First Semester Cards

Question 1

What are the key customer markets?

Answer 1

Consumer markets
Business markets
International Markets/Global markets
Non-profit/Government markets

Question 2

What is marketing?

Answer 2

Marketing is the set of activities businesses use to promote and sell their products or services to the target audience.

Question 3

What are the differences between Sales & Marketing Orientations?

Answer 3

Sales Orientation:
Focuses on pushing existing products to customers.
Short-term perspective, aiming for immediate sales.
Emphasizes one-way communication and transactional relationships.

Marketing Orientation:
Concentrates on understanding and fulfilling customer needs.
Takes a long-term approach, building customer relationships over time.
Emphasizes two-way communication, market research, and customer-centric strategies.

Question 4

What are the 4 marketing philosophies?

Answer 4

Production: Focus on efficiency of internal operations – if we make it, they will buy it
Sales: Focus on aggressive sales techniques and believe that high sales result in high profits
Marketing: Focus on satisfying customer needs and wants while meeting objectives - if they will buy it, we will make it
Societal: Focus on satisfying customer needs and wants while enhancing individual and societal well-being.

Question 5

What is relationship marketing and what are its benefits?

Answer 5

Relationship marketing is about forging long-term partnerships with customers and contributing to their success.

Companies benefit from repeat sales/referrals that lead to increases in sales, market share and profits, and decreased costs - it’s less expensive to serve existing customers than attract new ones.

Customers benefit from:
stable relationships with suppliers (especially in business-to-business)
greater value and satisfaction
discounts, (frequent flyer programs, shopper clubs, etc.)

Question 6

What are the 4 Ps in the traditional marketing mix?

Answer 6

Product
Price
Place
Promotion

Question 7

What are the 4 Cs in the costumer-centric approach?

Answer 7

Costumer
Cost
Convenience
Communication

Question 8

What are the steps in the marketing management process?

Answer 8

Analysis/Audit - where are we now?
Objectives - where do we want to be?
Strategies - which way is best?
Tactics - how do we get there?
Implementation - Getting there
Control - Ensuring arrival

Question 8

What does a successful marketing need to be?

Answer 8

Profitable
Offensive (rather than defensive)
Integrated
Strategic (is future orientated)
Effective (gets results)

Question 9

What are the controllable factors in marketing?(4 Ps)

Answer 9

Price
Promotion
Place
Product

Question 10

Which are the uncontrollable factors in marketing(External Factors)?

Answer 10

Social
Natural
Economic
Technologic
Politic and Legal
Competitive

Question 11

What is the marketing environment?

Answer 11

The marketing environment refers to the external factors that influence a companies marketing decision.
Micro-environment: competitors suppliers, customers, etc
Macro-environment: demographics, technology, politics, etc.

Question 12

What is the difference between Micro-environment and Macro-environment?

Answer 12

Micro-environment - forces close to the company that affect its ability to serve its customers.
Macro-environment - larger societal forces that affect the whole microenvironment

Question 13

What are Demographic information?

Answer 13

Age, sex, race, occupation, location and other statistics.

Question 14

What are the six major external forces in marketing or PESTLE?

Answer 14

Political
Economical
Social
Technological
Legal
Environmental

Question 15

What does the Market analysis include?

Answer 15

Customer Analysis
Segmentation
Motivation
Unmet Needs
Competitor Analysis
Who are our competitors (Rivals)?
What advantages do they have?
What are their goals?
Structural Analysis
Industrial analysis
Actual and potential size of the industry
Growth of the industry
Cost structure of the industry

Question 16

What does a SWOT analysis include?

Answer 16

Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)

Question 17

What is a USP?

Answer 17

A USP stands for a companies Unique Selling Point.

Question 18

What is an FSA?

Answer 18

An FSA is a Firm-Specific Advantage

Question 19

What is VRIO?

Answer 19

VRIO(Valuable, Rare, Inimitable, Organisation) is a framework used to identify and evaluate the company’s resources that have a sustainable competitive advantage

Question 20

What is a Value Chain and why is it used?

Answer 20

A value chain is a series of activities that businesses go through to create and deliver a product or service to the end consumer. It involves the entire process from the raw materials or initial idea to the final product or service, including production, distribution, marketing, and customer service. As a result, management can see where true value is created.

Question 21

What is the AIDA Model?

Answer 21

The AIDA model is also used extensively in selling and advertising. According to
the original model, “the steps to be taken by the seller at each stage are as
follows:

Awareness: Secure attention.
Interest: Hold attention Through Interest.
Desire. Arouse Desire.
Action: Action to buy

Question 22

What is targeting?

Answer 22

Targeting, also known as multi-segment marketing, is a marketing strategy that involves identifying specific personas or markets for specific content

Question 23

What are the different types of targeting?

Answer 23

Demographic targeting: gender, age, income, education, job etc.
Geographic targeting: location
Psychological/Behavioural targeting: personality traits, previous purchases, favorite places, shopping habits

Question 24

What is segmentation?

Answer 24

At its core, market segmentation is the practice of dividing your target market into smaller approachable groups

Question 25

Which are the types of segmentation?

Answer 25

Demographic segmentation Behavioural Segmentation Psychographic segmentation

Question 26

What is the Porter's five forces?

Answer 26

Porter's Five Forces is a framework developed by Michael E. Porter that helps analyze the competitive forces within an industry, which can influence a company's profitability and competitive strategy. The five forces are: Threat of Rivalry Threat of Buyer Bargaining Power Threat of Supplier Bargaining Power Threat of Substitutes Threat of New Entrants

Question 27

What is DMU?

Answer 27

The Decision-Making Unit (DMU) is a group of individuals within an organization who collectively participate in the decision-making process when it comes to purchasing a particular product or service. Key components of the DMU include: Initiator: The person or group who initiates the decision-making process by identifying a need or problem that requires a solution. Influencers: Individuals or groups that can shape the decision by providing information, opinions, or recommendations Deciders: The individuals or groups with the authority to make the final decision. Buyers: The individuals or teams responsible for negotiating and executing the purchase. Users: The end-users of the product or service. Gatekeepers: Individuals or groups that control the flow of information to the decision-makers.