Flashcards in Chapters 1 to 7 Deck (72)
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
Marketing focuses on ______ and ______ prospective customers Needs and Wants
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
An organization cannot satisfy the needs of all customers, and so it must focus on one or more subgroups, which are its ________________
What are the four marketing mix elements that make up an organization's marketing program?
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.
The match between customer expectations of the product and the products actual performance is called __________________
Process of building and developing long-term relationships with customers by delivering customer value and satisfaction is called ___________
Customer relationship Management [CRM]
Some Canadian companies are transitioning from the market orientation era to the ________ era
Customer experience management [CEM]
What is strategy?
An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals
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
What are examples of a functional level in an organization?
Groups of specialists actually create value for the organization
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
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
What is a business portfolio analysis?
Technique that managers use to quantify performance measures and growth targets to analyze their firms
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
What is marketing dashboard?
Visual computer display of the essential information related to achieving a marketing objective
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.
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
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
What is the implementation phase of the Strategic marketing process?
Implementation phase involves carrying out the marketing plan that emerges from the planning phase
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
Describe the three generational cohorts
Baby Boomers (1946 - 1964 )
Generation X (1965- 1976 )
Generation Y ( 1977 - 1994 )
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.
What is a consensus metropolitan area?
Formed by one or more adjacent municipalities centered on a population Center (known as the core)
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
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
In pure competition, there are _____ number of sellers
The____________ Act is the most important legislation designed to protect competition and consumers in Canada