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sciencee > Marketing Exam Review > Flashcards

Marketing Exam Review Flashcards

1
Q

define marketing

A

Promoting a product to get more people to want and know about the product

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2
Q

Why is marketing dynamic

A

Peoples preferences and trends change constantly

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3
Q

Why should marketing focus on the customer

A

Marketing is about making sure the what customer wants and needs are met

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4
Q

In what ways is marketing international.

A

People can buy products from anywhere in the world
explain in your own words

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5
Q

Explain what are the 4 P in Marketing

A

The elements involved in marketing a product/ service, they interact significantly with each other

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6
Q

what is price (4 Ps)

A

○ Price of the product or service
○ Determining the price based on the demand and materials

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7
Q

what is place (4 Ps)

A

○ Where the consumers buy the product
○ Online, retail, through a professional

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8
Q

what is product (4 Ps)

A

○ The product/ service that the company is selling

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9
Q

what is promotion (4 Ps)

A

○ Advertising that reaches the target market
○ Instagram campaign, public relations campaign

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10
Q

what is a good

A

Tangible/ physical products

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11
Q

what is a service

A

Intangible products that offer their expertise or labor

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12
Q

what is an idea

A

○ Intangible concept that can be used for financial gain.
○ concept, cause, image, issue, or philosophy

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13
Q

what is an example of a good

A

literally anything you can touch

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14
Q

what is an example of a service

A

hairstylest, cleaner

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15
Q

what is an example of an idea

A

a campaign promoting recycling to encourage environmental responsibility

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16
Q

why is the target market part of a marketing strategy

A

Different people of age group, genders, income want/ need different things

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17
Q

what are the 4 qualities that a target market should have

A

demographic, geographic, psycographic, behavioral

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18
Q

what is the demographic of a target market

examples

A

Specific age group, income level, gender, occupation, and education level

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19
Q

what is the geographic of a target market

A

Regional preferences need to be taken into account

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20
Q

what is the psychographic of a target market

give examples aswell

A

○ More into depth then demographic
○ Consider lifestyle, attitudes, interests, and values

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21
Q

what is the behavioral of a target market

A

Relies on research into the decisions of a company’s current customers

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22
Q

What is the difference between mass marketing and target marketing?

A

→ Mass marketing targets all people
→ Target marketing targets a specific group

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23
Q

what is segmenting a market

A

divide your market into groups based on characteristics like age, gender, income level

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24
Q

what is target marketing

A

focus your marketing efforts on a specific group of people that you think are likely to buy your product or service

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25
Q

what are 2 problems with target marketing

A
  1. Focusing too much on a group can reduce adaptability to broader market trends
  2. exclude potential customers outside the chosen segments
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26
Q

What do you call the process of dividing a large marketing into smaller parts

A

Market segmentation

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27
Q

List 3 geographic variables

A

Region, Climate, Population density

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28
Q

List 5 demographic variables

A

Age, Gender, Income, Education level, Family size

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29
Q

Why do marketers use generation to segment a market?

A

People of different generations use and are used to different things

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30
Q

what is the product life cycle

A

The stage in the life cycle of a product is based on industry sales

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31
Q

what is the introduction stage in the product life cycle

A

customers get introduced to the product, little to no competition

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32
Q

what is the growth stage in the product life cycle

A

the product becomes more recongnized, Marketing will likely be towards differentiating its product from others

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33
Q

what is the maturity stage in the product life cycle

A

market becomes saturated, higher competition

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34
Q

what is the decline stage in the product life cycle

A

will lose market share, can chose to continue or discontinue the product.
continue - revamp the product or new generation
discontinue - company will stop generating support to the product

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35
Q

what are the 5 major modes of transportation

A

truck, ship, train, plane, pipline

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36
Q

what are the advantages and disadvantages of a plane (mode of transportation)

A

Advantages: speed
Disadvantages: requires another mode of transportation

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37
Q

what are the advantages and disadvantages of a pipleline (mode of transportation)

A

Advantages: products safe from damage/ theft
Disadvantages: potential enviromental damage

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38
Q

what are the advantages and disadvantages of a truck (mode of transportation)

A

Advantages: flexible delivery times
Disadvantages: delay from traffic, weather

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39
Q

what are the advantages and disadvantages of a ship (mode of transportation)

A

Advantages: Can move large quantities farther at a lower cost
Disadvantages: requires another mode of transportation

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40
Q

what are the advantages and disadvantages of a train (mode of transportation)

A

Advantages: good for heavy goods
Disadvantages: no destination flexibility, can only go where there are tracks

41
Q

what is AIDA

A

A model that shows what individual goes through during the process of purchasing a product/ service

42
Q

what is the marketing for the attention/awareness part of the AIDA model

A

get the consumers attention

43
Q

what is the marketing for the interest part of the AIDA model

A

Work on increasing the potential customer’s interest level

44
Q

what is the marketing for the desire part of the AIDA model

A

Make consumers desire it, moving their mindset from “I like it” to “I want it.”

45
Q

what is the marketing for the action part of the AIDA model

A

The ultimate goal is to drive the receiver of the marketing campaign to initiate action and purchase the product or service

46
Q

why do customers needs and wants change

3

A

customers change
economy change
social trends change

47
Q

what is the marketing mix

A

The marketing mix is a plan of action for marketing a product
(4 ps make the marketing mix)

48
Q

what are the 3 ways money is used

A

exchange, value, store of wealth

49
Q

what is a corporation

A

a business that exists separately from the people who own it -> owned by stockholders

50
Q

what is a business

A

trem for activities involved in the development and exchange of products

51
Q

what is a sole propreitorship

A

a business owned by one person who gets all profits and risks

52
Q

what is a partnership

A

a business owned by a small number of people that share profits and risks

53
Q

what is a for-profit orginization

A

to make profit for its owners

54
Q

wht is a non-for-profit orginzation

A

Goal of a not-for-profit is to benefit society, money made gets invested into the orginzation

55
Q

what is a non-profit orginization

A

Often used for smaller membership-based groups, focused on serving the interests of their members

56
Q

what are the 3 influences on consumer buying behaviour

A

Psychological, social, situational

57
Q

what is maslo’s heirachy of needs

A

a model for the motivations for human behavior

58
Q

why do markers know about maslo’s hierarchy of needs

A

Marketers try to turn those needs/ wants into buying motives

59
Q

why do salespeople try to understand a customer’s buying motives

A

they can do a better job of encouraging the customer to buy the product

60
Q

what are direct competitors

A

businesses that sell similar products

60
Q

what are the 4 differencences between a service and a good

A

intangible, inseparable, variable, perishable

61
Q

what are the 4 product elements

A

usage, protection, basic product, name

62
Q

what are the goals of marketing

A

distinguish their brand from the competition + build brand loyalty

63
Q

what is the good-service continuum

A

Products can be visualized as being on a good-service continuum

64
Q

what is the “value of a brand”

A

ability to increase sales through brand recognition and brand loyalty

65
Q

what is a brand

A

mark or design placed on an object

66
Q

what are the 4 parts of brand

A

brand name, logo, mark, slogan

67
Q

what is the brand name (brand)

A

consists of words, numbers, or letters that can be spoken

68
Q

what is a logo (brand)

A

picture, design, or graphic image associated with the brand

69
Q

what is the mark name (brand)

A

a logo that has human characteristics

70
Q

what is the slogan (brand)

A

phrase or sentence that summarizes some essential aspect of the product

71
Q

what is a corprate brand

A

represents a whole company

72
Q

what is a product brand

A

represents a specific product

73
Q

what are the 3 types of brands

A

manufacturer, private, generic

74
Q

how does branding help customers

3

A

by identifying the product, providing assurance of quality and consistency

75
Q

what is positioning

A

actions marketers take to create a specific image of a product in a customer’s mind

76
Q

what is brand positioning

A

the image that the brand has in the customer’s mind

77
Q

what is an intermediaries

A

the businesses between the original source of the product and the customer transportation

78
Q

what are the two intermediaries

A

wholesaler -> B2B
retailer -> B2C

79
Q

what is a wholesaler

A

buys from producers sells to another busines

80
Q

what is a retailer

A

buys from producers or wholesalers sells to consumers

81
Q

what are examples of B2B promotion

A

trade shows, point-of-purchase advertise

82
Q

what are examples of B2C promotion

A

coupons, free samples

83
Q

what is the supply chain

A

each step in the channel of distribution

84
Q

what are the channels of distribution in order

A

producer, wholesaler, realiter, consumer
down is supplier
up is customer

85
Q

what does an agent/ broker do

A

connects buyers and sellers where its hard to find eachother

86
Q

what is direct distribution

A

channel of distribution with no intermediaries

87
Q

what is indirect distribution

A

channel of distribution with more than one intermediary

88
Q

what are the 4 components of physical distribition

A
  1. products to be shipped
  2. channel members
  3. transportation conpanies
  4. warehouses
89
Q

what is the Just-in-time (JIT)

A

distribution strategy, allows for materials to be delivered the moment they are needed

90
Q

Electronic data interchange (EDI)

A

business-to-business exchange of data through computers

91
Q

what is the goal of promotion

A

inform, persuade, express (attract customers attention and demand)

92
Q

what are the 4 elements of promotion

A

personal selling, non-personal selling, advertising, sales promotion

93
Q

what is personal selling (promotion)

A

promotion in which the marketer and the customer communicate in perso

94
Q

what is non-personal selling (promotion)

A

promotion that communicates the same message to all potential customers

95
Q

what is advertising (promotion)

A

commercials, ads

96
Q

what is persuade (promotion)

A

coupons, free samples

97
Q

what is the pull strategy

A

promotion that communicates the same message to all potential customers, B2C

98
Q

what is the push strategy

A

promotion that communicates the same message to all potential customers, B2B

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