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Comm 204 > Module 1: Marketing Fundamentals > Flashcards

Module 1: Marketing Fundamentals Flashcards

1
Q

role of marketing is it works ______ with other areas within a business and with _______ outside the business

A

collaboratively

stakeholders

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2
Q

marketers ultimate objective is to

A

drive profits for a company

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3
Q

focuses on consumers and providing them with value with products that meet their needs

A

marketing

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4
Q

they attempt to create images for their products that set them apart from competition

A

marketers

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5
Q

marketers creating images for products that set them apart allows them to

A

build lasting relationships

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6
Q

focusing on customer needs and wants helps develop these 2 things

A

customer value

customer loyalty

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7
Q

things humans require to survive

A

needs

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8
Q

things humans desire

A

wants

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9
Q

all the goods/services, ideas, or experiences offered to consumers to satisfy their needs and wants

A

marketing offerings

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10
Q

evaluated based on perceived benefit - perceived cost

A

value to customers

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11
Q

measured by sales, profits, donations, and long term customer relationships

A

value to marketers

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12
Q

unique combination of benefits that will satisfy the needs of targeted consumers (price, quality, convenience, etc.)

A

customer value proposition

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13
Q

creating products with added value is achieved through: (3)

A

product design
pricing strategies
service elements

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14
Q

4 elements of the marketing mix

A

product, price, place, and promotion

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15
Q

all attributes that make up a g/s to satisfy customer need

A

product

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16
Q

design, packaging, service and brand are examples of

A

product elements

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17
Q

pricing strategy, discounts, returns are examples of

A

pricing elements

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18
Q

location, distribution and logistics are examples of

A

place elements

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19
Q

advertising, digital, PR, personal selling are examples of

A

promotion elements

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20
Q

tools needed to communicate with consumers about products

A

promotion

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21
Q

process of planning and managing g/s/i to meet consumer n/w

A

marketing

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22
Q

set of potential buyers with common n/w that are satisfied through exchange

A

market

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23
Q

specified group of potential consumers marketers aim their marketing efforts

A

target market

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24
Q

is designed to appeal to specific target market

A

marketing mix

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25
Q

first step of the Marketing Process

A

understand the marketplace and consumer n/w

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26
Q

second step of the marketing process

A

manage the marketing mix to meet consumer needs

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27
Q

third step of the marketing process

A

capture value from customers to create profits and customer equity

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28
Q

which step in the marketing process do we conduct primary and secondary research

A

1rst step

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29
Q

in which step of the marketing process do we develop a marketing strategy and execute a marketing program

A

2nd step

30
Q

in which step of the marketing process do we evaluate and measure if objectives have been achieved

A

3rd step

31
Q

we create value for customer in which steps of the marketing process

A

1st and 2nd steps

32
Q

we capture value from customer in which step of the marketing process

A

3rd step

33
Q

approach focused on manufacturing goods and improving production process

A

product orientation

34
Q

supply couldn’t keep up with demand and consumer needs were not important

A

product orientation

35
Q

approach focused on selling as many products as possible

A

sales orientation

36
Q

companies operate in a more competitive enviro, and consumer needs are not a priority

A

sales orientation

37
Q

approach focuses on understanding target customer n/w

A

marketing orientation

38
Q

approach focuses on delivering value better than competitors

A

market orientation

39
Q

relationship marketing orientation considers the ________ of customers

A

life-time value

40
Q

approach prioritizes long-term relationships rather than short-term sales

A

relationship marketing orientation

41
Q

improved customer relationships = improved… (3)

A

customer loyalty
retention levels
profits

42
Q

approach has greater use of social media and focuses on CRM and CSR

A

relationship marketing orientation

43
Q

focuses on identifying a business’ most valued costumers and creating customer loyalty

A

customer relationship management (CRM)

44
Q

courtesy calls, customer loyalty programs, and capturing and analyzing customer data are examples of

A

customer relationship management (CRM)

45
Q

is used to ensure customers remain loyal over long period of time

A

measuring customer relationships

46
Q

marketers us CRM loyalty programs to gain a greater

A

share of wallet from customers

47
Q

the % of a customer’s purchases that a company has in a specific product category

A

share of wallet

48
Q

the sales that can be generated by customer if customer remains loyal to company over a lifetime

A

customer lifetime value (CLV)

49
Q

when an org takes responsibility for how their business impacts consumers, suppliers, etc.

A

corporate social responsibility (CSR)

50
Q

marketing programs that address the well-being of society and the enviro

A

social marketing concept

51
Q

social marketing concept considers the long-term impact of marketing on… (2)

A

society and the enviro

52
Q

deceptive use of marketing to imply that a g/s is enviro friendly

A

greenwashing

53
Q

What company is guilty of greenwashing

A

dawn dish soap

54
Q

8 current approaches to marketing

A 
CRM programs
CSR
digital marketing
real-time marketing
experiential marketing
partnership marketing
metrics and analytics
marketing regulations and ethical conditions
55
Q

uses electronic means to reach consumers

A

digital marketing

56
Q

when brands reach out by sharing expertise or brand info using research papers, e-books, videos, etc.

A

content marketing

57
Q

create or join conversations or events that are occurring to create buzz that is shared by others and on social media

A

real-time marketing

58
Q

marketing during The Olympics or the Superbowl is an example of

A

real-time marketing

59
Q

real-time marketing teams include (3)

A
  • brand and advertising specialists
  • senior executive
  • lawyers
60
Q

used in conjunction with social media programs to create topic of conversation

A

experiential marketing

61
Q

marketers create opportunity for consumers to directly interact with brand to generate word-of-mouth awareness (free publicity)

A

experiential marketing

62
Q

brands with similar customers combine expertise and use each others strengths to build brand awareness and expand audience

A

partnership marketing

63
Q

Tim Horton’s working with Nutella to offer the Nutella donut is an example of

A

partnership marketing

64
Q

SCENE loyalty movie reward program with Scotibank is an example of

A

strategic alliance

65
Q

a longer-term focus of partnership marketing

A

strategic alliance

66
Q

provides easy to use platforms for gathering and analyzing data

A

metrics and analytcis

67
Q

provides customer insights and predicts patterns

A

metrics and analytics

68
Q

numeric data collected and grouped to track performance

A

metrics

69
Q

process of taking metrics and applying it to gain insights to make better business decisions

A

analytics

70
Q

has prompted privacy legislations and anti-spam laws

A

digital technology

Comm 204 (7 decks)

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