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
2
Q
Second step in the marketing process
A
Design a customer value-driven marketing strategy
3
Q
Fourth step of the marketing process
A
Engage customers, build profitable relationships and create customer delight
4
Q
Ultimate marketing goal
A
Capture value from customers to create profits and customer equity
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”
6
Q
What is Marketing Offerings
A
Products, services, information, or experiences (Everything found in the market that is for sale)
7
Q
Third step in the marketing process
A
Construct an integrated marketing program that delivers superior value (4p)
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
9
Q
What are the 4p
A
Product
Price
Place: distribution
Promotion
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
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.
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
13
Q
Customer Relationship Levels
A
Low-margin customers: build basic relationships
High-margin customers: create full partnerships
14
Q
Customer Relationship Tools
A
Frequency marketing programs: e.g., Airlines, hotels
Loyalty rewards programs: e.g., SCENE with Scotiabank
Club marketing programs
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.
16
Q
what is Consumer-Generating Marketing and what are the types
A
Brand exchanges created by consumers (Uninvited)
Consumers invited by companies
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
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
19
Q
What is Growing Share of Customer
A
Portion of the customer’s purchasing that a company gets in its product categories
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
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
22
Q
6 actors of Microenvironment
A
company, suppliers, marketing intermediates, competitors, public, customers
23
Q
What is the marketing intermediate’s job
A
Sell, promote and distribute
24
Q
What are the 5 types of customers
A
Consumer markets
Business markets
Reseller markets
Government markets
International markets
25
How do marketers gain strategic advantage on their competitors
positioning products strongly against competitors.
26
An example of "public"
Government, Media, local
27
What are the 6 forces in a company's macroenvironment
Demographic, Economic, Natural, Technological, Political, cultural
28
What does demographic study
human populations in terms of size, density, location, age, gender, race, occupation,
29
What do marketers analyze in the demographic
Changing age and family structures
Geographic population shifts
Educational characteristics
Population diversity
30
What are the generational groups
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
31
What does the economic force study
Economic factors affect consumer purchasing power and spending
Changes in consumer spending - frugal- back to basics
32
What is are the trends in the Natural environment
Shortages of raw materials
Increased pollution
Increased government intervention
Environmental sustainability
33
What are (2) pros from the technological environment
New technologies create new markets and opportunities.
Government agencies investigate and ban potentially unsafe product (gouv regulations)
34
What does Political Environment do and why
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
35
In the Cultural Environment what are the persistence of values
Core beliefs and values (high degree of persistence)
Secondary beliefs and values (more open to change)
36
In the Cultural environment what are the possible shifts in secondary cultural values
Themselves, others, organizations, society, nature , universes
37
Why is marketing information important
Marketing information is required by companies to obtain customer and market insights
38
Why is overwhelmed and overload information not good
Because marketers do not need more information, but better information to make better use of it
39
Define Big Data
The huge and complex data sets generated by today's sophisticated information generation, collection, storage and analysis technologies.
40
Define Customer Insight
Fresh marketing information-based understandings of customers and the marketplace ( creates customer value, engagement, and relationships)
41
What must producers no for Marketing Information Systems
Assess information needs
Develop the needed information
Help decision makers use the information to generate and validate actionable customer and market insights
42
What is the goal of marketing Information System
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
42
What is the Marketing Information system (MIS)
Assessing information needs
Developing needed information
Analyzing and using information
42
What does assessing Marketing Information Needs include
-Information users (marketers, managers, external partners)
-A balance of the information the user would like
-Decide if the insight is worth the cost
43
What does Developing Needed Information consist of
Internal Databases
Marketing Intelligence
Marketing reserach
44
What are internal databases
Collections of consumer and market information obtained from data sources within the company network.
45
Which data source can be accessed quickly and cheaply
Internal Database
46
What is an issue with internal databases
They can be incomplete, wrong form, age quickly, require sophisticated equipment and techniques
47
What does competitive marketing intelligence consist of
Systematic monitoring, collection, analysis of publicly available information about consumers, competitors and developments in the marketing environment
48
What is the goal of Competitive marketing intelligence
to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats
49
What are the techniques used to collect competitive marketing intelligence
Observing consumers first-hand
Quizzing the company’s own employees
Benchmarking competitors’ products
Monitoring social media buzz
50
What is the marketing research process
-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
51
What types or research methods are used in step 1 of the marketing research process (Defining the problem and research objectives)
Exploratory research
Descriptive research
Casual research
51
What is exploratory research good for
To define the problem and suggest hypothesis
52
What is descriptive research used for
used to better describe the market potential for a product or the demographics and attitudes of consumers
53
What is casual research used for
text hypotheses about cause-effect reletionships
54
What topics are covered in the research plan (second step of the marketing process)
Problems and research objectives
Information to be obtained
How results will help decision making
type of data required
55
What is secondary data
It is information that already exists
Collected for another purpose
56
Where can secondary data be retrieved from
company's internal database
purchased from outside suppliers
commercial online databases
internet engines
57
What are the advantages of secondary data
low cost
obtained quickly
cannot collect otherwise
58
What are the disadvantages of secondary data
potentially irrelevant
inaccurate
dated
biased
59
What are the steps that we must follow to plan primary data collection
Determine:
Research Approaches
Contact methods
Sampling plan
Research instruments
60
What are the types of research approaches to collect primary data
Observational research
Ethnographic research
Survey research
experimental research
61
What are the details that we need to determine for a sampling plan
sampling unit (who)
sampling size (hoe many)
sampling procedure (how)
62
How is ethnographic research conducted
By sending a trained observer to watch and interact with consumers in their natural habitat
63
How do marketers conduct observational research
gather primary data by observing relevant people, actions and situations
64
why is mail interviewing efficient
it let's marketers gather a lot of information for a low cost
65
What are personal interviewing methods
Individual interviewing
Group interviewing
66
Name the (3) online behavioural and social tracking and targeting
Online listening
Behavioural Targeting
Social Targeting
67
What does behavioural targeting do
Uses online consumer tracking data to target advertisements and marketing offers to specific consumers
68
what is a sampling plan
a segment of the population selected to represent the population as a whole
69
What does probability sample calculate
confidence limits for sampling errors
70
define stratified random sample
the population is divided into mutually exclusive groups (age) and random samples are dream from each group
71
define cluster sample
The population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview
72
What does nonprobability sample mean
sampling errors cannot be measured
73
Define convenience sample
the researcher selects the easiest population members
74
What is a Judgment sample
The reacher uses his or her judgment to select population members who are good prospects for accurate information
75
what is a Quota sample
the researcher finds and interviews prescribed number of people in each of several categories
76
What are some mechanical instruments that marketers use as research instruments
people meters
checkout scanner s
neuromarketing (eye movement)
77
What is the third step in the marketing process
Implementing the research plan
78
What do researchers do in the step 3 of the marketing process (implementing the research plan)
Collect data
process the data
analyze the data
79
What is the fourth step of the marketing process
Interpreting the reporting findings
80
What are the responsibilities of the market researcher in the 4th step of the marketing process (interpreting the reporting findings
the market researcher must interpret findings, draw conclusions and report findings
81
What are the responsibilities of the managers and the researchers
work closely together when interpreting research results
share responsibility for the research process and resulting decisions
82
What is Customer relationship management (CRM) used for
-to manage detailed information about individual customers
- manage touch points to maximize customer loyalty
83
What is the goal of customer relationship management (CRM)
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
What does marketing analytics consist of
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
What is artificial intelligence
technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.
86
What process facilitate the information-sharing process in the information system (MIS)
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
What are the key words for customer relationship management
Integrate, analyze, and apply individual customer data to build stronger relationships
88
What is the consumer buyer behaviour
buying behaviour of final consumers
89
What is the consumer market
all the individuals and households that buy or acquire goods and services for personal consumption
90
What are the factors influencing consumer behaviour
Cultural
Social
Personal
Psychological
91
What are the 3 subcategories of cultural factors
culture
subculture
social class
92
define culture in the cultural factor influencing consumer behaviour
Set of basic values, perceptions, wants, and behaviours learned by an individual from family and other important institutions
93
define subculture in the cultural factor influencing consumer behaviour
Group of people with shared value systems based on common life experiences and situations
ex. nationalities
=
94
What are the three important subculture groups in Canada
regional subculture, founding nations, ethnic subcultures / visible minorities.
95
What are the three subcategories of the social factors that influence customer behaviour
Groups and social networks
Family roles and status
96
What are membership groups from the social factors that influence consumer behaviour
have a direct influence and to which a person belongs
97
What are reference groups from the social factors that influence consumer behaviour
serve as direct or indirect points of comparison or reference in forming a person's attitudes or behaviour
98
What does word-of-mouth mean from the social factors that influence consumer behaviour
he impact of the personal words and recommendations of friends, family, associates, and other consumers
99
What is an opinion leader from the social factors that influence consumer behaviour
a person within a reference group who, because of certain characteristics (e.g., skills, knowledge, personality), exerts social influence on others
100
What is influencer marketing from the social factors that influence consumer behaviour
involves enlisting established influencers or creating new influencers to spread the word about a company’s brands
101
What is the goal of online social networks from the social factors that influence consumer behaviour
is to get customers involved with brands, turn them into brand advocates, and help them share their brand passions and experiences with others
102
What is the most important reference group and consumer buying organization in society
family
103
How do people usually choose products
appropriate to their role and status
104
Name personal factors
Occupation
Age and life stage
Economic situation
lifestyle
personality and self-concept
105
How is a person's pattern of living expressed
by their psychographics
106
What are the AIO dimensions
Activities (work, hobbies)
Interests (food, fashion)
Opinions (about oneself, social issues)
107
What is brand personality
the specific bus of human traits that may be attributes to a particular brand
108
What is self-concept
that people's possessions contribute to and reflect their identities
109
What are some psychological factors
Motivation
Perception
Beliefs and Attitudes
110
What does the hierarchy of needs illustrate
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
What is the most important need to satisfy on Maslow's hierarchy of needs
physiological needs (under/thirst)
112
What is the last need that needs to be satisfied on Maslow's hierarchy of needs
self-actualization needs (self-development and realization)
113
name the needs that need to be satisfied from most important to least important
physiological needs
safety and needs
social needs
esteem needs
self-actualization needs
114
define perception
the process by which people select, organize and interpret information to form a meaningful picture of the world
115
what is selective attention
the tendency for people to screen out most of the information to which they are exposed
116
What is selective distortion
the tendency of people to interpret information in a way that will support what they already believe.
117
What is selective retention
more likely to remember good points made about a brand they favour and forget good points made about competing brands.
118
what is subliminal advertising
being affected by marketing messages without even knowing it
119
What is the consumption process
repurchase issues
purchase issues
postpurchase issues
120
What are the factors influencng consumer behaviour
cultural
social
personal characteristics
psychological factors
121
What are the stages of buyer decision process
need recognition
information research
evaluation of alternatives
purchase decision
post-purchase behaviour
122
What is 'need recognition' (first step in the buyer decision process) triggered by
internal stimuli
external stimuli
123
What is 'information research' (second step in the buyer decision process) sourced from
Personal: Family, friends
Commercial:ads, websites
Public: media, review
Experimental:Sampling
124
What are the five stages in adoption process
Awareness
interest
evaluation
trial
adoption
(AIETA)
125
What is the adoption process
the mental process through which an individual passes from first learning about an innovation to final adoption
126
how are adoption levels characterized
innovators
early adopters
early mainstream
late mainstream
late adopters
127
What are the characteristics that influence an innovation's rate of adoption
relative advantage
compatibility
complexity
communicability
initial and ongoing costs, risk and uncertainty, social approval
128
define relative advantage
the degree to which the innovation appears superior to existing products
129
define divisibility
the degree to which the innovation may be tried on a limited bases
130
define communicability
the degree to which the results of using the innovation can be observed or described to others
131
Define business markets
are huge and revolve more money and items than consumer markets
132
why do business markets involve more money and time than consumer markets
because they buy in bulk and involve less people
133
how are consumer markets and business markets similar
in terms of making decision to satisfy needs
134
134
How do business markets and consumer markets differ
market structure and demand
nature of the buying unit
types of decisions and the decision process .
135
1.What is the business market structure and demand
less but larger buyers
inelastic and fluctuating demand
136
What is derived demand
business demand that comes from the demand for consumer good
137
2. what is the nature of the buying unit
more decision participants
more professional purchasing effort
138
what are the 3 types of decisions in the business market
business purchases
buying process
supplier development
139
what are the 4 questions about business buyer behaviour
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
What are the types of buying situations
Straight rebuy
Modified rebuy
New task
Systems selling (solutions selling)
141
define straight rebuy
Buyer routinely reorders something without modifications
142
Define modified rebuy
buyer wants to modify product specifications, price, terms or suppliers
143
Define New task
Buyer purchases a product or service for the first time
144
Define systems selling (solutions selling)
Buying a packaged solution to a problem for a single seller
145
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
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
Name the major influences on the business buying behavior
environmental
organizational
interpersonal
individual
buyers
147
what does the environmental influence of the business buying behavior entail
the economy
supply conditions
technology
politics and regulations
competition
culture and customs
148
What does the organizational influence of the business buying behaviour entail
objectives
strategies
structure
systems
procedures
149
What does the interpersonal influence of the business buying behaviuor entail
influence
expertise
authority
dynamics
150
What does the individual influence of the business buying behaviour entail
age education
job position
motives
personality
preferences
buying style
151
**** stages if the business buyer decision process
1.problem recognition
2.general need description
3. Product specification
4.supplier search
5. proposal solicitation
6.supplier selection
7.perforance review
152
What is step one of the business buyer decision process
problem recognition
153
what is the second step of the business buyer decision process
General need description
154
What is the thrid step in the business buyer decision process
Product specification
155
what is the fourth step in the business buyer decision process
supplier search
156
what is the fifth step in the business buyer decision process
Proposal solicitation
157
what is the sixth step in the business byer decision process
supplier selection
158
What is the seventh step in the business buyer decision process
order routine specification
159
what is the eight step in the business buyer decision process
performance review
160
what does e-procurement and occur through
-reverse actions
-online trading exchanges
-company buying sites
- extranet links with key suppliers
161
what are the benefits of e-procurement
-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
what are the problems of e-procurement
can affect the customer-supplier relationship
buyers using the power of internet to put suppliers against one another
163
4 major steps in designing a customer value driver marketing strategy
(STDP)***
-(market) segmentation
-(market) targeting
differentiation
positioning
164
segmentation variables
geographic
demographic
psychographic
behavioral
165
demographic segmentation
based on age, life-cycle, gender, income
166
psychographic segmentation
social class, lifestyle and personality characteristics
167
behavioral segmentation
knowledge, attitudes, uses
168
***what is user status
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
***what is usage rate
light, medium and heavy product users
170
***loyalty status
completely loyal, somewhat loyal, not loyal
171
what is multiple segmentation bases
using more than one variable to segment the market
-makes more like-minded consumers
172
*** what are the requirements of the effective segmentation
measurable
substantial
differentiable
actionable
173
** how can an effective segmentation be measurable
measurable- size, purchasing power, profiles
174
** how can an effective segmentation be accessible
accessible- effectively reached and served
175
** how can an effective segmentation be substantial
substantial- large or profitable enough to serve
176
** how can an effective segmentation be actionable
actionable- effective programs can be designed for attracting and serving the segments
177
how do marketers decide which segment to target
they evaluate- the various segments based on their size, their current competitors, potential substitute products, power of buyer
178
***what are the market-targeting strategies
-undeferential (mass) marketing
- Differentiated (segmented marketing)
-concentrated (niche) marketing
-micromarketing (local or individual marketing)
179
** define undeferential (mass)marketing
ignore the segment differences and go after the whole market
180
** define differentiated (segmented) marketing
target several market segments and designs seperate offers for each
increased cost
181
**define concentrated (niche) marketing
go after a large share of one or few smaller segments or niches
focus limited resources on overlooked marketing
182
**define micromarketing (local or individual marketing)
Individual marketing or small group marketing
183
what are the kay terms for differentiation and positioning
who are our customers and what is our value proposition
184
