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Marketing > Week 1 > Flashcards

Week 1 Flashcards

1
Q

What affects all individuals, all organizations, all industries, and all countries?

A

Marketing

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2
Q

What does marketing affect?

A

All individuals

All organizations

All industries

All countries

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3
Q

Business success and carefully designed product, pricing, distribution and promotional strategies that meet the consumer needs, trends and expectations link to what?

A

Business success

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4
Q

West jet case shows the link between business success and?
Explain the west jet case

A

Carefully designed product

Pricing

Distribution

And promotional strategies that meet consumer needs, trends and expectations

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5
Q

Promotional strategies need to meet consumers:

A

Needs

Trends

Expectations

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6
Q

Brands need to be?

A

Differentiated

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7
Q

What are marketers challenges with?

A

Staying current to ensure that their strategies and messages resonate with customers

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8
Q

Why do marketers need to stay current?

A

To ensure that their strategies and messages resonate with customers

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9
Q

What are marketers ultimate objectives? (Profit and non profit)

A

To drive profits for a company

(Non profit) generate revenue and support to fund programs and run operations

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10
Q

What are the aspects of marketing?

A

Promotion

Product

Price

Place

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11
Q

Why are the aspects of marketing required?

A

To maximize profitability and generate revenue

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12
Q

What is marketing responsible for?

A

Large portion of organizational expenses
Revenue

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13
Q

What do marketers need to be?

A

Financially savvy

Able to create realistic forecasts

Dissect a profit and loss statement

Discuss return on investment strategies

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14
Q

What does ROI stand for

A

Return on investment

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15
Q

Marketing is intertwined with?

A

Internal and external stakeholders

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16
Q

Marketing needs to work with?

A

Other functional areas

17
Q

What is a main contributor to new product development?

A

Research and development

18
Q

Research and development is a main contributor to what?

A

New product development

19
Q

Manufacturing produces a companies products to ensure

A

quality and cost efficiency

20
Q

Finance monitors what?

A

Sales and cost

21
Q

Information system coordinates what?

A

E-commerce and digital marketing technologies

22
Q

Human Resources ensures what?

A

Qualified and innovative people are filling roles within the organization

23
Q

The success of an organization is dependent upon what departments?

A

Manufacturing

Finance

Information systems

Human Resources

To function cooperating and collaboratively toward a common vision

24
Q

Marketing department both shapes and is shaped by what?

A

It’s relationship with internal and external groups

25
Q

What are the key people, groups and forces outside the organization that influence marketing activities?

A

Other organizations

Shareholders

Suppliers

Customer

Environmental forces (social, economic, technological, competitive, regulatory)

26
Q

What are environmental forces?

A

Social

Economic

Technological

Competitive

Regulatory

27
Q

The marketing department is responsible for facilitating what?

A

Relationships

Partnerships

Alliances with the organizations customers, shareholders, suppliers, and other organizations

28
Q

The marketing department is responsible for facilitating alliances with what?

A

The organizations customers

Shareholders

Suppliers

Other organizations

29
Q

Environmental forces shape what?

A

An organizations marketing actions

30
Q

What are an organizations marketing decisions affected by?

A

Society and have important impact on society as a whole

31
Q

The organization must strike what?

A

A balance among the sometimes differing interests of groups.

Ex. It is not possible to simultaneously provide the lowest-priced and highest-quality products to customers and pay the highest prices to suppliers, the highest wages to employees and the maximum dividends to shareholders

32
Q

Marketing planning starts with what?

A

A scan of the environment

33
Q

External demographic, social-cultural, economic, technological, competitive, and regulatory forces create what?

A

Opportunities that a company can maximize and threats that a company should minimize

34
Q

What forces creates opportunities that a company can maximize and threats for the company can minimize

A

External demographic,
social-cultural,
economic,
technological,
competitive,
and regulatory forces

35
Q

Successful marketing is focused on what?

A

Customer needs and wants and developing programs to engage customers and inspire loyalty

36
Q

What is a need?

A

Basic necessities such as food, clothing, and shelter

37
Q

What is a want?

A

A need shaped by a persons knowledge, culture, and personality

Marketing (6 decks)

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