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Marketing > Marketing Review > Flashcards

Marketing Review Flashcards

1
Q

Define Marketing?

A

A business activity that delivers goods and services to producers to customers. It deals with creating, distributing and selling goods and services to fit consumers needs and wants. Marketing helps connect producer and consumer.

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2
Q

Define Marketing Activities?

A

Things marketers should take into account when developing goods and services to meet consumers demands. These are market research, product development, pricing, branding, sales, promotion, physical distribution and inventory management

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3
Q

What is Marketing Concept?

A

The idea in which marketers should consider the potential customers and competition in every business decision

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4
Q

Industrial Good and Service

A

Goods and services are sold for business use

Ex. Packaging companies, Hardwood tools and machinery, fire and rescue

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5
Q

Consumer Good and Service

A

Good and services are sold for personal use from individuals

Ex. Clothes, food, beverages, shoes

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6
Q

Demand

A

How much a consumer wants a good and service

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7
Q

Supply

A

How much of good and service is available in the market

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8
Q

REGIONALLY

A

By city or province
Caters to local tastes

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9
Q

GLOBALLY

A

By country or continent
Marketing strategies are based on buyers habits and local culture
Workers are those who know local culture/language

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10
Q

NOT FOR PROFIT ORGANIZATION:

A

Organizations that try to better a community. They do not maximize profits, and most if not all proceeds go towards a charity for a cause.

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11
Q

“SAVE THE TREES”: ARTICLE

A

Save the trees is a charity that is new and needs to increase brand awareness. They created brand awareness through giving brochures at rallies and going to youth groups. They need cost effective ways to keep promoting their company as they are NFP. They can do this through posters and booths

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12
Q

Target Market

A

A target market is a market that you are catering your company towards

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13
Q

Aggregate Market

A

Aggregate market is a market that caters towards everyone.

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14
Q

Differentiated Market

A

DIfferentiated market is a market that is organized into specific groups

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15
Q

PUSH STRATEGY

A

Company pushes their product to the costumer, often times as displays

Strategies: Shelf displays, checkout displays, product placement

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16
Q

PULL STRATEGY

A

Company pulls customers to their product. Oftentimes customers are pulled if they find it appealing.

Strategies: Coupons, prizes, discounts, special offers

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17
Q

What are the 2 C’s?

A

Consumer market and competitive market

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18
Q

Define coumser markret

A

The consumer market refers to consumers who are interested in goods and services and have means to buy it

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19
Q

Define competetive markret

A

The competitive market is all goods and services that compete for consumers’ money. It can be narrow or broad

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20
Q

Product

A

Good and service to sell and how

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21
Q

Price

A

What to price product

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22
Q

Place

A

How to get good and service to consumer

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23
Q

Promotion

A

Creating brand awareness

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24
Q

NEEDS

A

Something a consumer needs/ is essential (basic need)

Ex. Food, water, shelter

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25
Q

WANTS

A

Something a consumer wants or desires

Ex. New phone, brand name items, concert tickets

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26
Q

Consumer

A

person who uses a product

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27
Q

Costumer

A

person who buys a product

28
Q

. Gatekeeper

A

a person who takes care of another(ex. Parent to child)

29
Q

Define the PLC

A

The product life cycle is the changes in consumer demand. It is stages that a product goes through in business.

30
Q

INTRODUCTION STAGE

A

Product is introduced into market
The sales and low and the price is high
Profits are low as costs are not covered

31
Q

GROWTH STAGE

A

Sales start to increase and price is lower due to more competition

32
Q

MATURITY STAGE

A

Market share is stable
Price is low due to competition
Sales start to slow but profits remain
Costs are covered

33
Q

DECLINE STAGE

A

Sales and price decrease
Marketers try to change the product (price, reinvent, add features)

34
Q

Fad:

A

A product that is popular for a short amount of time

35
Q

Trend:

A

A product that is popular for a longer amount of time

36
Q

Nichemarket

A

companies that control and dominate a small section of market

37
Q

Seasonalmarket

A

goods and services that are popular during different seasons

38
Q

. CONSUMER PROFILE

A

Helps you make better marketing decisions by understanding target market

39
Q

Demographics

A

Age
Family status
Income
Gender
Ethnicity

40
Q

Geographics

A

Urban
- Live in condos
- Go out often
- Live near work
- Take bus
Suburban
- Have Families
- Drive to work
- Spent on homes (BBQ, garden)
Rural
- Own a large plot of plant
- Like animals
- Owna a truck

41
Q

Psychographics

A

Beliefs and opinions
Attitudes
Hobbies
Preferences
Lifestyle

42
Q

Define Motivation

A

Force that motivates and influences a consumer to buy a product

43
Q

4 areas of motivation

A
  1. Biological 2. Rational 3. Social
  2. Emotional
44
Q

THE BUYING PROCESS

A

Problem recognition
Decision point
Information search
Evaluation of alternatives
Purchase decision
Evalalave purchase

45
Q

Perfect Competition

A

Market is dominated by many sellers
They all sell same good and service
Price is depended on demand and supply
Lawyer, dentist

46
Q

Monopoly

A

Market is controlled by one company
Price is controlled by them
LCBO, Canada post

47
Q

Oligopoly

A

Market is controlled by small number of large companies
Gaming systems, phone companies, banks

48
Q

DIRECT

A

Consumer chooses to spend money of similar good and service
Similar prices and product

EX. HM and zara, nike and adidas, footlocker and champs

49
Q

INDIRECT

A

Consumer chooses to spend money on less similar good and service but are in same industry

EX. Tim hortants and mcdonalds, keg and mandrain

50
Q

Define Productivity

A

Being able to effectively and efficiently use less resources to minimize costs. An example is Honda having a employee suggestion box

51
Q

Summarize the TYLENOL CRISIS article

A

The tylenol crisis was when tylenol killed 7 people in the US. People started to panic and it spread over the news. Tylonel decided to remove their product from shelves and work with authorities and the public to help them. This gave them positive coverage and built public relations. They released new tamper proof packaging to prevent it again

52
Q

Unique Selling Proposition

A

Something that can’t be copied by another company

53
Q

Lower Production Costs

A

Cost efficient

54
Q

Servicing a Niche Market

A

specializing in a small, specific part of the market

55
Q

Creating Customer Loyalty

A

building personal relationships

56
Q

NON SUSTAINABLE COMPETITIVE ADVANTAGE

A

Promotion
Location
Price
Quality
Benefits of use
Design features

57
Q

Convenience

A

Making an activity easy and comfortable for a customer

58
Q

Degree of Service

A

Lots of serves being sold at one location

59
Q

Reputation

A

Better reputation allows for more loyalty and attract customers

60
Q

Personalized Treatment

A

Services that are specialized to customer

61
Q

Selection

A

More selection allows for more service

62
Q

Price

A

If you offer similar services to others, a lower price is better

63
Q

Define Product Service Mix with example:

A

It is when you have both a product and a service. An example is home depot, where they offer product and delivery/installation services

64
Q

Market Share

A

The percent of competitive market that a specific good or service controls

65
Q

Market Segment

A

A narrowed portion of the market share

66
Q

Sustainable Competitive Advantages

A

How businesses keep their customers despite competition:

67
Q

Non- Sustainable Competitive Advantages

A

Competitive advantages that can be easily copied by competitors to steal market share:

Marketing (12 decks)

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