Marketing Exam goodness gracious Flashcards

Question

Non Profit vs For Profit Marketing

Answer 1

For profit - tangible, for consumer sue, emotions Non profit - intangible, for a cause, materialism

Answer 2

1. Have a Mission =Describes what the organisation will do to improve quality of life 2. Raise Funds=Collecting money in order to achieve their mission 3.Governed by their members

Answer 3

Product Usually an intangible item For a cause Price Should be low enough for people to feel like they can donate Place Make it easy to donate Make it highly visible Promotion Display the image you want Create emotions

Answer 4

Tangible vs. Intangible “For consumer use” vs. “for a cause” Image: emotions vs. materialism

Answer 5

The gathering of information to make Purpose of marketing research = to learn as much as you can about your: Customers Competition Opportunities You will then have the information you need to develop your: Marketing plans Marketing decisions

Answer 6

Collected first hand by a researcher for a specific purpose Pros: Targeted, specific, designed by you Cons: Time consuming, hard to find willing participants Ways to collect: observations, interviews, survey, experiments, secret shoppers, questionnaires

Answer 7

Research that has been collected and published by others Pros: Quicker to conduct, easier to access Cons: Not confidential, less targeted, lack of relevance Ways to collect: Internet, libraries, databases, rewards

Answer 8

In marketing, a trend is a direction of movement of consumer behaviour Marketers must research trends for new business opportunities Trend research combines research on customers, competition, and opportunity

Answer 9

Trend: A significant change that lasts for over ten years Example: Increased online shopping and banking Fad: Something that enjoys popularity for a short amount of time and then disappears Example: Fidget spinners

Answer 10

Social responsibility = The responsibility that each person has not to harm another person, community, or the environment Business social responsibility = The obligation to make business decisions that consider the impact on society

Answer 11

Be legal Be ethical Be philanthropic

Answer 12

Ethics = are rules for deciding the right behaviour in a situation Business Ethics = are the rules used to make ethical business decisions

Answer 13

= consists of actions that improve human welfare and promote goodwill

Answer 14

= means the health, happiness, and well-being of people Example: Donating to charity

Answer 15

is the positive feelings people get about a company when it does good things for the community Example: Ronald McDonald House

Answer 16

Bell Let’s Talk Tim Hortons Camp Day Canadian Tire Jump Start

Answer 17

Involves a collaboration between a for-profit business and a nonprofit organisation for a common benefit Can also refers to social or charitable campaign put on by for-profit brands A brand’s association with a nonprofit will boost their corporate social responsibility

Answer 18

Dawn Coca Cola

Answer 19

Save/Make Money Build reputation Increase Worker Productivity

Answer 20

E-Commerce = (electronic commerce) is business activities conducted via the Internet E-Tailing = is the selling of products to consumers over the Internet

Answer 21

Anything that can be bought or sold Whatever the business sells to satisfy customers needs Products can be a: good, a service, or an idea

Answer 22

Intangible - No physical characteristics to show clients Inseparable - Can not be separated from the provider of the service Variable - Not always delivered the same way Perishable - Can not be stored for later use

Answer 23

The length of time from a product first being introduced to consumers until it is removed from the market Product Development Introduction Growth Maturity Decline

Answer 24

Consolidation, protection, information, brand identification, promotion

Answer 25

Utility is what is added to a product: to make it valuable to make it useful to make it worth paying for Types of utility: Form Utility - value received in a way that a consumer actually needs/wants Information Utility - what information was provided to you? Place Utility - ease of purchasing the product - location/sales channels Time Utility - when a product or service is available when the consumers Possession Utility - ease of gaining possession

Answer 26

List Price = established price of a product, as established on a price tag, or on a price list Market Price = is the actual price you pay for a product, after any discounts or coupons are deducted Price Discrimination = is the price the manufacturer recommends to a retailer

Answer 27

competitors get together to set (fix) prices at very high/low prices Example: Canadian Bread Industry

Answer 28

= leads to price wars: where two/more firms try to undercut each other

Answer 29

= charges customers different prices for the same product or service based on what the seller thinks they can get the customers to agree to Example: Airline Industry

Answer 30

Maximise profit - charge as high as possible Maximise sales - Low price, high volume Increase market share - Take sales away from competition Meet competition - compare to competitors Return on investment - ROI

Answer 31

Negotiated Pricing - Offering a product at a very low price to attract customers Penetration Pricing - The price is initially set low in order to attract new customers Competitive Pricing - This is matching the price of the competitor Price Skimming - Initially high price for a product/service before competitors enter market

Answer 32

Consists of all the features that make up a product’s image Brands are created by using a name, a logo, and a slogan Together, these features convey the product’s position

Answer 33

Create a unique brand identity Create a positive image of the brand Develop brand loyalty

Answer 34

A - Attract Attention I - Gain Interest D - Build Desire A - Get Action

Answer 35

Television Radio Out-of-home (posters, billboards, bus shelters) Direct-to-home Internet Specialty Advertising Magazines Newspapers

Answer 36

Contests Refunds/Rebates Coupons Premium Samples Product placement Loyalty programs Discounts

Answer 37

Urgency - ‘act right now’ Availability - ‘it won’t last so don’t miss out’ Exclusivity - ‘this is just for you’

Answer 38

Place revolves around where and how a product/service is sold or marketed Where is your product sold/advertised? Locations, method, area The methods a business uses to sell and distribute its product

Answer 39

focuses on any commercial activity or transactions between companies, organisations, individuals, or entities that crosses borders into different countries and regions

Answer 40

= Trade that occurs within the borders of a nation

Answer 41

= The exchange of goods and services between countries

Answer 42

= Goods and services that are brought in from another country

Answer 43

= Goods and services sold to other countries

Answer 44

Balance of Trade = Difference between a country’s value of imports and value of exports Exports - Imports = Trade Balance Exports > more than Imports = Trade Surplus or positive trade balance Imports > more than Exports = Trade Deficit or negative trade balance

Answer 45

Trade barriers - specific restrictions on international trade for the benefit of a domestic economy Examples: Tariffs (also called a duty) is a tax on imports Quotas = Limits the quantity or the monetary value of a product that may be imported Embargo = is a total ban on specific goods coming in to and leaving a country

Answer 46

A global strategy consists of one marketing mix for all markets Standardisation - When a business uses the same marketing strategy from one country to the next Example: Coca Cola

Answer 47

The adaptation strategy involves making changes in product and/or promotion to meet the target market’s culture, needs, and wants Example: McDonald’s menu in India and Japan

Answer 48

A customised strategy involves developing a totally new product to meet specific target market needs Example: Furniture Company making a new product for third world countries

Answer 49

→ Elements of culture to consider when marketing internationally Language Religion Values and Attitudes Aesthetics Education Laws and Politics Technology Social Organization

Answer 50

Media challenges such as technology availability (radio, Internet, T.V.) Language challenges such as literacy rates, variations, and understanding Personal selling challenges such as work ethic and training Cultural issues such as religion and holidays

Answer 51

Quality, design, benefits of use International product decision-making Centres on whether to standardise or modify the product for the local market Design of product must not offend local market

Answer 52

The cost of manufacturing, distributing, and marketing your product The physical location of production plants might influence price Fluctuations in exchange rates affect pricing The price that the international consumer is willing to pay for your product Business environment factors such as government: policy and taxation

Answer 53

Exporting or licensing Franchising Home manufacture vs foreign assembly/foreign manufacture Shipping infrastructure Distribution challenges (bodies of water, roads, distance, etc)