Term
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Definition
| "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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Term
| 5 marketing management philosophies: |
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Definition
| production concept, product concept, selling concept, marketing concept, and societal marketing concept |
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Term
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Definition
| A short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers' needs and wants. |
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Term
| Explain what customer relationship management (CRM) means: |
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Definition
| a widely implemented strategy for managing a company’s interactions with customers, clients and sales prospects. |
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Term
| What are the basic components of a marketing plan? (Our project report) |
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Definition
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Term
| What is a mission statement? |
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Definition
| a statement of the purpose of a company or organization. |
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Term
| What 3 things should be included in a good mission statement? |
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Definition
1. Key market – who is your target client/customer? (generalize if needed)
2. Contribution – what product or service do you provide to that client?
3. Distinction – what makes your product or service unique, so that the client would choose you? |
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Term
What information is included in:
A: A situation analysis
B: A SWOT analysis |
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Definition
A: * Customers
* companies
* competitors
B: Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in a project |
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Term
| Some sources of competitive advantage: |
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Definition
| the strategic advantage one business entity has over its rival entities within its competitive industry. |
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Term
| What are the 4 P's of the marketing mix? What are the 4 C's of marketing? |
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Definition
'price', 'promotion', 'product', and 'place'
*
o Commodity
o Cost
o Channel
o Communication |
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Term
| Identify several techniques that help make strategic planning effective. |
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Definition
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Term
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Definition
| Sustainability is the capacity to endure |
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Term
| Define social responsibility |
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Definition
| Social responsibility is an ethical or ideological theory that business should not function amorally but instead should contribute to the welfare of their communities. |
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Term
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Definition
| Moral principles that govern a person's or group's behavior. |
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Term
| Discuss some criticisms of marketing |
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Definition
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Term
| What factors may influence a person's ethical decision making and judgments? |
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Definition
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Term
| What is a code of ethics? |
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Definition
| a set of guidelines which are designed to set out acceptable behaviors for members of a particular group, association, or profession. |
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Term
| Discuss various business actions toward socially responsible marketing. |
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Definition
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Term
| What is a marketing information system? |
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Definition
| "system in which marketing data is formally gathered, stored, analysed and distributed" |
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Term
| Describe the steps in the marketing research process. |
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Definition
Step 1: Problem Definition
Step 2: Development of an Approach to the Problem
'Step 3: Research Design Formulation'
Step 4: Field Work or Data Collection
Step 5: Data Preparation and Analysis |
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Term
| What is the difference between primary data and secondary data? |
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Definition
Primary research entails the use of immediate data in determining the survival of the market.
In secondary data, information relates to a past period. |
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Term
| Identify and define different types of primary research. |
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Definition
| surveys, interviews, observations |
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Term
| Define 2 basic sampling techniques. |
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Definition
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Term
| List and describe the 5 steps in the consumer purchase decision process. |
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Definition
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Term
Explain the terms:
A: evaluative criteria
B: consideration set |
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Definition
A: features of a supplier, product, etc. considered by a buyer when choosing between alternatives;
B: Consideration set is the subset of brands that consumers evaluate when making a purchase decision. |
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Term
| What does cognitive dissonance mean? |
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Definition
| Cognitive dissonance is a discomfort caused by holding conflicting cognitions. |
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Term
| What are 3 types of consumer buying decisions? |
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Definition
* Economic models - These models are largely quantitative and are based on the assumptions of rationality and near perfect knowledge. The consumer is seen to maximize their utility. See consumer theory. Game theory can also be used in some circumstances.
* Psychological models - These models concentrate on psychological and cognitive processes such as motivation and need recognition. They are qualitative rather than quantitative and build on sociological factors like cultural influences and family influences.
* Consumer behaviour models - These are practical models used by marketers. They typically blend both economic and psychological models. |
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Term
| Discuss how the marketing mic influences a consumer's purchase decision. |
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Definition
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Term
| Describe factors influencing consumer behaviour. |
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Definition
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Term
| Draw and explain Maslow's Heirarchy of Needs. |
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Definition
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Term
| Opinion leaders, reference groups, and family. Influence consumer behaviour in what way? |
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Definition
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Term
| What does derived demand mean? |
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Definition
| demand for one good or service occurs as a result of the demand for another intermediate/ final good or service. |
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Term
| Explain the stages of the business buying process. |
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Definition
1. Problem
Recognition
2. General Need
Description
3. Product
Specification
4. Supplier Research
5. Proposal Solution
6. Supplier Selection
7. OrderRoutine
Specification
8. Performance
Review |
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Term
| Explain some of the major differences between business and consumer markets. |
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Definition
| business marketing generally entails personal and more direct channels of distribution. |
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Term
| What is a buying unit or buying centre? Describe the different roles in a buying unit. |
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Definition
is a group of employees, family members, or members of any type of organization responsible for finalizing major decisions, usually involving a purchase.
1. Initiator who suggests purchasing a product or service.
2. Influencers who try to affect the outcome decision with their opinions.
3. Deciders who have the final decision.
4. Buyers who are responsible for the contract.
5. End users of the item being purchased.
6. Gatekeepers who control the flow of information. |
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Term
| What is the difference between a straight rebuy, a modified rebuy, and a new rebuy? |
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Definition
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Term
| Explain what market segmentation means. |
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Definition
| To divide a market by a strategy directed at gaining a major portion of sales to a subgroup in a category, rather than a more limited share of purchases by all category users. |
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Term
| Be able to draw and explain a market segmentation grid. |
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Definition
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Term
| outline and explain the steps in a segmentation market |
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Definition
Identify the target market
Identify expectations of Target Audience
Create Subgroups
Review the needs of the target audience
Name your market Segment
Marketing Strategies
Review the behavior
Size of the Target Market |
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Term
| What is the difference between undifferentiated and differentiated marketing? |
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Definition
| Differentiated marketing aims to create a highly specialized product or service that appeals to a smaller group of people. |
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Term
| What are the two approaches to product positioning? |
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Definition
Re-positioning involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
De-positioning involves attempting to change the identity of competing products, relative to the identity of your own product, in the collective minds of the target market. |
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Term
| Draw and explain a perceptual positioning map. |
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Definition
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