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2013-10-27 18:17:37

Marketing Terms
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  1. Marketing Environmental Scan
    the process of continually acquiring information on events occurring outside an organization to identify trends, opportunities, and threats to a business
  2. 6 key areas of focus (for marketing scan)
    • 1. demographic forces
    • 2. socio-cultural forces
    • 3. economic forces
    • 4. technological forces
    • 5. competitive forces 
    • 6. regulatory forces
  3. Demographics
    • the statistical data on a population according to characteristics such as:
    • gender
    • age
    • ethnicity
    • income
    • education
    • occupation
  4. Generation X
    people born between 1965 and 1974
  5. Generation Y
    • also known as the millennials
    • 1975-1991
  6. Generation Z
    • aka the net generation
    • born after 1992
  7. Socio-cultural forces
    • culture values
    • ideas
    • attitudes
    • society's morals and beliefs
  8. economy
    the collective income, expenditures, and resources that affect the cost of running a business or a household
  9. inflation
    a period when the cost to produce and buy products and services gets higher as prices rise
  10. Disposable Income
    balance of income left after paying taxes; income that is used for spending and saving
  11. discretionary income
    Money that consumers have left after paying taxes and buying necessities
  12. You want to purchase a vacation package. Would this come out of your
    disposable income or your discretionary income
    Discretionary income; money that consumers have left after paying taxes and buying necessities
  13. what is a direct competitor?
    similar products sold in the same category (corn)
  14. what is an indirect competitor?
    products competing for the same buying dollar in a slightly different, but related category. 

    Ex. Pizza looks at a direct competitor such as Dominos, but should not ignore an indirect competitor such as Swiss Chalet (fast food business), or Delissio Pizza.
  15. Perfect competition
    type of competition where there are many sellers with nearly identical products and little differentiation.

    Ex. grains, vegetables or coal (commodities)
  16. Monopolistic Competition
    types of competition where a large number of sellers compete with each other, offering customers similar or substitute products

    Ex. Blue jeans.
  17. the dissemination of unsolicited electronic messages to recipients that have not requested them
  18. Consumer Behaviour
    Actions a person takes when purchasing and using products and services
  19. Purchase Decision process
    stages that a buyer passes through when making choices about which products or services to buy
  20. 5 stages of purchase decision process?
    • 1) problem recognition
    • 2) information search
    • 3) alternative evaluation
    • 4) purchase decision
    • 5) post-purchase behaviour
  21. the energizing force that stimulates behaviour to satisfy a need
  22. A persons character traits that influence behavioural responses
  23. Anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase
    perceived risk
  24. Behaviours that result from repeated experience or reasoning
  25. Brand Loyalty
    Favourable attitude toward and consistent purchase of a single brand over time
  26. Tendency to respond to something in a consistently favourable or unfavourable way
  27. consumer's perceptions of how a product or brand perform
  28. individuals who have social influence over others
    opinion leaders
  29. a group of people who influence a person's attitudes, values and behaviour
    reference group
  30. A set of values, ideas, and attitudes that are learned and shared among the members of a group
  31. subgroups within a larger culture that have unique values, ideas, and attitudes
  32. Norms and expectations about the way people do things in a specific country or culture
  33. socially preferable modes of conduct or states of existence that tend to persist over time
  34. objects, ideas, or processes that represent a particular group of people or society
    cultural symbols
  35. Retranslating a word or phrase back into the original language by a differnt interpreter to catch errors
    Back translation
  36. Define: 
    Customer Value
    The unique combination of of benefits received by targeted consumers that includes quality, price, convenience, delivery, and both before-sale and after-sale service.
  37. 4 P's of the marketing mix?
    • Product
    • Price
    • Place
    • Promotion
  38. Define:
    Target Market
    The specific group of existing and potential consumers to which marketers direct their marketing efforts
  39. The elements of the Marketing Mix
    • Product
    • Price 
    • Place
    • Promotion
  40. Define:
    Attributes that make up a good, a service, or an idea, including product design, features, colour, warranty, and service levels
  41. 3 steps of the Marketing Process:
    • 1) Identifying consumer needs
    • 2) managing the marketing mix to meet these needs
    • 3) realizing profits
  42. What is the difference between a product and a good?
    A product can be tangible and intangible, meaning it is a good, a service, or an idea

    A good is something tangible, a product you can own and touch.
  43. An intangible product
    A service or an idea
  44. A concept that typically loos for support (intangible)
  45. Define:
    potential consumers with both the willingness and ability to buy
  46. The evolution of business philosophies includes these 4 stages:

    see page 13
    • 1)product orientation
    • (up until 1930, focused on manufacturing)

    • 2)Sales orientation:
    • (1930-1960;selling as many products as possible)

    • 3) Marketing Orientation
    • (1960-1990)

    4)Relationship Marketing Orientation
  47. Customer Relationship Management
    The overall process of building and maintaing profitable customer relationships by delivering superior customer value and satisfaction
  48. List some product elements:
    • product design
    • Product feature
    • colour
    • packaging 
    • warranty
    • service levels
  49. 2 areas of relationship marketing:
    • Customer Relationship Marketing
    • Corporate Social Responsibility
  50. The marketing environmental scan evaluates these 6 forces:
    • Demographic Forces
    • Socio-Cultural forces
    • Economic Forces
    • Regulatory Forces
    • Competitive Forces
  51. Characteristics included in demographics:
    • gender
    • age
    • ethnicity
    • income
    • education
    • occupation
  52. 1946-1964 is there era of ______________
    Baby boomers
  53. People born between 1965 and 1974
    Generation X
  54. People born between 1975 and 1991
    Generation Y
  55. People born after 1992
    • Generation Z
    • also known as the net generation
  56. This generation is also known as the "millennials"
    • People born between 1975 and 1991
    • Generation Y
  57. Characteristics of Socio-cultural forces
    culture values, ideas and attitudes, as well as society's morals and beliefs
  58. Characteristics of Economic forces
    the collective income, expenditures, and resources that affect the cost of running a business or a household
  59. The supply and demand of goods and services acts as a ________ force
    microeconomic force
  60. Define:
    Gross income
    the total amount of money made in one year by a person, household, or a family including taxes
  61. Define: 
    Disposable income
    • after-tax income that consumers have left for spending and saving.
    • Typical purchases for rent, clothing, and transportation.
    • Necessities
  62. Define:
    Discretionary income
    • this is the after-tax income a consumer has left after paying for necessities.
    • This income is used for purchased that are NOT a necessity 
    • Movie, eating at a restaurant, or going on a vacation
  63. This type fo competitor sells similar products in the same category. 
    Ex. Coke vs Pepsi
    Direct competitor
  64. This type of competitor sells products competing for the same buying dollar in a slightly different, but related category

    Ex. Pizza Hut vs Swiss Chalet
    Indirect Competitor
  65. Type of competition that occurs when a few companies control a market
  66. When a consumer examines only one brand, one product attribute, no external information sources are used, and time spend on searching is at the minimal...there is _______ consumer involvement
    • Low
    • Routine-problem solving 
    • See pg. 59
  67. Five situational influences have an impact on your purchase decision process:
    • 1) The purchase Task
    • 2) Social Surrounding 
    • 3) Physical Surrounding
    • 4) Temoral Effects
    • 5) Antecedent states
  68. some consumers may be frugal shoppers when it comes to purchasing products for themselves, but may spend lavishly if the product is a gift for a friend

    is an example of what situational influence?
    Purchase task

    -the reason for engaging in the decision in the first place
  69. When two women shop together, they spend more time in the store together than they would if they were alone

    is an example of what situational influence?
    Social surrounding
  70. The time of day, or the amount of time available, will influence where consumers have breakfast and lunch and what is ordered

    what situational influence pertains to this?
    Temporal effects
  71. The consumer's mood, or cash on hand can influence the purchase decision. 

    A consumer who procrastinated buying a gift may choose one in a hurried state but may regret the purchase. If that consumer didn't wait until the last minute, a more satisfying product may have been purchased instead. 
    Antecedent State