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Marketing, Sales, Biz > Midterm Prep > Flashcards

Midterm Prep Flashcards

1
Q

What is a push tactic?

A

any tactic that results in a third party stocking of your product (i.e. trade shows, retail sales visits or competitions, demonstration videos)

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2
Q

What is a Pull Tactic?

A

A pull tactic is any tactic that results in customers demanding your product from retailers (i.e. advertising, viral marketing, social media, word of mouth, email marketing)

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3
Q

What is the difference between Push vs. Pull tactics?

A

Push: targeted promotional materials or events (like retail comps) (*think approp ways to PUSH sales in retail as opposed to marketing stragies to increase demand from customer)

Pull: Focusing on building a brand (social media, blogging, advertising) and creating a customer demand (letting customers come to us)

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4
Q

What is Brand Awareness?

A

Brand Recognition + Brand Recall = Brand Awareness

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5
Q

What are the components of a Business Model? (There are 9; think Lean Canvas)

A

The value proposition
The segment(s)
The communication and distribution channels
The relationships (established with clients.​)
The key resources
key activities
The key partners
The revenue streams
The cost structure

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6
Q

What is a business model?

A

How a company organizes itself to do business (i.e. blueprints; word commonly used wrong)

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7
Q

Why are business models important?​*

A

how a company organizes itself to make money

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8
Q

What does B2C stand for?

A

Business to consumer

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9
Q

What does B2B stand for

A

Business to business

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10
Q

A farmers market is an example of which type of business model?

A

A farmers market is an example of a B2C business model

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11
Q

A wine club is an example of a B2C or B2B business model?

A

Wine Clubs and e-commerce are examples of a B2C business model

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12
Q

A wine tour or event is an example of what type of business model?

A

B2C (business to consumer) business model (on estate property; stores tours and events)

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13
Q

What is a B2C Business Model?

A

Business to Consumer:

-On Estate Property (Store, Events, Tours, Restaurants)​

-Direct to Consumer (Wine Club and E-Commerce)​

-Farmer’s Markets / Other Retail Owned by the company

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14
Q

What is a B2B Business model?

A

Business to business

Selling to other businesses: ​

LCBO and other liquor boards​

Selling grapes to other wineries​

Selling co-packing/bottling services​

Restaurant listings

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15
Q

Selling grapes to another winery is an example of what type of business model?

A

selling grapes to other wineries is an example of business to business (B2B) business model

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16
Q

Selling your wine at the LCBO (or another liquor board) is an example of what type of business model?

A

selling to the LCBO is an example of B2B

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17
Q

What [the heck] is a B2B2C Business Model?

A

Business to Business to Consumer

B2B2C is when another business sells your products so they have a relationship with and information about your customers (another company deals with your customers directly)

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18
Q

Uber Eats is an example of what type of business model?

A

Uber eats is a B2B2C business model (business to business to consumer)

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19
Q

Email marketing is an example of what type of tactic?

A

a pull tactic (focusing on brand/marketing)

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20
Q

a wine trade show is an example of what type of business marketing tactic

A

a trade show demo is a push tactic

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21
Q
A
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22
Q

a qr code that leads to a demonstration tasting video for the product is what type of marketing tactic

A

a push tactic

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23
Q

An ad in the LCBO Food + Drink Magazine is an example of a push or pull strategy?

A

a magazine ad is an example of a pull strategy

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24
Q

a tv commercial is an example of a push or pull strategy?

A

pull strategy

25
Q

What does PESTEL stand for?

A

Political, Economic, Societal, Tech, Environmental and Legal

26
Q

Is this an example of Political, Economic, Societal, Tech, Environmental or Legal?**

A
27
Q

What are the 5 Forces? (Analysis/Porter)

A

-threat of new entry (how hard is it for NEW people to enter the market)
-Competitive rivalry (other wineries)
-supplier power (can suppliers keep prices high? *growers)
-buyer power (consumer options)
-threat of substitution (doesn’t have a strong brand)

28
Q

A market must have ________, ___________ and ______________.

A

The ingredients of a market are
-unsatisfied needs
-purcxhasing power
-buying units or customers

29
Q

How would you profile your target market as a business?

A

-conduct research to break down your market into key segments and find out what motivates them to create a more focused promotion (easier marketing)

30
Q

How do you rate the key segments you broke your customers into (during target market profile reseach)?

A

-measurable (purchasing power; size, measurable characteristics
-substantial (large enough?, profitable)
-accessible (can be served or reached? can they get to your winery?)
-differentiable (distinguishable, how to they respond differently to marketing messages)
-actionable (can you do something about it? i.e covid shutdown)

31
Q

What is brand positioning?

A

-Isn’t about being the first one (i.e. genre makers), but creating a brand/stand-out product or experience that you become the first in the mind of the consumer (psychological; branding)
-be more fun, accessible, think ‘first follower’

32
Q

What is the definition of publicity?

A

“all publicity is good publicity” publicity is a mention in the media (reviews, blogs; little to no control over message in media)

33
Q

What is the definition of public relations?

A

business shaping its brand by actions, [proactive] trying to create a positive relationship with the customer base to avoid bad publicity dominating the target audience

34
Q

Difference between publicity and PR?

A

publicity: what happens to you
public relations: message shaped by business; more purposeful

35
Q

What is demography?

A

demographics; study of measuring and grouping populations (numerical; easily to label/characterize; size, responses, distribution)

36
Q

Students are an example of ______?

A

Chorts (class 2025) (a group of subjects who share a defining characteristics)

37
Q

What is a marketing channel?

A

“place” in marketing

38
Q

E-commerce, gas stations and the LCBO are examples of _________?

A

Marketing channels

39
Q

What is direct to consumer?

A

direct to consumer = Direct marketing channel

i.e. winery delivers without stores
(wine club, phone orders, e-commerce)

40
Q

What is the difference between direct vs. indirect marketing channels?

A

-a direct marketing channel - no interMEDiary levels
-indirect marketing channel - one or more interMEDiary levels

41
Q

What are interMEdiaries?

A

an intermediaries level = retailer, or wholesaler + retailer (indirect marketing channels have one or more intermediary levels between producer and consumer; where indirect has NONE)

42
Q

What is a tied house license?

A

a special license that allows a winery restaurant to only sell/favour your own brand (i.e. trius resto can sell only trius brand, two sisters ect.) (might change w the new sale regulations)

43
Q

What is white space in brand mapping?

A

where unmet needs are realized (innovation)

44
Q

Name 3 Ways to Brand Map at winery:

A

to find white space:
-External Focus (market unmet needs, what is everyone else doing)
-Internal focus (what are we good at) (i.e. how many barrels, grape varieties you have etc.)
-Future Focus (what are the upcoming trends and opportunities, being the first one) (i.e. vines that are not planted yet, but are trending)

45
Q

What is a customer persona?

A

a specific profile of a customer used as a segmenting tool that allows personalized messaging

46
Q

What is the definition of marketing?

A

the management of identifying, anticipating, and realizing the needs of consumers profitably (solving customer problems profitably $$)

47
Q

What is the Marketing Mix pyramid?

A

Product
Place
Price
Promotion

48
Q

Sales of big screen tvs has which type of pricing model?

A

skimming pricing model: high at release due to demand, lowers over time

49
Q

Name the 4 possible pricing models for a new business?

A

-skimming (high at 1st w/ no competition, lowers over time)
-penetration (lower price at first to steal market share)
-psychological (price = quality)
-cost plus (what does it cost you + add a %)

50
Q

If a business starts its pricing at a lower price than the competition to encourage trial, what is this pricing model called?

A

penetration (penetrating the market to steal market share from those who came “first”)

51
Q

Niagaras first brand using a newly approved vqa grape would most likely use which pricing model?

A

skimming (higher bottle prices/grape prices at 1st becuase there is less competition, lower over time as competition stiffens)

52
Q

What is price anchoring?

A

when you are shown two items, the second item = slightly less $$ but you still are ANCHORed to the first one (at play in tasting room, not $60 bottle next to $19 bottle)

53
Q

Events and Experiences are examples of which marketing strategy?

A

Experiential ( experience marketing)

54
Q

an onsite tour or winery restaurant is an example of which marketing strategy?

A

experiential marketing

55
Q

What is experiential marketing?

A

A marketing strategy where the brand invites the consumer to directly engage by involving them in the co-creation (tours, events + experiences)

56
Q

What are the 3 layers of the total product concept?

A

Augmented: benefits to product (meeting winemaker during on-site visit, delivery to home service ect)
Actual: label, branding “handpicked, type of press ect.”
Core: very descriptive, no fluff, “tastes like grape/alcohol”

57
Q

Which layer of the total product concept is a good pink label for a new rose?

A

Actual - the label = physical product and branding

58
Q

How do you measure metrics? Name 3 Retailing metrics:

A

Total traffic: The number of customers passing by the store or on the property.​

Capture rate: The number of customers who physically enter the store.​

Transactions: The number of people who buy something.

59
Q
A

Marketing, Sales, Biz (3 decks)

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