Marketing Exam

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105 Terms

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Marketing
all of the activities involved in the planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants
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Marketing Mix
4 P’s and 2 C’s
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4 P’s
Product, Price, Promotion and Place
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2 C’s
Customer and Competition
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Industrial Product/Service
Goes directly to a business to be used for industrial purposes. Ex. raw materials, machinery, cleaning services, etc.
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Consumer Product/Service
Goes directly to a consumer for recreational use. Ex. a book, a broom, hiring a maid, etc.
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Regional marketing
can be within a city, region, or group of provinces
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International marketing
sets up marketing and distribution centers in foreign markets-E.g. Honda USA, Honda Canada
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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
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Product Lifecycle
describe the changes in consumer demand over time.
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PLC Stages
Intro, Growth, Maturity, Decline, Decision Point
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Fad

1. a product, service, or idea that is popular for a very short period of time. E.g. Silly bands
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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
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Seasonal
predictable sales during certain times of the year. E.g. Winter tires
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Niche Market
small section of the market that has little competition. E.g. Pet Hotel
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Demographics
study of distinct characteristics of people (age, gender, family life cycle, income level, culture, and ethnicity)
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Psychographics
measuring people’s beliefs, opinions, and interests
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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
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Direct Competition
Products that compete in the same category. E.g. Colgate, Crest
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Indirect Competition
Products that are not in the same category but still compete for the same consumers’ income. E.g. Colgate toothpaste, Listerine mouthwash
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Sustainable Competitive Advantage
are long-term methods by which a business holds onto its customers, in spite of the competition
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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
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Lowering product costs
using cost-efficient manufacturing processes to reduce the costs of making the product
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Serving a niche market
recognizing an opportunity and taking advantage of it in producing a product
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Customer Loyalty
the customer develops a strong relationship with the product/retailer and will not consider another brand or store
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Non-sustainable competitive advantages
are those that can be used by competitors to shift sales in their direction (short-term)
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Promotion (non-sustainable)
advertising to achieve ‘top of mind’ awareness
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Placement (non-sustainable)
the more places the product is available, the more competitive it is. E.g. Big Box stores
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Quality
A product can compete with others in its category by being the best
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Benefits of Use
A product that can do more or perform better than another product will have a competitive advantage
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Price (non-sustainable)
is only a competitive advantage if it is less expensive than a competitor’s product or service
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Design features
A design that consumers prefer provides a product with a competitive advantage
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SWOT Analysis
Strengths, Weaknesses, Opportunities, and Threats
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Primary Data
unanalyzed, current information collected by a researcher for a specific purpose
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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
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Test marketing
marketers produce a limited quantity of a product and introduce it into test markets (stores)
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Focus group Interview
a small group of people brought together to discuss a particular product
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observation
collect information by recording the actions of the person without interacting or communicating with them
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Internal Information sources
sales, inventory, advertising, and production records
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Secondary Data
marketing research collected and published by others- E.g. Stats Canada.  Less expensive than primary data
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Types of Secondary Data

1. The Internet
2. Books
3. Periodicals-magazines & newspapers
4. Consultants
5. Databases
6. Marketing Research Professionals
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Inventions
a new product that has never been done before-Eg. Black and White TV
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Innovations
a change (eg. technology) to an invention E.g. Colour TV
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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
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Idea Generation
brainstorming whether an invention or innovation is to be done
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Idea Screening
need to look at each idea to see if it is worthwhile and choose one.
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Concept Development
designing of a prototype
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Market Strategy
conduct market research
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Feasibility Study
looks at the features and design of the product the consumers want, determine costs and a price
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Product Design
takes into consideration consumers preferences.
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Test marketing
If positive, launch product, if not, make necessary changes.
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Market Entry
product enters the product life cycle.
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Utility
what is added to a product to make it valuable to the market
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Types of utility

1. Form utility
2. Time utility
3. Place utility
4. Information utility
5. Possession utility
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Form utility
relationship between a product’s form and its function-scent, flavor, colour, design, packaging
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Time Utility
when the product or service is available when the consumer wants it (bathing suits in summer)
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Place Utility
makes it possible to purchase the product, the easier the product is to find, the more place utility it has
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Information utility
provides consumers with instructions, directions, user manuals
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Possession Utility
easy to purchase (eg. payment by credit card, payments, etc)
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Logo
generic term for all the symbolic ways to create a brand
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Monogrammatic logo
stylized writing of a company’s or product’s initials. E.g. CCM
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Visual-line logo
drawings of people, animals, or objects. E.g. Roots uses a beaver
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Abstract-shape logo
aren’t representative of identifiable objects. E.g. Nike’s swoosh.
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slogan
short, catchy phrase that is attached to the company’s name and logo
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Branding
A brand is the visual image that marketers create to allow consumers to identify their particular product or service
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Corporate-Dominant Branding
include the name of the company in the brand name or as the name of the product. E.g. Roots
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Product-Dominant Branding
connects a product with its positive attributes. E.g. Fancy Feast cat food-associates with gourmet cat food
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Marketing Skimming
setting an initial high price for a product/service
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Penetration Pricing
setting an initial low price for a product/service
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Competitive Pricing
matching prices with competitors
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Benchmark Pricing
standard price
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Leader Pricing
pricing of a popular product at a low price to attract customers to the store
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Everyday Low Pricing
where retailers guarantee to meet the lowest price in the market on certain staple goods
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Negotiated Pricing
when a good/service is purchased for less than the published price- E.g. used products
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Combo Pricing
customers get a special price on one item when they buy other items at the regular price
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Return on investment
overall revenue and profit that the sales produce
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Price Lining
selling various brands in a product line at different prices to appeal to different target markets
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Supersizing
adding volume to a low cost product to increase its selling price and profits
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Interest Free Pricing
selling products today that the customer pays for at a later date without paying an interest charge
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Psychological Pricing
selling a product for $1.99 instead of $2
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Purchase Discount
receiving a price reduction by buying in bulk
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Channels of Distribution

1. Direct
2. Indirect
3. Specialty
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Direct Distribution
product is sold directly from producer to consumer
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Indirect Distribution
use of intermediaries (importers, wholesalers, retailers-‘middle man’) which sell to consumers
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Specialty Distribution
any indirect channel that doesn’t involve a retail store (vending machine, online)
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Intensive Distribution
products sold everywhere-E.g. Coke
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Selective-control of distribution
to prevent retailers from selling product at too low a price E.g. Apple
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Exclusive Distribution
manufacturer has made a deal with one or two retailers to sell the product exclusively. Products with a prestigious image Ferrari
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Integrated
the company is the manufacturer, retailers, and distributor- IKEA
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Goals of Advertisement

1. Brand awareness
2. Brand trial
3. Brand preference
4. Brand reminder
5. Brand repositioning
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Brand Awareness
new product-‘introducing.’
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Brand Trial
e.g. free trial periods for software
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Brand Preference
convince consumers that their product is better than competition- “Leading Brand”
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Brand Reminder
established brands remind consumers to continue using product-Heinz ketchup ‘nostalgic ads’
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Brand Repositioning
looking for a new target market
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Advertising Appeals
* Biological
* Emotional
* Rational
* Social
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Advantages of TV Commercials
local reach, specific target market, little lead time (delivered immediately), portable/everywhere
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Disadvantages of TV Commericals
not enough frequency or durability (don’t last long), Clutter (change station), only audio (no visual, limited impact)
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Magazine Advantages
selectivity (delivers to specific market), durable (last for years), high quality
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magazine disadvantages
expensive, long lead time (to produce)