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Business > Unit 4 Test > Flashcards

Unit 4 Test Flashcards

1
Q

Define marketing

A

Any effort made to sell a product, service, or idea.

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2
Q

Examples of marketing activities

A

Product development
Pricing
Packaging
Physical distribution
Promotion
Storage

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3
Q

To develop a marketing strategy for a business or product what must a business do?

A

companies must consider internal and external factors.

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4
Q

What are the for P’s (internal)

A

Product
Price
Place
Promotion

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5
Q

What are the two C’s (external)

A

Competition
Consumers

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6
Q

What must a competitive market do

A

Competitive Market: takes into account all the manufacturers, importers, and sellers of a specific product

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7
Q

What are the types of competition

A

Direct and indirect

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8
Q

What’s direct competition

A

businesses that offer products or services that are essentially the same.
I.e. Pizza hut vs dominos, Coke vs Pepsi

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9
Q

What’s indirect competition

A

businesses that offer slightly different products and services, but target the same group of customers with the goal of satisfying the same need.
I.e.Pizza hut vs McDonalds, Coke vs Tropicana

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10
Q

Define demographic

A

Describe the obvious characteristics of human beings

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11
Q

Examples of demographic

A

Age
Gender
Family life cycle
Income
Ethnicity and culture

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12
Q

Define psychographics

A

Describe consumer’s beliefs, aspirations, motivations, and values.

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13
Q

Examples of psychographics

A

Personality
Lifestyle
Interests
Opinions
Attitudes

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14
Q

Define target market

A

A target market is a group of customers with shared characteristics that a company aims its marketing at.

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15
Q

Product (the four P’s)

A

What products to make or sell
Product decisions include:
Quality
Design features
Benefits
Branding and product identification (name, logo, slogan, packaging)

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16
Q

Price (the four P’s)

A

How much your products will cost
Needs to generate a profit as well as sales
Should be similar to the price of its competitors’ products
A consumer’s perception of the price and value of a product is critical

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17
Q

Place (the four P’s)

A

Where to sell your product
Includes:
Where the product is made
Where it’s sold
All the transportation routes and storage facilities in between
The paths that goods follow as they pass from producers to consumers are called channels of distribution

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18
Q

Promotion (the four P’s)

A

Sale’s promotion, advertising, publicity

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19
Q

Examples of sale’s promotion

A

Coupons
Contests
Premiums
Samples
Special events

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20
Q

What is advertising

A

The paid-for promotion of a business’s goods and services over a variety of mass-media to a target market of consumers
Advertising rarely makes someone buy something. Its real purpose is to make you think of a specific product when you are ready to buy one

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21
Q

What’s publicity

A

information about a business carried by media that the business doesn’t pay to use.
It is free, but is often out of the control of the company

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22
Q

Define research

A

Conducting surveys to gather information about consumers and the marketplace.

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23
Q

Define product development

A

Uses information from all of the other marketing activities to make a product that meets the needs of the consumer.

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24
Q

Define pricing

A

Determining the proper price for a product.

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25
Q

Define packaging

A

Develop new and striking packages for their products while providing the protection necessary to deliver them.

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26
Q

Define branding

A

Determining the product’s name, trademark, logo, slogan and package design can be used to create brand identity.

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27
Q

Define promotion

A

Different methods help to increase the size of the organization’s market.

28
Q

Define physical distribution

A

How a product is going to be shipped to the consumer efficiently and inexpensively.

29
Q

Define inventory management

A

Done to ensure that the company has enough products to satisfy their customer needs and avoid having too much.

30
Q

Define promotion

A

Advertising and publicity to make consumers aware of the company’s products.

31
Q

Define storage

A

Arranges and maintains storage facilities to deposit products until they are needed for consumption.

32
Q

Identify three products you purchased based solely on the fact that they are good quality products:

A

Sheets, hairbrush, toothbrush

33
Q

Identify three products you purchased based on the basis of the design:

A

Shoes, hoodie, jewellery

34
Q

Define price

A

refers to what is given in an exchange to acquire a good or service.

35
Q

What must companies consider when making their prices

A

The Profit The Company Hopes to Make, laws, product positioning, costumer demand, competition

36
Q

Price - The Profit The Company Hopes to Make

A

Businesses want to make money, so they must price their products in order to make a profit
They must consider the cost to manufacture or buy the product and how much additional profit they’d like to make

37
Q

Price - laws

A

Laws affect the control businesses have over their pricing.
Price Fixing - businesses are not allowed to decide as a group what to charge customers for a specific product
Bait and Switch Pricing - advertising a product at a low price to attract customers into the store and then trying to convince the customer to buy a more expensive product.
False Sales Price - advertising a regular price as a sales prices

38
Q

Price - product positioning

A

What is the image of the product in the customer’s mind?
Perceived quality
Premium vs discount

39
Q

Price - customer demand

A

The quantity a customer is willing to buy at a certain price point
At a higher price consumers will demand a lower quantity of a product

40
Q

Price - competition

A

Competition forces sellers of the same or similar products to remain close to one another
Usually if a product has no distinctive difference, customers will choose the product with the lower price

41
Q

What does AIDA stand for

A

attract ATTENTION gain INTEREST build DESIRE get ACTION

42
Q

Attention - headline

A

A good headline is essential.
Headline: A short (seven words or less) bold statement about the brand is best.
Be sure the headline introduces the theme of the ad

43
Q

How can broadcast ads attract attention

A

startling sound effects, unusual visuals, good music, attractive models, or a famous celebrity.

44
Q

Define brand

A

All the features created by marketers that make up a product’s visual image and make it identifiable to consumers.

45
Q

What’s important for gaining interest for an ad

A

The message should also be simple and easy to understand.
The illustration is the most important part of the ad when it comes to gaining interest.
Avoid dense type, mixed fonts, long words, and anything else that does not welcome readers.
White space (the space in a print ad that is empty) makes the ad easier to read and more elegant

46
Q

How can an ad build desire

A

The ad should persuade the customer to want the product by including a problem that the product solves or demonstrating the product in a situation with which the customer identifies with.

47
Q

How do broadcast ads vs print ads build desire

A

rint ads build desire with words, adding benefits with each line.
Broadcast ads describe the benefits thoroughly and repeat the product’s name often to make sure the desire is associated with the brand.

48
Q

What are corporate dominate brands

A

Corporate Dominant Brands are linked to a specific company.

49
Q

What are product dominate brands

A

Product Dominant Brands are linked to a specific product.

50
Q

What are private label brands

A

Private Label Brands are linked to, and exclusively sold in stores of a specific corporate brand.

51
Q

What are unbranded products

A

Unbranded Products are known as commodities and their marketing is done by marketing boards to increase overall consumption

52
Q

What’s a logo

A

Logo: A generic term for symbolic ways to create a brand
Includes trademarks, names, brands, logotypes, corporate symbols

53
Q

What are the five main types of logos

A

Monogram logos, wordmarks, pictorial marks, abstract logo marks, and combination marks

54
Q

Define slogans

A

a short, catchy phrase often attached to the company’s name and logo.

55
Q

Characteristics of a slogan

A

Short
Catchy
Memorable
Positive

56
Q

What does branding do for the customer

A

Identifies the product, provides quality assurance, and Provides assurance of consistency

57
Q

What’s brand loyalty

A

Loyalty is a situation where the customer will buy only a certain brand of product. This means repeat purchases and profits.

58
Q

Creating a positive brand image

A

A positive brand image is developed over time through promotion and customer experience with the product.
It is built through positioning and CSR.

59
Q

What’s a hyperbole

A

An over the top exaggeration.

60
Q

What’s a call to action

A

Content designed to entice the viewer or reader to immediately perform a specific action (e.g. buy now)

61
Q

According to the film, what are the three main goals of technology companies?

A

Growth, advertising, & engagement

62
Q

List the ethical issues related to how technology companies are operating their businesses.

A

Technology companies are constantly trying to depict you, to have you stay on their app for as long as possible, and when you’re not on their app, they’re typing to get you on.

63
Q

What was the most surprising thing you learned from the film?

A

Different people will be exposed to different information based on what their opinions on different things are.

64
Q

If you could change one thing about how technology companies operate, what would you change and why?

A

I would have more human interference into what videos are allowed to be pushed to your feed.

65
Q

Do you think technology companies have a responsibility to change the way they operate?

A

Yes I do think they have that responsibility, because they shouldn’t be having all of this data and our personalities just based on what we like, who we follow ect… Technology and technology companies will purposefully exploit human weaknesses and humans will get addicted to thighs like gambling because of technology.

66
Q

A quote in the film said, “If you aren’t paying for the product, you are the product.” What did they mean by this? What’s the difference between being a consumer and being consumed?

A

The social medias want your attention and on their social media. They want to see how much of our life they can get. The gradual and slight change in your behavior to see social medias more and hence see ads more is the product.

Business (4 decks)

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