Chapters 1 to 7 Flashcards Preview

Fundamentals of Marketing - Chapters 1-7 > Chapters 1 to 7 > Flashcards

Flashcards in Chapters 1 to 7 Deck (72)
Loading flashcards...
1

What is marketing?

Marketing is the activity set of instructions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and Society at Large

2

Marketing focuses on ______ and ______ prospective customers Needs and Wants

Discovering, satisfying

3

What four factors are needed for marketing to occur?

1) two or more parties with unsatisfied needs
2) a desire on their part to be satisfied
3) away for the parties to communicate
4) something to exchange

4

An organization cannot satisfy the needs of all customers, and so it must focus on one or more subgroups, which are its ________________

Target markets

5

What are the four marketing mix elements that make up an organization's marketing program?

Product
Price
Promotion
Place

6

What are uncontrollable variables?

There are risk factors that a company has no control of changing, such as social, economic, technological, competitive and Regulatory forces.

7

The match between customer expectations of the product and the products actual performance is called __________________

Customer satisfaction

8

Process of building and developing long-term relationships with customers by delivering customer value and satisfaction is called ___________

Customer relationship Management [CRM]

9

Some Canadian companies are transitioning from the market orientation era to the ________ era

Customer experience management [CEM]

10

What is strategy?

An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals

11

What is marketing accountability?

Responsibilities for a systematic management of marketing resources and processes to achieve a measurable gains and return of marketing investment and increased marketing efficiency, while maintaining quality and increasing value of the corporation

12

What are examples of a functional level in an organization?

Groups of specialists actually create value for the organization

13

What is the meaning of an organization's mission?

Statement of the organization's function in society, often identifying its customers, markets, products and Technology

14

What is the difference between an organizations business and its goals?

A business = describes the clear, underlined industry or Market sector of an organization's offering.
A goal= statement of an accomplishment of a task to be achieved, Often by a specific time

15

What is a business portfolio analysis?

Technique that managers use to quantify performance measures and growth targets to analyze their firms

16

What are the four marketing product strategies?

Market penetration - selling products in existing markets
Market development - existing products in new markets [Geographic or segments]
Product development - sewing new products in existing markets
Diversification - selling new products in New Markets

17

What is marketing dashboard?

Visual computer display of the essential information related to achieving a marketing objective

18

What is the difference between a strength and an opportunity in a SWOT analysis?

Strength - resource or capacity that organizations can use effectively to achieve its objectives
Opportunity - any favorable situation in the organization's environment. Friend or change of some kind or overlooked need that increased demand, permitting The Firm to enhance its position by supplying it.

19

What is a market segmentation

Involves aggregating prospective buyers into groups, or segments that; have common needs and will respond similarly to a marketing action

20

What are points of difference, and why are they important?

Characteristics of a product that make it Superior to competitive substitutes, they are important since they help organizations to focus on specific marketing programs

21

What is the implementation phase of the Strategic marketing process?

Implementation phase involves carrying out the marketing plan that emerges from the planning phase

22

How do the goals set for a marketing program in the planning phase relate to the evaluation phase of the Strategic marketing process?

Planning phase involves developing programs marketing mix and its budget, as the evaluation phase seeks to help the marketing program moving in the direction set for it. Comparing the results identifying and acting on its deviations

23

Describe the three generational cohorts

Baby Boomers (1946 - 1964 )
Generation X (1965- 1976 )
Generation Y ( 1977 - 1994 )

24

Why are many companies developing Multicultural marketing programs?

Multicultural marketing programs consist of combinations of the marketing mix that reflects the unique attributes, ancestry, communication preferences and lifestyles of different races.

25

What is a consensus metropolitan area?

Formed by one or more adjacent municipalities centered on a population Center (known as the core)

26

What is the difference between a consumers disposable income and discretionary income?

Disposable - the money a consumer has left after paying taxes news for Necessities such as food, housing, clothing and transportation
Discretionary - money that remains after taxes and necessities

27

How does technology impact customer value?

Consumers can now access value on the basis of other dimensions, such as quality, service and relationships, due to the decline in the cost of technology. Technology provides value through the development of products

28

In pure competition, there are _____ number of sellers

Very large

29

The____________ Act is the most important legislation designed to protect competition and consumers in Canada

Competition

30

An alternative legislation protecting competition and consumers is self-______________

Regulation