Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is Marketing Concept?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Consumer Good and Service

A

Good and services are sold for personal use from individuals

Ex. Clothes, food, beverages, shoes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Demand

A

How much a consumer wants a good and service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Supply

A

How much of good and service is available in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

REGIONALLY

A

By city or province
Caters to local tastes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Target Market

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Aggregate Market

A

Aggregate market is a market that caters towards everyone.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Differentiated Market

A

DIfferentiated market is a market that is organized into specific groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

PUSH STRATEGY

A

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

Strategies: Shelf displays, checkout displays, product placement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the 2 C’s?

A

Consumer market and competitive market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Product

A

Good and service to sell and how

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Price

A

What to price product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Place

A

How to get good and service to consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Promotion

A

Creating brand awareness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

NEEDS

A

Something a consumer needs/ is essential (basic need)

Ex. Food, water, shelter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
WANTS
Something a consumer wants or desires Ex. New phone, brand name items, concert tickets
26
Consumer
person who uses a product
27
Costumer
person who buys a product
28
. Gatekeeper
a person who takes care of another(ex. Parent to child)
29
Define the PLC
The product life cycle is the changes in consumer demand. It is stages that a product goes through in business.
30
INTRODUCTION STAGE
Product is introduced into market The sales and low and the price is high Profits are low as costs are not covered
31
GROWTH STAGE
Sales start to increase and price is lower due to more competition
32
MATURITY STAGE
Market share is stable Price is low due to competition Sales start to slow but profits remain Costs are covered
33
DECLINE STAGE
Sales and price decrease Marketers try to change the product (price, reinvent, add features)
34
Fad:
A product that is popular for a short amount of time
35
Trend:
A product that is popular for a longer amount of time
36
Nichemarket
companies that control and dominate a small section of market
37
Seasonalmarket
goods and services that are popular during different seasons
38
. CONSUMER PROFILE
Helps you make better marketing decisions by understanding target market
39
Demographics
Age Family status Income Gender Ethnicity
40
Geographics
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
Psychographics
Beliefs and opinions Attitudes Hobbies Preferences Lifestyle
42
Define Motivation
Force that motivates and influences a consumer to buy a product
43
4 areas of motivation
1. Biological 2. Rational 3. Social 4. Emotional
44
THE BUYING PROCESS
Problem recognition Decision point Information search Evaluation of alternatives Purchase decision Evalalave purchase
45
Perfect Competition
Market is dominated by many sellers They all sell same good and service Price is depended on demand and supply Lawyer, dentist
46
Monopoly
Market is controlled by one company Price is controlled by them LCBO, Canada post
47
Oligopoly
Market is controlled by small number of large companies Gaming systems, phone companies, banks
48
DIRECT
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
INDIRECT
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
Define Productivity
Being able to effectively and efficiently use less resources to minimize costs. An example is Honda having a employee suggestion box
51
Summarize the TYLENOL CRISIS article
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
Unique Selling Proposition
Something that can't be copied by another company
53
Lower Production Costs
Cost efficient
54
Servicing a Niche Market
specializing in a small, specific part of the market
55
Creating Customer Loyalty
building personal relationships
56
NON SUSTAINABLE COMPETITIVE ADVANTAGE
Promotion Location Price Quality Benefits of use Design features
57
Convenience
Making an activity easy and comfortable for a customer
58
Degree of Service
Lots of serves being sold at one location
59
Reputation
Better reputation allows for more loyalty and attract customers
60
Personalized Treatment
Services that are specialized to customer
61
Selection
More selection allows for more service
62
Price
If you offer similar services to others, a lower price is better
63
Define Product Service Mix with example:
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
Market Share
The percent of competitive market that a specific good or service controls
65
Market Segment
A narrowed portion of the market share
66
Sustainable Competitive Advantages
How businesses keep their customers despite competition:
67
Non- Sustainable Competitive Advantages
Competitive advantages that can be easily copied by competitors to steal market share:

Marketing (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions