Untitled Flashcards Set

An organization needs:

• Purpose & Direction (called “mission”)

• Goals & objectives ✔

  • Goals: overall outcomes (ex. Become #1 in the industry)

  • Objectives: Specific, measurable actions (ex. Sell x hamburgers, hire y employees)

Marketing: Managing relationships to attract & keep customers by delivering value & satisfaction ✔

Managing System: Identify, anticipate, & satisfy customer needs - (Chartered institute of marketing) ✔

Business exist to: satisfy customer needs & make profit 

💡You can’t do one without the other! 

Marketing Key Points: ✔

• Focus on customers (who is the customer?)

• Segmentation: Divide the market

• 4Ps: Product, Price, Place, Promotion

• Research: Discover what customers want

Marketing Concept (Philip Kotler): Direct resources toward serving customers’ needs (Customer Focus) ✔

Target Markets: Specific groups with similar needs & wants (Ideal Customers) ✔

Market Segmentation: Grouping people with similar traits or needs

4 TYPES: ✔

• Geographic: Where people live (ex. Petro Canada)

  • Regions: Alberta vs. Quebec

  • Rural vs. Urban

  • Climate: Hot vs. Cold

• Demographic: External traits of people (ex. Luxury hotels target higher-income customers)

  • Age: <5, 5-11, 12-19, etc.

  • Gender: Men vs. women

  • Race: White, Black, East/South Asian

  • Socio-economic status: Income, education

• Psychographic: Internal traits (ex. Charities target specific beliefs)

  • Beliefs: Religious vs. non-religious

  • Values: Political views

  • Motivations: Meteralist vs.conservationist 

• Behavioural: Actions based on situations (ex. Companies offer rental gowns)

  • Occasions: Weddings, graduations

Example of combined segmentation:

• Nike -> Sells athletic shoes & apparel

  • Inspires anyone with a body to be an athlete

Once the target is identified, managers must create products that:

• Product -> Have features people want

• Price -> Are affordable for customers

• Promotion -> People know about

• Place -> Are easy to buy

Marketing Mix ->

How to discover customer needs?

💡 Ask them!

📊 Study customers systematically to understand their needs and how to meet them

Why do market research?

• Understand customers

• Find out if a market exists

• Improve business decisions
  
  

Secondary vs. Primary Research ✔

• Secondary Research -> Uses existing info

  • Books, websites, gov. Data (ex. Statistics Canada)

  • Answers: What do we already know?

  • Doesn’t Answer: Is there demand for your product?

• Primary research -> Collects new info

  • Surveys, interviews, focus groups

  • Answers: What do customers want?

Observation vs. Communication ✔

• 👀 Observation (Watching People)

• ✅ What it means: You quietly watch how people behave without questioning

• ✅ EXAMPLE: A coffee shop owner watches which drinks customers buy the most

  • ✔ No one can influence the answers -> people just act naturally

  • ❌ Can’t ask “why?”

• Communication (Talking to People)

• ✅ What it means: You ask people questions about their preference

• ✅ EXAMPLE: A business owner asks, “What do you like about our coffee?”

  • ✔ Can ask “Why?” & get feedback

  • ❌ People might not tell the truth. Say what you might want to hear.

Quantitative vs. Qualitative Data ✔

📊 Quantitative (Numbers & Stats)

• 60% prefer this

• $7.95 average price

💬 Qualitative (Ideas & Opinions)

• Why do people like it?

• What emotions does it create?

Research Methods: Pros $ Cons ✔

• 📮 Postal Surveys

  • ✔Low cost, no bias

  • ❌Slow, low response rate

• 📞Telephone Surveys

  • ✔Can target the right people

  • ❌Time-consuming, low response

• 🚶Street Interviews

  • ✔See reactions

  • ❌Bias, labour-intensive

• 💻Internet Surveys

  • ✔Fast, cheap, easy

  • ❌Only certain groups respond

• 👥Focus Groups

  • ✔Deep insights -> typically 6-10 participants’

  • ❌Small sample size