Slides Vocabulary Flashcards
1
Q
The Production Concept
A
- People prefer products/services that are easily available and affordable
- Focus on mass marketing, keep costs low, and sell to a large customer base
Ex. McDonalds
2
Q
The Product Concept
A
- Focuses on a product’s quality, features, and benefits.
- Seeks innovation/uniqueness over price
-Constantly improving products, gathering data, and differentiating products from competitors
Ex. Apple
3
Q
The Selling Concept
A
- Suggesting customers won’t purchase an item unless persuaded (induced through promotional sales)
- Excess inventory that they are looking to sell to make room for new products
Ex. Brands that participate in Black Friday/rely on email marketing
4
Q
The Marketing Concept
A
- Focuses on satisfying consumer needs/wants
- Develop products to solve everyday consumer problems
- Spend time to get to know customer likes by collecting data
5
Q
The Societal Marketing Concept
A
- Focuses on meeting customer needs & ensuring no harm comes to them
- Concerned with ethics and the environment
Ex. Beauty products claim their products to be cruelty free
6
Q
7 Ps of Marketing
A
Product, Price, Place, Promotion, People, Positioning, Packaging
7
Q
Product
A
- Physical goods/services sold
- Assess for quality, features, benefits, potential add ons
8
Q
Price
A
- Depends on how customers value product
- Competitors’ products/pricing strategies
- Target audience - social economic class
9
Q
Place
A
- Putting the right product out at right place, right time
- Physical vs online stores
- Where competitors sell their products - differentiate yours
- Establishing access to right distribution channels
10
Q
Promotion
A
- Tactics used to reach potential customers/distinguish products from others
- In form of advertising, sales, events, social media
- Make sure it aligns with company goals
11
Q
People
A
Good employees - they’re the face of your company
12
Q
Positioning
A
Where/how your product fits in the current marketplace and why it is better than alternatives
13
Q
Packaging
A
First impression, distinguishable, and current
14
Q
Target Market/Audience
A
Individuals that a busniess aims to reach/engage with during marketing campaigns
15
Q
Market Segmentation
A
Dividing a market into distinct groups of consumers with similar wants/needs
16
Q
Value Proposition
A
Distinctive/unique features and value that a product offers to its consumers, differentiating it from competitors
17
Q
Branding
A
Establishing a unique and memorable identity of a product, service, or company name
18
Q
5 Production Concepts
A
- Production
- Product
- Selling
- Marketing
- Societal Marketing
19
Q
4 Is
A
- Introduce (1 min)
- Invert Indicators (1-2 min)
- Impress (no time)
- In conclusion (last min)
20
Q
Introduce
A
(1 min)
- Greeting
- Good handshake
-Smile, maintain eye contact
- Don’t put hands in your lap
- “May I have a seat”
- Introduce name, position, purpose of presentation; sell yourself
- Thank judges
- Roadmap
- Provide outline using PI’s
21
Q
Invert Indicators
A
(1-2 min)
- Organize PI’s in a way that makes sense to business
- Broadest concepts –> more specific concepts
- Explain PI’s using DECA method
- Use graphics
22
Q
Impress
A
(while going through PIs)
- Include budget
- Evaluation Metric (measurement to show success/goal, timeline, keep up with news)
23
Q
In Conclusion
A
(last min)
- Summarize presentation using PIs
- Highlight important points
- Thank judges
- Ask judges for questions
- Confirm next steps
- Include contact information
24
Q
Pis: Nature and Scope
A
Nature: Explain the plan, describe how it focus on customer satisfaction through training employees, improving return policy, and enhancing technology for better communication
Scope: Define that the plan will be implemented in all stores across the state for 6 month and target specific geographic region
25
Channel Management
- The process of delivering goods to your consumers
- Reach the widest possible customer base → Gain more customers and profit
- Maintain your distribution channels and a strong relationship with your current customers
26
Distribution Channel
Chain of businesses or intermediaries that are involved in getting the product/service to its final destination - the consumer.
27
Direct Distribution
Manufacturer --> customer
28
Indirect DIstribution
Involving intermediaries
29
Affinity Partner Relationships
- Collaboration between businesses/organizations that share a common target audience or interest.
- These partnerships aim to reach a vaster consumer base and attract more potential customers
30
Channel Intensity
- Refers to the locations where products are offered OR the number of intermediaries involved in a distribution channel.
31
Exclusive Distribution
Product is sold at one store in a geographic area
32
Selective Distribution
Product is sold at a limited number of stores in a geographic area
33
Intensive Distribution
Product is distributed through all suitable outlets
34
Vertical Channel Conflicts
Occur within the same distribution channels on different levels
Ex. A wholesaler and manufacturer disputing over a product's price
35
Horizontal Channel Conflicts
Occur within the same distribution channels on the same level
Ex. Two manufacturers competing for a wholesaler to only buy their products
36
Longer Channel Of Distribution
Products with:
- Light, slow expiry date
- Can be mass marketed
- Cheap
37
The Product Life Cycle
- Series of growth and decline a product experiences
- From when it's introduced to consumers to when it's removed from the shelves
- Used to determine additional marketing efforts
- Helps a company better understand how the product sits in their business
4 stages:
1. Introduction
2. Growth
3. Maturity
4. Decline
38
Introduction Stage
- Little to no competition
- Sales are low
39
Growth Stage
- Growing demand for the product
- Increased sales, higher revenue
- Bigger competition
- Invest in Advertising
- Differentiate your product
40
Maturity Stage
- Most profitable stage and most competitors
- Companies strive to stay at this stage
41
Decline Stage
- Company may choose to not pursue additional marketing efforts
- Sale drops
42
Product Mix
- Total # of product lines and individual products of services offered by a company
- Product lines are a brand/category marketed by the country
- Helps a company figure out where their products/service stand in their company
43
Product Mix Width
How many product lines a company offers
Ex. Milk and yogurt - 2 lines
44
Product Mix Length
How many products that the company offers in the product mix/product line.
Ex. 10 products line each have 3 products - length = 30
45
Product Mix Depth
Number of variations of this product in the product line
Ex. 4 sizes and 3 flavours - depth = 8
46
Consistency
How product lines relate to one another
47
Expansion
Increasing the width, length, or depth of the product mix. More variety!
48
Contraction
Decreasing the width, length, or depth of the product mix. Simplifying the products offered!
49
Product Improvement
Company improves a product instead of changing it entirely.
50
Product Differentiation
Company differentiates its products from competitors.
51
Target Market
A specific group of individuals that a business aims to reach and engage with during marketing campaigns
52
Market Segmentation
Dividing a market into distinct groups of consumers with similar wants and needs, allowing for specific marketing strategies.
53
Value Proposition
The distinctive/unique features and value that a product offers to its consumers, differentiating it from competitors.
54
Branding
Establishing a unique and memorable identity of a product, service or company name(brand image)
55
Market Share
the percentage of total sales in an industry generated by a company, calculated by dividing the company's sales over a certain period by the industry's total sales during the same period
56
Product Bundling
Marketing technique in which several products are grouped together and sold as a single unit(often at a lower price, creates value for consumer). Used to encourage customers to buy more products and helps business get rid of stock.
Eg. McDonald's Happy Meals
57
Product Life Cycle
The cycle through which every product goes through from introduction to decline and eventually becomes obsolete.
58
Product Mix
Used to help a business organize its products and services through product lines. 4 Components of the product mix include width, length, depth, and consistency.
59
Big Q
Total quality management: an approach to improve quality beyond focusing on operations or production processes; to improve all aspects of the organization
60
Newsletter
A tool used by businesses and organizations to share relevant and valuable information with their customers.
61
Proposal
A document that outlines a proposed business plan, product or services to be provided, the costs associated with the project, and the expected outcomes
62
Handbook
A list of of company policies and protocols, as well as employee legal rights and obligations, provides employees with information about the company.
Employee handbook, workplace code of conduct
63
Memorandum(memo)
Used to communicate something important or casual within a business or organization.
64
Electronic Data Interchange(EDI) Systems
A process which allows one company to send information to another company electronically rather than with paper.
65
Economic Utility
Used to measure the total amount of satisfaction that someone experiences when they consumer a product or service. Enhances customer satisfaction and increase sales.
66
Form Utility
Obtained by transforming customer needs into products or services.
67
Time Utility
Company provides goods and services when consumers demand or need them.
68
Place Utility
Making goods and services available in locations that allow consumers to easily access them.
69
Possession Utility
Added value to a product or service because the customer is able to take actual possession. How easy it is for consumer to own the product (Eg. loans).
70
Primary Marketing Research
Data is generated and used by the author of the source.
71
Secondary Marketing Research
Data is produced by someone else, and then used by the author.
72
Qualitative Marketing Research
Descriptive and depicts qualities or characteristics.
73
Quantitative
Numbers-based, countable, or measurable.
74
Exploratory Marketing Research(step 1)
Used to investigate a research problem that is not clearly defined or understood, provides groundwork for further research.
75
Descriptive Marketing Research(step 2)
Used to describe an occurrence and its different characteristics, helps researchers gain a proper understanding of the problem.
76
Casual Marketing Research(step 3)
Conclusive research that attempts to establish a cause-and-effect relationship between two or more variables
77
Simpson's Paradox (Marketing Research)
A statistical phenomenon in which a trend appears in several groups of data but disappears or reverses when the groups are combined.
A study showed that, overall, men were accepted more than women (44% vs 35%). However, looking at each department, women were usually accepted at a rate equal to or higher than the rate at which men were accepted
78
Sugging (Marketing Research)
The act of selling or attempting to sell a product under the guise of conducting marketing research
79
Shill/Buzz Marketing
Advertises a product to people without them knowing that they are being marketed. Generates a sense of excitement/urgency.
80
Organic Marketing
Strategy used to gain customers over time rather than through paid advertising, building long-lasting business relationships. More authentic.
Eg. Content creation, social media
81
Virtual/Mobile Marketing
Using digital or online techniques to promote products and services via mobile devices.
82
Word of Mouth Marketing
Relies on existing customers referring your business to new customers. Hard to control because it depends on your customers.
83
Just-in-time-marketing
Delivering the right content or message to the right person and the right time; ensuring campaigns and promotions are relevant and effective. Enhances customer satisfaction.
84
Antitrustal Laws
Regulations that encourage competition and prevent monopiles by limiting the market power of any business
85
Cooling-off Laws
During the Cooling-Off Period, buyers will be able to cancel their agreements of purchase and sale without reason or penalty.
86
Zoning By Laws
Controls the use of land in your community. It states exactly;
- how land may be used.
- where buildings and other structures can be located
- the types of buildings that are permitted and how they may be used
