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Intro to Business Management > Marketing I > Flashcards

Marketing I Flashcards

1
Q

What Is Marketing?

A

An organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

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2
Q

What are the four steps of the Marketing Strategy Process?

A
  • Research Market
  • Segment & Choose Target Market
  • Understand Targeted Customer Behavior
  • Develop Marketing Strategy
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3
Q

Why is Customer Utility important?

A

Customers must perceive value in products

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4
Q

What is Utility?

A

The power of a good or service to satisfy a want or need.

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5
Q

What are three specific types of utilities which marketing addresses?

A
  • time utility
  • place utility
  • ownership utility
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6
Q

How do marketers create time utility?

A

by making a good or service available when customers want to purchase it.

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7
Q

How do marketers create place utility?

A

by making a product available in a location convenient for customers.

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8
Q

How do marketers create ownership utility?

A

through an organized transfer of goods and services from the seller to the buyer

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9
Q

What are the two steps to Developing a Marketing Strategy?

A
  1. Study and analyze potential target markets and choose among them.
  2. Create a marketing mix to satisfy the chosen market (product, distribution, promotion, & pricing)
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10
Q

What is segmentation?

A

Identifying and describing market segments.

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11
Q

What is targeting?

A

Evaluating segments and deciding which to go after.

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12
Q

What is positioning?

A

Designing a product or service to meet a segment\s needs and develop a marketing mix that will create a competitive advantage in the minds of the selected target market.

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13
Q

What are the two types of markets?

A
  • Consumer (B2C) product

- Business (B2B) product

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14
Q

What is a Consumer (B2C) product?

A

A good or service that is purchased by end users

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15
Q

What is a Business (B2B) product?

A

A good or service purchased to be used, either directly

or indirectly, in the production of other goods for resale

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16
Q

What is a target market?

A

A group of people that an organization markets its goods, services, or ideas toward, using a strategy designed to satisfy this group’s specific needs and preferences

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17
Q

What is Marketing research?

A

The process of collecting and evaluating information to support marketing decision-making

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18
Q

What are the 6 types of market research?

A
  • Surveys
  • Focus groups
  • Interviews
  • Libraries
  • Government agencies
  • Trade associations
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19
Q

Where does Internal data come from and what does it include?

A

Internal data is generated within the organization; includes financial records, inventory levels, sales, profitability

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20
Q

Where does external data come from and what does it include?

A

External data comes from outside sources; includes trade associations, advertising agencies, national marketing research firms

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21
Q

Where does secondary data come from and what are its advantages?

A

Secondary data is previously published data.

  • Low-cost and easy to obtain.
  • Government publications provide data sources (e.g., census statistics).
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22
Q

Where does primary data come from?

A

Primary data is collected through observation, surveys, and other forms of observational study.

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23
Q

What are focus groups what their advantages?

A

Focus groups gathers 8 to 12 people in a room or over the Internet to discuss a specific topic.
-Can lead to new ideas, address consumer needs, and point out flaws in existing products

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24
Q

What is Business intelligence?

A

A field of research that uses activities and technologies for gathering, storing, and analyzing data to make better competitive decisions

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25
Q

What is data mining?

A

The use of computer searches of customer data to detect patterns and relationships.

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26
Q

What is Market segmentation?

A

The process of dividing a total market into several relatively similar groups

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27
Q

What are the three Key criteria for picking dimension(s) for segmentation other than usefulness?

A
  • A segment must be a measurable group
  • A segment must be accessible for communication
  • A segment must be large enough to offer profit potential
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28
Q

What are the four aspects of B2C market segmentation?

A
  • Geographical
  • Demographic
  • Psychographic
  • Product-related
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29
Q

What is included in Geographical B2C market segmentation?(4)

A
  • Region
  • Population
  • Density
  • Postal code
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30
Q

What is included in Demographic B2C market segmentation? (6)

A
  • Age
  • Gender
  • Income
  • Education
  • Family size and life cycle
  • Occupation
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31
Q

What is included in Psychographic B2C market segmentation? (8)

A
  • Lifestyles
  • Attitudes
  • Opinions
  • Behaviour
  • Patterns
  • Values
  • Personality
  • Self-image
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32
Q

What is included in Product-related B2C market segmentation? (8)

A
  • Comfort
  • Safety
  • Luxury
  • Economy
  • Convenience
  • Durability
  • Brand loyalty
  • Usage rates
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33
Q

What are the three aspects of B2B market segmentation?

A
  • Geographical
  • End-use
  • Demographic
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34
Q

What is included in Geographical B2B market segmentation? (1)

A

Geographically concentrated industries

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35
Q

What is included in End-use B2B market segmentation? (3)

A
  • Product design specifications for performance
  • Design
  • Price
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36
Q

What is included in Demographic B2B market segmentation? (3)

A
  • Sales revenue
  • Number of employees
  • Number of buyers
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37
Q

What is Geographic segmentation?

A

Dividing an overall market into similar groups on the basis of their locations

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38
Q

What is Demographic segmentation?

A

Dividing markets on the basis of various demographic or socioeconomic characteristics, such as gender, age, income, occupation, household size, stage in family life-cycle, education, or ethnic group

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39
Q

What is Psychographic segmentation?

A

Dividing consumer markets into groups with similar attitudes, values, and lifestyles
-AIO (attitude, interests & opinion) statements are people’s verbal descriptions of various attitudes, interests, and opinions

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40
Q

What is Product-related segmentation?

A

Dividing consumer markets into groups that are based on benefits sought by buyers, usage rates, and loyalty levels

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41
Q

What is Geographic segmentation (B2B)?

A

Geographic segmentation targets geographically concentrated industries.

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42
Q

What is Demographic segmentation?

A

Demographic, or customer-based, segmentation designs a good or service intended for a specific organizational market (e.g., healthcare institutions).

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43
Q

What is End-use segmentation?

A

A marketing strategy that focuses on the precise way a

B2B purchaser will use a product

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44
Q

What is Consumer behaviour?

A

End consumers’ activities that are directly involved in obtaining, consuming, and disposing of products, and the decision processes before and after these activities.

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45
Q

Which three factors make up consumer behaviour?

A

-Personal factors: needs and motives, perceptions,
attitudes, learned experiences, self-concept
-Interpersonal factors: cultural, social, and family
influences
-External factors: economic events

46
Q

What does business buying behaviour include?

A

Business buying behaviour often includes a variety of influences from multiple decision makers within the organization.

47
Q

What are the six Steps in the Consumer Behaviour Process?

A
  • Recognition of problem or opportunity
  • Search
  • Evaluation of alternatives
  • Purchase decision
  • Purchase act
  • Postpurchase evaluation

feedback

48
Q

What are the 3 interpersonal determinants of the Consumer Behaviour Process?

A
  • Cultural influences
  • Family influences
  • Social influences
49
Q

What are the 5 personal determinants of the Consumer Behaviour Process?

A
  • Needs and motives
  • Perceptions
  • Attitudes
  • Learning
  • Self-concept
50
Q

What is a Marketing mix?

A

A blending of the four elements of marketing strategy to fit satisfy chosen customer segment(s)

51
Q

What are the four aspects of the marketing mix?

A
  • Product
  • Price
  • Place
  • Promotion
52
Q

What does Product strategy involve?

A

The nature of the product and its package design, brand names, trademarks, and product image.

53
Q

What does Distribution (Place) strategy ensure?

A

That customers receive their purchases in the proper quantities at the right times and locations.

54
Q

What does promotional strategy do?

A

Promotional strategy blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions.

55
Q

What does pricing strategy do?

A

Pricing strategy sets profitable and justifiable prices for the firm’s product offerings, sometimes subject to government scrutiny.

56
Q

What is a product?

A

A bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants

57
Q

What are the three types of consumer products?

A

– Convenience Product
– Shopping Product
– Specialty Product

58
Q

What are the three types of industrial products?

A

– Capital Product
– Expense Product
– Inventory Product

59
Q 
What is the Marketing Strategy for Consumer Goods:
Convenience Product
Purchase 
Store Image 
Price
Promotion 
Distribution Channel 
Number of outlets
A 
Purchase - Frequency Frequent
Store Image - Unimportant
Price - Low
Promotion - By manufacturer
Distribution Channel - Many wholesalers & retailers
Number of outlets - Many
60
Q 
What is the Marketing Strategy for Consumer Goods:
Shopping Product
Purchase 
Store Image 
Price
Promotion 
Distribution Channel 
Number of outlets
A

Purchase Frequency - Relatively infrequent
Store Image - Very important
Price Relatively - high
Promotion - By manufacturer & retailers
Distribution Channel - Relatively few wholesalers & retailers
Number of outlets - Few

61
Q 
What is the Marketing Strategy for Consumer Goods:
Specialty Product
Purchase 
Store Image 
Price
Promotion 
Distribution Channel 
Number of outlets
A

Purchase Frequency - Infrequent
Store Image - Important
Price - High
Promotion - By manufacturer & retailers
Distribution Channel - Many wholesalers & retailers
Number of outlets - Very small number; often 1/area

62
Q

What are two types of capital goods?

A
  • Installations are major capital items such as new factories, heavy equipment and machinery, and custom-made equipment.
  • Accessory equipment includes less expensive and shorter-lived capital items than installations and involves fewer decision makers.
63
Q

What types of expense goods are there?

A

Supplies are expense items used in a firm’s daily operations that do not become part of the final product.

64
Q

What are two types of inventory goods?

A
  • Component parts and materials become part of a final product.
  • Raw materials are farm and natural products used in producing other final products.
65
Q

What is a Product line?

A

A group of related products that share by physical similarities or are targeted toward a similar market

66
Q

What is a Product mix?

A

The assortment of product lines and individual goods and services that a firm offers to consumers and business users

67
Q

What is the Product life-cycle?

A

The four basic stages in the development of a successful product—introduction, growth, maturity, and decline

68
Q

What happens in the introduction stage of the product life-cycle?

A

The firm promotes demand for its new offering; informs the market about it; gives free samples to entice consumers to make a trial purchase; and explains its features, uses, and benefits.

69
Q

What happens in the growth stage of the product life-cycle?

A

Sales climb quickly as new customers join early users who are repurchasing the item. The company begins to earn profits on the new product.

70
Q

What happens in the maturity stage of the product life-cycle?

A

Industry sales eventually reach a saturation level at which further expansion is difficult.

71
Q

What happens in the decline stage of the product life-cycle?

A

Sales fall and profits decline

72
Q

What is a brand?

A

A name, term, sign, symbol, design, or some combination that identifies the products of one firm and shows how they differ from competitors’ offerings

73
Q

What is a brand name and what is its use?

A

The part of the brand that is made up of words or letters that form a name.
Used to identify a firm’s products and show how they
differ from the products of competitors.

74
Q

What is a trademark?

A

A brand that has been given legal protection

75
Q

What are the four branding categories?

A

-A manufacturer’s (or national) brand is offered and
promoted by a manufacturer.
Tide, Cheerios, Windex, Fossil, Nike
-A private (or store) brand is not linked to the manufacturer but instead carries a wholesaler’s or retailer’s label.
Loblaw ’s President ’s Choice foods, Sears’ Craftsman tools
-A family branding strategy uses a single brand name for
several related products.
KitchenAid, Johnson & Johnson, Hewlett-Packard, Arm & Hammer
-An individual branding strategy gives each product within a line a different name.

76
Q

What happens in brand recognition?

A

The consumer is aware of the brand but does not have a preference for it over other brands.

77
Q

What happens in brand preference?

A

The consumer chooses one firm’s brand over a competitor’s.

78
Q

What happens in brand insistence?

A

The consumer will seek out a preferred brand and accept no substitute for it (the ultimate degree of brand loyalty).

79
Q

What is brand equity?

A

The added value that a respected and successful name gives to a product

80
Q

What does Packaging affect?

A

The durability, image, and convenience of an item and is responsible for one of the biggest costs in many consumer products.

81
Q

Why is packaging importat?

A

Packaging is important in product identification and play is an important role in a firm’s overall product strategy.

82
Q

What are Product & Distribution about?

A

Providing an appropriate product to the right place.

83
Q

What are Promotion & Pricing about?

A

Attracting and sustaining customers

84
Q

What is a Distribution channel?

A

The path that products— and their legal ownership—follow from producer to consumers or business users

85
Q

What is Physical distribution?

A

The actual movement of products from producer to consumers or business users

86
Q

What are the two types of distribution channels?

A
  • Direct distribution

- Distribution channels using marketing intermediaries

87
Q

What are four aspects of direct distribution?

A
  • Direct contact between producer and customer.
  • Most common in B2B markets.
  • Often found in the marketing of relatively expensive, complex products that may require demonstrations.
  • Internet is helping companies distribute directly to consumer market.
88
Q

What are three aspects of distribution channels using marketing intermediaries?

A
  • Producers distribute products through wholesalers and retailers.
  • Inexpensive products sold to thousands of consumers in widely scattered locations.
  • Lowers costs of goods to consumers by creating market utility.
89
Q

What is a Wholesaler?

A

A distribution channel member that sells primarily to retailers, other wholesalers, or business users

90
Q

What are three aspects of Manufacturer-owned wholesaling intermediaries?

A
  • Owned by the manufacturer of the goods or products to control distribution or customer service
  • Sales branch stocks products and fills orders from inventories
  • Sales office takes orders but does not stock the product
91
Q

What are retailers? (2)

A

-Distribution channel members that sells goods and services to individuals for their own use, not for resale
-Final link of the distribution channel; deal directly
with customers

92
Q

What are the two types of retailers?

A
  • Store

- Non-store

93
Q

What are four examples of non-store retailing?

A
  • Direct response retailing
  • Internet retailing
  • Direct selling
  • Automatic Merchandising
94
Q

Give 5 examples of Direct response retailing.

A

Sales through

  • Catalogues
  • Telemarketing
  • Magazine
  • Newspaper
  • Television ads
95
Q

Give 3 examples of Internet retailing.

A

Sales through

  • Virtual storefronts
  • Web-based sellers
  • Websites of brick-and-mortar retailers
96
Q

Give an example of Direct selling.

A

Direct manufacturer-to-customer sales

97
Q

Give an example of Automatic Merchandising.

A

Sales of consumer products through vending machines.

98
Q

What are 8 types of retail stores?

A
  • Specialty store
  • Convenience store
  • Discount store
  • Warehouse club
  • Factory outlet
  • Supermarket
  • Supercenter
  • Department store
99
Q

Retailers compete in … (7)

A
  • Identifying a target market
  • Selecting a product strategy
  • Selecting a customer service strategy
  • Selecting a pricing strategy
  • Choosing a location
  • Building a promotional strategy
  • Creating a store atmosphere
100
Q

What is Intensive distribution?

A

Intensive distribution involves a firm’s products in nearly every available outlet, and requires the cooperation of many intermediaries.

101
Q

What is selective distribution?

A

In selective distribution, the manufacturer selects a limited number of retailers to distribute its product lines.

102
Q

What is Exclusive distribution?

A

Exclusive distribution limits market coverage in a specific geographical region that will enhance a product’s image.

103
Q

What is a supply chain?

A

The complete sequence of suppliers that help to create a good or service and deliver it to business users and final consumers

104
Q

What is Logistics?

A

The process of coordinating the flow of goods, services, and information among members of the supply chain

105
Q

What are the 5 modes of transportation?

A
  • Truck
  • Rail
  • Water
  • Air
  • Pipeline
106
Q 
Rate truck in terms of
Speed
Dependability in meeting schedules
Frequency of shipments
Availability in different locations
Flexibility in handling
Cost
A

Speed - Fast
Dependability in meeting schedules - High
Frequency of shipments - High
Availability in different locations - Very extensive
Flexibility in handling - Average
Cost - High

107
Q 
Rate rail in terms of
Speed
Dependability in meeting schedules
Frequency of shipments
Availability in different locations
Flexibility in handling
Cost
A

Speed - Average
Dependability in meeting schedules - Average
Frequency of shipments - Low
Availability in different locations - Low
Flexibility in handling - High
Cost - Average

108
Q 
Rate water in terms of
Speed
Dependability in meeting schedules
Frequency of shipments
Availability in different locations
Flexibility in handling
Cost
A

Speed - Very slow
Dependability in meeting schedules - Average
Frequency of shipments - Very low
Availability in different locations - Limited
Flexibility in handling - Very high
Cost - Very low

109
Q 
Rate air in terms of
Speed
Dependability in meeting schedules
Frequency of shipments
Availability in different locations
Flexibility in handling
Cost
A

Speed - Very fast
Dependability in meeting schedules - High
Frequency of shipments - Average
Availability in different locations - Average
Flexibility in handling - Low
Cost - Very high

110
Q 
Rate pipeline in terms of
Speed
Dependability in meeting schedules
Frequency of shipments
Availability in different locations
Flexibility in handling
Cost
A

Speed - Slow
Dependability in meeting schedules - High
Frequency of shipments - High
Availability in different locations - Very limited
Flexibility in handling - Very low
Cost - Low

111
Q

What does Customer service standards measure?

A

The quality of service a firm provides for its customers.

112
Q

What are Warranties?

A

A firm’s promises to repair a defective product, refund money paid, or replace a product if it proves unsatisfactory.

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