Marketing Exam

studied byStudied by 0 people
0.0(0)
get a hint
hint

Marketing

1 / 104

Tags and Description

105 Terms

1

Marketing

all of the activities involved in the planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants

New cards
2

Marketing Mix

4 P’s and 2 C’s

New cards
3

4 P’s

Product, Price, Promotion and Place

New cards
4

2 C’s

Customer and Competition

New cards
5

Industrial Product/Service

Goes directly to a business to be used for industrial purposes. Ex. raw materials, machinery, cleaning services, etc.

New cards
6

Consumer Product/Service

Goes directly to a consumer for recreational use. Ex. a book, a broom, hiring a maid, etc.

New cards
7

Regional marketing

can be within a city, region, or group of provinces

New cards
8

International marketing

sets up marketing and distribution centers in foreign markets-E.g. Honda USA, Honda Canada

New cards
9

Distribution Organization

organizes marketing activities around the ways that the product or service will be delivered to the customer. E.g. Coke-Vending machines, fast food chains

New cards
10

Product Lifecycle

describe the changes in consumer demand over time.

New cards
11

PLC Stages

Intro, Growth, Maturity, Decline, Decision Point

New cards
12

Fad

  1. a product, service, or idea that is popular for a very short period of time. E.g. Silly bands

New cards
13

Trends

A product that is more lasting, and is a mass movement toward a particular style or value. E.g. Organic products, Environmentally-friendly products

New cards
14

Seasonal

predictable sales during certain times of the year. E.g. Winter tires

New cards
15

Niche Market

small section of the market that has little competition. E.g. Pet Hotel

New cards
16

Demographics

study of distinct characteristics of people (age, gender, family life cycle, income level, culture, and ethnicity)

New cards
17

Psychographics

measuring people’s beliefs, opinions, and interests

New cards
18

Maslow’s Hierarchy of needs

  • Arranged in a pyramid shape-the most basic need is at the bottom.

  • Needs-Physical, Safety, Social, Esteem, Self-Actualization

New cards
19

Direct Competition

Products that compete in the same category. E.g. Colgate, Crest

New cards
20

Indirect Competition

Products that are not in the same category but still compete for the same consumers’ income. E.g. Colgate toothpaste, Listerine mouthwash

New cards
21

Sustainable Competitive Advantage

are long-term methods by which a business holds onto its customers, in spite of the competition

New cards
22

Unique Selling Proposition (USP)

is the one thing that a company’s product has that competing companies do not have and are not likely to develop. E.g. Patent, License

New cards
23

Lowering product costs

using cost-efficient manufacturing processes to reduce the costs of making the product

New cards
24

Serving a niche market

recognizing an opportunity and taking advantage of it in producing a product

New cards
25

Customer Loyalty

the customer develops a strong relationship with the product/retailer and will not consider another brand or store

New cards
26

Non-sustainable competitive advantages

are those that can be used by competitors to shift sales in their direction (short-term)

New cards
27

Promotion (non-sustainable)

advertising to achieve ‘top of mind’ awareness

New cards
28

Placement (non-sustainable)

the more places the product is available, the more competitive it is. E.g. Big Box stores

New cards
29

Quality

A product can compete with others in its category by being the best

New cards
30

Benefits of Use

A product that can do more or perform better than another product will have a competitive advantage

New cards
31

Price (non-sustainable)

is only a competitive advantage if it is less expensive than a competitor’s product or service

New cards
32

Design features

A design that consumers prefer provides a product with a competitive advantage

New cards
33

SWOT Analysis

Strengths, Weaknesses, Opportunities, and Threats

New cards
34

Primary Data

unanalyzed, current information collected by a researcher for a specific purpose

New cards
35

Survey

a set of carefully planned questions that are used to gather data. Close ended questions-multiple choice, open ended questions-respondents give own answers

New cards
36

Test marketing

marketers produce a limited quantity of a product and introduce it into test markets (stores)

New cards
37

Focus group Interview

a small group of people brought together to discuss a particular product

New cards
38

observation

collect information by recording the actions of the person without interacting or communicating with them

New cards
39

Internal Information sources

sales, inventory, advertising, and production records

New cards
40

Secondary Data

marketing research collected and published by others- E.g. Stats Canada.  Less expensive than primary data

New cards
41

Types of Secondary Data

  1. The Internet

  2. Books

  3. Periodicals-magazines & newspapers

  4. Consultants

  5. Databases

  6. Marketing Research Professionals

New cards
42

Inventions

a new product that has never been done before-Eg. Black and White TV

New cards
43

Innovations

a change (eg. technology) to an invention E.g. Colour TV

New cards
44

Stages of Product Development

  1. Idea Generation

  2. Idea Screening

  3. Concept development

  4. Market Strategy

  5. Feasibility Study

  6. Product Design

  7. Test Marketing

  8. Market entry

New cards
45

Idea Generation

brainstorming whether an invention or innovation is to be done

New cards
46

Idea Screening

need to look at each idea to see if it is worthwhile and choose one.

New cards
47

Concept Development

designing of a prototype

New cards
48

Market Strategy

conduct market research

New cards
49

Feasibility Study

looks at the features and design of the product the consumers want, determine costs and a price

New cards
50

Product Design

takes into consideration consumers preferences.

New cards
51

Test marketing

If positive, launch product, if not, make necessary changes.

New cards
52

Market Entry

product enters the product life cycle.

New cards
53

Utility

what is added to a product to make it valuable to the market

New cards
54

Types of utility

  1. Form utility

  2. Time utility

  3. Place utility

  4. Information utility

  5. Possession utility

New cards
55

Form utility

relationship between a product’s form and its function-scent, flavor, colour, design, packaging

New cards
56

Time Utility

when the product or service is available when the consumer wants it (bathing suits in summer)

New cards
57

Place Utility

makes it possible to purchase the product, the easier the product is to find, the more place utility it has

New cards
58

Information utility

provides consumers with instructions, directions, user manuals

New cards
59

Possession Utility

easy to purchase (eg. payment by credit card, payments, etc)

New cards
60

Logo

generic term for all the symbolic ways to create a brand

New cards
61

Monogrammatic logo

stylized writing of a company’s or product’s initials. E.g. CCM

New cards
62

Visual-line logo

drawings of people, animals, or objects. E.g. Roots uses a beaver

New cards
63

Abstract-shape logo

aren’t representative of identifiable objects. E.g. Nike’s swoosh.

New cards
64

slogan

short, catchy phrase that is attached to the company’s name and logo

New cards
65

Branding

A brand is the visual image that marketers create to allow consumers to identify their particular product or service

New cards
66

Corporate-Dominant Branding

include the name of the company in the brand name or as the name of the product. E.g. Roots

New cards
67

Product-Dominant Branding

connects a product with its positive attributes. E.g. Fancy Feast cat food-associates with gourmet cat food

New cards
68

Marketing Skimming

setting an initial high price for a product/service

New cards
69

Penetration Pricing

setting an initial low price for a product/service

New cards
70

Competitive Pricing

matching prices with competitors

New cards
71

Benchmark Pricing

standard price

New cards
72

Leader Pricing

pricing of a popular product at a low price to attract customers to the store

New cards
73

Everyday Low Pricing

where retailers guarantee to meet the lowest price in the market on certain staple goods

New cards
74

Negotiated Pricing

when a good/service is purchased for less than the published price- E.g. used products

New cards
75

Combo Pricing

customers get a special price on one item when they buy other items at the regular price

New cards
76

Return on investment

overall revenue and profit that the sales produce

New cards
77

Price Lining

selling various brands in a product line at different prices to appeal to different target markets

New cards
78

Supersizing

adding volume to a low cost product to increase its selling price and profits

New cards
79

Interest Free Pricing

selling products today that the customer pays for at a later date without paying an interest charge

New cards
80

Psychological Pricing

selling a product for $1.99 instead of $2

New cards
81

Purchase Discount

receiving a price reduction by buying in bulk

New cards
82

Channels of Distribution

  1. Direct

  2. Indirect

  3. Specialty

New cards
83

Direct Distribution

product is sold directly from producer to consumer

New cards
84

Indirect Distribution

use of intermediaries (importers, wholesalers, retailers-‘middle man’) which sell to consumers

New cards
85

Specialty Distribution

any indirect channel that doesn’t involve a retail store (vending machine, online)

New cards
86

Intensive Distribution

products sold everywhere-E.g. Coke

New cards
87

Selective-control of distribution

to prevent retailers from selling product at too low a price E.g. Apple

New cards
88

Exclusive Distribution

manufacturer has made a deal with one or two retailers to sell the product exclusively. Products with a prestigious image Ferrari

New cards
89

Integrated

the company is the manufacturer, retailers, and distributor- IKEA

New cards
90

Goals of Advertisement

  1. Brand awareness

  2. Brand trial

  3. Brand preference

  4. Brand reminder

  5. Brand repositioning

New cards
91

Brand Awareness

new product-‘introducing.’

New cards
92

Brand Trial

e.g. free trial periods for software

New cards
93

Brand Preference

convince consumers that their product is better than competition- “Leading Brand”

New cards
94

Brand Reminder

established brands remind consumers to continue using product-Heinz ketchup ‘nostalgic ads’

New cards
95

Brand Repositioning

looking for a new target market

New cards
96

Advertising Appeals

  • Biological

  • Emotional

  • Rational

  • Social

New cards
97

Advantages of TV Commercials

local reach, specific target market, little lead time (delivered immediately), portable/everywhere

New cards
98

Disadvantages of TV Commericals

not enough frequency or durability (don’t last long), Clutter (change station), only audio (no visual, limited impact)

New cards
99

Magazine Advantages

selectivity (delivers to specific market), durable (last for years), high quality

New cards
100

magazine disadvantages

expensive, long lead time (to produce)

New cards

Explore top notes

note Note
studied byStudied by 2595 people
Updated ... ago
5.0 Stars(5)
note Note
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 5 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 36 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 43 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 3 people
Updated ... ago
4.0 Stars(1)
note Note
studied byStudied by 11 people
Updated ... ago
4.0 Stars(133)

Explore top flashcards

flashcards Flashcard69 terms
studied byStudied by 11 people
Updated ... ago
5.0 Stars(3)
flashcards Flashcard70 terms
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard94 terms
studied byStudied by 79 people
Updated ... ago
4.0 Stars(3)
flashcards Flashcard46 terms
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard44 terms
studied byStudied by 8 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard99 terms
studied byStudied by 5 people
Updated ... ago
5.0 Stars(2)
flashcards Flashcard128 terms
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard166 terms
studied byStudied by 879 people
Updated ... ago
4.0 Stars(8)