question

production

answer

actually making goods or performing services

question

customer satisfaction

answer

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

question

innovation

answer

the development and spread of new ideas, goods, and services; encouraged by marketing

question

marketing

answer

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

question

micro view of marketing

answer

a set of activities performed by organizations

question

marketing should begin with

answer

potential customer needs

question

conditions necessary for marketing

answer

two or more parties must be willing to exchange something for something else

question

pure subsistence economy

answer

each family unit produces everything it consumes; doesn't involve marketing

question

marketing exchange is often part of an ____________ relationship

answer

ongoing

question

macro-marketing

answer

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

emphasis of macro-marketing

answer

how the whole marketing system works

question

exchange between producers and consumers is hampered by

answer

spatial separation, separation in time, separation of info and values, separation of ownership, discrepancies of quantity, discrepancies of assortment

question

economies of sale

answer

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

question

universal functions of marketing

answer

buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market info

question

buying function

answer

looking for and evaluating goods and services

question

selling function

answer

promoting the product; includes personal selling, advertising, customer service, direct/mass selling methods; most visible

question

transporting function

answer

movement of goods from one place to another

question

storing function

answer

holding goods until customers need them

question

standardization and grading

answer

sorting products according to size and quantity; reduces need for inspection and sampling

question

financing

answer

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

question

risk taking

answer

bearing the uncertainties that are part of the marketing process

question

market information function

answer

the collection, analysis, and distribution of all the info needed to plan, carry out, and control marketing activities

question

intermediary

answer

someone who specializes in trade rather than production; 2 basic types = retailers and wholesalers

question

collaborators

answer

firms that provide one or more of the marketing functions other than buying or selling

question

E-commerce

answer

exchanges between indivs or organizations -- and activities that facilitate those exchanges -- based on applications of information technology

question

T/F: from a micro viewpoint, every firm must perform all the functions

answer

F

question

economic system

answer

the way an economy organizes to use scare resources to produce goods and services and distribute them for consumption by various people and groups in the society; must develop some method/institutions to decide what/how much is to be produced and distributed by whom, when to whom, and why

question

2 basic kinds of economic systems

answer

command and market-directed

question

command economy

answer

gov officials decide what and how much is to be produced and distributed by whom, when, to whom, and why; aka "planned"; very limited for producers, prices, assortment

question

market-directed economy

answer

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

question

prices in marketplace

answer

rough measure of how society values particular goods and services; cost of labor and materials also reflects this

question

consumers in market-directed economy

answer

enjoy great freedom of choice, just like producers

question

gov in market-directed economy

answer

supervises the system, sets import/export rules, protects property, ensures contracts and indiv well-being, confirms quality

question

5 stages in marketing evolution

answer

simple trade era, production era, sales era, marketing department era, marketing company era

question

simple trade era

answer

a time when families traded or sold their surplus output to local distributors

question

production era

answer

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"

question

sales era

answer

a time when a company emphasizes selling because of increased competition

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 firm's activities

question

marketing company era

answer

a time when, in addition to short-run marketing planning, marketing people develop long-range plans and the whole company effort is guided by the marketing concept

question

marketing concept

answer

the idea that an organization should aim all its efforts at satisfying its customers -- at a profit; provides a guiding focus that all departments adopt

question

production orientation

answer

making whatever products are easy to produce and then trying to sell them; lack of a central focus, narrow thinking

question

marketing orientation

answer

trying to carry out the marketing concept

question

3 basic ideas of marketing concept

answer

customer satisfaction, total company effort, profit

question

profit

answer

difference between a firm's revenue and its total costs; bottom line measure of the firm's success and ability to survive

question

triple bottom line

answer

measures an organization's economic, social, and environmental outcomes

question

T/F: a manager who adopts the marketing concept sees customer satisfaction as the path to profits

answer

T

question

customer value

answer

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

question

low cost and high benefits -->

answer

perceived superior value

question

building relationships w customers requires everyone in a firm work together to provide customer value _______ each purchase

answer

before and after

question

any time the customer value is reduced, the relationship is _____

answer

weakened

question

_____ customers are likely to buy other products offered by the firm

answer

satisfied

question

micro-macro dilemma

answer

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

question

social responsibility

answer

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

question

Do all marketers act in a socially responsible manner?

answer

No: some advance their own short-term interests at expense of customers

question

Can a manager be truly consumer-oriented and at the same time intentionally unethical?

answer

No, and sometimes, problems and criticism may arise because a manager didn't fully consider the ethical implications of a decision

question

marketing ethics

answer

the moral standards that guide marketing decisions and actions

question

code of ethics

answer

state the ethical standards that everyone in the firm should follow in dealing with customers and other people

question

marketing is most ____ to the public

answer

visible

Chapter 1: Marketing’s Value to Consumers, Firms, and Society – Flashcards

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