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actually making goods or performing services

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Production

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is the extent to which a firm fulfills a customer's needs, desires, and expectations.

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Customer Satisfaction

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the development and spread of new ideas, goods, and services.

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Innovation

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is the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.

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Marketing

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when each family unit produces everything it consumes - there is no need to exchange goods and services and no marketing involved.

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Pure subsistence economy

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is a social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society.

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Macro-Marketing

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which means that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down.

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Economies of scale

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are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.

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Universal functions of marketing

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means looking for and evaluating goods and services.

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Buying function

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involves promoting the product. Uses: personal selling, advertising, customer service, and other direct and mass selling methods.

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Selling function

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means the movement of goods from one place to another.

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Transporting Function

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involves holding goods until customers need them

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Storing function

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involve sorting products according to size and quality. Makes buying and selling easier by reducing the need for inspection and sampling.

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Standardization and grading

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provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.

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Financing

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involves bearing the uncertainties that are part of the marketing process.

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Risk Taking

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involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas.

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Market information function

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someone who specializes in trade rather than production - plays a role in the exchange process.

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Intermediary

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firms that facilitate or provide one or more of the marketing functions other than buying or selling. Include: advertising agencies, marketing research firms, independent product-testing laboratories, internet service providers, public warehouses, transporting firms, communications companies, and financial institutions(including banks)

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Collaborators

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refers to exchanges between individuals or organizations - and activities that facilitate these exchanges - based on application of information technology

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E-commerce

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the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.

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Economic System

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government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why."Planned Economies"

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Command economy

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the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

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Market-directed economy

question

a time when families traded or sold their "surplus" output to local distributors. Early role of marketing

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Simple Trade era

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is a time when a company focuses on production of a few specific products - perhaps because few of these products are available in the market. "If we can make it, it will sell"

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Production Era

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a time when a company emphasizes selling because of increased competition.

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Sales Era

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a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm's activities.

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Marketing Department Era

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is a time when in addition to short run marketing planning, marketing people develop long-range plans - sometimes five or more years ahead- and the whole company effort is guided by the marketing concept.

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Marketing Company Era

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means that an organization aims all its efforts at satisfying its customers - at a profit.

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Marketing Concept

question

making whatever products are easy to produce and then trying to sell them.

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Production Orientation

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means trying to carry out the marketing concept. Instead of just trying to get customer to buy what the firm has produced, a marketing-oriented firm tries to offer customers what they need.

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Marketing orientation

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which measures an organization's economic, social, and environmental outcomes - as a measure of long-term success. Profit= economic outcome, social - how the company's business activities affect its employees and other people in the communities where it operates. 3: seeks not to harm the natural environment.

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triple bottom line

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the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

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Customer value

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what is good for some firms and consumers may not be good for society as a whole.

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Micro-Macro Dilemma

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a firm's obligation to improve its positive effects on society and reduce its negative effects.

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Social Responsibility

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the moral standards that guide marketing decisions and actions.

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Marketing ethics

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is the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans. All managers do this.

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Marketing Management Process

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the managerial process of developing and maintaining a match between an organization's resources and its market opportunities. Top Management

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Strategic (management) planning

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specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market.

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Marketing Strategy

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a fairly homogeneous (similar) group of customers to whom a company wishes to appeal.

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Target Market

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the controllable variables the company puts together to satisfy this target group.

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Marketing Mix

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says that a marketing mix is tailored to fit some specific target customers.

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Target Marketing

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the typical production-oriented approach vaguely aims at "everyone" with the same marketing mix. It assumes everyone is the same and considers everyone to be a potential customer.

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Mass Marketing

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is any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer.

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Channel of Distribution

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involves direct spoken communication between sellers and potential customers. May happen face-to-face, over the phone, or even a video-conference.

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Personal Selling

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a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase - is often key to building repeat business.

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Customer Service

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is communicating with larger numbers of customers at the same time.

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Mass Selling

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any paid form of non personal presentation of ideas, goods, or services by an identified sponsor.

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Advertising

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any unpaid form of non personal presentation of ideas, goods, or services - includes getting favorable coverage in newspaper stories or on television as well as creating and placing content on the web for customers to find or pass along to others.

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Publicity

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refers to those promotion activities - other than advertising, publicity, and personal selling - that stimulate interest, trial, or purchase by final customers or others in the channel.

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Sales Promotion

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is a written statement of a marketing strategy and time-related details for carrying out this strategy.

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Marketing Plan

question

putting marketing plans into operation.

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Implementation

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short-run decisions to help implement strategies - may be needed.

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Operational decisions

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blends all of the firm's marketing plans into one "big" plan. Target market + marketing mix = Marketing Strategy + Time-related details and control procedures = Marketing Plan + other marketing plans = A firm's marketing program

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Marketing Program

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or total stream of purchases that a customer could contribute to the company over the length of the relationship.

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Customer life-time value

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is the expected earnings stream (profitability) of a firm's current and prospective customers over some period of time.

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Customer Equity

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opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.

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Breakthrough Opportunities

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means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

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Competitive Advantage

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which identifies and lists the firm's strengths, weaknesses, opportunities, and threats.

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S.W.O.T Analysis

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means that the marketing mix is distinct from what is available from a competitor.

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Differentation

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means trying to increase sales of a firm's present products in its present markets - probably through a more aggressive marketing mix.

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Market Penetration

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means trying to increase sales by selling present products in new markets. This may involve searching for new uses for a product.

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Market Development

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means offering new or improved products for present markets. By knowing the present market's needs, a firm may see new ways to satisfy customers.

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Product Development

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means moving into totally different lines of business - perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system.

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Diversification

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which sets out the organization's basic purpose for being.

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Mission Statement

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affects the number and types of competitors the marketing manager faces and how they may behave. Although marketing managers usually can't control these factors, they can choose strategies that avoid head-on competition. And where competition is inevitable, they can plan for it.

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Competitive Environment

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a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.

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Sustainable competitive advantage

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an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies.

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Competitor Analysis

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firms that will be the closest competitors. Rivals offering similar products are usually easy to identify.

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Competitive Rivals

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an organized table that compares the strengths and weaknesses of a company with those of its competitive rivals.

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Competitor Matrix

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refers to macro-economic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending.

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Economic Environment

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is the application of science to convert an economy' resources to output.

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Technology

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an emphasis on a country's interests before everything else - affect how macro-marketing systems work.

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Nationalism

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lays out a plan to reshape the rules of trade among the United States, Canada, and Mexico. NAFTA basically enlarges the free-trade pact that had already knocked down most barriers to U.S.- Canada trade, and eliminated most such barriers with Mexico.

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North American Free Trade Agreement (NAFTA)

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affects how and why people live and behave as they do - which affects customer buying behavior and eventually the economic, political, and legal environments.

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Cultural and social environment

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the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.

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Gross Domestic Product (GDP)

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is a measure that is similar to GDP, but GNI does not include income earned by foreigners who own resources in that nation.

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Gross National Income (GNI)

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people over 65

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Senior Citizens

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Those born between 1946 and 1964, reached age 65 in 2011.

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Baby Boomers

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sometimes called Gen X, refers to the generation born immediately following the baby boom - from 1965 to 1977.

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Generation X

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sometimes called Millennials, refers to those born from 1978 to 1994.

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Generation Y

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the idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs.

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Sustainability

question

is a group of potential customers with similar needs to who are willing to exchange something of value with sellers offering various goods or services - that is, ways of satisfying those needs.

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Market

question

is a market with broadly similar needs - and sellers offering various, often diverse, ways of satisfying those needs.

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Generic Market

question

is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

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Product-Market

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is a two step process of (1) naming broad product -markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

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Market Segmentation

question

as an aggregating process-clustering people with similar needs into a "market segment".

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Segmenting

question

is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way.

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Market Segment

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segmenting the market and picking one of the homogeneous segments as the firm's target market.

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Single target market approach

question

segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix.

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Multiple target market approach

question

combining two or more sub markets into one larger target market as a basis for one strategy.

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Combined target market approach

question

try to increase the size of their target markets by combining two or more segments. Combiners look at various sub markets for similarities rather than differences.

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Combiners

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aim at one or more homogeneous segments and try to develop a different marketing mix for each segment. Segmenters usually fine-tune their marketing mixes for each target market - perhaps making basic changes in the product itself - because they want to satisfy each segment very well.

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Segmenters

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are those relevant to including a customer type in a product-market.

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Qualifying Dimensions

question

are those that actually affect the customer's purchase of a specific product or brand in a product-market.

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Determining Dimensions

question

try to find similar patterns within sets of data. Clustering groups customers who are similar on their segmenting dimensions into homogeneous segments.

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Clustering Techniques

question

the seller fine-tunes the marketing effort with information from a detailed customer database. This usually includes data on a customer's past purchases as well as other segmenting information.

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Customer Relationship Management (CRM)

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refers to how customers think about proposed or present brands in a market. Without a realistic view of how customers think about offerings in the market, it's hard for the marketing manager to differentiate.

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Positioning

Marketing Chapters 1-4 Terms – Flashcards

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