Flashcard 1
Q: What is marketing?
A: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers while managing customer relationships to benefit the organization and its stakeholders.

Flashcard 2
Q: What are the five forces that constitute the external marketing environment?
A: 1) Competitors, 2) Customers, 3) Suppliers, 4) Regulatory Agencies, 5) The Economy.

Flashcard 3
Q: How is value defined in marketing?
A: Value is defined as the ratio of benefits received to the costs incurred: Value=BenefitsCosts\text{Value} = \frac{\text{Benefits}}{\text{Costs}}Value=CostsBenefits​.

Flashcard 4
Q: What factors contribute to the benefits of a product?
A: Benefits include the product's functional advantages and emotional satisfaction associated with ownership or usage.

Flashcard 5
Q: Name four strategies companies use to increase customer value.
A: 1) Develop innovative products, 2) Extend store hours, 3) Implement price reductions, 4) Provide information on alternative uses for products.

Flashcard 6
Q: What are the four types of utility created by marketing?
A: 1) Form Utility, 2) Time Utility, 3) Place Utility, 4) Possession Utility.

Flashcard 7
Q: What is form utility?
A: Form utility involves designing products with features that customers want, such as enhanced technology or improved functionality.

Flashcard 8
Q: Explain time utility in marketing.
A: Time utility is created by ensuring that products are available when customers want them, often using marketing strategies that generate anticipation.

Flashcard 9
Q: What is place utility?
A: Place utility is achieved by making products available in convenient locations for customers, such as online platforms and retail stores.

Flashcard 10
Q: Describe possession utility.
A: Possession utility involves transferring ownership to customers through pricing strategies, payment terms, and documentation.

Flashcard 11
Q: Differentiate between consumer goods and industrial goods.
A: Consumer goods are tangible items bought for personal use (B2C), while industrial goods are physical products used by companies to produce other goods (B2B).

Flashcard 12
Q: What is service marketing?
A: Service marketing focuses on promoting intangible offerings such as consulting, healthcare, and hospitality services.

Flashcard 13
Q: What is relationship marketing?
A: Relationship marketing emphasizes building lasting relationships with customers and suppliers to enhance satisfaction, loyalty, and retention.

Flashcard 14
Q: What does customer relationship management (CRM) entail?
A: CRM is an organized method that businesses use to improve connections with clients, utilizing customer data to predict preferences and buying behavior.

Flashcard 15
Q: What are data warehousing and data mining?
A: Data warehousing compiles customer information for analysis, while data mining automates the analysis of large data sets to uncover patterns in consumer behavior.

Flashcard 1
Q: What influences marketing strategies?
A: External forces such as political, sociocultural, technological, economic, and competitive factors.

Flashcard 2
Q: How does the political-legal environment affect marketing?
A: Government regulations and political activities impact industry operations and product markets.

Flashcard 3
Q: What trends have emerged in the sociocultural environment?
A: Increased consumer demand for organic foods and healthier options, prompting product innovation.

Flashcard 4
Q: What role does technology play in marketing?
A: Technology creates new products, alters consumer behaviors, and can render existing products obsolete.

Flashcard 5
Q: How do economic conditions influence marketing plans?
A: Economic variables like inflation and recessions affect consumer spending and must be monitored by marketers.

Flashcard 6
Q: What types of competition do marketers face?
A: Substitute products, brand competition, and international competition.

Flashcard 7
Q: What is the purpose of a marketing plan?
A: To outline marketing objectives and strategies for reaching target markets effectively.

Flashcard 8
Q: What are the components of the marketing mix?
A: Product, Price, Place, and Promotion.

Flashcard 9
Q: What is product differentiation?
A: Creating distinct features or images for a product to make it stand out from competitors.

Flashcard 10
Q: Why is pricing considered a balancing act?
A: Prices must cover costs while remaining attractive to consumers, requiring careful strategy.

Flashcard 1
Q: What is market segmentation?
A: Market segmentation is the process of dividing a market into distinct categories of customer types or "segments" based on shared characteristics.

Flashcard 2
Q: Why is market segmentation important for marketers?
A: It allows marketers to tailor their strategies to specific groups of consumers with similar needs and interests, enhancing the effectiveness of their marketing efforts.

Flashcard 3
Q: What are the two main strategies companies may adopt after identifying market segments?
A: Some firms target multiple segments with different offers, while others focus on a narrow range of products aimed at a specific segment.

Flashcard 4
Q: Define product positioning.
A: Product positioning involves fixing, adapting, and communicating the nature of a product to establish its place in the market relative to competitors.

Flashcard 5
Q: List the five important segmentation approaches.
A: 1. Demographic segmentation
2. Geographic segmentation
3. Geo-demographic segmentation
4. Psychographic segmentation
5. Behavioral segmentation

Flashcard 6
Q: What factors are considered in demographic segmentation?
A: Characteristics such as age, income, gender, ethnic background, marital status, race, religion, and social class.

Flashcard 7
Q: How does geographic segmentation affect marketing strategies?
A: It considers the geographical units that influence buying decisions, such as climate, urban vs. rural settings, and regional preferences.

Flashcard 8
Q: Explain geo-demographic segmentation.
A: It combines geographic and demographic traits to create more precise market definitions, such as targeting Young Urban Professionals.

Flashcard 9
Q: What does psychographic segmentation focus on?
A: It focuses on consumers' lifestyles, opinions, interests, and attitudes, helping to understand motivations behind purchasing decisions.

Flashcard 10
Q: What is behavioral segmentation?
A: Behavioral segmentation divides a market based on consumer knowledge, use, or response to a product, including factors like usage rate and brand loyalty.

Flashcard 1
Q: What are the three categories of organizational markets in B2B marketing?
A: 1. Industrial markets
2. Reseller markets
3. Government and institutional markets

Flashcard 2
Q: How do B2B markets compare to consumer markets in terms of sales?
A: B2B markets account for more than twice the sales amount of consumer markets.

Flashcard 3
Q: What is the estimated value of B2B sales in the United States?
A: Approximately $8 trillion.

Flashcard 4
Q: Describe the industrial market.
A: The industrial market includes businesses that buy goods to convert into other products or use up during production, such as manufacturers and farmers.

Flashcard 5
Q: Give an example of the industrial market.
A: Computer manufacturers purchasing microchips and plastics to create consumer products.

Flashcard 6
Q: What is the reseller market?
A: The reseller market consists of intermediaries, including wholesalers and retailers, that buy and resell finished goods to consumers.

Flashcard 7
Q: Provide an example of a company in the reseller market.
A: Coast Distribution System, which distributes parts and accessories for pleasure boats.

Flashcard 8
Q: What is the role of the government and institutional market?
A: This market includes federal, provincial, and municipal governments, as well as non-governmental organizations that purchase supplies and services.

Flashcard 9
Q: How much did the Canadian federal government spend in 2020?
A: An estimated $303.6 billion.

Flashcard 10
Q: Describe B2B buying behavior compared to consumer buying behavior.
A: B2B buying behavior often involves long-term relationships and large quantities, whereas consumer buying is typically short-lived and less formal.

Flashcard 11
Q: What motivates organizational buyers in their purchasing decisions?
A: Decisions are based on rational motives such as performance, cost, efficiency, and maintenance costs.

Flashcard 12
Q: What distinguishes B2B buyers from consumers in terms of knowledge and professionalism?
A: B2B buyers are often specialized, well-informed, and professional in their purchasing decisions.

Flashcard 1: Q: What are the two main fields of accounting? A: Financial accounting and managerial accounting.

Flashcard 2: Q: Who are the primary users of financial accounting information? A: External users such as consumers, unions, shareholders, and government agencies.

Flashcard 3: Q: What is the primary focus of managerial accounting? A: Internal users such as managers and employees for decision-making and planning.

Flashcard 4: Q: What are the three historical accounting designations in Canada? A: Chartered Accountant (CA), Certified General Accountant (CGA), Certified Management Accountant (CMA).

Flashcard 5: Q: What designation do all accounting professionals in Canada now refer to? A: Chartered Professional Accountant (CPA).

Flashcard 6: Q: Name three common services provided by CPAs. A: Auditing, tax services, and management consulting services.

Flashcard 7: Q: What does the auditing process ensure? A: Compliance with accounting rules and examination of financial records.

Flashcard 8: Q: What is the accounting cycle? A: A six-step process for analyzing financial reports, including data analysis, journal entry, ledger updates, trial balance preparation, financial statement creation, and statement analysis.

Flashcard 9: Q: What is forensic accounting? A: A field focused on investigating financial discrepancies and fraud.

Flashcard 10: Q: What is the purpose of tax services provided by accountants? A: To help clients with tax return preparation and tax planning to optimize liabilities.

Flashcard Set: The Accounting Equation

• Q: What is the accounting equation? A: Assets = Liabilities + Owners’ Equity

• Q: What are assets? A: Economic resources expected to benefit the owner; includes current, fixed, and intangible assets.

• Q: What is the difference between current and long-term liabilities? A: Current liabilities are due within one year, while long-term liabilities are due beyond one year.

• Q: How is owners’ equity calculated? A: Owners’ Equity = Assets - Liabilities

Flashcard Set: Financial Statements

• Q: What is the purpose of a balance sheet? A: To provide a snapshot of a company's financial position at a specific point in time.

• Q: What does the income statement show? A: Revenues and expenses over a period, resulting in net income or loss.

• Q: What are the three main components of the statement of cash flows? A: Cash flows from operations, investing, and financing.

Flashcard Set: The Budget

• Q: What is a budget? A: An internal financial statement estimating future receipts and expenditures for a specific period.

• Q: Why is budgeting important? A: It aids in planning and controlling financial performance by comparing actual results to budgeted amounts.

• Q: How do companies use budgets? A: Companies prepare budgets based on projections from sales and other departments to guide financial decision-making.