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intro to business II > chapter 3 > Flashcards

chapter 3 Flashcards

1
Q

what is marketing?

A

an organizational function for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

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2
Q

is marketing done by all companies?

A

yes all companies both for profit and non profit companies

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3
Q

what do non profits look to provide?

A

non profits look to provide a service or product

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4
Q

what are some examples of non profits?

A

MADD (mothers against drunk drivers)

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5
Q

what are the 2 steps in developing a marketing strategy?

A

find your target market
marketing mix

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6
Q

what is a target market?

A

the group of people that you choose to sell to and who you should direct your marketing strategy towards

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7
Q

can a company have multiple target markets?

A

yes

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8
Q

why do companies have target markets?

A

because companies cannot please everyone so they decide to focus on their target market

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9
Q

what are the 4 P,s/ the 4 components of the marketing mix?

A

product strategy
place (distribution) strategy
promotional strategy
pricing strategy

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10
Q

explain what product strategy is in the marketing mix?

A

the product strategy is what kind of product you are going to offer your customer and other product decision like quality, packaging, logo colours and branding

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11
Q

explain what place (distribution) strategy is in the marketing mix?

A

how you get your products to customers, if your products can be purchased online, in store, retail and what stores

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12
Q

explain what promotional strategy is in the marketing mix?

A

how a company reaches their target audience

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13
Q

explain what pricing strategy is in the marketing mix?

A

what the price that people are willing to pay and how they price their product based on profit approach, cost approach

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14
Q

how Is marketing research used?

A

it Is used to shape and form companies products

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15
Q

what needs to work together for the marketing mix to work?

A

all 4 of the components/ P’s need to work together to have a successful marketing strategy

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16
Q

what is market research?

A

the process of collecting and evaluating information to support marketing decision-making

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17
Q

what is internal data?

A

information that is inside the organization, such as financials, sales reports and cost data

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18
Q

what is external data?

A

information that is outside the organization, such as stuff on the internet and stats Canada information

19
Q

what is secondary data?

A

information that is already published

20
Q

what is primary data?

A

information that you have to collect to to help you do marketing research

21
Q

what are focus groups?

A

a small (8-10 people) informal group of people to talk about or discuss your research question

22
Q

why do companies do focus groups?

A

to help get a sense if their new idea is worth pursuing

23
Q

what is data mining?

A

collecting data on consumers shopping habits, browsing habits and past purchasing

24
Q

why do companies use data mining?

A

to create marketing research, sell the info they mine and to compare one consumers shopping habits to another

25
Q

what is market segmentation?

A

the process of dividing a total market into several relatively similar groups

26
Q

what are the 4 kinds of market segmentation?

A

geographic segmentation
demographic segmentation
psychographic segmentation
product-related segmentation

27
Q

what is geographic segmentation?

A

segmenting a market according to city, parts of a city, neighbourhood, country, Provence, postal code

28
Q

what is demographic segmentation?

A

segmenting a market according to age, gender, income or ethnicity

29
Q

what is psychographic segmentation?

A

segmenting a market according to personality, lifestyle, attitudes and values

30
Q

what is product-related segmentation?

A

segmenting a market according to brand loyalty, benefits of a product and usage rate

31
Q

what is consumer behaviour?

A

the study of how people behave and buy products

32
Q

what can influence consumer behaviour?

A

family upbringing

33
Q

what is business buying behaviour?

A

how businesses behave and buy products

34
Q

why is business buying behaviour important?

A

because businesses make large lucrative purchases buying a lot of dollars worth of goods

35
Q

what its relationship marketing?

A

developing and maintaining long-term, cost effective exchange relationships with partners

36
Q

why is relationship marketing important?

A

to create return customers and grow a customer group so they do not have to spend as much on always getting new customers

37
Q

what are the 3 benefits of relationship marketing?

A

lower costs
higher profits
protection against competitors for the business

38
Q

what is the life time value of a customer?

A

the lifetime value of a customer is, the revenue they give you and the intangibles they provide (reviews, referrals) minus the cost of serving that customer and the cost of acquiring new customer (advertising)

39
Q

what are the 2 ways of executing relationship marketing?

A

frequency marketing
affinity programs

40
Q

what is frequency marketing?

A

when companies reward your frequent purchases with cash back, merchandise, loyalty cards and discounts

41
Q

what are affinity programs?

A

things that target people who share common interests or activities (team sponsored credit cards)

42
Q

what is one-to-one marketing?

A

customizing products and marketing, and rapidly delervering goods for a single individual

43
Q

what is customer relationship management (CRM)?

A

a software that helps companies gather, sort and interpret data about specific customers

intro to business II (10 decks)

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