Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business Fundamentals > Chapter 12 > Flashcards

Chapter 12 Flashcards

(59 cards)

Start Studying
1
Q

Define the marketing concept

A

Whole firm directed towards serving customers at a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define delivering value equation

A

Value = benefits/cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define utility + types

A

To add value
Time utility
Place utility
Ownership utility
Form utility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the 4 things marketing is designed for

A

Consumer goods
Industrial goods
Services
Idea

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define consumer goods

A

Tangible products purchased by indivs for use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define industrial goods

A

Products purchased by companies to use directly/indirectly to produce other products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define services

A

Intangible products to serve users’ needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define ideas

A

Thoughts, philosophies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define relationship marketing

A

Building lasting relationships with customers and suppliers, working towards goal of customer satisfaction and retention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define customer relationship marketing

A

Organized methods used to build info connections and improve company-client relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the 5 external marketing enviros

A

Competitive
Political-legal
Sociocultural
Technological
Economic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define the political and legal envrio

A

Legislation, govt programs favourable or not

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How do marketing managers try to maintain favour in a poltiical-legal enviro

A

Gaining public support for products
Advertising for public awareness of important issues
Lobbying and contributing to political parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define the sociocultural enviro

A

Reflects values, beliefs, ideas of society (ex rise of popularity in organic food)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define economic enviro

A

Trends affecting price strategy and market growth, conditions affecting spending patterns of businesses and individuals, such as:
CAD dollar
Inflation/deflation
Interest rate
Business cycle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define the tech enviro

A

Science and tech leading to new ways of doing everyday things, new goods continuously emerge, trends create new goods and cause others to become obsolete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define the types of competitive envrio

A

Brand comp (similar: coke vs pepsi)
Substitute products (dissimilar: juice vs soda)
International comp (domestic vs foreign: ford vs honda)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define the marketing plan

A

Detailed, focused strategy for gearing marketing mix to meet consumer needs and wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define marketing mix

A

Product
Price
Place
Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Define a product

A

Offering good, service, idea satisfying consumer’s needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Define product differentiation

A

Creating product having diff image than existing products to attract consumers OR changing existing products to respond to trends and improve current offerings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Why does price matter

A

Attracts consumers and helps company meet profit goals, has to follow a high or low price strategy, must consider all costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Define place

A

Getting product from producer to consumer, choosing sales outlet, physical transportation, warehousing, inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Define promotion + types

Study These Flashcards
A

Choosing right method of communicating info about product:
Advertising
Personal selling
Sales promotions
Public relations
Direct/interactive market

25
Define target market
Group of potential customers having similar wants and needs
26
Define segmentation
Dividing consumer marketing into categories, then selecting specific segments to purse positioning
27
Define market segmentation
Searching for common traits between consumers, focusing on traits affect product need or purchase behaviour such as: Geographics Demographics Geo-demographics Behavioural variables Psychographics
28
Define geographic variables
Areas of residence affecting product consumption ex: rain = umbrella, hot summer = pool
29
Define geo-demographic variables
Combining geographic and demographic traits ex: young urban professionals between 25-35 with high paying jobs living in downtown
30
What are the 10 demographic variables
Age Income Family size Ethnicity Religion Education Marital status Gender Occupation Language
31
Define psychographic variables
Consumer characteristics may be considered when developping segmentation strats such as Lifestyle Opinions Interests Attitudes
32
Define behavioural segmentation
Dividing market into groups based on consumer knowledge, use, or response to product
33
What are the behavioural variables
Benefits sought Usage rate Occasion for use Loyalty status User status
34
Define positioning
Process of fixing, adapting, communicating nature of product, place product occupies in consumer's minds
35
Define market research
Systematic study of consumer needs focusing on marketing-mix elements, leading to more effective marketing, therefore increases accuracy and effectiveness of segmentation
36
What are the 5 steps to the research process
1. Study current situation 2. Select research method (survey, experiment etc) 3. Collect data (primary and secondary) 4. Analyze data 5. Prepare report (make recs)
37
What factors influence consumer behaviour
Psychology Personal Social Cultural
38
Define consumer behaviour
Studying process by which consumers purchase/consume a g/s
39
What are the 5 steps in the consumer buying process
1. Problem/need recognized 2. Seek info 3. Evaluate alternatives 4. Make a purchase decision 5. Evaluate post-purchase
40
Define organizational markets
Organizations purchasing g/s to be used in production of other g/s done in Industry market Reseller market Govt/institutional market
41
Define organizational buying behaviour
Differences in types of buyers: Professionals Specialists Experts
42
What are the differences in the buyer-seller relationships
Emphasizes personal selling by trained reps understanding needs of each customer
43
Define product features and benefits
Consumers purchasing products for functions and benefits to them, whether tangible or not
44
Define value pacakge
Bundle of value-adding attributes including reasonable cost
45
Define a consumer product
Convenience g/s Shopping g/s Specialty goods
46
Define industrial products
Production items Expense items Capital items
47
Define product mix
Group of products a business has for sale
48
Define product line
Group of similar products intended for similar groups of buyers
49
Define new product development
Necessary to exapnd and service; expensive, risky, long term horizons; speed to market; product mortality
50
What is product mortality
Only 1 in 50 new ideas reaches the markets
51
What are the 7 steps to developping new products
1. Produce idea 2. Screen 3. Test concept 4. Analyze business 5. Develop prototype 6. Test product, market 7. Commercialize
52
Define the product life cycle
Products only have limited profit-producing cycles, either months, years, or decades
53
What are the 3 ways to extend product life
Extension (global market) Adaptation (modded for foreign markets) Reintroduction (old products, new markets)
54
Define brand equity
Adding value to product beyond basic functional benefits
55
Define branding
Using symbols to communicate quality of product
56
How do companies gain brand awareness
Product placement Buzz marketing Viral marketing Social networking
57
What are the 4 types of brand names
National: name of distributor/manufacturer Private: brands carrying name of retailer Generic: house-brand sold under category, not company Licensed: selling rights to use names to other companies
58
Define packaging
Physical container
59
Define labelling
Identifying name, contents, benefits; conforming to Consumer Packaging and Labelling act

Business Fundamentals (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions