question

Command Economy

answer

Government officials decide what and how much is to be produced and distributed by whom, where, to whom and why. -Producers in a command economy generally have little choice about what goods and services to produce. Their main task is to meet production quota.

question

Economic System

answer

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.

question

E-commerce

answer

Refers to exchange between individuals or organizations and activities that facilitate these exchanges-based on applications of information technology.

question

Collaborators

answer

Firms that facilitate or provide one or more of the marketing functions other than buying or selling. -Collaborators include advertising agencies, marketing research firms, independent product testing labs, ect.

question

Intermediary

answer

Some who specializes in trade rather than production.

question

The Market Information Function

answer

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

question

Risk Taking

answer

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

question

Financing

answer

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

question

Standardization and Grading

answer

Involve sorting products according to size and quality.

question

Storing Function

answer

Involves holding goods until customers need them.

question

Transporting Function

answer

Means the movement of goods from one place to another.

question

Selling Function

answer

Involves promoting the product. -Includes the use of personal selling, advertising, customer service, and other direct and mass selling methods.

question

Buying Function

answer

Means looking for and evaluating goods and services.

question

Universal Function of Marketing

answer

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

question

Macro-Marketing

answer

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.

question

Innovation

answer

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

question

Marketing Management Process

answer

Is the Process of: Planning marketing activities, directing the implementation of the plans, controlling these plans.

question

Marketing Strategy

answer

Specifies a target market and a related marking mix.

question

Strategic Management Planning

answer

The managerial process of developing and maintaining a match between an organizations resources and its market opportunities.

question

Marketing Mix

answer

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

question

Target Market

answer

A fairly homogeneous group of customers to whom a company wishes to appeal.

question

Mass Marketing

answer

The typical production-oriented approach- vaguely aim at "everyone" with the same marketing mix.

question

Target Marketing

answer

Says that a marketing mix is tailored to fix some specific target customers.

question

Operational Decisions

answer

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

question

Marketing Plan

answer

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

question

Implementation

answer

Putting marketing plans into operation.

question

Product

answer

The product area is concerned with developing the right "product" for the target market.

question

Place

answer

Place is concerned with all the decisions involved in getting the "right" product to the target market's place.

question

Promotion

answer

Is concerned with telling the target market or others in the channel of distribution about the "right" product.

question

Price

answer

Must consider the kind of competition in the target market and the cost of the whole marketing mix.

question

Publicity

answer

Any unpaid form of non personal presentation of ideas, goods, or services.

question

Personal Selling

answer

Involves direct spoken communication between sellers and potential customers.

question

Sales Promotion

answer

Refers to those promotion activities. -That stimulate interest, trial, or purchase by final customers or others in the channel.

question

Advertising

answer

Any paid form of non personal presentation of ideas, goods, or services by on identified sponsor.

question

Mass Selling

answer

Is communicating with large numbers of customers at the same time.

question

Customer Service

answer

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

question

Marketing Orientation

answer

Trying to carry out the marketing concept.

question

Diversification

answer

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

question

Customer Life-Time Value

answer

Total stream of purchase that a customer could contribute to the company over the length of the relationship.

question

Product Development

answer

Means offering new or improved products for present markets.

question

Market Development

answer

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

question

Market Penetration

answer

Means trying to increase sales of a firms present products in its present market-probably through a more aggressive marketing mix.

question

Oligopoly

answer

Smaller firms that control the entire market

question

Monopolistic Competition

answer

A number of different firms offer marketing mixes that at least some customers see as different.

question

Pure Competition

answer

Fewer barriers, a lot more firms competing with the same product.

question

Differentiation

answer

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

question

S.W.O.T. Anaysis

answer

Which identifies and lists the firms strengths, weaknesses, opportunities and threats.

question

Competitive Advantage

answer

Means that a firm has a marketing mix that the target market sees as better than a competition mix.

question

Breakthrough Opportunities

answer

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

question

Market Program

answer

Blends all of the firm's marketing plans into one big plan.

question

Customer Equity

answer

Is the expected earning stream (profitability) of firms current and prospective customer over some period of time.

question

Mission Statement

answer

Which sets out the organizations basics purpose for beings.

question

Competitive Environment

answer

Affects the number and types of competitors the marketing manager faces and how they may behave.

question

Sustainable Competitive Advantage

answer

A marketing mix that customers see as better than a competitors mix and cannot be quickly or easily copied.

question

Competitor Analysis

answer

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

question

Competitor Matrix

answer

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

question

Competitive Rivals

answer

Firms that will be the closest competitors.

question

Economic Environment

answer

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

question

Technology

answer

Is the application of science to concert an economy's resources to output. It affects marketing in two ways: 1. It creates opportunities for new products. 2. For new processes.

question

Nationalism

answer

An emphasis on a country's interests before everything else.

question

North American Free Trade Agreement (NAFTA)

answer

Lays out a plan to reshape the rules of trade among the United States, Canada, and Mexico.

question

Cultural and Social Environment

answer

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

question

Gross Domestic Product (GDP)

answer

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.

question

Gross National Income (GNI)

answer

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

question

Baby Boomers

answer

Those born between 1946-1964. They are a powerful demographic force, as there are large number of people in this group. Create new opportunities in tourism, healthcare and financial services.

question

Generation X

answer

Refers to the gen. born immediately following the baby boomers from 1965 to 1977. Smaller group, College aggressively recruited people, more educated.

question

Generation Y

answer

Sometimes called Millennials, refers to those born from 1978-1994. An increasingly attractive market for industries like housing, appliances, furniture and electronics.

question

Sustainability

answer

An idea that its important to meet present needs without compromising the ability of future generations to meet their own needs.

question

Economies of Sale

answer

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

question

Separation of Information

answer

Producers do not know who needs what, where, when, and at what price. Consumers do not know what is available from whom, where, when, and at what price.

question

Separation in Values

answer

Producers value goods and services in terms of cost and competitive prices. Consumers value them in terms of satisfying needs and their ability to pay.

question

Separation of Ownership

answer

Producers how title to goods and services that they themselves do not want to consume. Consumers want goods and services that they do not own.

question

Spatial Separation

answer

Producers tend to locate where it is economical to produce. Consumers are located in many scattered place.

question

Separation in Time

answer

Producers would prefer to produce them, and time may be required to transport goods from producer to consumer.

question

Pure Subsistence Economy

answer

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

question

Marketing

answer

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

question

Channel of Distribution

answer

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

question

Marketing Ethics

answer

The moral standards that guide marketing decisions and actions.

question

Social Responsibility

answer

A firms obligation to improve its positive effects on society and reduce its negative effects.

question

Micro-Macro Dilemma

answer

Producers and consumers making free choices can cause conflicts and difficulties. What not be good for society as a whole.

question

Customer Vaule

answer

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

question

Triple Bottom Line

answer

Which measures an organizations economic, social and environmental outcomes-as a measure of long-term success. Profit is the economic outcome.

question

Marketing Orientation

answer

Trying to carry out the marketing concept. Firms try to offer customers what they need.

question

Production Orientation

answer

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

question

Marketing Concept

answer

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

question

Marketing Company Era

answer

Is a time when, in addition to shirt-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.

question

Marketing Department Era

answer

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 firms activities.

question

Sales Era

answer

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

question

Production Era

answer

Is a time when a company focuses on production of a few specific production.

question

Simple Trade Era

answer

A time when families traded or sold their "surplus" output to local distributors.

question

Market-Directed Economy

answer

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

Basic Marketing 19th edition Chapters 1,2 & 3 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards