Final Flashcards
(171 cards)
1
Q
What is marketing?
A
The entire process of creating relationships with customers
2
Q
What are the 2 orientations in marketing?
A
- Production (How do we sell more products?)
- Customer (What do customers need?)
3
Q
What 3 things does marketing hope to achieve with the customer?
A
- Value
- Satisfaction
- Relationships
4
Q
What are the 5 value drivers?
A
- Idea
- Benefit
- Target
- Perception
- Outcome (Reward)
5
Q
What are the 3 relationship marketing types?
A
- Customer Satisfaction
- Customer Value
- Building Relationships
6
Q
What does “CRM” stand for?
A
Customer Relationship Management
7
Q
What are the 4 steps of CRM?
A
- Marketing
- Sales
- Feedback
- Support
8
Q
What are the 5 steps for the Consumer Buying Decision Process?
A
- Recognize problem/opportunity
- Search for information
- Evaluate alternatives
- Purchase
- Evaluate after purchase
9
Q
What are some situational influences on the Customer Buying Decision Process?
A
- Physical surroundings
- Social surroundings
- Time
- Purchase reason
- Buyer’s mood and condition
10
Q
What are some psychological influences on the Customer Buying Decision Process?
A
- Perception
- Motives
- Learning
- Attitudes
- Personality
- Lifestyles
11
Q
What are some social influences on the Customer Buying Decision Process?
A
- Family
- Roles
- Peer Groups
- Social Class
- Culture and subculture
12
Q
What is the 4-step strategy for creating a marketing strategy?
A
- Understand the external environment
- Definine the target market
- Create a competitive advantage
- Develop a marketing mix
13
Q
What makes up the external environment?
A
- Social Forces
- Demographic Forces
- Economic Forces
- Political and Legal Forces
- Technological Forces
- Competitive Forces
14
Q
What is a target market?
A
The specific group of consumers towards which a company directs its marketing efforts.
15
Q
What are the 3 types of competitive advantages?
A
- Cost Competitive Advantage
- Differential Competitive Advantage
- Niche Competitive Advantage
16
Q
What are the 4 P’s of Marketing?
A
Product
Price
Place
Promotion
17
Q
What are the steps for social marketing?
A
- Effect social change
- Further social causes
- Evaluate the relationship between marketing and society
18
Q
What are the steps in business-to-business (B2B) market?
A
- Purchase Volume
- Number of Customers
- Location of Buyers
- Direct Distribution
19
Q
What are the 5 market segmentation types?
A
- Demographic
- Geographic
- Psychographic
- Benefit
- Usage Rate
20
Q
What are the 4 steps in the marketing research process?
A
- Define the research goal
- Gather information
- Interpret information
- Make marketing decisions
21
Q
Within the 4P’s, what is looked at within Product?
A
- Goods
- Services
- Accessories
- Packaging
22
Q
Within the 4P’s, what is looked at within Price?
A
- List Price
- Discounts
- Flexibility
23
Q
Within the 4P’s, what is looked at within Promotion?
A
- Advertising
- Public Relations (PR)
- Word Of Mouth (WOM)
- Personal Selling
24
Q
Within the 4P’s, what is looked at within Place?
A
- Channel
- Distribution
- Market Coverage
25
What are the 4 consumer product classifications?
- Convenience Product
- Shopping Product
- Specialty Product
- Unsought Product
26
What are the 6 business product classifications?
- Raw Material
- Major/Accessory Equipment
- Component Part
- Process Material
- Supply
- Business Service
27
What are the 4 phases of product development?
1. Idea Generation
2. Product Analysis
3. Product Development and Testing
4. Commercialization
28
What are the stages of a product life cycle?
1. Introduction
2. Growth
3. Maturity
4. Decline
29
What is a Product Line?
A group of similar products
30
What is a Product Mix?
A collection of product lines offered by a company
31
What are the 4 components of Branding?
1. Brand
2. Trademarks
3. Brand Loyalty
4. Brand Awareness
32
What is a Brand?
How the customers perceive your company as a whole.
33
What is a Trademark?
A legally protected symbol, slogan, name, etc. (Golden Arches, Swoosh, Mario, Mickey Mouse)
34
What is Brand Loyalty?
When a customer has a preferred choice of product over a competitor
35
What is Brand Awareness?
The extent to which consumers can recall your brand(ing)
36
What are the 3 considerations for determining prices?
1. Costs incurred by the company
2. Maximum price customers are willing to pay
3. Competitor's price
37
What are the 7 objectives of pricing?
- Profit Maximization
- Building a loyal user base
- Increasing market share
- Creating an image
- Communicating brand values
- Furthering social objectives
- Survival or liquidation
38
What are the 4 main pricing strategies?
1. New product
2. Psychological
3. Product Line
4. Promotional
39
What are some New Product Pricing Strategies?
- Price Skimming (Start high and decrease over time)
- Penetration Pricing (Start low and increase over time)
40
What are some Psychological Pricing Strategies?
- Odd-number pricing ($1.99 NOT $2.00)
- Multiple-unit pricing (3 for $2.99, 1 for $1.20)
- Reference pricing (Was $25.00, now $20.00 [but no actual discount])
- Bundle pricing (Value Meal opposed to individually)
- Everyday low
- Customary (vending machines have set prices)
41
What are some Product-line Pricing Strategies?
- Captive Pricing (Make product inexpensive, but accessories expensive [e.g., printer and ink])
- Premium Pricing (Luxury versions for more $)
- Price Lining (Different versions at different price points)
42
What are some Promotional Pricing Strategies?
- Price Leaders (Selling items, potentially at a loss, but gets customers into the store)
- Special-event pricing (Black Friday deals)
- Comparison (Was $25.00, now $20.00 [but an actual discount])
43
What 4 ways do managers set prices?
1. Cost-based pricing
2. Demand-based pricing
3. Competition-based pricing
4. Break-even analysis
44
What is promotion?
The attempt by marketers to inform, persuade, or remind consumers to purchase their goods/services
45
What is an integrated marketing communication?
A coordinated effors of all promotional activities to send a customer focused, consistent, and unified message
46
What 4 factors affect the promotional mix?
1. Nature of the Product
2. Promotional Objectives
3. Available Resources
4. Target Market
47
What are 6 goals of promotions?
1. Create awareness
2. Encourage consumers to try products
3. Provide information
4. Keep loyal customers
5. Increase the amount and frequency of use
6. Indentify target customers
48
What is a Push Strategy?
When the manufacturer "pushes" the product to the wholesaler to promote to the customer
49
What is a Pull Strategy?
When the customer "pulls" the product through the manufacturer to the wholesaler and retailer.
50
What are 6 Sales Promotion Methods?
1. Coupons
2. Samples
3. Premiums
4. Frequent-user incentives
5. Point-of-purchase displays
6. Contests
51
What is Public Relations?
Any communication or activity initiated by a company designed to win goodwill or prestige for a company or person
52
What is a Press Release?
Typically a 300-500 word document that provides information to the media to promote the company or product
53
What is a Press Conference?
A publicity tool where media members are invited by a company to hear news or product announcements
54
What are Marketing Intermediaries?
The party that bridges the gap between manufacturers and end-consumers
55
What is Distribution?
The management of acquiring raw materials and moving finished products to the consumers
56
What is a Distribution Channel?
The path taken by goods from producer to consumer
57
What are the 4 primary channels of distribution?
1. Direct
2. Producer to Retailer to Customer
3. Producer to Wholesaler to Retailer to Customer
4. Producer to Agent to Wholesaler to Retailer
58
What is Disintermediation?
Reducing the amount of intermediaries - essentially trying to decrease cost to the consumer while maximizing the profits for the business
59
What is a Retail Store?
Any place where you can buy something
60
What are the 3 types on Intensity of Market Coverage?
1. Exclusive (1-2 dealers in an area)
2. Selective (2+ dealers in an area)
3. Intensive (Mfgr. tries to sell wherever there are potential customers)
61
What are 3 types of non-store retailing?
1. Direct Selling
2. Direct Marketing
3. Automatic Vending
62
What does R&D stand for and what is it?
- Research and Development
- Identifying new ideas that have potential to result in new goods and services
63
What is an Innovation?
A new product/feature that fills a/n "hidden/unknown" need
64
What are the 3 steps in Transformation Process Planning?
1. Design Planning
2. Facilities Planning
3. Quantity Planning
65
What are the 4 planning decisions in Production Planning?
1. Production Process
2. Site Selection
3. Facility Layout
4. Resource Planning
66
What is Design Planning?
The development of a plan for converting an idea into an actual good or service
67
What is Facility Layout & Design?
1. Process Layout
2. Product Layout
3. Fixed-Position Layout
68
What is a Process Layout?
When operations of a similar nature or function are grouped together
69
What is a Product Layout?
When the entire process can be laid out in a single line (Car mfg.)
70
What is Materials Requirement Planning (MRP)?
A system that integrates production planning and inventory control
71
What is Enterprise Resource Planning (ERP)?
A system that integrates production planning, inventory control, quality statistics, sales data, and more.
72
What is Scheduling in OM?
The process of specifying and controlling time required for each step in the process. Ensuring raw materials are in the right place at the right time.
73
What is a Gantt Chart?
A graphic scheduling device that displays the tasks and the required time for each task
74
What is the CPM Method?
The Critical Path Method is a scheduling method that schedules the sequence of activities from the longest to the shortest time to finish.
75
What are 4 ways to improve production and operations?
1. Quality
2. Quality Control
3. Total Quality Management
4. Six Sigma
76
What is Lean Manufacturing?
Streamlining production - eliminating steps that do not add benefits for the end user.
77
What is Just-in-time inventory control?
When materials arrive exactly when they are needed for production
78
What is Flexible Manufacturing?
Designing machines to do multiple tasks so they can produce a variety of products.
79
What makes a business sustainable?
They conduct operations without negatively impacting the environment, community, or society as a whole
80
What are the 3 pillars of sustainability?
1. Social sustainability
2. Environmental sustainability
3. Economic sustainability
81
What is a Linear Economy?
A traditional economy that follows the "take, make, waste" model of production
82
What is a Circular Economy?
An economic system aimed at eliminating easte and pollution, keeping products and materials in use for longer, and regenerating natural systems.
83
What benefits a company when it moves to a circular economy model?
- Reduced Costs
- Improved Resilience
- Strengthened Customer Relationships
- Positive Brand
84
What is a Cradle-to-Grave approach?
A design and production approach that considers impacts from production of a product until its disposal
85
What is a Cradle-to-Cradle approach?
A design and production approach that emphasizes recycling, renewing, and reusing the product (No Waste)
86
What is a Biological Cycle?
A cycle in which all materials can be absorbed back into nautre
87
What is a Technical Cycle?
A cycle in which all non-toxic and human-made materials can be reused, repaired, or transformed without losing quality
88
What is Upcycling?
The transformation of waste into materials or products of higher quality
89
What is a Life Cycle Assessment?
A tool that assesses the environmental impact of a product over the entire life cycle of that product
90
What are the 4 stages of a Life Cycle Assessment?
1. Goal definition and scoping
2. Inventory Analysis
3. Impact Assessment
4. Interpretation
91
What is Supply Chain Sustainability?
The consideration of the environmental, social, and economic impacts of a product's journey through the supply chain
92
What are the 4 key areas of focus on Supply Chain Sustainability?
1. Procurement
2. Operations
3. Waste Management
4. Data and Communication
93
What is Product Stewardship?
The act of minimizing the impacts of a product and its packaging throughout the product life cycle
94
What is Extended Producer Responsibility (EPR)?
An environmental policy approach that places physical and/or financial responsibility for the life cycle of the product on the producer
95
What is Green Marketing?
The practice of developing and advertising goods and services based on their contribution to sustainability
96
Who are Certified B Corps?
Businesses that have met the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profits and purpose.
97
What is Greenwashing?
The act of providing inaccurate information or exaggerated claims about a product or service to mislead consumers into believing it's sustainable
98
When is the Annual Report released?
During the Annual General Meeting
99
What does GAAP stand for?
Generally Accepted Accounting Principles
100
What does IFRS stand for?
International Financial Reporting Standards
101
What does ASPE stand for?
Accounting Standards for Private Enterprises
102
What are the 6 steps in the Accounting Cycle?
1. Analyze business transactions
2. Record transactions in journal
3. Post journal entries to ledgers
4. Prepare trial balance
5. Prepare financial statements
6. Analyze reports
103
What are the 3 main financial reports?
- Balance Sheet
- Income Statement
- Cash Flow Statement
104
What are examples of intangible assets?
- Trademark
- Patents
- Goodwill
- Permits/Licenses
- Brand Recognition and Perception
105
What is the Current Ratio?
= (Current Assets / Current Liabilities)
Ideally should be >2, but at least >1
106
What is the Quick Ratio?
= (Current Assets - Inventory)/Current Liabilities
Usually between 0.5-1
107
What is Net Working Capital?
= (Total Current Assets - Total Current Liabilities)
Used to measure liquidity
108
What is Earnings Per Share?
= Net Income / # Common Shares
109
What is Net Profit Margin?
= Net Income / Revenue
110
What is Return on Equity?
= Net Income / Total Owner's Equity
111
What is Inventory Turnover?
= Cost of Goods Sold / Average Inventory
112
What is Debt to Equity?
= Total Liabilities / Owner's Equity
113
What are the 4 characteristics of money?
1. Scarcity
2. Durability
3. Portability
4. Divisibility
114
What is a Money Supply?
The amount of money the Bank of Canada makes available for commerce
115
What is Currency?
Bank notes and coins
116
What are Demand Deposits?
Money kept in an account that can be withdrawn on demand
117
What are Term Deposits?
Money kept in an account that is paid interest but cannot be withdrawn on demand
118
What are the 5 Bank of Canada activities?
1. Conducts Monetary Policy
2. Supplies Quality Bank Notes
3. Promotes Safety & Efficiency
4. Fund Management Services
5. Communicates Objectives
119
What happens if the Bank of Canada increases rates? Decreases rates?
- We borrow less
- We borrow more
120
What is the Prime Rate?
The interest rate the Bank of Canada lends out money for short term loans
121
What is the Overnight Rate?
The rate at which financial institutions charge for lending money with themselves
122
What 3 parties are involved in the Financial Intermediation Process?
1. Supplier of Funds (Households)
2. Financial Intermediaries (Chartered Banks, Finance Companies, etc.)
3. Demanders of Funds (Businesses, Governments)
123
What are Non-depository Institutions?
Organizations that focus around money, but you cannot deposit funds within them (Insurance companies, pension funds, brokerage firms, finance companies)
124
What does the Office of the Superintendent of Financial Institutions (OFSI) do?
Ensures the services by financial institutions follow the rules and laws
125
What does the Canada Deposit Insurance Corporation (CDIC) do?
Insures eligible deposits to the value of $100,000
126
What are Securities?
Financial certificates of partial ownership of a company
127
What are Shares?
Represents ownership within a company giving you benefits when companies dispense profits to shareholders
128
What are Bonds?
Issued by Governments or corporations, bondholders receive interest payments until the bond term matures and are repaid the initial price of the bond.
129
What is the difference between Common and Preferred shares?
Common: Gives you voting rights and access to receive dividends
Preferred: Have priority over common shares for (usually) fixed dividend payments. No voting rights.
130
What are the 3 other types of securities?
1. Mutual Funds
2. Futures Contracts
3. Options
131
What does an Investment Banker do?
Helps companies raise long-term financing through a process called underwriting.
132
What does a Stockbroker do?
A person licensed to buy and sell securities on behalf of clients
133
What is a Primary market?
A market where new securities are solf to the public (with proceeds going to the issuer [only once])
134
What is a Secondary Market?
Old securities are bought and sold, or traded, among investors
135
What are Stock Indexes?
Tracks the performance of markets
136
What is a Stock Split?
When a company increases the # of shares by "Splitting" the share.
137
What is a Bull Market? Bear Market?
- Optimistic outlook with prices increasing
- Pessimistic outlook with prices decreasing
138
What is Financial Management?
The spending and raising of a firm's money
139
What is Financial Planning?
Preparing the financial plan, which projects revenues, expenditures, and financing needs over a given period (usually 1 year)
140
What is an Investment?
Investing the company's funds in projects and securities that provide high returns in relation to their risks
141
What is Financing?
Obtaining funding for the company's operations and investments and seeking the best balance between debt and equity
142
What is the job of a financial manager?
Managing risk and reward
143
How long is a short-term forecast? A long-term forecast?
- < 1 year
- > 1 year
144
What are the 4 steps in the Financial Planning Process?
1. Forecasting cash flow
2. Budget cash needs
3. Control differences
4. Comparing results
145
What are the 3 types of budgets?
1. Cash budget
2. Capital budget
3. Operating budget
146
What is Debt Financing?
Raising capital by borrowing from someone
147
What is Equity Financing?
Raising capital by paying in money yourself
148
What is commercial paper?
A short-term promissory note
149
What is Factoring?
Selling invoices for money to a 3rd party to collect for a % fee
150
What are the 5 C's of Credit?
1. Character
2. Capacity
3. Capital
4. Collateral
5. Conditions
151
What does Par Value mean?
The $ amount of each stock (Stock Price)
152
What is Microfinance?
Providing access to small amounts of financing to those whom would otherwise not have access to funds - hoping to create self-sufficiency
153
What are ethics?
A set of moral standards for judging whether something is right or wrong
154
What are the 3 founding questions of ethics?
1. Is it legal?
2. Is it balanced?
3. How will it make me feel about myself?
155
What are the 3 components of business ethics?
1. Competing fairly and honestly
2. Avoiding conflicts of interest
3. Being transparent
156
What is Utilitarianism?
Consequences of an action taken by a person or an organization.
157
What are Preconvention Ethics?
Ethics based on the possibility of immediate punishment or reward
158
What are Conventional Ethics?
Ethics based on the expectations of society.
159
What are Post-Conventional Ethics?
Ethics based on how the individual sees and judges themselves over the long run.
160
What is the biggest factor that affects if unethical behaviour occurs?
Opportunity
161
What is a code of conduct?
What you can and cannot do
162
What is a code of ethics?
What you are doing the best thing for
163
Ethically, what should be done with whistle-blowers?
Protect Them!
164
What are the 6 points on the Ethical Checklist?
1. Is it Legal?
2. Benefit/Cost Test (Greatest good for greatest number)
3. Categorical Imperative (Should your actions be universal standard?)
4. Light of Day Test/TV Test
5. Do unto Others
6. Ventilation Test
165
What is Corporate Social Responsibility (CSR)?
The concern businesses have for the welfare of society.
166
What is Corporate Philanthropy?
Being a good corporate citizen
167
What are Corporate Social Initiatives?
Enhanced forms of corporate philanthropy
168
What is Corporate Responsibility?
Acting responsibly within a society
169
From the bottom up, what are the layers of the Pyramid of Corporate Social Responsibility?
1. Economic Responsibilities
2. Legal Responsibilities
3. Ethical Responsibilities
4. Philanthropic Responsibilities
170
What is the Canadian Human Rights Commission (CHRC) responsible for?
They are responsible for determining whether employers are fulfilling their legal obligation to proactively increase representation of minority groups.
171
