question

actually making goods or performing services

answer

production

question

provides direction for production and helps make sure that the right goods services are produced and find their way to consumers

answer

marketing

question

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

answer

customer satisfaction

question

T/F: marketing is more than selling and advertising

answer

true

question

-know needs of customers -logistics of customers -identify competitors -predict design -retailers or directly to consumers? -promotion -prices -customer service

answer

things managers need to worry about

question

T/F: marketing controls everything else in the process of making and selling a product

answer

false (just directs path)

question

marketing costs about ____ of every consumer dollar

answer

50 cents

question

marketing drives organizations to focus on _______

answer

what it takes to satisfy the customer

question

T/F: the basic principles of marketing are applicable to any career

answer

true

question

-figuring out how to best satisfy needs and desires of prospective employer

answer

using marketing in job hunt

question

the development of new ideas, goods and services

answer

innovation

question

competition drives prices ______ (up or down?)

answer

down

question

t/f: when firms develop products that really satisfy customers, fuller employment and higher incomes result

answer

true

question

marketing has a _____ impact on consumers' standard of living

answer

big

question

when producers and consumers making free choices can cause conflicts and difficulties (what is good for some firms and consumers may not be good for society as a whole)

answer

micro-macro dilemma

question

example of macro-micro dilemma

answer

New York water- tap for environment vs plastic convenience

question

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

answer

social responsibility

question

t/f: being socially responsible is easy and doesn't require difficult trade offs

answer

false

question

example of social responsibility dilemma

answer

fracking

question

examples of products that don't satisfy everyone (should all consumer needs be satisfied?)

answer

soda, bikes, roller blades

question

t/f: all marketers act responsibly

answer

false

question

when a society feels that the social benefits are important, it may _____

answer

add regulations to create a level playing field for firms to assure these benefits are provided (ex: laws preventing river pollution and child labor)

question

t/f: socially responsible companies focus on immediate customer satisfaction and long range effects of actions

answer

true

question

companies try to balance (3 things) when attempting to be socially responsible

answer

consumer company social interests

question

the moral standards that guide marketing decisions and actions

answer

marketing ethics

question

what some companies have developed to make marketing ethics as clear as possible

answer

written code of ethics

question

process of (1) planning marketing activities, (2) directing the implementation of the plans, (3) controlling these plans

answer

marketing management process

question

which step in marketing management process gives feedback and leads to changes in plans or new plans?

answer

control job

question

which step in marketing management process sets objectives and guidelines for implementation

answer

planning job

question

markets are _____ (static or dynamic)

answer

dynamic

question

________ are those that fit with what the whole company wants to do and is able to do well

answer

really attractive opportunities

question

-the job of planning strategies to guide a whole company -the managerial process of developing and maintaining a match between an organization's resources and its market opportunities

answer

strategic (management) planning

question

t/f: anyone can do the strategic management planning

answer

false (its a top job)

question

although marketing strategies are not ______, company plans should be _______.

answer

whole- company plans market oriented

question

specifies a target market and related marketing mix (big picture of what a firm will do in some market)

answer

marketing strategy

question

a fairly HOMOGENEOUS group of customers to whom a company wishes to appeal

answer

target market

question

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

answer

marketing mix

question

a market strategy that specifies some particular target customers (rifle approach)

answer

target marketing

question

typical product- oriented approach that vaguely aims at everyone with the same marketing mix (shotgun approach)

answer

mass marketing

question

t/f: mass marketers have clearly defined target markets

answer

true! (mass marketers are not same as mass marketing)

question

t/f: target marketing is limited to small market segments

answer

false (just limited to fairly homogeneous market segments)

question

the basic reason to focus on some specific target customers is _________.

answer

so you can develop a marketing mix that satisfies customers' specific needs better than competitors

question

a written statement of a marketing strategy and the time related details for carrying out the strategy

answer

marketing plan

question

1) what marketing mix will be offered, who target market is, and how long will be offered 2) what company resources will be needed and at what rate 3) expected results

answer

things to be included in marketing plan

question

helps whoever is carrying out marketing plan to know if they're wrong/off course

answer

purpose of control procedures in marketing plan

question

putting marketing plans into operation

answer

implementation

question

SHORT RUN decisions to help implement strategies (not always needed)

answer

operational decisions

question

4 Ps

answer

product place promotion price

question

t/f: marketing strategy is regularly evaluated and changed as feedback identifies what is working and what could be better

answer

true

question

most companies use _____ marketing strategy/strategies at a time

answer

multiple

question

blends all the firms marketing plans into ONE BIG PLAN success dependent on how well the pieces work together to create value for customers and firm

answer

marketing program

question

_____ is made up of customers, company and competitors

answer

direct market environment

question

______ is made up of the economic, technological, political and legal, & the cultural and social environments

answer

external market environment

question

t/f: managers can alter the variables of the market environment

answer

false

question

_____ should tape the direction and operation of the whole business

answer

company objectives

question

the setting of objectives is the responsibility of _____

answer

top management

question

-sets out the organization's basic purpose for being -focuses on key goals -guides managers when determining which opportunities to pursue

answer

mission statement

question

mission statements may need to change when _____

answer

new market needs arise or as market environment changes (not to be taken lightly)

question

t/f: if you have a mission statement, you don't need to list specific objectives

answer

false

question

an emphasis on a country's interests before anything else

answer

nationalism

question

t/f: nationalism affects how macro marketing systems work

answer

true

question

refers to agreements between countries to not restrict imports and exports (drop barriers)

answer

free trade

question

_____ was created in 1994 and has since shaped the rules of trade among the US, Canada and Mexico

answer

NAFTA

question

the EU has ______ countries

answer

30

question

businesses and individual managers are subject to ____ and ____ laws

answer

criminal and civil

question

Congress passed the ______ in 1906 which marked the beginning of consumer protection laws

answer

Pure Food and Drug Act

question

the Consumer Product Safety Act set up the ______

answer

Consumer Product Safety Commission

question

the Consumer Product Safety Commission has _____ to set safety standards and impose penalties for failure to meet those standards

answer

broad power

question

t/f: companies just have to worry about national laws

answer

false (state and local laws)

question

a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods and services

answer

market

question

the ________ ignores customers-> missed opportunities

answer

product oriented approach

question

a _____ is a market with BROADLY similar needs and sellers offer DIVERSE ways of satisfying those needs

answer

generic market

question

a ____ is a market with VERY similar needs and sellers offer CLOSE SUBSTITUTE ways of satisfying those needs

answer

product market

question

a ___ market looks at from a customer's point of view

answer

generic market

question

______ (narrow or broad) market definitions help firms find opportunities

answer

broader

question

______ (broad or narrow) of a market definition limits opportunities

answer

too narrow

question

_____ (broad or narrow) of a market definition makes company's efforts and resources seem insignificant

answer

too broad

question

the relevant market for finding opportunities should be ____ than the firm's present product market

answer

bigger

question

product type answers what question?

answer

what

question

customer needs answers what question?

answer

to meet what

question

customer types answers what question?

answer

for whom

question

geographic area answers what question?

answer

where

question

describes goods and services customers want

answer

product type

question

refer to needs product type satisfies for customer; must have good understanding of customers; start with basic needs then move to entertainment

answer

customer needs

question

final consumer or user of product (NOT NECESSARILY THE BUYER)

answer

customer type

question

where a firm competes for customers

answer

geographic area

question

generic market= product market- ____?____

answer

product type (good or service)

question

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

answer

market segmentation

question

t/f: customer behavior is usually too complex to be explained in terms of just one or two demographic characteristics

answer

true

question

all customer needs-> some generic market-> one broad product market-> homogeneous product markets

answer

disaggregating

question

an aggregating process that clusters people with similar needs into a market segment

answer

segmenting

question

relatively homogeneous group of customers who will respond to a marketing mix in a similar way

answer

market segment

question

the customers in a market segment should be as similar as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions

answer

homogenous within

question

the customer in different segments should be as different as possible with the respect to their likely responses to marketing mix variables and segmenting dimensions

answer

heterogeneous between

question

segment should be big enough to be profitable

answer

substantial

question

segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables

answer

operational

question

____ and ____ (4Ps) decisions are difficult to make without demographic dimensions from operational category

answer

place and promotion

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