BUS 360 Ch 1 - Flashcards | StudyHippo.com

question

marketing helps customers buy a bike that feeds their needs (size & height)

answer

marketing compared to bike example

question

1. needs of people 2. how many people and where 3. identifying competitors 4. predicting the designs 5. determine if it should be sold to direct consumers or retailers 6. potential customers 7. estimate prices for profit 8. provide service but how?

answer

what a manager should do before producing or selling a bike

question

but they provide the needed direction for production to make sure the right goods and services are produced to find a way to customers.

answer

the 8 bike activities are not part of production

question

providing consumers with needs to satisfy goods and service and creating customer satisfaction.

answer

marketing plays an essential role in

question

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

answer

customer satisfaction

question

what it takes to satisfy the customer.

answer

marketing drives organizations to focus on

question

consumers

answer

who pays for the cost of marketing activities?

question

about 50 cents of every consumer dollar and some much higher.

answer

what is the cost of marketing?

question

being able to "sell" ideas (resume, selling soap)

answer

basic principles of marketing in every organization

question

figures out how to satisfy the needs of an employer the same way business looks at customers.

answer

how will your job be more successful using a marketing approach?

question

it plays a big part in economic growth and development because it encourages research and innovation.

answer

how does marketing affect innovation ; standard of living?

question

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

answer

innovation

question

customers have more choices and the foster competition for consumers money.

answer

as firms offer new ways of satisfying consumer needs

question

fuller employment and higher income can result.

answer

when firms development satisfying products

question

micro and macro views

answer

what type of views of marketing are there?

question

making the product

answer

a producer must perform many customer related activities than just

question

needs a marketing system to organize efforts of producers, wholesalers, and retailers to satisfy needs.

answer

marketing takes goods and services from thousands of organizations to satisfy the needs of society but

question

set of activities performed by organizations.

answer

microview

question

viewed as a social process

answer

macro view

question

macroview

answer

when people take about marketing what view do they usually have in mind?

question

looks at the whole production, the distribution system

answer

broader macroview definition

question

the performance activities that seeks to accomplish an organizations objective by anticipating customer or client needs and directing the flow of needs satisfying goods and services from producer to customer or client.

answer

marketing definitikn

question

profit and non profit organizations

answer

marketing applies to both

question

profit but others may seek more members

answer

objective for most firms

question

individual consumers, business firms, non profit organizations, government agencies or foreign nations.

answer

consumer clients

question

it for free or reduced through private or government support.

answer

while costumer and clients pay for goods and services, others reciece

question

it aims to identify customer needs so well that the product sells itself. (physics good, service or idea)

answer

Marketing isn't just selling or adversities or getting rid of products but

question

customers don't need much persuading and are satisfies and willing to buy again *

answer

if marketing is successful

question

the production process

answer

marketing should being with potential customer needs and not

question

rather than production and should goods and services to be developed.

answer

anticipated needs go before marketing

question

decisions about production features. design and packaging. prices and fees. transporting and storing policies. advertising and tactics.

answer

determined goods and services before sale

question

installation customer service warrant disposal / recycling

answer

after sale

question

doesn't mean marketing should talk overproduction, accounting and financial activities.

answer

marketing means interpret customer need by providing direction for activities and try to cordon age them

question

need satisfying offerings implies that there's an exchange of the need satisfying offering or something else such as a customers money.

answer

marketing involves exchanges

question

two or more parties are willing to exchange something for something else. (example: pure subsistence economy)

answer

marketing doesn't occur unless

question

when each family unit produces everything it consumes, there is no need to exchange goods and services and no marketing is involved m. (standard of living is relatively low)

answer

pure subsistence economy

question

rather than just a single sale, it has an ongoing relationship with the customer and other sales will follow

answer

marketing builds a relationship with the customer

question

part of building a long lasting relationship that benefits both the firm and the customer.

answer

flow of need satisfying goods and services

question

the micro view of marketing

answer

managerial marketing =

question

a shorthand way of referring to any type of organization, whether its a political party, religious organization, government agency.

answer

what is the term firm used for?

question

marketing within individual firms. their organizations are just small parts of a larger macro marketing system.

answer

micro marketing

question

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

answer

macro marketing

question

need satisfying of goods and services from producer to customer.

answer

macro marketing is concerned with the flow of

question

on the activities of individual organization.

answer

macro marketing is not

question

how the whole marketing system works and looking at how marketing affects marking and vice versa.

answer

macro marketing emphasis is on

question

heterogeneous supply capabilities and heterogenous demands for goods and services.

answer

within every society there are both

question

heterogeneous supply and demand at the same time accomplish society's objectives.

answer

the role of macro marketing sis to match this

question

delivers the goods and services that customers want, at the right time and place, and right price, while keeping them satisfied and returning customers.

answer

the effect of macro marketing:

question

the exchange between is hampered by spatial separation, separation in time, separation of information and values and separation of ownership.

answer

separation between producers and consumers

question

mass production within its economies of scale

answer

firms that produce and sell large amounts of narrow assortment of goods and services allows them to take advantage of

question

as a company produces larger numbers of a particle product, the cost of each unit of the product goes down.

answer

economies of scale

question

they also want a wide assortment of goods and services.

answer

most consumers only want to buy a small quantity but

question

discrepancies of quantity and discrepancies of assortment.

answer

what complicates exchange between producers and consumers?

question

wants only small quantities of a wide assortment of goods and services.

answer

while each producer specializes in producing and selling large amounts of a narrow assortment of goods and services, each consumer

question

these separations and discrepancies and use the "universal functions of marketing" to do so.

answer

the purpose of a macro marketing system is to overcome:

question

are buying, selling, transporting, storing, standardization and grading, financing, risk taking and market information which must be performed in all macro marketing systems.

answer

universal functions of marketing:

question

means looking for and evaluating goods and services.

answer

buying function:

question

involves promoting the product. includes the use of personal selling, advertising, customer service, and other direct and mass selling methods.

answer

selling function:

question

selling function.

answer

the most visible function of marketing:

question

buying and selling.

answer

any kind of exchange usually involves:

question

means the movement of goods from one place to another.

answer

transporting function:

question

involves holding goods until customers need them.

answer

storing function:

question

involves sorting products according to size and quality. this makes buying and selling easier because it reduces the need for inspection and sampling.

answer

standardization and grading:

question

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

answer

financing:

question

involves bearing the uncertainties that are part of the marketing process. a firm can never be sure that customers will want to buy its products.

answer

risk taking:

question

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

answer

market information function:

question

marketing specialist.

answer

exchanges are often easier or less expensive when a _______ performs some of the marketing functions.

question

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

answer

intermediary

question

retailers and wholesalers.

answer

two basic types of intermediaries:

question

the savings of time, effort, and expense that would be involved without them.

answer

while wholesalers and retailers must charge for services they provide, this charge is usually offset by:

question

more efficient and effective.

answer

intermediaries make the whole macro marketing system:

question

producers, consumers or intermediaries.

answer

marketing specialists may also help smooth exchanges between:

question

firms that facilitate or provide one or more of the marking functions other than buying and selling.

answer

collaborators:

question

advertising agencies, marketing research firms, public warehouses, transporting firms, communications companies and financial institutions (including banks).

answer

collaborators include:

question

there are opportunities to make exchanges between producers and consumers more efficient or effective.

answer

new types of marketing specialists evolve when:

question

E-commerce.

answer

growth of the internet provided one such opportunity and resulted in the rapid growth of _____.

question

refers to exchanged between individuals or organization of information technology.

answer

E-commerce:

question

amazon or ebay. help out the cost of many marketing functions.

answer

Internet immediaries:

question

google

answer

facilitate informational search:

question

producers and consumers to spend more time on production, consumption or other activities including leisure.

answer

lowering the marketing function costs allows:

question

an individual producer, consumer, intermediary, marketing collaborator, or nations government.

answer

from a macro marketing view, all the marketing functions must be performed by someone:

question

completely eliminated.

answer

in macro marketing no function can be:

question

all of the functions.

answer

in micro marketing, every firm must perform:

question

the functions at everts level of their production. (pure services)

answer

not all goods and services require all:

question

storing. for example a plane ride.

answer

pure services don't need _____.

question

the performance of the whole macro marketing system will suffer.

answer

if marketing functions are not performed effectively and efficiently:

question

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 society.

answer

economic system:

question

some method with appropriate economic institutions to decide what and how much is produced and when, who and why.

answer

all economic systems must develop:

question

command economies and market directed economies.

answer

two basic kinds of economic systems:

question

command oriented or market directed. most are a mixture of the two extremes.

answer

no economy is entirely:

question

government officials decide what and how much is to be produced and distributed by whom, when, to whom and who. these decisions are usually part of an overall government plan.

answer

command economy:

question

planned economies.

answer

command economies are also called:

question

don't work out as intended.

answer

economic plans by a government, often:

question

generally have little choice about what goods and services to produce. main task is to meet the production quotas and services.

answer

producers in a command economy:

question

set the prices and tend to be rigid or not changing according to supply and demand. consumers have some freedom of choice and assortment of goods and services are limited.

answer

in a command economy, government planners:

question

activities such as marketing research, branding, and advertising.

answer

in a command economy, the following are usually neglected:

question

an economy is simple and the variety of goods and services is small.

answer

government planning in command economy may work fairly well as long as:

question

during wartime, drought or political instability.

answer

government planning in command economy my be necessary under the following conditions:

question

market directed economic systems because they are more effective in meeting consumer needs.

answer

around the world there is a broad move toward:

question

adjusts itself.

answer

a market directed economy

question

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

answer

market directed economy definition:

question

consumers make a societies productions decisions when they make their choices in the marketplace. they decide what is to be produced and by whom through their dollar "votes".

answer

in a pure market directed economy:

question

is a rough enough measure of how society values particular goods and services. (pg 14)

answer

price is measure of value:

question

consumers arent force to buy any good and services except those provided for the good of society (covered in taxes: schools, police)

answer

greatest freedom of choice:

question

free to do do what they wish within the rules set by the government and receive enough dollar "votes" from consumers. if the job is done well they earn profit and stay in business.

answer

producers greatest freedom of choice:

question

society assigns supervision to the government by enforcing the rules of the game. they control the interest rates and the supply of money, import and export rules that affect international competition.

answer

the role of the government:

question

property is protected, contracts are enforced, individuals are not exploited, no group unfairly monopolizes markets and producers deliver what they claim to be offering.

answer

government also tries to be sure that:

question

provide an additional check on a market directed economy. can report their reviews of positive or negative information.

answer

public interest groups and consumers spread the word:

question

must be evaluated in terms of that societies objectives but all nations don't share the same objectives.

answer

is macro marketing system effective and fair?

question

1. simple trade era 2. production era 3. the sales era 4. marketing department era 5. marketing company era

answer

5 stages of marketing evolution

question

they are stuck in their old ways.

answer

some managers still have not made it to the final stages of eras.

question

a time when families traded their surplus output to local distributors. these specialists resold the goods to other consumers or distributors.

answer

simple trade era:

question

from the industrial revolution to 1920s. a time when a company focuses on production of a few products - perhaps because few of these product are available in the market. "early producers for the market"

answer

production era:

question

"if we make it, it will sell"

answer

production era management thinking:

question

about 1930-1950. a time when a company emphasizes selling because of increased competition. beat the competition and win customers.

answer

sales era:

question

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

answer

marketing department era:

question

deciding where to put the company's effort.

answer

sales era problem:

question

since 1960. a time when, in addition to short run marketing planning, marketing people developed long range plans - sometimes 5 or more years ahead and the whole company effort is guided by the marketing concept.

answer

marketing company era:

question

an organization aims all of its efforts at satisfying its customers - at a profit. its simple, very important and been around for a long time.

answer

marketing concept:

question

making whatever products are easy to produce and trying to sell them. they think customers exist to buy the firms output rather than of firms existing to serve customers an needs of society.

answer

production orientation:

question

marketing orientation

answer

well managed firms have repaved production orientation with:

question

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

answer

marketing orientation

question

(1) customer satisfaction. (2) a total company effort (3) profit - not just as sales but as an objective.

answer

three basic ideas of the marketing concept:

question

this still happens in many companies today.

answer

each department in a firm thought of its own job as the center of business:

question

production orientation

answer

term used for narrow thinking problem used in a business

question

build fences around their departments.

answer

although different departments should work together, they tend to:

question

in an organization that has accepted the marketing concept. total system is guided by what customers want instead of what each department wants.

answer

when do the fences come down between different departments?

question

departments and not just the marketing departments.

answer

marketing concept provides guidance for all:

question

the difference between a firms revenue and its total costs. bottom line measurement of the firms success and its ability to survive.

answer

profit:

question

measures an organizations 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. environment responsibility - seeking to at least not to harm the natural environment.

answer

triple bottom line:

question

measures of people, planet and profit.

answer

triple bottom line is sometimes referred to as:

question

think through what it is doing and why.

answer

marketing concept forces the company to:

question

take the customers point of view.

answer

to understand what it takes to satisfy a customer:

question

(1). deals with potential benefits of that offering. (2) what the customer has to give up to get those benefits.

answer

customer looking at marketing offering from 2 perspectives:

question

the difference between the benefits a customer sees from a market offering and costs of obtaining those benefits. it does not come from a low price.

answer

customer value:

question

low customer value, even if the price is very low.

answer

a good or service that doesn't meet a customers needs, results in:

question

manager looks for ways to improve what it offers customers but customers have no way of computing a value score.

answer

a managers objective and thorough analysis may not accurately reflect a customers impressions:

question

you can't ignore competition. the best way to improve customer value and beat the competition is to first satisfy a need that others haven't even considered. `

answer

where does competition fit in?

question

everyone in a firm work together to provide customer value customer value before and after each purchase. long term.

answer

building relationships with the customers requires that:

question

as important for non profit organization as it is for business firms.

answer

newcomers to market thinking:

question

they have supporters, who put in their time and money elsewhere.

answer

non profit supporters may not come from satisfied "customers":

question

when everyone in an organization agrees to some measure of long run success, it helps the organization focus its efforts.

answer

what is the bottom-line when applying the marketing concept to a non profit organization ?

question

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

answer

micro macro dilemma:

question

a firms obligation to improve its positive effects on society and reduce it negative effects. sometimes requires difficult trade offs.

answer

social responsibility:

question

there are many products such as alcohol, marijuana and others that may be bad for you. should governments or consumers make the decisions about what products to offer?

answer

should all consumers needs be satisfied?

question

not all act in a socially responsible manners. sometimes firms or individuals advance their own short term interests at the expense of customers. we debate whether its better to let the buyer beware or enact stricter government regulation. ex: when brokers still sold homes to people who couldn't afford it.

answer

do all marketers act responsibly?

question

the moral standards that guide marketing decisions an actions.

answer

marketing ethics:

question

a manager did not fully consider the ethical implications or a decisions. there is no excuse for sloppiness when it comes to marketing ethics. when a manager does not share the same marketing ethics as others in the organization. one person alone can damage a reputation.

answer

problems and criticisms may arise because:

question

many proganizations have written their own code of ethics. these codes usually at a general level, the ethical standards that everyone in the firm should follow in dealing with customers and other people/

answer

to be sure that standards for marketing ethics are as clear as possible:

BUS 360 Ch 1 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards