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Marketing > Class 1 > Flashcards

Class 1 Flashcards

1
Q

What is Peter Drucker’s definition of Marketing

A

The only purpose of a business is to create a customer.

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2
Q

What is Guiltinan, Paul and Madden’s view on Drucker’s definition

A

Identifying customer’s needs, pinpointing the needs the the organization can satifsfy at a profit, and developing products and services that convert potential buyers into customers.

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3
Q

What is Kotler and Armstrong’s view of marketing

A

A social and managerial process by which individuals and groups obtain what they need and want through exchanges of products and services of value with others.

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4
Q

What is the AMA definition of marketing

A

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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5
Q

What is production orientation

A

Focus on production efficiency that will lead to high quality products

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6
Q

What is product orientation

A

Thinking that consumers will always buy a good product at a reasonable price. The consumer is buying a solution. It also assumes that consumers are completely informed about everything on the market and that they are rational.

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7
Q

What is sales orientation

A

Thinking that a good sales and communication strategy to convince the consumer to buy a product. This implies overlooking the consumer’s needs and convincing the consumer to buy the product by skillfully applying components of the marketing strategy.

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8
Q

What is marketing orientation

A

Satisfy the customer while keeping the company’s goals in mind.

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9
Q

What are the two basic activities a company performs

A

Producing and selling

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10
Q

What is the role of the marketing function

A

Identify the appropriate consumers and try to sell them the product manufactured by the firm. It also discovers what products the consumers want and find what it needs to produce in what quantity and format.

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11
Q

In the Maslow pyramid, whast needs need to be fulfilled first

A

Psychological needs => Safety and protection => belongingness => esteem => self-actualize

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12
Q

What is a need

A

It is a state of lacking something

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13
Q

What is a want

A

It is a way to meet the need

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14
Q

What is a consumer

A

Economic agents

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15
Q

What is the customer

A

The entity that makes the purchasing decision. The consumer may be different from the customer.

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16
Q

What is the demand

A

Consumers buy products or services

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17
Q

How is market demand expressed

A

In transactions
- Units of quantity (volume)
- Monetary units ($)

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18
Q

Which demand expression represents more accurately the data

A

Volume since the results are not inflated. It is easier to compare data form one year to another.

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19
Q

What are current dollars

A

When we look at the change in demand in dollars without adjusting from the change in price

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20
Q

What are constant dollars

A

When we calculate the change in demand while eliminating inflation as a factor

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21
Q

What is company demand

A

It is the expression, in volume or dollars, of the transactions carried out to buy a product or service from a specific company

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22
Q

What is the market demand

A

The sum of individual company demand values

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23
Q

What is market share

A

The company’s share of demand

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24
Q

What are the two main types of demand

A

Actual and potential

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25
Q

What is actual demand

A

It is a company’s actual sales or volume at a specific point in time

26
Q

What is potential demand

A

The maximum level that demand for a product can reach in a given context

27
Q

What are potential customers

A

People who do not use a product, but might do so

28
Q

When is the market saturation level attained

A

When the actual demand and potential demand are equal.

29
Q

What is the market

A

A set of consumers, individuals or businesses that express wants and needs by buying products, services or even ideas

30
Q

What are the 5 markets

A
  • Consumer
  • business
  • intermediaries
  • governement
  • international
31
Q

What is the consumer goods market

A

Products purchased to meet personal needs

32
Q

What is the most important characteristic for marketing strategists

A

The size of Canada’s territory

33
Q

What is the business market

A

An organization that buys products and services on order to use them to make other hoods, or to meet their internal needs.

34
Q

What are the firm types in this sector

A

Processing, farm, construction, extraction

35
Q

What is the distribution intermediaries market

A

Individuals and organizations situated between the producer and the consumer

36
Q

As an intermediary, what is a key success factor

A

Location

37
Q

What is a priority in the government market

A

Price is a priority

38
Q

The concept of exchange rests on what four elements

A
  • consumer’s needs
  • satisfaction of this need
  • relationship between the business and the consumer
  • Optimization of business profits
39
Q

What is the difference between optimizing and maximizing profits

A

Maximizing : generating the largest possible profit
Optimizing : obtaining the largest profit while taking into consideration organizational or environmental elements

40
Q

What is customer service

A

Everything that customers experience when ongoing business with a company

41
Q

What is customer approach

A
  • The analysis and understanding of the expectations, wants, needs and behaviours of target customers.
  • Creating a product that meets customer needs in a cost-effective way
  • It also means innovating to go beyond the needs and expectations explicitly formulated by customers.
42
Q

What is the first function of customer service

A

Satisfy existing customers and build loyalty

43
Q

What is customer lifetime value

A

The sum total of the present values of all the profits that can be made from a particular customer over that person’s lifetime

44
Q

What is value

A

The benefits perceived minus the monetary and non-monetary costs

45
Q

What is satifaction

A

The difference between the customer’s expectations and their perception of performance

46
Q

What is the behavioural definition of loyalty

A

The customer retention

47
Q

What is the romantic definition of loyalty

A

Emotional attachment

48
Q

Which definition of loyalty should we choose

A

Behavioral because the romantic does not apply in all situations

49
Q

What are the aspects of loyalty

A
  • Length of customer retention
  • Customer share
50
Q

What balance must companies find

A

Levels of satisfaction and costs

51
Q

What are the elements of the marketing mix

A

Productm price, promotion and place

52
Q

What is the price

A

It is expressed as the monetary value attributed to the product, and includes the effort consumers have to make when buying it.

53
Q

What factors affect the price

A

Rarity, reputation and symbolic value

54
Q

What is the fairest price

A

The one the consumer is willing to pay

55
Q

What is the element of place

A
  • Physical distribution
  • Distribution networks
  • Place of business
56
Q

Marketing strategies must be consistent with what

A

The company’s mission and objectives

57
Q

What is the MIS

A

Marketing information system. This allows the firm to compare its results with its objectives and to deal with discrepancies by taking the necessary corrective actions

58
Q

What are some statements from the AMA code

A
  • A product must be safe
  • The price must be fair
  • Distributors, producers and retailers must not abuse their power by imposing restrictive conditions on the rest of the network
  • Advertising must not use fraudulent or inaccurate arguments
  • Customer service quality must always be consistent, no matter who the customer is
59
Q

How do you increase market share

A
  • Increase the number of purchases per customer
  • Increase the number of customers
60
Q

What is demand projection

A

Based on consumers who might be receptive to the product, what might demand be in the future. You may look at historical information and expected or past industry growth

61
Q

What is customer share

A

The proportion of a customer’s relevant purchases that come from your brand

Marketing (2 decks)

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