Cours 1

Question 1

What is the definition of marketing?

Answer 1

It is the activity, set of institutions, and processes for creating communicating, delivering, and exchanging offerings that give value to customers, clients, partners, and society.

Question 2

What are the main orientations that make up the milestones in the development of modern marketing?

Answer 2

Production orientation, product orientation, sale orientation, and marketing orientation.

Question 3

What is the production orientation approach?

Answer 3

This orientation focuses on production efficiency that will lead to high quality. products. The user of this method promotes efficiency and efficacity.

Question 4

What is product orientation?

Answer 4

It is the idea that consumers will always buy a good product at a reasonable price, so a business only has to make the best products to automatically reap financial success.

Question 5

What is sales orientation?

Answer 5

It is the idea that all you need is a good sales and communication strategy to convince a consumer to buy a product.

Question 6

What is marketing orientation?

Answer 6

It is the idea that we need to satisfy the consumer while keeping the company’s goals in mind. This orientation focuses mainly on the consumers rather than the businesses.

Question 7

What are the 2 basic activities of a business?

Answer 7

Producing and selling.

Question 8

What is a product?

Answer 8

It can be a manufactured product, a pure service, or a clever mix of both.

Question 9

What is a need?

Answer 9

It is a state of lacking something (hungry, thirsty, lonely).

Question 10

What is a want?

Answer 10

It is a way of meeting your need (going to Mcdo, drinking Smart-water, going to a board-game café).

Question 11

What is demand?

Answer 11

It is the quantity of a good or service that economic agents (people, companies, governments) buy in a given market.

Question 12

What do you need to do to compare the sales in dollars?

Answer 12

You need to take the amount without the inflation into account.

Question 13

How do you evaluate demand?

Answer 13

The best way to evaluate demand is by using a volume that corresponds to the demand that we evaluate.

Question 14

How do you find a market share?

Answer 14

By dividing the company demand by the market demand.

Question 15

How can a company own more share of a market?

Answer 15

It can use a lot of different strategies, but one of them is to share a market with another company to increase the sales of both entities.

Question 16

What are the 3 types of demand?

Answer 16

• Actual demand
• Potential demand
• Demand projection

Question 17

What is actual demand?

Answer 17

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

Question 18

What is potential demand?

Answer 18

It is the maximum demand that can be reached at any point in time if every single consumer is buying the product/service.

Question 19

What is demand projection?

Answer 19

It is based on consumers who might be receptive to the product (i.e., they can afford it, it meets their preferences, and they can be marketed to), what might demand be in the future?

Question 20

What is a market?

Answer 20

It is a set of consumers, individuals, or businesses that express wants and needs by buying products, services, or even ideas.

Question 21

What is the consumer goods market?

Answer 21

It is all the individuals who purchase products or services to meet their personal needs.

Question 22

What is a business market?

Answer 22

They are organizations that buy products and services in order to use them to make other goods or to meet their internal needs. They may be the industrial suppliers of a consumer goods manufacturer or any firm that sells to other businesses, municipalities, or public organizations.

Question 23

What is another name for the business market?

Answer 23

Business-to-Business (B2B)

Question 24

What is the distribution intermediaries market?

Answer 24

They are individuals and organizations situated between the producers and the customer.

Question 25

What is a government market?

Answer 25

It is a federal, provincial, or municipal government that makes up a considerable market, even though they represent a limited number of decision-makers.

Question 26

What is an international market?

Answer 26

It is when the products are exported or imported into other countries

Question 27

What are the four elements of the concept of exchange?

Answer 27

- The customer's need. - The satisfaction of this need. - A relationship between the business and the consumer. - The optimization of business profits.

Question 28

Is profit optimization the same as profit maximization?

Answer 28

No, the difference is the fact that profit optimization tries to generate the maximum profit regarding certain constraints put by the company.

Question 29

What is customer service?

Answer 29

It is everything that customers experience when doing business with a company.

Question 30

What is a customer's lifetime value?

Answer 30

It is the sum of the present values of all the profits that can be made from a particular customer over that person's lifetime.

Question 31

How can a company create value for its customers?

Answer 31

- They analyze the wants, needs, and behaviors of target customers. - They create a product that cost-effectively meets customer needs. - They innovate beyond the needs and expectations explicitly formulated by customers.

Question 32

What is the notion of value?

Answer 32

They are the benefits received minus the monetary and non-monetary costs.

Question 33

What are the results of the exchange process?

Answer 33

Value, quality, satisfaction, and loyalty.

Question 34

What are the 2 aspects of customer loyalty?

Answer 34

- Customer retention: how long has the customer been buying from your brand? - Customer share: the proportion of a customer's relevant purchases that come from your brand.

Question 35

What are the 4 elements of the marketing mix (4P)?

Answer 35

- Product - Price - Place - Promotion

Question 36

What is the product section of the marketing mix?

Answer 36

It is a tangible object, service, idea, or cause that consumers use to identify the firm.

Question 37

What is the price section of the marketing mix?

Answer 37

It is the monetary value attributed to the product. Not necessarily based on the cost to manufacture.

Question 38

What is the place section of the marketing mix?

Answer 38

- It is the physical distribution of the product. - It is the distribution network. - It is where the product is sold.

Question 39

What is the promotion section of the marketing mix?

Answer 39

It is the process of promoting the product, given its price and place.

Question 40

What are the 4 elements of the American marketing association code of conduct?

Answer 40

- A product must be safe. - The price must be fair. - Advertising may not use fraudulent or inaccurate arguments. - Customer service quality must be consistent, no matter who the customer is.

Question 41

What are the 4Rs of construction?

Answer 41

- Reduce: Avoid using unnecessary materials. - Reuse: Integrate existing materials. - Recycle: Use existing materials in a different way. - Rethink: Find new, more eco-friendly building solutions.