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Empresa > Primer Parcial 4 Semestre > Flashcards

Primer Parcial 4 Semestre Flashcards

1
Q

Are essential necessities that all humans must have to survive

A

Needs

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2
Q

Are human desires; things that people would like to have

A

Wants

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3
Q

Exists to address people’s needs and wants

A

Marketing

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4
Q

Supply the right products, set the correct price, place products conveniently and effective promotion are…

A

The four main objectives of marketing

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5
Q

Process involved in identifying, anticipating and satisfying consumer requirements profitably

A

Marketing

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6
Q

Marketing approach used by businesses that focuses on making products that they can sell, rather than selling products that they can make. It cares about the customer.

A

Market orientation

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7
Q

Greater flexibility and lower risk are…

A

Advantages of market orientation

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8
Q

Market research can be very expensive. This is…

A

A disadvantage of market orientation

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9
Q

Marketing approach adopted by businesses that focuses on selling products that they make instead of making products that they can sell. Hi-tech products belong to this orientation.

A

Product orientation

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10
Q

Quality can be assured and the firm has more control over its operations are…

A

Advantages of product orientation

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11
Q

High failure rate and high risk are…

A

Disadvantages of product orientation

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12
Q

Use of marketing strategies to meet the needs and wants of customers in a profitable way. Provides customers what customers want, when they want it and where they want it.

A

Commercial marketing

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13
Q

The planning and implementation of programs designed to bring about social change using concepts from commercial marketing. Uses mainstream marketing methods to achieve benefits of social change.

A

Social marketing

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14
Q

Place or process whereby customers and suppliers trade. It exists where there is demand for a particular product and where there is willingness from businesses to supply this products.

A

Market

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15
Q

Markets that cater for private individuals (general public)

A

Consumer markets

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16
Q

Markets that cater for organizations (government and businesses)

A

Industrial or producer markets

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17
Q

Refers to an organization’s portion of the total value of sale revenue within a specific industry. It is measured by expressing the firm’s sales revenue as a percentage of the total sales revenue of the industry.

A

Market share

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18
Q

Firms with the largest market are known as…

A

Market leaders

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19
Q

Measures the degree of competition that exists within a market by calculating the market share of the largest few firms in the industry. The sum of the market shares is known as concentration ratio.

A

Market concentration

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20
Q

Document outlining a firm’s marketing objectives and the marketing strategies to be used to achieve these objectives.

A

Marketing plan

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21
Q

Review of the current position of a firm’s marketing mix in terms of its strengths, weaknesses, opportunities and threats

A

Marketing audit

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22
Q

Systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals

A

Marketing planning

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23
Q

Improvement of a firm’s chances of success, clearer idea of the organization’s objectives and allows marketing managers to have better control of the organization are…

A

Advantages of marketing planning

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24
Q

Small firms don’t have the time, resources or expertise to do it and it might be outdated quickly are…

A

Limitations of marketing planning

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25
Q

Combination of various elements needed to successfully market a product. Used to review and develop marketing strategies and is at the heart of marketing planning. Is known as the 4Ps

A

Marketing mix

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26
Q

What are the 4Ps?

A

Product, price, place and promotion

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27
Q

Refers to the good or service being marketed

A

Product

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28
Q

Refers to how much customers have to pay to buy the product

A

Price

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29
Q

Refers to the methods of informing, reminding and persuading customers to buy a product

A

Promotion

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30
Q

Refers to the distribution channels used to get the product to the customers

A

Place

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31
Q

Industrial products sold to other businesses to further the production process

A

Producer products

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32
Q

Products sold to the end user (private individuals)

A

Consumer products

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33
Q

Targets that the marketing department wishes to achieve

A

Marketing objectives

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34
Q

Market share, market leadership, product positioning, consumer satisfaction and high market standing are…

A

Marketing objectives

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35
Q

Refers to a distinct group of customers with similar characteristics and similar wants or needs.

A

Market segment

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36
Q

Refers to each distinctive market segment having its own specific marketing mix

A

Targeting

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37
Q

Are the demographic and psychographic characteristics of consumers in different markets (age, gender, occupation, income, religion, status and habits).

A

Consumer profiles

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38
Q

Better understanding of customers, higher sales, growth opportunities and support for product differentiation are…

A

Market segmentation advantages

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39
Q

Type of segmentation by characteristics of the human population within a certain area, country or region. This includes age, gender, race and ethnicity, marital status, religion, language and income.

A

Segmentation by demographics

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40
Q

Type of segmentation that takes in count the location of customers and climate of a certain region.

A

Segmentation by geographic factors

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41
Q

Type of segmentation that considers emotions and lifestyle of customers. This includes hobbies, interests, values, religion, status and culture.

A

Segmentation of psychographic factors

42
Q

Targets a specific and well-defined market segment

A

Niche marketing

43
Q

Refers to undifferentiated marketing. Strategy that ignores targeting individual market segments

A

Mass marketing

44
Q

Better marketing focus, less competition and highly specialization in meeting the needs and wants are…

A

Advantages of niche marketing

45
Q

Small markets, few opportunities to exploit economies of scale and endangered survival of businesses are…

A

Disadvantages of niche marketing

46
Q

Gain from huge potential economies of scale, no need to modify marketing strategies, bigger customer base and more profits are…

A

Advantages of mass marketing

47
Q

Not suitable for all businesses, fierce competition, lack of focus and wasteful are…

A

Disadvantages of mass marketing

48
Q

Visual tool that reveals customer perceptions of a product or brand in relation to others in the market.

A

Perception map (or product positioning map)

49
Q

Products of high quality and high price

A

Premium products

50
Q

Products of low quality but at appropriate prices

A

Economy products

51
Q

High quality products with low products

A

Bargain products

52
Q

Low quality products with high prices

A

Cowboy products

53
Q

Helps businesses to refine their marketing strategies, simplicity, quick and easy to interpret and inform about opportunities and threats are…

A

Advantages of perception maps

54
Q

Is any aspect of a business, product or brand that makes it stand out from those offered by competitors

A

Unique selling point (USP)

55
Q

Act of distinguishing a business or its products from rivals in the industry

A

Differentiation

56
Q

Price advantages, brand recognition, loyalty and distribution advantages are…

A

Advantages of differentiation

57
Q

Expensive, economies of scale and excessive differentiation are…

A

Disadvantages of differentiation

58
Q

Form of non-price competition that focuses on the ways in which a product is presented to the customer

A

Packaging

59
Q

Refers to the image portrayed by a business regarding its observable and tangible features

A

Physical evidence

60
Q

Part of the extended marketing mix which refers to the methods and procedures used to give clients the best possible experience

A

Process

61
Q

Marketing strategy that involves changing the market’s perception of a firm’s product or brand in comparison to rival firms

A

Repositioning

62
Q

Refers to marketing activities designed to discover the opinions, beliefs and preferences of potential and existing customers

A

Market research

63
Q

Takes place on an ‘as and when necessary’ basis. Focuses on specific problems or issues and tends to be on a one-off basis.

A

Ad hoc research

64
Q

Research that takes place on a regular and ongoing basis

A

Continuous research

65
Q

Market research that involves gathering new data first-hand for a specific purpose

A

Primary market research

66
Q

Document that contains a series of questions used to collect data for a specific purpose. Is the most common method of primary research.

A

Survey (or questionnaire)

67
Q

Relevance, up to date, confidential and unique are…

A

Advantages of primary research

68
Q

Time consuming, costly and misleading results are…

A

Disadvantages of primary research

69
Q

Type of primary research that involves one-to-one discussions between an interviewer and interviewees to investigate their personal circumstances and opinions.

A

Interview

70
Q

Type of primary research that involves small discussion groups to gain insight into the attitudes and behavior of respondents

A

Focus groups

71
Q

Method of primary research that involves watching how people behave and respond in different situations

A

Observations

72
Q

Involves the collection of second-hand data and information that already exists

A

Secondary research (or desk research)

73
Q

Method of secondary research that reveals the characteristics and the outlook (trends) for a particular product or industry

A

Market analysis

74
Q

Method of secondary research that involves publications from educational and research institutions

A

Academic journals

75
Q

Type of secondary research in which the government publishes information

A

Government publications

76
Q

Type of secondary research that involves newspapers, journals, television documentaries and books

A

Media articles

77
Q

Cheaper and faster to collect, provides an insight to changes or trends and huge range of sources are…

A

Advantages of secondary research

78
Q

Results might be outdated, inappropriate format, only provide partial information and available to competitors are…

A

Disadvantages of secondary research

79
Q

Market research that involves getting non-numerical answers and opinions from respondents. Its main purpose is to understand behavior, attitudes and perceptions of others.

A

Qualitative market research

80
Q

Market research that relies on a much larger number of responses to get ‘hard’ answers (measurable information rather than opinions).

A

Quantitative market research

81
Q

Information gathered is very rich, inexpensive, respondents are not under pressure and honest answers are…

A

Advantages of qualitative research

82
Q

Findings might not be representative, time consuming and validity is questionable are…

A

Disadvantages of qualitative research

83
Q

All the potential customers of a particular market make up the…

A

Population

84
Q

Refers to selecting a small group of the population for a particular market for primary research purposes

A

Sampling

85
Q

Is the most commonly used sampling method in which a certain number of people (known as quota) from different market segments is selected. They share characteristics such as age, gender or occupation

A

Quota sampling

86
Q

Reliable findings and relatively representative sample can be obtained are…

A

Advantages of quota sampling

87
Q

The number of people interviewed in each segment is not always representative of the population is…

A

A disadvantage of quota sampling

88
Q

Involves giving everyone in the population an equal chance of being selected for the sample. The respondents are randomly chosen by a computer using a database

A

Random sampling

89
Q

It is quite easy to get a sample. This is…

A

An advantage of random sampling

90
Q

It is indiscriminate (it might choose people who aren’t part of the target group due to randomness). This is…

A

A disadvantage of random sampling

91
Q

The population is divided into segments (known as stratum). It chooses a number of respondents from each stratum that is proportional to the population and then randomly selects them as the sample.

A

Stratified sampling

92
Q

Sample are more representative. This is an…

A

Advantage of stratified sampling

93
Q

Difficulty to select relevant strata and expensive are…

A

Disadvantages of stratified sampling

94
Q

Used when getting feedback from respondents involves too much time, traveling or money

A

Cluster sampling

95
Q

It is quicker, easier and cheaper than other methods of sampling. This is an…

A

Advantage of cluster sampling

96
Q

Bias and sampling errors. This a…

A

Disadvantage of cluster sampling

97
Q

Refers to market research carried out with individuals who then suggest to other friends, family members or colleagues to increase the sample size

A

Snowballing

98
Q

It is cheap and easy to enlarge the sample. This is an…

A

Advantage of snowballing

99
Q

Uses subjects that are easy (convenient) to reach

A

Convenience sampling

100
Q

Ease of data collection is an…

A

Advantage of convenience sampling

101
Q

Market researchers exclude a large proportion of the population is a…

A

Disadvantage of convenience sampling

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