruments

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60
Q

What are the types of research approaches to collect primary data

A

Observational research
Ethnographic research
Survey research
experimental research

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61
Q

What are the details that we need to determine for a sampling plan

A

sampling unit (who)
sampling size (hoe many)
sampling procedure (how)

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62
Q

How is ethnographic research conducted

A

By sending a trained observer to watch and interact with consumers in their natural habitat

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63
Q

How do marketers conduct observational research

A

gather primary data by observing relevant people, actions and situations

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64
Q

why is mail interviewing efficient

A

it let’s marketers gather a lot of information for a low cost

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65
Q

What are personal interviewing methods

A

Individual interviewing
Group interviewing

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66
Q

Name the (3) online behavioural and social tracking and targeting

A

Online listening
Behavioural Targeting
Social Targeting

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67
Q

What does behavioural targeting do

A

Uses online consumer tracking data to target advertisements and marketing offers to specific consumers

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68
Q

what is a sampling plan

A

a segment of the population selected to represent the population as a whole

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69
Q

What does probability sample calculate

A

confidence limits for sampling errors

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70
Q

define stratified random sample

A

the population is divided into mutually exclusive groups (age) and random samples are dream from each group

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71
Q

define cluster sample

A

The population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview

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72
Q

What does nonprobability sample mean

A

sampling errors cannot be measured

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73
Q

Define convenience sample

A

the researcher selects the easiest population members

74
Q

What is a Judgment sample

A

The reacher uses his or her judgment to select population members who are good prospects for accurate information

75
Q

what is a Quota sample

A

the researcher finds and interviews prescribed number of people in each of several categories

76
Q

What are some mechanical instruments that marketers use as research instruments

A

people meters
checkout scanner s
neuromarketing (eye movement)

77
Q

What is the third step in the marketing process

A

Implementing the research plan

78
Q

What do researchers do in the step 3 of the marketing process (implementing the research plan)

A

Collect data
process the data
analyze the data

79
Q

What is the fourth step of the marketing process

A

Interpreting the reporting findings

80
Q

What are the responsibilities of the market researcher in the 4th step of the marketing process (interpreting the reporting findings

A

the market researcher must interpret findings, draw conclusions and report findings

81
Q

What are the responsibilities of the managers and the researchers

A

work closely together when interpreting research results
share responsibility for the research process and resulting decisions

82
Q

What is Customer relationship management (CRM) used for

A

-to manage detailed information about individual customers
- manage touch points to maximize customer loyalty

83
Q

What is the goal of customer relationship management (CRM)

A

provide higher levels of customer service and develop deeper customer relationships by:
-providing a 360-degree view of the customer relationship
- pinpointing high-value customers, target them more efficiently
-creating offer tailored to specific customer requirements

84
Q

What does marketing analytics consist of

A

the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

85
Q

What is artificial intelligence

A

technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.

86
Q

What process facilitate the information-sharing process in the information system (MIS)

A

intranets: giving employees real-time access to customer information
- extranets: allowing key customers and value-network members to access account, product, and other data on demand

87
Q

What are the key words for customer relationship management

A

Integrate, analyze, and apply individual customer data to build stronger relationships

88
Q

What is the consumer buyer behaviour

A

buying behaviour of final consumers

89
Q

What is the consumer market

A

all the individuals and households that buy or acquire goods and services for personal consumption

90
Q

What are the factors influencing consumer behaviour

A

Cultural
Social
Personal
Psychological

91
Q

What are the 3 subcategories of cultural factors

A

culture
subculture
social class

92
Q

define culture in the cultural factor influencing consumer behaviour

A

Set of basic values, perceptions, wants, and behaviours learned by an individual from family and other important institutions

93
Q

define subculture in the cultural factor influencing consumer behaviour

A

Group of people with shared value systems based on common life experiences and situations
ex. nationalities
=

94
Q

What are the three important subculture groups in Canada

A

regional subculture, founding nations, ethnic subcultures / visible minorities.

95
Q

What are the three subcategories of the social factors that influence customer behaviour

A

Groups and social networks
Family roles and status

96
Q

What are membership groups from the social factors that influence consumer behaviour

A

have a direct influence and to which a person belongs

97
Q

What are reference groups from the social factors that influence consumer behaviour

A

serve as direct or indirect points of comparison or reference in forming a person’s attitudes or behaviour

98
Q

What does word-of-mouth mean from the social factors that influence consumer behaviour

A

he impact of the personal words and recommendations of friends, family, associates, and other consumers

99
Q

What is an opinion leader from the social factors that influence consumer behaviour

A

a person within a reference group who, because of certain characteristics (e.g., skills, knowledge, personality), exerts social influence on others

100
Q

What is influencer marketing from the social factors that influence consumer behaviour

A

involves enlisting established influencers or creating new influencers to spread the word about a company’s brands

101
Q

What is the goal of online social networks from the social factors that influence consumer behaviour

A

is to get customers involved with brands, turn them into brand advocates, and help them share their brand passions and experiences with others

102
Q

What is the most important reference group and consumer buying organization in society

A

family

103
Q

How do people usually choose products

A

appropriate to their role and status

104
Q

Name personal factors

A

Occupation
Age and life stage
Economic situation
lifestyle
personality and self-concept

105
Q

How is a person’s pattern of living expressed

A

by their psychographics

106
Q

What are the AIO dimensions

A

Activities (work, hobbies)
Interests (food, fashion)
Opinions (about oneself, social issues)

107
Q

What is brand personality

A

the specific bus of human traits that may be attributes to a particular brand

108
Q

What is self-concept

A

that people’s possessions contribute to and reflect their identities

109
Q

What are some psychological factors

A

Motivation
Perception
Beliefs and Attitudes

110
Q

What does the hierarchy of needs illustrate

A

a person tries to satisfy the most important need first. When that need is satisfied, it will stop being a motivator. The person will then try and satisfy the next most important need

111
Q

What is the most important need to satisfy on Maslow’s hierarchy of needs

A

physiological needs (under/thirst)

112
Q

What is the last need that needs to be satisfied on Maslow’s hierarchy of needs

A

self-actualization needs (self-development and realization)

113
Q

name the needs that need to be satisfied from most important to least important

A

physiological needs
safety and needs
social needs
esteem needs
self-actualization needs

114
Q

define perception

A

the process by which people select, organize and interpret information to form a meaningful picture of the world

115
Q

what is selective attention

A

the tendency for people to screen out most of the information to which they are exposed

116
Q

What is selective distortion

A

the tendency of people to interpret information in a way that will support what they already believe.

117
Q

What is selective retention

A

more likely to remember good points made about a brand they favour and forget good points made about competing brands.

118
Q

what is subliminal advertising

A

being affected by marketing messages without even knowing it

119
Q

What is the consumption process

A

repurchase issues
purchase issues
postpurchase issues

120
Q

What are the factors influencng consumer behaviour

A

cultural
social
personal characteristics
psychological factors

121
Q

What are the stages of buyer decision process

A

need recognition
information research
evaluation of alternatives
purchase decision
post-purchase behaviour

122
Q

What is ‘need recognition’ (first step in the buyer decision process) triggered by

A

internal stimuli
external stimuli

123
Q

What is ‘information research’ (second step in the buyer decision process) sourced from

A

Personal: Family, friends
Commercial:ads, websites
Public: media, review
Experimental:Sampling

124
Q

What are the five stages in adoption process

A

Awareness
interest
evaluation
trial
adoption
(AIETA)

125
Q

What is the adoption process

A

the mental process through which an individual passes from first learning about an innovation to final adoption

126
Q

how are adoption levels characterized

A

innovators
early adopters
early mainstream
late mainstream
late adopters

127
Q

What are the characteristics that influence an innovation’s rate of adoption

A

relative advantage
compatibility
complexity
communicability
initial and ongoing costs, risk and uncertainty, social approval

128
Q

define relative advantage

A

the degree to which the innovation appears superior to existing products

129
Q

define divisibility

A

the degree to which the innovation may be tried on a limited bases

130
Q

define communicability

A

the degree to which the results of using the innovation can be observed or described to others

131
Q

Define business markets

A

are huge and revolve more money and items than consumer markets

132
Q

why do business markets involve more money and time than consumer markets

A

because they buy in bulk and involve less people

133
Q

how are consumer markets and business markets similar

A

in terms of making decision to satisfy needs

134
Q
A
134
Q

How do business markets and consumer markets differ

A

market structure and demand
nature of the buying unit
types of decisions and the decision process .

135
Q

1.What is the business market structure and demand

A

less but larger buyers
inelastic and fluctuating demand

136
Q

What is derived demand

A

business demand that comes from the demand for consumer good

137
Q
  1. what is the nature of the buying unit
A

more decision participants
more professional purchasing effort

138
Q

what are the 3 types of decisions in the business market

A

business purchases
buying process
supplier development

139
Q

what are the 4 questions about business buyer behaviour

A

what buying decisions do business buyers make
who participates in the business buying process
what are the major influences on buyers
how do business buyers make their buying decisions

140
Q

What are the types of buying situations

A

Straight rebuy
Modified rebuy
New task
Systems selling (solutions selling)

141
Q

define straight rebuy

A

Buyer routinely reorders something without modifications

142
Q

Define modified rebuy

A

buyer wants to modify product specifications, price, terms or suppliers

143
Q

Define New task

A

Buyer purchases a product or service for the first time

144
Q

Define systems selling (solutions selling)

A

Buying a packaged solution to a problem for a single seller

145
Q

The participants in the business buying process are called buying center: all the individuals and units that play a role in the purchase decision-making process. give some examples

A

actual users of the product and service
people who make the buying decision
People and units influencing the buying decision
People who do the actual buying

146
Q

Name the major influences on the business buying behavior

A

environmental
organizational
interpersonal
individual
buyers

147
Q

what does the environmental influence of the business buying behavior entail

A

the economy
supply conditions
technology
politics and regulations
competition
culture and customs

148
Q

What does the organizational influence of the business buying behaviour entail

A

objectives
strategies
structure
systems
procedures

149
Q

What does the interpersonal influence of the business buying behaviuor entail

A

influence
expertise
authority
dynamics

150
Q

What does the individual influence of the business buying behaviour entail

A

age education
job position
motives
personality
preferences
buying style

151
Q

** stages if the business buyer decision process

A

1.problem recognition
2.general need description
3. Product specification
4.supplier search
5. proposal solicitation
6.supplier selection
7.perforance review

152
Q

What is step one of the business buyer decision process

A

problem recognition

153
Q

what is the second step of the business buyer decision process

A

General need description

154
Q

What is the thrid step in the business buyer decision process

A

Product specification

155
Q

what is the fourth step in the business buyer decision process

A

supplier search

156
Q

what is the fifth step in the business buyer decision process

A

Proposal solicitation

157
Q

what is the sixth step in the business byer decision process

A

supplier selection

158
Q

What is the seventh step in the business buyer decision process

A

order routine specification

159
Q

what is the eight step in the business buyer decision process

A

performance review

160
Q

what does e-procurement and occur through

A

-reverse actions
-online trading exchanges
-company buying sites
- extranet links with key suppliers

161
Q

what are the benefits of e-procurement

A

-cuts transaction costs
-results in efficient purchasing for both buyer and suppliers
-reduces the time between order and delivery
-frees buyers from a lot of paperwork

162
Q

what are the problems of e-procurement

A

can affect the customer-supplier relationship
buyers using the power of internet to put suppliers against one another

163
Q

4 major steps in designing a customer value driver marketing strategy
(STDP)***

A

-(market) segmentation
-(market) targeting
differentiation
positioning

164
Q

segmentation variables

A

geographic
demographic
psychographic
behavioral

165
Q

demographic segmentation

A

based on age, life-cycle, gender, income

166
Q

psychographic segmentation

A

social class, lifestyle and personality characteristics

167
Q

behavioral segmentation

A

knowledge, attitudes, uses

168
Q

***what is user status

A

non users, ex-users, potential users, first time users, regular users
-their status related to how many times they used the product (depends on life stage)

169
Q

***what is usage rate

A

light, medium and heavy product users

170
Q

***loyalty status

A

completely loyal, somewhat loyal, not loyal

171
Q

what is multiple segmentation bases

A

using more than one variable to segment the market
-makes more like-minded consumers

172
Q

*** what are the requirements of the effective segmentation

A

measurable
substantial
differentiable
actionable

173
Q

** how can an effective segmentation be measurable

A

measurable- size, purchasing power, profiles

174
Q

** how can an effective segmentation be accessible

A

accessible- effectively reached and served

175
Q

** how can an effective segmentation be substantial

A

substantial- large or profitable enough to serve

176
Q

** how can an effective segmentation be actionable

A

actionable- effective programs can be designed for attracting and serving the segments

177
Q

how do marketers decide which segment to target

A

they evaluate- the various segments based on their size, their current competitors, potential substitute products, power of buyer

178
Q

***what are the market-targeting strategies

A

-undeferential (mass) marketing
- Differentiated (segmented marketing)
-concentrated (niche) marketing
-micromarketing (local or individual marketing)

179
Q

** define undeferential (mass)marketing

A

ignore the segment differences and go after the whole market

180
Q

** define differentiated (segmented) marketing

A

target several market segments and designs seperate offers for each
increased cost

181
Q

**define concentrated (niche) marketing

A

go after a large share of one or few smaller segments or niches
focus limited resources on overlooked marketing

182
Q

**define micromarketing (local or individual marketing)

A

Individual marketing or small group marketing

183
Q

what are the kay terms for differentiation and positioning

A

who are our customers and what is our value proposition

184
Q
A

Mark 201 (1 decks)

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