question

actually making goods or performing services

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production

question

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

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marketing

question

the development and spread of new ideas, goods and services

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innovation

question

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

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pure subsistence economy

question

social process that directs and 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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its role is to effectively match this heterogeneous supply and demand and at the same time accomplish society's objectives

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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

question

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

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universal functions of marketing

question

means looking for and evaluating goods and services

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buying function

question

involves promoting the product, includes the use of personal selling, advertising, customer service, and other direct and mass selling methods (this is the most visible function or marketing)

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selling function

question

means the movement of goods from one place to another

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transporting function

question

involves holding goods until customers need them

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storing function

question

involve sorting products according to size and quality

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standardization and grading

question

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

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financing

question

involves bearing the uncertainties that are part of the marketing process

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risk taking

question

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

question

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

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intermediary

question

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

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E-commerce

question

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

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command economy

question

the individuals 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

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simple trade era

question

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

answer

production era

question

a time when a company emphasizes selling because of increased competition

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sales era

question

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

question

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

question

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

answer

marketing concept

question

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

answer

production orientation

question

means trying to carry out the marketing concept

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marketing orientation

question

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

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customer value

question

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

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micro macro dilema

question

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

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social responsibility

question

the moral standards that guide decisions and actions

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marketing ethics

question

The process of planning marketing activities, directing the implementation of the plans, and controlling these plans.

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Marketing Management Process 34

question

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

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Strategic (management) planning 35

question

Specifies a target market and a related marketing mix.

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Marketing Strategy 36

question

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

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Target Market 36

question

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

answer

Marketing Mix 36

question

A marketing mix is tailored to fit some specific target customers.

answer

Target Marketing 36

question

The typical production-oriented approach that vaguely aims at everyone with the same marketing mix.

answer

Mass Marketing36

question

Any series of firms or individuals who participate in the flow of products from producer to final user or consumer.

answer

Channel of distribution 39

question

Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the internet.

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Personal Selling 40

question

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

answer

Customer Service 40

question

Communicating with large numbers of potential customers at the same time.

answer

Mass Selling 40

question

Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.

answer

Advertising 40

question

Any unpaid form of nonpersonal presentation of ideas, goods, or services.

answer

Publicity 40

question

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

answer

Sales Promotion 40

question

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

answer

Marketing Plan 42

question

Putting marketing plans into operation.

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Implementation 43

question

Short-run decisions to help implement strategies.

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Operational decisions 43

question

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

answer

Marketing program 44

question

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

answer

Customer lifetime value 45

question

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

answer

Customer equity 45

question

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

answer

Breakthrough Opportunities 49

question

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

answer

Competitive Advantage 49

question

Identifies and lists the firm's strengths and weaknesses and its opportunities and threats.

answer

SWOT analysis 52

question

The marketing mix is distinct from and better than what's available from a competitor.

answer

Differentiation 52

question

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

answer

Market Penetration 53

question

Trying to increase sales by selling present products in new markets.

answer

Market Development54

question

offering new or improved products for present markets.

answer

Product development 54

question

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

answer

Diversification 55

question

sets out the organization's basic purpose for being

answer

mission statement 64

question

affects the number and types of competitors the marketing manager must face and how they may behave

answer

competitive environment 66

question

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

answer

sustainable competitive advantage 68

question

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

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competitor analysis 68

question

the conditions that may make it difficult, or even impossible for a firm to compete in a market

answer

competitive barriers

question

firms that will be the closest competitors

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competitive rivals 68

question

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

answer

competitor matrix 68

question

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

answer

economic environment 69

question

the application of science to convert an economy's resources to output

answer

technology 70

question

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

answer

nationalism 73

question

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

answer

North American Free Trade Agreement (NAFTA) 74

question

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

answer

cultural and social environment 77

question

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

answer

gross domestic product (GDP) 79

question

a measure like GNP, but doesn't include income earned by foreigners who own resources in that nation.

answer

gross national income 79

question

people over the age of 65

answer

senior citizens 81

question

those born between 1946 and 1964 are now creating new opportunities in industries such as tourism, health care, and financial services

answer

baby boomers 81

question

the generation born immediately following the baby boom from 1965 to 1977

answer

generation x 82

question

also known as the Millenials, refers to those born from 1978 to 1994

answer

generation y 82

question

born after 1995. digital natives born into a world that already used digital media.

answer

generation Z 82

question

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

answer

sustainability 83

question

an organization unit (within a larger company) that focuses on some product-markets and is treated as a separate profit center

answer

strategic business unit (SBU)

question

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

answer

market 93

question

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

answer

generic market 93

question

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

answer

product-market 94

question

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.

answer

market segmentation 97

question

a process of clustering people with similar needs into a "market segment."

answer

segmenting 98

question

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

answer

market segment 98

question

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

answer

single target market approach 100

question

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

answer

multiple target market approach 100

question

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

answer

combined target market approach 100

question

try to increase the size of their target markets b combining two or more segments.

answer

Combiners 100

question

aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.

answer

Segmenters 101

question

are those identified characteristics that let you include a customer or groups of customers in your target segment.

answer

Qualifying dimensions 103

question

what actually affects the customer's purchase of a specific product or brand in a product-market.

answer

Determining dimensions 103

question

when trying to find a similar pattern within sets of data

answer

Clustering techniques108

question

where the seller fine-tunes the marketing effort with information from a detailed customer database

answer

customer relationship management (CRM) 108

question

refers to how customers think about proposed or present brands in a market.

answer

Positioning 110

question

creating a message, branding, and positioning.

answer

What are the three basic ideas in the marketing concept?

question

product: tangible, services, packaging, warranties, branding price: price of others in the line, flexibility, objectives, discounts, georgic, legs, cost and demand, price sensitivity, competition and subs. is the revenue-generating function of the marketing mix. In setting the "right" price, marketing managers must consider many factors, all of which combine to make pricing a combination of science and art. Place: Channels of distribution. Right consumer in the right place time and quantity in the right conditions at a reasonable cost. Promotion: Telling and selling=- ads, publicity, sales promotion, and personal selling. Target market involvement.

answer

Marketing Mix Variables- Four P's of marketing (product, price, place, and promotion).

question

generic - food, product- cell phones. generic have advantage of a market need limiting competition

answer

What is the product market? What is a generic market? How do they compare?

question

Company: provide the larger framework for setting marketing objectives. Marketing objectives: guide the development of objectives for each element of the marketing mix.

answer

What are company objectives? What are marketing objectives?

question

inputs are based on direct allocation. economic planning may be carried out in a decentralized distributed or centralized manner.

answer

planned economic system

question

begins with potential customer needs

answer

modern view of marketing

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