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Comm 223 Marketing > Quiz 1 > Flashcards

Quiz 1 Flashcards

1
Q

5 steps of MARKETING PROCESS
UM CD CR CV

A
  1. Understand your market (stpd)
    2.?
  2. Consumer Decision (third party PV)
    4.Customer Relationships (b2b, frequency marketing, club marketing, etc)
  3. Capture customer value
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2
Q

What is customer lifetime value?
What is customer equity?

A

How good a product/service can be at achieving loyalty/retention
The sum of all customers lifetime value

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3
Q

Market share vs customer equity

A

Ms: measures past and current value
CE: measures future value

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4
Q

Segmentation vs targeting vs positioning vs differentiation

A

Seg: which demographic are you customers
Target: how can we target you customers
Pos: where is your brand in consumers mind
Diff: what do you offer that separates you from competitor

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5
Q

Macro environment vs micro environment :

A

Macro: industry wide impacts and implications

Micro: inner company components

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6
Q

What are the 6 factors that effect a company’s MARKETING MICROENVIRONMENT (CISCPC)

A

Company
Suppliers
Intermediaries
Competition
Public
Customers

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7
Q

What is the shared goal of a companies Marketing Microenvironment

A

Understanding customer needs and creating consumer value

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8
Q

Consumer
Business
Reseller
Government
International
What do these adjectives make up

A

The different types of customer markets

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9
Q

6 Elements of Marketing macro environment. Recall 6 external influences of four ps ( cegep)

A

Demographic
Economic
Technological
Environmental/natural
Political
Cultural

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10
Q

What about swot is more important than the swot itself?

A

Figuring out the relationships between swot categories

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11
Q

Marketing managements 4ps, 3cs, and 1 M

A

Place
Product
Price
ProMotion

Consumer
Company
Competition

Market

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12
Q

What is a competitive advantage

A

It is a companies differention factor; their selling point ; what we or they do better

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13
Q

3 types of competitive advantage PAPOSA

A

Positions of advantage
Performance outcomes
Sources of advantage

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14
Q

What is a strategy profile used for

A

To compare traits of competitors with your own companies traits

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15
Q

Strategy profile is made up of what key success factors

CaPaTaSs PQ

A

awareness
availability
Assistance
Quality
Staff

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16
Q

MIS: what is internal data

A

Primary data
Accounting
Sales reports
Product reports

17
Q

MIS: What is competitive marketing intelligence (external data)

A

Act of monitoring and collecting all available data on competitors as well as trends and stuff

18
Q

MIS: 4 steps of marketing research process

A

Define (objective)
Plan (methods)
Collect (data)
Interpret ( report)

19
Q

4 types of primary data

A

Research approaches
Contact methods
Sampling plan
Research instrument

20
Q

What are the 5 pillars of CORE MARKETING CONCEPTS

A

Markets
Needs wants and demands
Marketing offers
Value and satisfaction
Exchange, transactions and relationships

21
Q

Needs vs wants vs demands

A

Needs: not created by marketers, necessary for survival “ I am thirsty”

Wants: needs as shaped by society and individual “ I am thirsty and so I want Diet Coke”

Demands: WANTS backed by purchasing power “ I am thirsty so I will buy a Diet Coke”

22
Q

why is value important

A

Customer’s form expectations about value
- marketers must deliver value to customers
- satisfied customers are returning customers

23
Q

What is a market?

A

The set of actual potential buyers of a product

24
Q

What is Production concept?

A

Consumer: favours available/affordable products
Company: focus on improving production p/ distribution

25
Q

What is product concept?

A

Consumers: favour quality, performance, feature ps
Company: focus on product improvement/ innovation

26
Q

What is selling concept?

A

Company: focus on large scale promotion efforts regardless of consumer/product

27
Q

What is the marketing concept?

A

Company: focus on understanding the consumers wants and needs and delivering more satisfaction than competition

28
Q

What is the societal marketing concept

A

Company: focus entirely on the consumer including long run interests and societal long run interests

Ex environmentally friendly consumer s goods

Comm 223 Marketing (4 decks)

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