Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing ADM2320 > Midterm > Flashcards

Midterm Flashcards

1
Q

Marketing

A

set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships

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

What is marketing used for

A

create value in products and services

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

Need vs Want

A

need is basic necessities while want is how to fulfill that need

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

Creating Value

A 
Product:
brand
size 
quality
features
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Transacting Value

A 
Price:
list price
discounts
allowances
costs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Communicating Value

A 
Promotion:
advertising
sales promotion
public relations
direct marketing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Delivering Value

A 
Place:
marketing channels
distribution intensity
locations: retailers, online
supply chain
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Product-oriented companies

A

focus on developing and distributing innovative products with little concern about whether the products best satisfy customers’ needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Sales-oriented companies

A

view marketing as a selling function where companies try to sell as may of their products as possible rather than focus on making products consumers really want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Market-oriented companies

A

start out by focusing on what consumers want and need before they design, make, or attempt to sell their products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Value-based companies

A

they focus on the triple bottom line: people, profits, and planet

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

what is a marketing strategy?

A

they identify:

a firm’s target market

a related marketing mix (the 4 P’s)

the bases upon which the firm plans to build a sustainable competitive advantage

*leads to sustainable competitive advantage

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

sustainable competitive advantage example

A

Nike: strong brand, tech, strong customer base, loyal customers

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

Customer Value (4)

A

customer excellence
operational excellence
locational excellence
product excellence

having one of these is not enough to be a successful company

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

Customer Excellence

A

retain loyal customers

provide excellent customer service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Operational Excellence

A

efficient operations + excellent supply chain management + strong supplier relations

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

Product Excellence

A

High perceived value + effective branding and positioning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Locational Excellence

A

LOCATION LOCATION LOCATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Developing a marketing plan (5)

A

Steps:

business mission and objectives

situation analysis

identify opportunities

implement marketing mix

evaluate performance by using marketing metrics

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

Step 1 in developing a . marketing plan

A

Define the mission

mission statement: a broad description of a firm’s objectives and the scope of activities it plans to undertake

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

Step 2 in developing a marketing plan

A

conduct a situation analysis (using SWOT)

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

SWOT analysis

A

Internal:
Strengths
Weaknesses

External:
Opportunities
Threats

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

Step 3 in developing a marketing plan

A

identify and evaluate opportunities using STP (segmentation, targeting, positioning)

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

Step 4 in developing a marketing plan

A

implement marketing mix and allocate resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Product and value creation (4 P’s)

A

firms attempt to develop products and services that customers perceive as valuable enough to buy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

price and value for money (4 P’s)

A

marketers should base price on the value that the customer perceives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

place and value delivery (4 P’s)

A

product must be readily accessible

when and where the customer wants it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

promotion and value communication (4 P’s)

A

marketers communicate the value of their offering, or the value proposition, to their customers through a variety of media

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

step 5 in developing a marketing plan

A

evaluate performance by using marketing metrics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Boston Consulting Group Matrix

A 
BCG
stars
question marks
cash cows
dogs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Stars

A

heavy investment to finance growth, improve CA, good for brand

high market growth rate
high relative market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Question Marks

A

unsure of success, heavy investment to hold market share
turn into stars

high market growth rate
low relative market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Cash Cows

A

less investment; generate lots of $$; used to support other SBUs

low market growth rate
high relative market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Dogs

A

investment to maintain them - may breakeven
sometimes get ousted

low market growth rate
low relative market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Growth strategies

A

Market Penetration:
current product
current market

Product Development:
new product
current market

Market Development:
current product
new market

Diversification:
new product
new market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Microenvironmental Factors

A

company
corporate partners
competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Microenvironmental Factors - competition

A

indentify and analyze direct and indirect competitors

know strengths and weaknesses

CI (competitive intelligence)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Microenvironmental Factors - corporate partners

A

firms are part of alliances with suppliers, corporate partners, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Macroenvironmental Factors

A 
culture
demographics
social/natural
technology
economic
political/legal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Macroenvironmental Factors - culture

A

broadly defined as the shared meanings, beliefs, morals, values, & customs of a group of people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Macroenvironmental Factors - demographics

A

Demographics are the characteristics of human populations & segments, especially those used to identify consumer markets.

42
Q

generational cohorts

A

A generational cohort is a group of people of the same generation, that have similar purchase behaviours because they have shared experiences & are in the same stage of life.

The five major groups are: tweens, Gen Y/millennials, Gen X, baby boomers & seniors.

43
Q

Macroenvironmental Factors - income

A

Purchasing power is tied to income

Statistics Canada tracks income

Many middle class families feel the decline in purchasing power in recent years

education is related to income, which determines spending power

44
Q

Macroenvironmental Factors - technology

A

Technology has impacted every aspect of marketing:

New products

New forms of communication

New retail channels

45
Q

Macroenvironmental Factors - economic situation

A

Marketers monitor the general economic situation, both domestically and abroad because this affects the way consumers buy and spend money.

inflation, exchange rates, recessions

46
Q

Macroenvironmental Factors - political/legal

A

Competition Act

Consumer Packaging
and Labelling Act

Food and Drugs Act
Access to Information Act

Patent Act

North American Free Trade Agreement (NAFTA)

47
Q

Macroenvironmental Factors - Social

A

Shape consumer values

These trends change over time

Greener Consumers

Privacy Concerns

Time-Poor Society

Health and Wellness Concerns

48
Q

Consumer Behaviour

A

Consumer should drive marketing strategies

Consumer behaviour must change in order for product concepts to be successful

Founding principle: listen & learn from your customers

Feedback = improve

49
Q

the consumer decision process (5)

A 
need recognition
information search
alternative evaluation
purchase decision
postpurchase
50
Q

the consumer decision process - need recognition

A

Functional needs

Psychological needs

51
Q

the consumer decision process - information search

A

Internal Search for Information

External Search for Information

perceived benefit vs perceived costs
actual or perceived risk
locus of control

52
Q

internal locus of control

external locus of control

A

some control over outcomes = engage in more search activities

Fate, external factors control all outcomes = why bother?

53
Q

the consumer decision process - alternative evaluation

A

evaluative criteria

determinante attributes

compensatory
decision heuristics: price, brand, product presentation
non-compensatory

54
Q

the consumer decision process - purchase decision

A

customers are ready to buy

55
Q

ritual consumption

A

a pattern of behaviours tied to life events that affect what and how we consume

56
Q

the consumer decision process - postpurchase

A

three potential outcomes:
customer satisfaction
postpurchase dissonance
customer loyalty

57
Q

factors influencing consumer buying decisions

** one of the midterm questions posted

A

Psychological factors: motives, attitudes, perceptions, learning, lifestyle

Social factors:
reference groups, culture

Situational factors:
purchase situation, shopping situation, temporal state

58
Q

Psychological factors: Attitude

A

Your evaluation or feeling towards an object or idea

Learned & long-lasting but they can change abruptly

Affective vs. behavioural components

59
Q

Psychological factors: Perception

A

Culture, tradition, and our overall upbringing determine our perceptual view of the world.

60
Q

Psychological factors: Learning

A

affects both attitudes and perceptions

affected by social experiences

61
Q

social factors: family

A

decision makers and influencers

62
Q

social factors: reference groups

A

family, friends, co-workers, famous people

provide information, rewards, and self-image

63
Q

social factors: culture

A

Shared meanings, beliefs, morals & customs

Your culture group can be your school, country, religion

Culture greatly influences consumer behaviour

Marketers must understand differences among countries

64
Q

decision heuristics

A

mental shortcuts that help consumers narrow down choices

65
Q

Business-to-Business Marketing

A

Buying & selling goods or services to be used:

in the production of other goods & services,

for consumption by the buying firm, or

for resale by wholesalers & retailers

66
Q

B2B markets

A

resellers (purchase from manufacturer and resell)

manufacturers (create their own goods from raw materials)

government (all levels of government)

institutions (schools, museums, religious organizations)

67
Q

challenges of reaching B2B clients

A

Identify decision makers in organization who authorize or influence purchases

Understand the buying process of each potential client

Identify factors that influence the buying process of potential clients

68
Q

Difference between B2B & B2C markets - market characteristics

A

Demand for business products is derived

Fewer customers, more geographically concentrated & orders are larger

Demand is more inelastic

69
Q

Difference between B2B & B2C markets - product characteristics

A

Products technical in nature, purchased based on specifications

Mainly raw & semi-finished goods

Heavy emphasis on delivery time, technical assistance, after sale service, financing

70
Q

Difference between B2B & B2C markets - buying process characteristics

A

Buying decisions more complex
Competitive bidding, negotiated pricing, complex financial arrangements

Qualified, professional buyers - more formalised buying process

Buying criteria and objective specified

Multiple participants in purchase decisions

Reciprocal arrangements common

Close long-term relationships

Online buying common

71
Q

Difference between B2B & B2C markets - marketing mix characteristics

A

Direct selling & physical distribution often essential

Advertising more technical, promotions emphasize personal selling

Price often negotiated, inelastic, affected by trade/quantity discounts

72
Q

The B2B Buying Process

A

need recognition

product specification

RFP process

proposal analysis and supplier selection

vendor performance assessment using metrics

73
Q

Stage 1: need recognition

A

Can be generated internally or externally

Sources for recognizing new needs:
Suppliers
Salespeople
Competitors

74
Q

Stage 2: product specification

A

Suppliers use to develop proposals

Can be done collaboratively with suppliers

75
Q

Stage 3: request for proposal (rfp) process

A

Buying organizations invite alternative suppliers to bid on supplying their required components or specifications

76
Q

Stage 4: Proposal analysis & supplier selection

A

Often several vendors are negotiating against each other

Considerations other than price play a role in final selection

77
Q

empty card

A

yeet

78
Q

Stage 6: vendor performance assessment using metrics

A

taking issues into consideration, giving them importance, and then evaluating

79
Q

the buying center

A

The buying centre is the group of people typically responsible for the buying decisions in large organizations

influencer

decider

buyer

user

gatekeeper

initiator

80
Q

organizational culture

A

democratic
autocratic
consultative
consensus

A firm’s organizational culture reflects the set of values, traditions & customs that guides its managers’ & employees behaviour.

81
Q

buying situations

A

New buy:
Purchasing for the first time

Likely to be quite involved

The buying centre will probably use all six steps in the buying process

Straight Rebuy:
Buying additional units or products that have been previously purchased

Most B2B purchases fall into this category

Modified Rebuy:
Purchasing a similar product but changing specifications

Current vendors have an advantage

82
Q

the segmentation-targeting-position process

A

strategy or objectives

segmentation

evaluate segment effectiveness

select target market

identify and develop positioning strategy

83
Q

Step 1: establish overall strategy or objectives

A

Consistent with mission statement

Derived from mission & current state

84
Q

Step 2: segmentation bases

A

Geographic: continent, country, region, province, city, etc.

Demographic: age, gender, income, education, etc.

Psychographic: lifestyle, personality/self concept, social class, etc.

Behavioural: benefits sought, usage, loyalty

85
Q

geodemographic segmentation

A

how consumers describe themselves using a combination of geographic, demographic, and lifestyle characteristics to segment a market

86
Q

geodemographic segmentation psyte clusters (3)

A 
Urban Lower Middle (U4):
Urban Bohemia
rom body piercing to
tattoos, Urban Bohemia
includes a diverse population
by design. A neighbourhood
with a youthful skew, this
cluster occupies itself in
a variety of artistic, retail,
and generally creative
employment. Men and
women employed in cultural,
artistic, and entertainmentrelated
jobs abound.
Household maintainers under
age 25, many with college
degrees, are also
46,000
Suburban Affluent (S1):
Suburban Affluence
This cluster with a flair for fine
living represents both old and
new wealth. Because wealth
accumulates throughout life
stages, this cluster exhibits an
older skew with many empty
nests. Suburban Affluence
indexes high on managerial
and technical employment
and are married with children
166,000
Suburban Affluent (S1):
Asian HeightsAsian ancestries combined with
hard work and growing wealth
create and mould these upscale
neighbourhoods. Asian Heights
represents the affirmation of
dreams cultivated through
generations of immigrants and
often through hardship. These
families boost local economies
as well as family prospects.
Asian Heights indexes high
on Chinese, Korean, and
Japanese immigration as well
as households of six or more
persons.
96,000
87
Q

step 3: evaluate segment attractiveness

A

identifiable: who is in their market?
reachable: know the product exists, understand what it can do, recognize how to buy
responsive: react positively to firm’s offering, move toward the firm’s products/services

substantial and profitable: size matters

88
Q

step 4: select target market

A

based on completing a SWOT analysis

89
Q

step 5: identify and develop positioning strategy

A

positioning methods:
value: relationship of price to quality

product attributes: focus on the attributes that are most important and varies by target market

benefits and symbolism: emphasizes the benefits of the brand as well as the psychological meaning of the brand to consumers

competition: position against a specific competitor

market leadership

90
Q

repositioning

A

refers to a strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences

91
Q

Marketing Research

A

Consists of a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas.

92
Q

The Marketing Research Process

A

define research problem and objectives

design the research plan

collect data

analyze data and develop insights

present action plan

93
Q

Step 1: Define the research problem & objectives

A

what information is needed to answer specific research questions?

how should that information be obtained?

94
Q

Step 2: design the research plan

A

identify the type of data needed

determine type fo research necessary to collect the data

project objectives drive the type of data needed

95
Q

Step 3: Collect data

A

secondary data: pieces of information that have been collected prior to the start of the focal project (internal or external)

primary data: data collected to address specific research needs (focus groups, interviews)

96
Q

Step 4: analyze data & develop insights

A

converting data into information to explain, predict and/or evaluate a particular situation

97
Q

Step 5: present action plan

A 
PREPARE the results:
Executive summary
Body of the report (objectives, methodology, findings)
Conclusions
Supplemental tables/appendices
PRESENT the results:
Short & to the point
Interesting & appropriate to style of audience
No technical jargon!
Recommendations
98
Q

secondary data

A

can be free or very inexpensive to obtain

external data: census data, trade journals, books, articles, etc.

internal data: from the company/firm itself

99
Q

qualitative research

A

reliability

validity

sampling

methods: observation, social media, in-depth interviews, focus groups, projective techniques

100
Q

quantitative research

A

information confirms early insights
uses surveys, formal studies, scanner and panel data
testing the prediction or hypothesis

101
Q

experimental research

A

systematically manipulates one or more variables to determine which variable(s) have a causal effect

Marketing ADM2320 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions