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What is Marketing

The sum total of all the activities involved in getting goods and services from the original producer to the ultimate consumer

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72 questions
What is Marketing
The sum total of all the activities involved in getting goods and services from the original producer to the ultimate consumer
Six Marketing Activities:
Market research: Finds or collects data to help solve marketing problems. Use market research to find out questions such as; Where do I source my used product, what will people buy, what do they like, what do the need, how will I tell my potential customers about what I make, should I advertise?if so where, where should I sell my products, who else is making similar products Product development: The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche. Pricing: Add together your total direct materials costs, your total direct labor costs and your total manufacturing overhead costs that you incurred during the period to determine your total product costs. Divide your result by the number of products you manufactured during the period to determine your product cost per unit. Advertising and Promotion: Ad outlines the features and benefits of the product, such as: unique and creative designs, <ade from recycled fabric and, therefore, environmentally friendly, canadian made, effective Sales: Sale methods including; Selling at popular product shows, selling products to retailers, opening your own store, selling online Logistics: The management of the flow of goods and services both into and out of an organization; consisting of transportation, inventory management, warehousing and storage, and packaging.
How does a Business Make a Profit
Selling their product for more than it cost to make
One word to Describe the best Measure of Marketings Success
-B- Believable -R- Relevant -A-Adaptable -N- Numerically based -D- Differentiated
What is International Marketing
The International Marketing is the application of marketing principles to satisfy the varied needs and wants of different people residing across the national borders. Simply, the International Marketing is to undertake the marketing activities in more than one nation.
Four P’s of International Marketing
Product Place Price promotion
Ways a product might be modified to make it more suitable for a foreign market
Package and weight (I.E. Canadian metric system weighted products shipped to U.S. which uses Imperial system) Package colours might be changed based on the cultural preferences of the other countries Legal requirements (I.E. If the packaging is considered environmentally unfriendly, or if the fee structures cost an exporter more than the packaging alone Labelling requirements (I.E. In california cars must have a label that provides consumers with the vehicles global warming score Language requirements (I.E. translated from English to the language of that country as well as languages that may appear in that country)
Name Two Global Style Capitals
Paris, London, New York
Why would Hockey Jerseys Not Sell Well in London, England
Because Londoners are not generally familiar with hockey
Five methods a Business could use to enter a Foreign Market
Trade shows: Branch Plants- costs are lower, Import regulations and tariffs are no longer an issue, Product modifications are easier Sales Agent E-Commerce E-Distribution
What are three types of Licensing Agreements
Manufacturing Agreements Distribution Agreements Franchising Agreements
The Role of a Foreign Sales Agent
Person acting as a foreign representative for a local business. An individual or firm that serves as a foreign representative for a domestic supplier and seeks sales in the foreign country for the supplier
At What Point Would a Manufacturing Company need to Consider a Branch Plant in One or More of its Foreign Markets?
If they would like to reduce shipping costs To ensure that Import regulations and tariffs are no longer issues And to make product modifications easier
Three Ways to Advertise and Promote your Product in Foreign Countries
Using Existing Ads Translating Ads Creating New Ads
Reasons for Recent Growth in International Business
Saturation of Domestic Markets. ... Opportunities in Foreign Markets. ... Availability of Low Cost Labor. ... Competitive Reasons. ... Increased Demands. ... Diversification. ... Reduction of Trade Barriers. ... Development of communications and Technology.
Competitive Advantages
Lower costs of production Lower distribution costs Product differentiation Brand equity
Definition of Ethnocentrism
Ethnocentrism is a belief that your own culture, values, beliefs, and customs represent the right way of doing things, and that value systems of other countries are not important
What is Demographic Information
The statistical data about various characteristics of a countries or groups population
Three Types of Demographic Information
Age Gender Family Life Cycle
What is Discretionary Income
The money left over from your salary or wages after you have paid all of your essential living expenses
What is Thorndike’s Theory of Motivation
States that people are driven to do things for one of two reasons: Either to avoid pain or to gain pleasure
Why aren’t Baby SHower’s a Traditional Custom in Japan
It is considered bad luck in Japan to give a child a gift before it is born
What is “Face” in CultureJapanese
The ability to face others without embarrassment, and to have others think very well and highly of you
What Crucial Question Should a Business Ask Regarding a Foreign Competitive Market if it Wants to Sell a Product or Service Them
Why would a consumer in that country want to buy your product when there are several products that are as good or better than yours?
Two Types of Competition:
Direct Competition Indirect Competition
What is Meant by Economies of Scale
Economies of scale suggests that the more products you can make in one factory, using the same labour and other overhead costs, the cheaper each unit will be to make
Three Ways That One Product Can Differentiate Itself from Another
Brand Equity Lower Distribution Costs Lower Costs of Production
Three Canadian Businesses and Their Direct U.S. Competitors
Boston Pizza - Pizza Hut Harvey’s - Wendy’s Rona - Home Depot
Two Ways Canadians Know About American Businesses that are not in Canada
Canadians travelling across the border Television Advertisements
Three Trade Shows that Canadian Businesses can Attend to find out about the Global Market for their Product
Bursa Baby and kidswear fair Baby world (Trade show) World of Children (Trade show)
Main purpose of Marketing
A guiding purpose of marketing is to identify the specific goals and needs of customers and to guide the creation of products or services to fulfill them
Reasons for recent growth in INternational Business
Saturation of Domestic Markets. ... Opportunities in Foreign Markets. ... Availability of Low Cost Labor. ... Competitive Reasons. ... Increased Demands. ... Diversification. ... Reduction of Trade Barriers. ... Development of communications and Technology
What is Logistics
Logistics is the process of planning and executing the efficient transportation and storage of goods from the point of origin to the point of consumption. The goal of logistics is to meet customer requirements in a timely, cost-effective manner
Three Types of Logistics
Military Logistics Production Logistics Business Logistics
In terms of logistics, why did napoleans russian campaign fail
Napoleon had prepared six thousand supply vehicles for the russian campaign. These vehicles were to maintain a forty day supply of food and water. This supply train, however, was never intended for the invasion of moscow. The retreating russian armies were too tempting for napoleon, though, and he pursued them dar beyond the reach of his supply wagons
Two ways rockstar north uses logistics
Must arrange for shipping to its other global markets Must arrange copies of GTA to be distributed across north american game stores
How do production Logistics help Manufacturing Businesses
Ensures that each machine and workstation in a plant has the right material in the right quantity and quality at the right point in time
What is meant by the supply chain
A supply chain is comprised of all the businesses and individual contributors involved in creating a product, from raw materials to finished merchandise. ... Examples of supply chain activities include farming, refining, design, manufacturing, packaging, and transportation.
Links in the Supply Chain:
Inventory management Storage Cash flow Supplier coordination Information Processing Physical distribution
What is third party logistics, and what is its purpose
Third-party logistics (abbreviated as 3PL, or TPL) in logistics and supply chain management is an organization's use of third-party businesses to outsource elements of its distribution, warehousing, and fulfillment services.
How do Point of Sale terminals help inventory management in a retail store?
The terminal records the code or stock number on each of the stores stock-keeping units.
How does Just In Time Inventory Control reduce the need for storage space?
Require suppliers to make and ship what either the factory or retailer requires quickly enough so that the goods and materials arrive at the workstation
Purposes of cash flow management
Cash flow management within the supply chain involves negotiating payment terms, setting up the method of payment and arranging any change of fins across the links of the supply chain
Five reasons for the increase in the complexity and speed of business across the global supply chain
International competition, rapid fluctuations in the Canadian dollar, Increases in the price of oil, enhanced border security, and growth of outsourcing
Two Categories of physical distribution
Inbound Distribution Outbound Distribution
What is the FOB Point
FOB is the short form term for Free On Board (or Freight on Board) and roughly translates to mean that the cost of the product being delivered to the nearest port is included in the purchase price, but the purchaser is liable to pay the shipping costs from that port.
What do the following acronyms stand for:
CIF: Cost insurance and freight CFR: Cost and Freight CIP: Carriage and Insurance Paid to DDU: Delivery Duty Unpaid DDP: Delivery Duty Paid
The selection of a carrier depends upon what five factors
What is being shipped Weight of the shipment Speed of delivery required Cost of the carrier Destination of the shipment
Four major methods of transportation
Rail Disadvantages: Slower and limited range of where trains can go Advantages: Very feasible for bulk transports over long distances and is much cheaper than truck transport Ocean Freight Disadvantages: Landlock (Nations without a coastline), quite slow Advantages: Inexpensive Air Freight Disadvantages: Very expensive, weight restrictions Advantages: Very fast Containerization Advantages: Easy to handle, most efficient and economical to ship
Why would a company decide not to use an ocean freighter to ship its product
It is slow and requires the shipper to involve at least one other carrier in the physical distribution process as shipments cannot go door to door
What are the five supply chain issues that might affect international shipments
Reliability of sources Oil Prices Unstable political Climate Piracy Optimization
Where is the most pirate activity centred
Mostly centred off the coast of Somalia
Optimization Definition
The action of making the best or most effective use of a situation or resource.
What assistance does the Canadian Trade Commissioner Service Provide
The Trade Commissioner Services helps companies that are looking to export, invest abroad, attract investment abroad or develop innovation and R&D partnerships. They provide advice on marketing strategies and up to date market and sector information to help smooth a Canadian company's path to doing business abroad.
What is the Canadian Trade Index
Is a buyer's guide to the products of more than thirty thousand verified industrial companies in Canada
Role of a Customs Broker
Expert in navigating the complicated rules and regulations that apply to items being imported into canada
What is Canadian Company Capabilities
A centrally maintained, current, searchable database of sixty thousand canadian businesses that includes hundreds of specialized manufacturing, service, and product-specific business directories and business profiles that contain comprehensive information on contacts, products services, trade experience, and technology
Describe five responsibilities of the Canada Border Services Agency:
Protecting food safety, plant and animal health, and Canada’s resource base Promoting Canadian business and economic benefits by administering trade legislation and trade agreements to meet Canada’s international obligations Enforcing trade remedies to protect Canadian industry from the effects of dumped and subsidized imported goods Promoting Canadian interests in various international forums and with international organizations Collecting applicable duties and taxes on imported goods
Globalization: GOOD AND BAD
GOOD: Outsourcing, Lower prices, improved human rights, increased productivity, innovation, Better jobs, increased BAD: Lost canadian jobs, Fear of job loss, Loss of canadian productivity, exploitation of cheap labour, increased pollution, unhealthy products, spread of disease, increase in the income gap, Influence of multinational corporations on governments
Canada’sCanada’s Global Challenge Global Challenge
Canada's global challenge in the twenty- first century is to maintain or better its standard of living. Maintaining a good standard of living will help Canada retain and attract talented, educated people who will maintain and increase our productivity as a nation
Issues in the Supply Chain
International complexity, environmental changes, economic pressures and trade disputes all put pressure on the supply chain. Increased costs throughout the supply chain network such as: Rising price of fuel to transport goods by road, sea or air Increasing commodity prices raising the cost of raw materials Higher labor costs from suppliers and manufacturers Complex international logistics leading to higher charges for storage, transfer and management of products
Importance of Education and Innovation throughout the World
Innovation in education encourages teachers and students to explore, research and use all the tools to uncover something new. It involves a different way of looking at problems and solving them. ... Innovation improves education because it compels students to use a higher level of thinking to solve problems