Mark Chapter 1-7

Front 1

Define marketing

Back 1

The process of planning the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organization objectives

Front 2

Product orientation

Back 2

When organizations pay little attention to what customers need, concentrating instead on what they are capable of producing

Front 3

Selling orientation

Back 3

When companies believe that the more they sell the more profit they will make

Front 4

Marketing concept

Back 4

The process of determining the needs and wants of a target market and delivering a set of desired satisfactions to that target market more effectively than the competition

Front 5

Socially responsible marketing orientation

Back 5

The notion that business should conduct itself in the best interests of consumers and society

Front 6

Cause marketing

Back 6

An organizations support of causes that benefit society

(Ex: drinking and driving, wearing a seatbelt for safety, etc)

Front 7

Elements of socially responsible marketing

Back 7

Delivery of satisfaction (better than the competition)

Enhance the well being of society through relationships and corporate citizenship

Identify and satisfy consumer needs

Front 8

Content marketing

Back 8

A marketing format that involves the creation and sharing of relevant brand-oriented content in order to acquire customers

Front 9

Characteristics of product orientation

Back 9

Sell what you can make.

Limited choice for customers.

Profit from production efficiency.

Front 10

Characteristics of selling orientation

Back 10

More product choice to meet customer needs.

Profits based on expanding sales.

All activity resolved around customer needs.

Front 11

Characteristics of marketing orientation

Back 11

Very competitive (customer has a wide choice of goods and services).

Profit from efficient production and marketing.

Fulfill society’s expectations. (Ex: for a safe environment).

Front 12

Characteristics of socially responsible marketing orientation

Back 12

Informed consumers place increases demands on organizations.

Relationships between customers and organizations crucial to making profit.

Exchange of info among customers influences buying decisions (word of mouth).

Front 13

Characteristics of social media marketing orientation

Back 13

Customers interact with brand (informally participate in marketing of brand).

Shift in control from marketer to consumer.

Front 14

Elements of the marketing process

Back 14

Assess customer needs. (Market analysis, consumer analysis).

Identify and select a target market.

Develop marketing strategy. (Product, price, distribution, marketing communications).

Develop customer relationship strategy (satisfaction and loyalty, customer relationship management, partnerships).

Evaluation and control (marketing activity review, financial review).

Front 15

Needs assessment (assess customer needs)

Back 15

The initial stage of marketing planning in which a company collects appropriate info to determine if a market is worth pursuing

Front 16

Market analysis

Back 16

The collection of appropriate info (ex: info regarding demand, sales volume potential, product capabilities, etc) to determine if a market is worth pursuing

Front 17

Consumer analysis

Back 17

The monitoring of consumer behaviour changes (tastes, preferences, lifestyle, etc) so that marketing strategies can be adjusted accordingly

Front 18

Target market

Back 18

A group of customers who have certain characteristics in common

Front 19

The marketing mix (4 p’s)

Back 19

Product: branding, quality, features, service, packaging.

Price: list price, discounts, credit terms.

Place (distribution): channels, coverage, location, mode of delivery.

Promotion (marketing communication): advertising, interactive media, promotions, experimental marketing, public relations.

Front 20

The external environmental factors that impact marketing

Back 20

C ompetitive

R egulatory (ethics)

E conomic

S ocial, environmental & demographic

T echnological

Front 21

Difference between Direct and Indirect Competition

Back 21

Direct: Competition from alternative products and services that satisfy the needs of a common target market (products that offer the same benefits. Ex: tooth paste)

Indirect: competition from substitute products that offer customers the same benefit (products in subcategories. Ex: pop vs juice)

Front 22

What is the competition act?

Back 22

Brings together a number of related laws to help consumers and businesses function in Canada.

1. Maintain and encourage competition in Canada

2. Ensure smaller businesses have a chance

3. Provide customers with product choice and competitive prices

Front 23

What are some demographic trends

Back 23

Size and age.

Location.

Family formation and household size.

Front 24

The four product/market strategies

Back 24

Penetration: improve market position of existing products

Development: market existing product to a new market

Product development: new products to existing consumers (new size, colour, flavour)

Diversification: company invests its resources in a new direction (new industry or market

Front 25

The BCG matrix

Back 25

Back (Definition)

Front 26

What is a S.W.O.T analysis?

Back 26

The examination of critical factors that have an impact on the nature and direction of a marketing strategy (Strengths, Weaknesses, Opportunities, Threats)

Front 27

What sections of S.W.O.T are internal and external

Back 27

Strengths and Weaknesses (internal)

Opportunities and Threats (external)

Front 28

Difference between primary data and secondary data

Back 28

Primary data is collected first hand.

Secondary data is data that has been compiled and published for purposes other than that of solving the specific problem under investigation

Front 29

Probability sample

Back 29

Respondents have a known or equal chance of selection and are randomly selected from across the country

Front 30

Non probability sample

Back 30

Respondents have an unknown chance of selection, and their being chosen is based on such factors as convenience for the researcher or the judgement of the researcher (chosen with preference)

Front 31

5 steps in the consumer purchase decision process

Back 31

Problem recognition

Information search

Evaluation of alternatives

Purchase decision

Post-purchase evaluation

Front 32

5 steps in the consumer purchase decision process

Back 32

Problem recognition

Information search

Evaluation of alternatives

Purchase decision

Post-purchase evaluation

Front 33

Problem recognition

Back 33

The consumer discovers a need of an unfilled desire, or a person could simply just want something

Front 34

5 steps in the consumer purchase decision process

Back 34

Problem recognition

Information search

Evaluation of alternatives

Purchase decision

Post-purchase evaluation

Front 35

Problem recognition

Back 35

The consumer discovers a need of an unfilled desire, or a person could simply just want something

Front 36

Information search

Back 36

Conducted by an individual once a problem or need has been identified/defined

Front 37

Evaluation of alternatives

Back 37

Consumer establishes some kind of criteria against which the attributes of the item will be evaluated (Evoked set: a group of brands that a person would consider acceptable among competing brands in a class of product)

Front 38

Purchase decision

Back 38

Ex: test driving a few cars

Front 39

Post purchase evaluation

Back 39

Ex: after a new car is purchased you experience cognitive dissonance

Front 40

Cognitive dissonance

Back 40

Unsettled state of mind after an action

Front 41

Examples of psychological and personal influences on the consumer purchase decision process

Back 41

Psychological influence: needs and motives, personality, attitude, perception.

Personal influence: age, lifestyle, technology, economic situation

Front 42

What is derived demand

Back 42

Demand sold in B2B derived by consumer

Front 43

What is the NAICS

Back 43

North American Industry Classification System

(Stats across Canada USA Mexico)

Front 44

4 levels of market segmentation

Back 44

Mass marketing: Basic strategy, broad range

Market segmentation: Division of mass marketing, smaller markets

Niche marketing: product line to a subsegement

Direct segmentation: marketing plan to suit individuals

Front 45

Variable used to identify a target market

Back 45

Demographic: Age, income, education

Psychographic: Attitudes, interests

Geographics: Region, city, urban

Behavioural: Occasion for use, benefits