Brainscape's Knowledge GenomeTM

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


See full index

MKTG 120 > MKTG 120 Midterm > Flashcards

MKTG 120 Midterm Flashcards

1
Q

Explain the role of marketing in an org

A

Is to drive growth, profitability, and sustainability while adapting to changing market conditions and consumer behaviour.

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

What is marketing?

A

Aims at promoting and selling products and services to target customers. It involves understanding customer’s needs and wants, creating value, and building strong consumer relationships.

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

What is customer value proposition?

A

conveys the unique combination of benefits received by targeted customers that will satisfy their needs. These benefits could include quality, price, convenience, delivery, and both before-sale and after-sale service.

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

what are customers needs and wants?

A

Wants go beyond needs and represent specific desires, preferences and aspirations such as:
Luxury and Status, Entertainment and Leisure, Convenience, Personalization and Innovation.

Needs, as referred to by Maslow’s Hierarchy of Needs, are:

Physiological needs: are basic to survival and must be satisfied first (e.g., food)

Safety Needs: involve self-preservation and physical well-being. (e.g., smoke detector)

Social Needs: concerned with love and friendship (e.g., dating services)

Esteem Needs: are represented by the need for achievement, status, prestige, and self-respect.

Self-actualization Needs: involve personal fulfillment. (e.g., travel providers offer specialized educational and exotic trips to enhance a consumer’s life experience).

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

What are target markets?

A

The specific group or segment(s) of existing and potential consumers to which marketers direct their marketing efforts.

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

What are the 4 Ps (the marketing mix) in marketing?

A

Product - all attributes that make up a good, a service, or an idea to satisfy the customer need, including product design, features, colour, packaging, warranty, and service levels.

Price - what is exchanged for a product, including the expected regular retail or sales price.

Place - The way in which your product gets to the consumer, including the distribution channels, retail formats, and merchandising used to sell a product.

Promotion - the tools needed to communicate with consumers about a product, including advertising, public relations, sales promotion, direct response, event marketing, sponsorship, online approaches, and personal selling.

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

What are the steps in the marketing process?

A

identifying consumer needs
managing the marketing mix to meet those needs
reaching potential consumers or the market.

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

What constitutes as a product?

A

A good, service or idea.

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

What are new and evolving marketing practices?

A

Digital marketing
Augmented Reality
Experimental marketing
Influencer marketing
Partnership marketing
Metrics and Analytics
New marketing regulations and ethical considerations

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

Explain the importance of a thorough analysis of the marketing environment

A

It helps companies with the knowledge and tools needed to navigate the market, identify opportunities, manage risks, and to stay competitive.

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

What is involved in a market analysis?

A

SWOT Analysis
Environmental Scan

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

What is a SWOT analysis?

A

Strengths, Weaknesses, Opportunities, and Threats

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

What is an environmental scan?

A

the process of continually acquiring information on events occurring outside an org to identify external trends, that are opportunities or threats to the business.

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

Describe the elements in an environmental scan

A

Demographic
Socio-Cultural
Economic
Technological
Competitive
Regulatory

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

Identify trends/factors that affect the Canadian landscape

A

Demographic Forces: the aging poplulation, diverse generations, big-city growth, ethnic diversity, World markets, and changing household composition.

Socio-cultural Forces: Device connectivity, social media, tv and video viewing, food consumption, attitude and roles of men and women, and ethical consumptions.

Economic Forces: the ability of a consumer to purchase a product is what interests marketers, and with the global economy being interconnected, this area has become even more difficult for businesses to forecast.

Technological Forces: inventions or innovations that stem from scientific or engineering research.

Competitive Forces: competitors with your brand.

Regulatory Forces: restrictions placed on marketing practices by government and industry associations.

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

How would you analyze the marketing environment of a company using an environmental scan?

A

Step 1: Facts and Trends: Gather accurate, relevant data on each of the forces in the marketing environment.

Step 2: Determine Impact: Analyze each external trend to determine its impact (negative or positive) on the business

Step 3: Ideas for Implementation: Brainstorm, evaluate, and implement ideas to meet business objectives.

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

Explain the stages of the consumer decision purchase process.

A
  1. Problem recognition: perceiving a need for the product
  2. Information Search: Seeking value for the product.
  3. Evaluation of Alternatives: Assessing value of the product.
  4. Purchase Decision: Buying value of the product.
  5. Post-Purchase Behaviour: Value in consumption or use.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How would you compare routine, limited, and extended problem-solving purchase behaviour?

A

Assess the level of involvement in the purchase process

Compare problem-solving variations.

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

Describe influences on consumer behaviour.

A

important situational, psychological, and socio-cultural influences. The marketing mix also can impact their decision to buy

20
Q

Discuss how culture and subculture affect consumer behaviour.

A

Through their cultural values, customs, cultural symbols, and language.

21
Q

Explain the value of marketing research.

A

It enables businesses to understand their markets, customers, and competition, make informed decisions, and achieve their strategic and financial goals.

22
Q

What is marketing research?

A

is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.

23
Q

How can marketing research help a business?

A

It empowers businesses to adapt to changing market conditions, enhance their competitive position, and achieve marketing objectives.

24
Q

What are the steps in the market research process?

A

Step 1: Define the problem: Set research objectives and identify possible marketing actions.

Step 2: Develop the research plan: Specify constraints, identify data needed for marketing actions, and determine how to collect data.

Step 3: Collect relevant information: obtain secondary data, and obtain primary data.

Step 4: Develop Findings: Analyze the data and present the findings.

Step 5: Take marketing actions: make action recommendations, implements action recommendations, and evaluate results.

25
Q

Describe Secondary sources of data (internal and external)

A

facts and figures already recorded prior to the project.

This can include internal data (inside the firm) such as legacy data, structured and unstructured data, or information found separately in company documents such as sales reports, etc.

External data (outside the firm) such as census reports, trade association studies, magazines, business periodicals, and internet based reports.

26
Q

Describe the types of secondary data that companies collect

A

Demographic Data, Geographic Data, Psychographic Data, Behavioural Data, Competitor Data, Sales and Financial Data, Online Analytics Data, and Reviews and Feedback Data.

27
Q

What are the drawbacks to secondary data?

A

It comes with challenges related to data quality, relevance, and credibility.

28
Q

Describe the advantages and disadvantages of Primary research methods.

A

Offer the advantage of customized, reliable, and up-to-date data that can provide valuable insights for marketing decisions. However, they can be costly, time-consuming, and prone to challenges such as biases and ethical concerns.

29
Q

What are examples of Qualitative Primary Research?

A

Focus Groups
In-depth Interviews
Online research communities
Online research bulletin boards
Social Listening

30
Q

What are examples of Quantitative Primary Research?

A

Observational research
Surveys
Experiments

31
Q

What is it called when you use research to inform marketing decisions?

A

Data Analysis

32
Q

Explain the meaning, benefits, and limitations of marketing segmentation.

A

Marketing encompasses various activities such as market research, product development, pricing, promotion, distribution, and CRM.

Marketing is a powerful tool for businesses to connect with customers, promote their services and/or products, and drive growth. However, it comes with costs and ethical responsibilities that businesses must consider.

33
Q

What is segmentation?

A

the process of dividing up the market into groups of buyers with distinct needs that may require separate marketing strategies.

34
Q

Why is segmentation used?

A

Consumers have a range of different needs, and a single product cannot satisfy everyone.

Companies have limited amounts of money, which needs to be spent efficiently on consumers who are most likely to purchase the product.
Marketers need to have clear consumer insights on their target markets in terms of product needs, price expectations, purchase habits, and the communication tools most used.

35
Q

Describe the major approaches for segmenting consumer markets

A

Mass Marketing
Segment Marketing
Niche Marketing
Individual Marketing

36
Q

What are the segmentation variables?

A

Geographic: where does the target market live and work?

Demographic: what is the basic census-type information for the target market as a whole? (Includes identifying ranges for age, gender, family composition, income, occupation, education, ethnic background and home ownership)

Psychographic: what are the attitudes, values, interests, habits, and approaches to life that the target market shares?

Behaviouristic: how does the target market use and interact with the product?

37
Q

What is buyer persona?

A

Character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives, complete with images, in one-page descriptions or snapshots that capture personalities, values, attitudes, beliefs, demographics, and expected interactions of a typical user with a brand.

38
Q

Explain how companies identify attractive market segments and choose target marketing strategy.

A
  1. Identify consumer/customer needs and common characteristics in the market.
  2. Cluster common consumer/customer variables to create meaningful market segments.
  3. Estimate the size and feasibility of each segment.
  4. Identify the segment(s) to be targeted.
  5. Take actions with marketing programs to reach the segment(s).
  6. Monitor and evaluate the success of these programs compared with objectives.
39
Q

Discuss the importance of positioning strategies.

A

Positioning helps a product/brand stand out in a crowded market, enables us to tailor our marketing strategies to a specific audience, can create competitive advantages, helps to shape how the brand/product is perceived in the eyes of the consumer, can provide brand loyalty from consumers, and provides consistency in marketing.

40
Q

What does brand positioning mean?

A

refers to the impersonation of the branded product you want to establish in consumers’ minds relative to their needs and also in contrast to the competition.

41
Q

What does repositioning mean?

A

is often implemented in stages over time with a refresh of a brand and the elements of its marketing mix.

42
Q

What are positioning maps?

A

also known as perceptual maps, are visual representations of how products or product groups are positioned within a category to consumers/customers. Positioning maps can visually represent categories within a market or, more specifically, product and brand offerings within a category.

43
Q

How would you use segmentation and target market strategies to create target market profiles for products and/or brands?

A
  1. Identify your target market segmentation (demographic, psychographic, behaviouristic, geographic)
  2. After segmentation, evaluate the attractiveness of each segment (consider factors like size, growth potential, competition, and fit with your brand/product).
  3. Create Target Market Profiles for each selected segment (demographics, psychographics, geographic, behaviouristic traits)
  4. Conduct market research within each targeted segment.
  5. Conduct a competitive analysis to identify the product/brand’s competition.
  6. Tailor your marketing strategies to the needs/wants of your target market.
  7. Monitoring and Evaluation.
44
Q

What is a mass marketing strategy?

A

When a product with broad appeal is widely marketed to the entire market with no product or marketing differentiation at all.

45
Q

What is segment marketing?

A

Involves the marketing of a wide range of different products and brands to specifically meet the needs of an org’s varied target markets.

46
Q

What is Niche Marketing?

A

Where a company restricts its efforts to marketing a limited product line to a narrow but profitable single segment of the market that is of marginal interest to major competitors

47
Q

What is Individualized Marketing?

A

Can also be called one-to-one marketing with “segments of one”. It involves customizing products to fit individual needs.

MKTG 120 (2 decks)

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