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BUSINESS MARKETING > CHAPTER 3 > Flashcards

CHAPTER 3 Flashcards

1
Q

is the long-term planning and direction-setting process that helps a business achieve its overall objectives

A

STRATEGIC MARKETING

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2
Q

focuses on identifying market opportunities, understanding consumer needs, analyzing competition, and positioning the brand effectively

A

STRATEGIC MARKETING

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3
Q

refers to the short-term actions and strategies businesses use to implement their marketing plans. It includes specific activities like advertising campaigns, social media promotions, pricing strategies, and sales initiatives aimed at achieving immediate business objectives

A

TACTICAL MARKETING

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4
Q

2 THINGS TO CONSIDER IN TACTICAL MARKETING

A
  • Know Your Customers
  • Marketing Channels
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5
Q

2 MARKETING ENVIRONMENT

A
  • Micro (internal) environment
  • Macro (national) environment
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6
Q

consists of the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

A

Micro (internal) environment

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7
Q

consists of the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces

A

Macro (national) environment

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8
Q

6 TYPES OF MICRO-ENVIRONMENT

A
  • COMPANY
  • SUPPLIERS
  • MARKETING INTERMEDIARIES
  • COMPETITORS
  • PUBLICS
  • CUSTOMERS
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9
Q

aspect of micro-environment refers to the internal environment of the company. This includes all departments, such as management, finance, research and development, purchasing, operations and accounting. Each of these departments influences marketing decision

A

COMPANY

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10
Q

They provide the resources needed by the company to produce its goods and services

A

SUPPLIERS

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11
Q

A company’s suppliers are responsible for

A

DELIVERING RESOURCES NEEDED FOR PRODUCTION

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12
Q

help the company promote, sell, and distribute its products to final buyers

A

MARKETING INTERMEDIARIES

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13
Q

4 TYPES OF MARKETING INTERMEDIARIES

A
  • Resellers
  • Physical distribution firms
  • Marketing services agencies
  • Financial intermediaries
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14
Q

firms that help the company find customers or make sales to them. These include wholesalers and retailers who buy and resell merchandise

A

Resellers

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15
Q

help the company stock and move goods from their points of origin to their destinations

A

Physical distribution firms

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16
Q

are the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets

A

Marketing services agencies

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17
Q

include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods

A

Financial intermediaries

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18
Q

are also a factor in the microenvironment and include companies with similar offerings for goods and services

A

COMPETITORS

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19
Q

is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives

A

PUBLICS

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20
Q

7 TYPES OF PUBLICS

A
  • Financial publics
  • Media publics
  • Government publics
  • Citizen - action publics
  • Local publics
  • General public
  • Internal publics
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21
Q

This group influences the company’s ability to obtain funds

Banks, investment analysts, and stockholders

A

Financial publics

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22
Q

This group carries news, features, and editorial opinion

newspapers, magazines, television stations, and blogs and Internet

A

Media publics

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23
Q

Management must take government developments into account

A

Government publics

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24
Q

company’s marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others

A

Citizen - action publics

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25
This group includes neighborhood residents and community organizations. Large companies usually create departments and programs that deal with local community issues and provide community supports
Local publics
26
A company needs to be concerned about the general public's attitude toward its products and activities. The public's image of the company affects its buying
General public
27
This group includes workers, managers, volunteers, and the board of directors
Internal publics
28
are the most important actors in the company's microenvironment. The aim of the entire value delivery network is to serve target customers and create strong relationships with them
CUSTOMERS
29
4 TYPES OF CUSTOMERS
- Consumer markets - Business markets - Government markets - International markets
30
consist of individuals and households that buy goods and services for personal consumption
Consumer markets
31
buy goods and services for further processing or use in their production processes, whereas reseller markets buy goods and services to resell at a profit
Business markets
32
consist of government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them
Government markets
33
consist of these buyers in other countries, including consumers, producers, resellers, and governments. Each market type has special characteristics that call for careful study by the seller
International markets
34
refers to all forces that are part of the larger society and affect the micro-environment
MACRO-ENVIRONMENT
35
6 TYPES OF MACRO-ENVIRONMENT
- DEMOGRAPHIC ENVIRONMENT - ECONOMIC ENVIRONMENT - NATURAL ENVIRONMENT - TECHNOLOGICAL ENVIRONMENT - POLITICAL ENVIRONMENT - CULTURAL ENVIRONMENT
36
Factors affecting organization in Macro environment are known as
P - POLITICAL E - ECONOMIC S- SOCIAL T - TECHNOLOGICAL E - ENVIRONMENTAL L - LEGAL
37
is the study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics
DEMOGRAPHIC ENVIRONMENT
38
Characteristics: Hardworking, loyal, and value stability. Consumer Behavior: Brand loyal, prefer in-store shopping, and prioritize quality. Key Interests: Health, retirement planning, and experiences over material possessions. | (1946-1964)
Baby Boomers
39
Characteristics: Independent, resourceful, and skeptical of authority. Consumer Behavior: Value work-life balance, brand quality, and convenience. Key Interests: Family, financial security, and practical purchases. | (1965-1980)
Generation X
40
Characteristics: Tech-savvy, socially conscious, and value experiences over materialism. Consumer Behavior: Prefer online shopping, influenced by reviews and social media. Key Interests: Sustainability, innovation, and personalization. | (1981-1996)
Millennials
41
refers to the external economic factors and conditions that influence a business's operations, performance, and decision-making. These factors shape market demand, consumer purchasing power, and overall economic activity, impacting how businesses grow, compete, and sustain profitability.
ECONOMIC ENVIRONMENT
42
4 FACTORS THAT AFFECTS ECONOMIC ENVIRONMENT
- Economic Growth - Inflation and Deflation - Employment Levels - Consumer Income and Purchasing Power
43
is increasingly impacted by marketing activities and the resources marketers use. Over the past three decades, concerns about air and water pollution, global warming, and waste have grown.
NATURAL ENVIRONMENT
44
Key environmental trends include: | 3
- Shortages of Raw Materials - Increased Pollution - Government Intervention
45
The _ has prompted companies to go beyond regulations, adopting environmentally sustainable practices. Companies like GE and PepsiCo are developing cleaner technologies, recyclable packaging, and energy-efficient operations to meet consumer demand for eco-friendly products.
GREEN MOVEMENT
46
- is rapidly shaping our world, offering both remarkable innovations and potential dangers - like antibiotics, smartphones, and the internet have transformed life, while others, such as nuclear weapons and assault rifles, have created threats
TECHNOLOGICAL ENVIRONMENT
47
New tech presents exciting opportunities for marketers, such as tracking products with tiny transmitters, allowing for personalized shopping experiences and convenience.
TECHNOLOGICAL ENVIRONMENT
48
Marketing decisions are heavily influenced by the _ which includes laws, regulations, and government agencies that affect businesses
POLITICAL ENVIRONMENT
49
- is shaped by the beliefs and values of a society - core beliefs, which are passed down and difficult to change, influence long-term marketing strategies, while secondary beliefs are easier to adapt to
CULTURAL ENVIRONMENT
50
is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
MARKETING RESEARCH
51
It gives marketers insights into customer motivations, purchase behavior, and satisfaction. It can help them to assess market potential and market share or measure the effectiveness of pricing, product, distribution, and promotion activities
MARKETING RESEARCH
52
The process of defining the problem and setting research objectives is critical in guiding the entire marketing research project | most challenging
MARKETING RESEARCH PROCESS
53
3 CATEGORIES OF MARKETING RESEARCH PROCESS
- Exploratory Research - Descriptive Research - Causal Research
54
Aimed at gathering preliminary data to define the problem and generate hypotheses
Exploratory Research
55
Focuses on describing market characteristics, such as the target audience's demographics and behaviors, or the potential of a product in the market
Descriptive Research
56
Tests specific hypotheses to understand cause-and-effect relationships, such as the impact of price changes on sales
Causal Research
57
involves determining the specific information needed, creating a strategy to gather it efficiently, and presenting it to management. The plan outlines data sources, research approaches, contact methods, sampling strategies, and data collection tools
DEVELOPING THE RESEARCH PLAN
58
Translating research objectives into specific information requirements.
Defining Information Needs
59
2 TYPES OF DATA SOURCES
- SECONDARY - PRIMARY
60
Existing information collected for other purposes
Secondary Data
61
New information gathered for the current research
Primary Data
62
Selecting methods such as surveys, experiments, or observational studies.
Research Approaches
63
3 TYPES OF Research Approaches
- Observational Research - Survey Research - Experimental Research
64
Choosing communication channels, like face-to-face interviews, telephone calls, emails, or online surveys.
Contact Methods
65
4 TYPES OF Contact Methods
- Mail questionnaires** (LARGE DATA)** - Telephone interviewing** (BEST METHOD)** - Personal interviewing - roup interviewing **(6 - 10)**
66
Determining the target audience, sample size, and sampling technique (random, quota, etc.)
Sampling Plan
67
A _ is a segment of the population selected for marketing research to represent the population as a whole
SAMPLE
68
# Each member of the population has an equal chance of being selected PROBABILITY SAMPLING (RANDOM SELECTION) | 3
- Simple Random Sampling - Stratified Random Sampling - Cluster Sampling
69
Every individual is chosen purely by chance, like drawing names from a hat.
Simple Random Sampling
70
The population is divided into subgroups (strata), and samples are taken from each subgroup proportionally
Stratified Random Sampling
71
The population is divided into clusters, and entire clusters are randomly selected for study
Cluster Sampling
72
# Not all members of the population have an equal chance of being selected NON-PROBABILITY SAMPLING (NON-RANDOM SELECTION) | 3
- Convenience Sampling - Judgmental/Purposive Sampling - Quota Sampling
73
Selecting participants who are easiest to reach (e.g., surveying shoppers in a mall).
Convenience Sampling
74
Researchers choose participants based on their expertise or judgment (e.g., industry experts).
Judgmental/Purposive Sampling
75
Ensures specific proportions of subgroups are included, similar to stratified sampling but without random selection.
Quota Sampling
76
Selecting tools for data collection, such as questionnaires or technological devices.
Research Instruments
77
Typically, a written proposal is created, especially for large projects, detailing objectives, methods, costs, and how results will support decision-making.
Presentation of Plan
78
This phase involves putting the research plan into action by gathering, processing, and analyzing data. Researchers ensure the correct execution of data collection, monitoring respondent interactions and interviewer performance to avoid errors. Once data is collected, it is verified for accuracy, coded, and analyzed to uncover relevant insights.
IMPLEMENTING THE RESEARCH PLAN
79
After analyzing the data, researchers interpret the results, draw meaningful conclusions, and present findings to management. The goal is to highlight actionable insights without overwhelming managers with excessive data or complex statistics. Collaboration between researchers and managers ensures balanced interpretations, helping businesses make well-informed decisions based on the research.
INTERPRETING AND REPORTING FINDINGS

BUSINESS MARKETING (5 decks)

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